Asia Pacific (APAC), Global Politics

Cross-Strait News Daily Round-up For Nov. 28

Formosa Plastics Group co-founder Wang Yung-tsai dies at 93

Formosa Plastics Group’s (TPE: 1301) co-founder Wang Yung-tsai (王永在) passed away at 93 around 11:15am on Nov. 27.

Wang spent most of his time at the group’s Chang Gung Memorial Hospital in Linkuo due to health issues. He was escorted back to his Taipei home from the hospital earlier in the morning. His family members were around him while he died, the group said.

Wang was a younger brother of Wang Yung-ching (王永慶), the late founder of the group. He was called “the grand architect” of the group’s production site in Mailiao Township, Yunlin County, where encompasses the nation’s sixth naphtha cracker, an oil factory, a power plant and a harbor, due to his supervising the entire construction process of the campus that started in 1994.

Wang Yung-tsai was in charge of the group after Wang Yung-ching retired in 2002. In 2006, the younger Want retired himself as the vice chairman of the group and handed over the company to seven people, including group Chairman and his son William Wong (王文淵), vice chairwoman and Wang Yung-ching’s daughter Susan Wang (王瑞華), William Wang’s younger brother Wilfred Wang (王文潮) and Susan Wang’s younger sister Sandy Wang (王瑞瑜).

Apple may commission Foxconn for new displays

China Economic Weekly reported on Nov. 27 that Apple (NASDAQ: AAPL) has listed Hon Hai, or Foxconn Technology (TPE: 2354), as one of the potential partners to produce sapphire displays for its future mobile devices, while these devices have yet to be identified as of press time.

Foxconn is a contract manufacturer for iPhones.

Foxconn reportedly stands to make US$45 to US$52.5 per iPhone if the company can produce touch screens by itself. Since Foxconn’s establishing its manufacturing facility in Henan in 2011, it primarily assembled iPhones for export and produced 96.45 million iPhones and exported 84.46 million of them in 2013.

Taiwan’s dollar advances as Japanese Yen continues to rise

Taiwan’s dollar appreciates as Japanese Yen’s rise eased the nation’s export impacts, as the currency advanced to a one-week high on Nov. 28.

A Taipei-based economist said that the Japanese Yen did not continue weakening and the US dollar could not break upward, Taiwan’s dollar rose. But the currency may resume weakening for the rest of the year as the Japanese Yen declines, China eases policy and the greenback stays strong.

Hong Kong’s yuan usage surges in 2014

Hong Kong Monetary Authority said on Nov. 28 that the usage of the yuan in trades is up 73% from a year earlier in the first 10 months in 2014, totaling US$815 billion.

It continued Hong Kong’s status as the world’s largest offshore yuan hub, while China continues to promote the use of the yuan as an international currency. The Renminbi is, as of October, the seventh most used currency in global payments.

The daily average turnover of Hong Kong’s real-time yuan payments system has doubled to US$167 billion in October, from US$53 billion a day in 2013.