CSC posts income drop
China Steel Corp (CSC, 中鋼), the nation’s biggest steel maker, yesterday posted a 73 percent decline in operating income from NT$602 million (US$18.5 million) in August to NT$164 million last month amid falling steel prices. That brought the company’s third-quarter operating income to NT$828 million, down 79 percent from NT$3.93 billion in the second quarter. Pre-tax profit dropped 72 percent to NT$1.3 billion last quarter from NT$4.57 billion in the prior quarter, while revenue fell by 8 percent from NT$73.56 billion to NT$67.7 billion, the company said.
PANEL MAKERS
AUO loses third spot
AU Optronics Corp (AUO, 友達光電) lost third spot to China’s BOE Technology Group Co (京東方) on the ranking of the world’s major LCD panel makers during the first three quarters of the year, market researcher TrendForce Corp (集邦科技) said yesterday. AUO shipped 20.22 million flat panels during the first three quarters, compared with BOE’s 24.77 million, TrendForce’s data showed. South Korea’s LG Display Co, Samsung Electronics Co and Taiwan’s Innolux Corp (群創) remained the world’s top three LCD panel suppliers, TrendForce said.
BANKING
Exposure to China reduced
State-run banks lowered their business exposure to China to 64 percent of their net worth last month, from 68 percent a month earlier and compared with 70 percent a year earlier, the Ministry of Finance said in a statement yesterday. The ministry issued the statement in response to local media reports that state-run banks make long-term unsecured loans to companies in China, raising concerns over their risk management as China’s economy slows. Most loans of state-run banks to Chinese firms are syndicated loans, which were made following proper reviews of borrowers’ credit profiles, the ministry said, adding that it will improve risk oversight.
ELECTRIC VEHICLES
Acer touts German debut
Acer Inc (宏碁) yesterday said its subsidiary MPS Energy Inc (聯永基) and “Build Your Own Cloud” partner Studio X-Gene Co (創意庫) this week showcased their joint effort on an electric all-terrain vehicle (eATV) at a trade fair for electric and hybrid mobility in Munich, Germany. Acer said the eATV “X Terran” was designed by Studio X-Gene and utilizes MPS Energy’s battery management system technology. It also demonstrates Acer’s latest cloud-computing research and development in the connected-car field, Acer said in a statement. The PC brand established MPS Energy in July as part of its foray into the vehicle electricity and mobile power businesses.
BANKING
BOT inks tie-up with Mizuho
In a bid to reach out beyond its highly saturated home market and the nation’s low interest rates, Bank of Taiwan (BOT, 臺灣銀行) on Tuesday inked a memorandum of understanding (MOU) with Mizuho Bank in Tokyo, after inking an MOU with Bank of Tokyo-Mitsubishi UFJ Ltd, Japan’s largest bank, in July. The MOU with Mizuho will pave the way for partnerships in businesses — including syndicated loans, project and trade financing, and electronic financial services — with Japan’s third-largest bank, Bank of Taiwan chairperson Lee Jih-chu (李紀珠) said. Bank of Taiwan said its partnerships with Japan’s leading banks will improve services in the two nations. It said it hopes that the exchange of experience will aid joint expansion plans in Southeast Asian markets.
