■ Oil prices will not rise: Hwang
Minister of Economic Affairs Morgan Hwang (黃營杉) stated categorically yesterday that "it is not possible" for state-run Chinese Petroleum Corp (CPC, 中油) to increase fuel prices again following price hikes as recently as mid-April.
Maintaining stable consumer prices is a national economic policy, Hwang said, suggesting that CPC make efforts to tap new resources and economize on expenses instead of taking more money out of consumers' pockets.
The company has to operate based on the interests of the country and its people, he said.
■ COA details rain damage
Agricultural losses resulting from several days of torrential rain amount to NT$1.15 billion (US$35.3 million), according to the latest tallies released by the Council of Agriculture yesterday.
The amount includes NT$922.97 million in crop damage, affecting 25,478 hectares of cropland.
The most severely damaged crops were rice, watermelons, grapes, peaches, pears, persimmons, tangerines, spring onions and peanuts. Livestock damage amounted to NT$20.61 million, while fishery and forestry damage amounted to NT$4.85 million and NT$1.31 million, respectively, the council said.
■ NT gains on greenback
The New Taiwan dollar gained ground against its US counterpart on exporter demand and foreign inflows yesterday. The NT dollar rose NT$0.04 to close at NT$32.620, on turnover of US$9.37 billion.
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
‘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
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
MediaTek Inc (聯發科) has hired a former US Department of Commerce official to help it navigate worsening US-China tensions that have already ensnared its customer Huawei Technologies Co (華為). Patrick Wilson, who most recently served as director of the department’s Office of Business Liaison, has been appointed vice president of government affairs at MediaTek USA to lead its public policy initiatives, the chip designer said in a draft press statement seen by Bloomberg News. Wilson previously worked at the Semiconductor Industry Association, where he led the trade group’s dealings with the US federal government. Technology companies with ties to or operations in China