ING Antai seeks capital infusion \n \nING Antai Life Insurance Co (安泰人壽) said it is planning to raise new capital by the end of the year to meet government regulations, the insurer said in a statement yesterday. \nThe insurer said it is now applying the capital increase to the Ministry of Finance. Once approved, it will increase new capital by NT$120.4 million to NT$8.14 billion, according to the statement. \nING Antai is among 24 local and foreign insurance companies that have been required by the ministry to raise new capital because their investment returns are impacted by the declining interest rates. \nThe central bank cut the rediscount rate from 1.875 percent to record-low 1.625 percent in early November, the 14th in the past two years. \nAeon targets local market \n \nAeon Co, Japan's second-biggest retailer, said yesterday that it is planning to open as many as 20 general merchandise stores between next year and 2010, aiming to open its first store in Hsinchu in May of 2003. \nAeon runs 2,794 general merchandise stores, supermarkets, discount stores, convenience stores and department stores in Japan as well as 30 general merchandise stores overseas. \n"Aeon is optimistic about the Taiwan market ... After a couple of years of preparation, Aeon will enter the market next year," spokesperson Irene Yeong said. \nThe company's Taiwan unit, which has capital of NT$350 million (US$10 million), expects sales at its first domestic store to reach NT$3 billion in the first year, it said. \nMore cellphones than people \n \nTaiwan has 105 mobile phones for every 100 people, leading the world in cellphone density, according to statistics released from the Ministry of Transportation and Communications. \nThe nation had 23.8 million mobile phones as of October, outnumbering the population, it said. \nMobile-phone revenue averaged NT$15 billion (US$430 million) a month in the first 10 months, up 4.6 percent from a year earlier, it said. \nChunghwa Telecom Co (中華電信) had the largest share of the mobile market with 7.3 million cellphone customers. \nKGI to shut Manila brokerage \n \nKGI Securities Co (中信證券), a unit of Koos Group (和信集團), said it plans to shut its Philippine brokerage and fire as many as 60 workers because of low trading volume. \nThe Manila brokerage will be shut Jan. 17, said Sherie Chiu, vice president of finance at KGI. \nTrading fell to an average of 518.5 million pesos (US$9.7 million) a day in the first 11 months of this year, down from 568.4 million last year and 1.22 billion pesos a day in 2000. \nFull output for new unit \n \nChinese Petroleum Corp (中油) said it may operate its new NT$9 billion refinery unit at Taoyuan at full capacity early next year after completing test runs. \nThe refinery unit, called a residual fluid catalytic cracker, can process as much as 50,000 barrels a day of crude and fuel oil into higher-priced products such as gasoline, the company said. \nChinese Petroleum started up the unit last month and is still testing its operation. The start-up was delayed from June because water shortages would have hampered operations at the unit, the company said. \nNT dollar gains slightly \n \nThe New Taiwan dollar yesterday traded higher against its US counterpart, increasing NT$0.003 to close at NT$34.835 on the Taipei foreign exchange market. \nTurnover was US$230 million, compared with the previous day's US$319 million.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily