Latest news with #FormosaPlastics
Forbes
3 days ago
- Business
- Forbes
Formosa Heirs Drop Off Taiwan's 50 Richest List Amid Global Chemical Sector Downturn
William Wang. This story is part of Forbes' coverage of Taiwan's Richest 2025. See the full list here. With Taiwan's chemicals sector battling headwinds, brothers William and Wilfred Wang, who draw their wealth from Formosa Plastics Group and first appeared in the ranks of Taiwan's richest in 2018, are among the four dropoffs this year. ss Shares of group flagship, Formosa Plastics Corp., which reported a NT$1.2 billion ($40 million) net loss in 2024, its first in decades, plunged nearly 50% from a year ago. Other major listed units, Formosa Chemicals and Fibre, Formosa Petrochemical and Nan Ya Plastics, also saw their shares slide. One of the world's largest producers of plastics and petrochemicals, Formosa has been buffeted by slowing global demand and oversupply from mainland China. Unlike its mainland rivals, the group is also hamstrung by its reliance on imported raw materials, says Michelle Cheng, an associate at Taipei-based MasterLink Securities Investment Advisory. She adds that Formosa's carbon-neutrality transformation has also been lagging. Looking ahead, she says, the export-led group will have to navigate increasing trade protectionism in mainland China and the U.S., two of its main markets. Cofounded by their late father and headed by William since 2006, Formosa Plastics Group has been trying to weather the storm by expanding in India, Southeast Asia and other markets and also by developing more value-added products. In the past few years, the brothers have stepped away from day-to-day management, handing it over to professionals.
Japan Times
19-05-2025
- Business
- Japan Times
China slaps anti-dumping duties on plastics from U.S., EU, Japan and Taiwan
China on Sunday announced anti-dumping duties as high as 74.9% on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan. The Chinese commerce ministry's findings conclude a probe launched in May 2024, shortly after the U.S. sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said. Stay updated on the trade wars. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW In January the ministry said initial investigations had determined that dumping was taking place, and implemented preliminary anti-dumping measures in the form of a deposit starting from Jan. 24. According to Sunday's announcement, the highest anti-dumping rates of 74.9% were levied on imports from the U.S., while European shipments will face 34.5% duties. China slapped 35.5% duties on Japanese imports, except for Asahi Kasei, which received a company-specific rate of 24.5%. General duties of 32.6% were placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%. Hopes have risen that the U.S.-China trade war is easing after the two sides said on May 12 they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended. The Asia-Pacific Economic Cooperation group of nations warned of "fundamental challenges" facing the global trading system in a communique on Friday after a meeting in South Korea.
CNN
19-05-2025
- Business
- CNN
China imposes anti-dumping duties on industrial plastics
China announced anti-dumping duties as high as 74.9% Sunday on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan. The Commerce Ministry's findings conclude a probe launched in May 2024, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said. In January, the ministry said initial investigations had determined that dumping was taking place and implemented preliminary anti-dumping measures in the form of a deposit starting from January 24. According to Sunday's announcement, the highest anti-dumping rate of 74.9% was levied on imports from the United States, while European shipments will face a 34.5% duty. China slapped 35.5% duties on Japanese imports, except for Asahi Kasei Corp, which received a company-specific rate of 24.5%. A general duty of 32.6% was placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%. Hopes have risen that the US-China trade war is easing after the two sides said they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended. The Asia-Pacific Economic Cooperation group of nations warned of 'fundamental challenges' facing the global trading system in a communique on Friday after a meeting in South Korea. On Monday, Asian shares slipped as a mixed bag of Chinese economic data showed the domestic economy was struggling even as US tariffs began to bite into exports. Growth in China's industrial output and retail sales slowed in April, as a trade war threatened to dampen momentum in the world's second-largest economy. However, the impact of tariffs on China's economic activity has yet to cause significant pain, as industrial output fared better than economists' expectations and unemployment eased. Industrial output in April grew 6.1% from a year earlier, slowing from 7.7% growth in March, official data showed. The data released by the National Bureau of Statistics surpassed expectations for a 5.5% increase in a Reuters poll of 24 analysts. Retail sales, a gauge of consumption, rose 5.1% in April, slowing from a 5.9% increase in March. Economists had expected retail sales to grow 5.5%. Fixed asset investment expanded 4.0% in the first four months of 2025 from the same period a year earlier, compared with expectations for a 4.2% rise. It grew 4.2% in the first quarter. Property investment fell 10.3% in the first four months of 2025 from a year earlier, following a drop of 9.9% in the first quarter, official data showed. Property sales by floor area shrank 2.8% in January-April from the previous year, after declining 3.0% in the first three months. New construction starts measured by floor area were down 23.8%, versus a 24.4% slump in January-March.
CNN
19-05-2025
- Business
- CNN
China imposes anti-dumping duties on industrial plastics
China announced anti-dumping duties as high as 74.9% Sunday on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan. The Commerce Ministry's findings conclude a probe launched in May 2024, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said. In January, the ministry said initial investigations had determined that dumping was taking place and implemented preliminary anti-dumping measures in the form of a deposit starting from January 24. According to Sunday's announcement, the highest anti-dumping rate of 74.9% was levied on imports from the United States, while European shipments will face a 34.5% duty. China slapped 35.5% duties on Japanese imports, except for Asahi Kasei Corp, which received a company-specific rate of 24.5%. A general duty of 32.6% was placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%. Hopes have risen that the US-China trade war is easing after the two sides said they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended. The Asia-Pacific Economic Cooperation group of nations warned of 'fundamental challenges' facing the global trading system in a communique on Friday after a meeting in South Korea. On Monday, Asian shares slipped as a mixed bag of Chinese economic data showed the domestic economy was struggling even as US tariffs began to bite into exports. Growth in China's industrial output and retail sales slowed in April, as a trade war threatened to dampen momentum in the world's second-largest economy. However, the impact of tariffs on China's economic activity has yet to cause significant pain, as industrial output fared better than economists' expectations and unemployment eased. Industrial output in April grew 6.1% from a year earlier, slowing from 7.7% growth in March, official data showed. The data released by the National Bureau of Statistics surpassed expectations for a 5.5% increase in a Reuters poll of 24 analysts. Retail sales, a gauge of consumption, rose 5.1% in April, slowing from a 5.9% increase in March. Economists had expected retail sales to grow 5.5%. Fixed asset investment expanded 4.0% in the first four months of 2025 from the same period a year earlier, compared with expectations for a 4.2% rise. It grew 4.2% in the first quarter. Property investment fell 10.3% in the first four months of 2025 from a year earlier, following a drop of 9.9% in the first quarter, official data showed. Property sales by floor area shrank 2.8% in January-April from the previous year, after declining 3.0% in the first three months. New construction starts measured by floor area were down 23.8%, versus a 24.4% slump in January-March.
Yahoo
18-05-2025
- Business
- Yahoo
China slaps anti-dumping duties on plastics from US, EU, Japan, Taiwan
By Colleen Howe BEIJING (Reuters) -China on Sunday announced anti-dumping duties as high as 74.9% on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan. The commerce ministry's findings conclude a probe launched in May 2024, shortly after the U.S. sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said. In January the ministry said initial investigations had determined that dumping was taking place, and implemented preliminary anti-dumping measures in the form of a deposit starting from January 24. According to Sunday's announcement, the highest anti-dumping rates of 74.9% were levied on imports from the United States, while European shipments will face 34.5% duties. China slapped 35.5% duties on Japanese imports, except for Asahi Kasei Corp, which received a company-specific rate of 24.5%. General duties of 32.6% were placed on imports from Taiwan, while Formosa Plastics received a 4% tariff and Polyplastics Taiwan 3.8%. Hopes have risen that the U.S.-China trade war is easing after the two sides said on Monday they had agreed to slash reciprocal tariffs in a 90-day truce, a deal that state mouthpiece the Global Times said on Friday should be extended. The Asia-Pacific Economic Cooperation group of nations warned of "fundamental challenges" facing the global trading system in a communique on Friday after a meeting in South Korea.
