■ Trading sluggish ahead of polls
Shares closed little changed yesterday following Wall Street's losses overnight and with trade cautious ahead of key weekend mayoral elections, dealers said.
The TAIEX slipped 6.81 points at 7,686.52, on turnover of NT$120.37 billion (US$3.71 billion).
Decliners outpaced gainers 717 to 499, with 196 stocks unchanged.
The New Taiwan dollar ended NT$0.003 lower at NT$32.3 against the US dollar on the Taipei Forex Inc.
■ ECCT elects officers
The European Chamber of Com-merce Taipei (ECCT) announced yesterday that Ralf Scheller will serve as chairman of the ECCT board of directors next year for the second consecutive year.
Scheller is the managing director of TUV Rheinland Taiwan Ltd.
In a statement, ECCT said that Peter Albrich, president and CEO of Siemens Ltd Taiwan, was also re-elected vice chairman, and Philipppe Pellegrin, senior country officer of Calyon Taipei Branch, was elected treasurer.
■ Sanyo fined over ad
Home appliance maker Sanyo Electric Co (三洋電機) was fined NT$750,000 (US$23,220) by the Fair Trade Commission yesterday for fraudulent advertising.
The commission said that Sanyo ran advertisements in newspapers in April last year claiming that one of its air-conditioner models could save consumers up to 59 percent in energy bills.
However, the Bureau of Standards, Metrology and Inspection said Sanyo's tests did not fall in line with national standards and the figures the firm offered were not representative.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to