■ National Aerospace in trouble
National Aerospace Fasteners Corp (宏達科技) said it will seek court protection from creditors after stock market regulators imposed restrictions on trading in its shares. Insufficient cash flow may result in the company's checks bouncing and the delisting of its shares from the stock market, National Aerospace said in a statement to the Taiwan Stock Exchange. The company said it has NT$1.8 billion (US$53.1 million) in debt and assets worth NT$3.6 billion. Shares in the firm, which makes rivets and nuts for aircraft parts, have lost 90 percent of their value since mid-August. The stock exchange last month said it would limit trading in the shares to cash-only transactions because of concerns over the company's income statements. National Aerospace said on Sept. 3 it would make a loss of NT$551 million (US$16 million) this year, reversing an April profit forecast of NT$123 million.
■ Foxconn, Juteng offer shares
Foxconn International Holdings (富士康控股) and Juteng Interna-tional Holdings, both Taiwanese technology equipment manufacturers, plan to raise a combined HK$1.5 billion (US$193 million) in Hong Kong share sales by the end of the year, the South China Morning Post said, citing unidentified sources. Foxconn, a subsidiary of Hon Hai Precision Industry Co (鴻海精密), Taiwan's largest listed company by sales, plans to raise as much as HK$1.2 billion in an initial public offering that may receive approval from Hong Kong regulators next month, the paper said. The telecommunications networking and mobile equipment maker made an estimated profit of more than HK$400 million last year, the Hong Kong-based paper said. Goldman Sachs Group Inc and UBS AG are arranging the sale, the paper said. Juteng International Holdings may raise HK$300 million in its Hong Kong share offer in December, according to the paper. The company, which produces casings for computers and other products, posted revenue of about HK$500 million last year.
■ Family feud at Taishin
A member of Taishin Financial Holdings Co's (台新金控) controlling family is disputing the results of an impromptu board meeting held to set the date for election of new members, several Chinese-language newspapers reported. Director Eric Wu (吳東昇) is claiming his brother, Taishin chairman Thomas Wu (吳東亮), acted independently in calling a board meeting that set the date for the election on Dec. 3, the anniversary of their father's death, the reports said. Thomas Wu may be investigated by the island's stock regulator for selling shares in Shinkong Synthetic Fibers Corp (新光人纖) during a struggle with Eric Wu for management control.
■ Wal-Mart meets in Shenzhen
Wal-Mart Stores Inc will for the first time move an annual meeting to decide purchases of electronics goods to China from the US, a media report said, citing unidentified suppliers of the US retailer. The company was to start the four-day meeting yesterday in China's southern coastal city of Shenzhen with suppliers including Taiwan's Tatung Co (大同) and Sampo Corp (聲寶), the report said. Most of Wal-Mart's purchases will focus on products such as DVD players and flat-panel televisions, which the company expects to sell under its own brand name, the paper said.
■ NT dollar up slightly
The New Taiwan dollar yesterday edged up NT$0.006 against the US dollar to close at NT$33.865 on the Taipei foreign exchange market. Turnover was US$430 million.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
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Taiwanese prosecutors suspect that three people successfully smuggled at least one shipment of Nvidia Corp artificial intelligence (AI) chips to China after first exporting them to Japan, people familiar with the matter said. The trio was detained last week by the Keelung District Prosecutors’ Office for allegedly falsifying documents related to exports of Super Micro Computer Inc servers containing advanced Nvidia chips, which the US has barred from sale to China without a license from Washington. The move marked Taiwan’s first public crackdown on AI chip diversion after years of pressure from the US to take a more active role in curtailing
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) employee bonuses are likely to grow more than 30 percent this year, in line with the past few years as the company’s profits continue to set new records, an anonymous source cited TSMC chairman C.C. Wei (魏哲家) as saying yesterday. TSMC, the world’s largest contract chipmaker, is committed to taking care of its workers, the source said, citing Wei’s meeting with employees yesterday morning. Wei also expressed gratitude to employees for their contribution to the company’s improving bottom line, the source added. Since 2023, TSMC’s employee bonuses have grown at an annual rate of
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