■ China imposes phenol tariffs \nChina has begun imposing punitive tariffs of up to 144 percent on phenol imports from Japan, the US, South Korea and Taiwan because these products have been sold at below cost in the country, the Ministry of Commerce said. \nPhenol is used to make adhesives and plastics. \nChina will impose tariffs on phenol imports from the four countries to protect domestic makers of the chemical, the ministry said in a statement. The tariffs, enforced at a minimum of 3 percent, took effect yesterday and will last for five years. \n■ Chi Mei doubles sales \nChi Mei Optoelectronics Corp (奇美電子), the nation's second-largest maker of flat-panel displays used in computers and televisions, had a third straight quarter of profit as sales doubled on higher prices. \nThe company had net income of NT$4.8 billion for the fourth quarter, compared with a net loss of NT$608 million a year ago. The latest figure was derived by subtracting audited nine-month numbers from the full-year unaudited number that the company released. \nSales, reported monthly, rose to NT$21.3 billion from NT$10.1 billion in the previous period. Prices of flat-panel displays rose by as much as a third from a year earlier. \nLast year, Chi Mei's profit rose to NT$7.1 billion from NT$4.5 billion in 2002. Sales rose by more than half to NT$62 billion from NT$40.7 billion. \n■ Chip packager posts profit \nAdvanced Semiconductor Engineering Inc (日月光半導體), the world's No. 2 chip packager, had a third straight quarter of profit as sales climbed by two-fifths. \nNet income was NT$2.1 billion (US$63 million), or NT$.61 per share, for the fourth quarter. That compares to a net loss of NT$28.9 million, or NT$.01, a year ago, the Kaohsiung-based company said. \nSales rose to NT$100.4 billion from NT$71.8 billion. \n"We were able to capitalize on particularly robust demand for high-end capacity from wireless communications customers," said chairman Jason Chang (張虔生). \n"Demand for our services was strong across our entire customer base," Chang said. \nAdvanced counts among its larger customers Motorola Inc, Qualcomm Inc, Agilent Technologies and Conexant Systems Inc. \nAdvanced Semiconductor plans to buy a computer-chip assembly plant from NEC Corp, a Chinese-language newspaper reported today, without citing the source of its information. \nThe company will announce Tuesday that it will pay US$80 million to buy the plant from NEC, the Chinese-language newspaper reported. \n■ Hon Hai denies HK report \nHon Hai Precision Industry Co (鴻海精密), the nation's largest company by sales, denied a Chinese-language newspaper report that it will consider a plan to combine holdings in 15 mobile-phone related companies for a Hong Kong listing. \n"At present, there is no concrete plan or timetable to list shares in Hong Kong," the company said in a statement to the Taiwan Stock Exchange Corp. \nNo bank has been hired to help manage a share sale, Hon Hai added. \nThe rumored plan would have allowed Hon Hai employees to take a stake in one of the company's most profitable businesses, where sales last year reached about NT$30 billion, the report said. \n■ NT dollar higher \nThe New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.057 to close at NT$33.33 on the Taipei foreign exchange market. \nTurnover was US$653 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
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
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