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Fruit, vegetables push CPI up 1.97%

By Crystal Hsu

The consumer price index (CPI) gained 1.97 percent last month from a year earlier, the fastest rise in eight months, as vegetable and fruit prices remained high due to continued supply shortages caused by typhoons in September, the Directorate-General of Budget, Accounting and Statistics (DGBAS)FULL STORY

Formosa Plastics units see revenues rise

By Kuo Chia-erh

Four major units of Formosa Plastics Group (台塑集團), the nation’s largest industrial conglomerate, yesterday reported combined revenues of NT$116.6 billion (US$3.65 billion) for last month, up 4 percent from October and 5.7 percent from the same period last year, attributing the rise to improving utilizationFULL STORY

Local bourse bounces back

Shares in Taiwan made a significant comeback yesterday boosted by a record high on the Dow Jones Industrial Average overnight, as investors shrugged off the defeat of a referendum in Italy, dealers said. The gains posted by high-tech stocks in the US market boosted their counterpartsFULL STORY

Nanya revenue surges on back of DRAM price jump

By Lisa Wang

Nanya Technology Corp (南亞科技) yesterday posted its best monthly revenue in 21 months as prices advanced 8.8 percent amid stronger-than-expected demand, boding well for the DRAM chipmaker’s revenue outlook. Revenue rose 4.98 percent to NT$4.01 billion (US$125.5 million) last month, from NT$3.82 billion in October, theFULL STORY

US dollar retreats in Taipei as traders buy local currency

The US dollar yesterday fell against the New Taiwan dollar, shedding NT$0.043 to close at NT$31.952 as local traders were encouraged enough by the technical rebound staged by other currencies in the region that they bought NT dollars, dealers said. A significant comeback made byFULL STORY

Government listening to industry, minister says

Minister of Science and Technology Yang Hung-duen (楊弘敦) yesterday rejected criticism by one of Taiwan’s top industrialists that government policymakers were ignoring the views of the industrial sector. Yang said that contrary to the claim by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman Morris Chang (張忠謀),FULL STORY

Bondholders agree to deal as Italian bank struggles

Banca Monte dei Paschi di Siena SpA’s bondholders agreed to swap about 1.02 billion euros (US$1.1 billion) in subordinated notes for shares as the attention of investors shifts to whether the bank is able to attract investors to a stock offering. The Italian treasury is consideringFULL STORY

Asia trade pact tipped to fill fast

The death knell sounding for a US-led Pacific trade pact creates a vacuum that a separate Asia deal being championed by China should quickly fill, according to the Asian Development Bank. Negotiators at the Regional Comprehensive Economic Partnership (RCEP) meeting in Indonesia this week would normallyFULL STORY

Amazon.com testing its cashier-free retail store

Amazon.com on Monday unveiled a new kind of retail store, with no cashiers. Customers at the concept store in Amazon’s hometown of Seattle, Washington, can fill their shopping carts and walk out — with the costs automatically tallied up and billed to their accounts with theFULL STORY

Taiwan Business Quick Take

FOREIGN EXCHANGE Reserves drop US$915m The nation’s foreign exchange reserves last month stood at US$434.35 billion, falling US$915 million from the previous month, the central bank said on Monday. The monetary policymaker attributed the decline to the depreciation of the euro and other major reserve currencies againstFULL STORY

Euro bounces back from 21-month low

The euro steadied yesterday, having bounced back from a near 21-month low set the previous day after Italian Prime Minister Matteo Renzi’s loss in a referendum over constitutional reform, an outcome that traders had widely expected. Renzi on Monday announced that he would resign after theFULL STORY

‘Hedge fund brother No. 1’ pleads guilty

Former hedge fund manager Xu Xiang (徐翔) pleaded guilty to charges of market manipulation in one of the most high-profile cases to follow last year’s stock market collapse in China. Xu, known as “hedge fund brother No. 1” for his winning bets in the stock market,FULL STORY

Speculation on Park’s exit buoys South Korea shares

The end of South Korean President Park Gyeun-hye’s tenure cannot come fast enough for investors in South Korean assets. The benchmark KOSPI jumped 1.4 percent yesterday, the most in almost a month, amid speculation Park would be impeached before an announcement after the market closed thatFULL STORY

Softbank’s Son said to be planning Trump meeting

Softbank Group Corp founder and chief executive officer Masayoshi Son was planning to meet with US president-elect Donald Trump in New York yesterday, a person with direct knowledge of the matter said. Son, 59, has no specific agenda but wants to meet Trump as an investorFULL STORY

Global prescription drug spend seen at US$1.5tn in 2021

Global spending on prescription medicines will reach nearly US$1.5 trillion by 2021, although the annual rate of growth will decrease from recent years, according to a forecast by Quintiles IMS Holding released yesterday. That figure, based on wholesale pricing, is up nearly US$370 billion from estimatedFULL STORY

Reserve Bank of Australia keeps rates at 1.5 percent

Australia’s central bank held interest rates at a record low of 1.5 percent yesterday despite a recent run of soft economic data, but weak inflation figures kept the door open for future cuts. The Reserve Bank of Australia (RBA) has cut rates by 300 basis pointsFULL STORY

World Business Quick Take

EGYPT Net foreign reserves surge The nation’s net foreign reserves rose to the highest level in more than five years last month, as the country started receiving money from the IMF and global lenders. Reserves reached US$23.1 billion, up from US$19 billion in October, according to dataFULL STORY

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