Teco announces new chairman
Teco Electric & Machinery Co (東元電機), the nation's largest maker of industrial motors, announced a new chairman yesterday. Starting from April 30, Liu Chao-kai (劉兆凱), chairman of Tecom Co (東訊科技), will take over at Teco Electric and replace Theodore Huang (黃茂雄), according to a company statement.
Owned by Teco Electric, Tecom was set up in 1980 and produces telecommunications equipment including Bluetooth and broadband systems.
Huang, who is currently chairman of Teco Group (東元集團) and the Chinese National Association of Industry and Commerce (工商協進會), had been leading Teco Electric for the past 16 years.
Under his guidance, Teco Electric has moved from being a maker of industrial motors and home appliances, to a high-tech firm operating businesses like flat-panel televisions, DVD recorders and smartcards, the statement said.
The company now has a presence in more than 30 countries.
Shares close lower
Shares closed 0.90 percent lower yesterday as concerns over legal proceedings against Inventec Appliances Corp (英華達) wiped out early gains driven by Wall Street's overnight advance, dealers said.
The TAIEX closed down 72.90 points at 8,002.30, on turnover of NT$114.99 billion (US$3.47 billion).
Decliners outnumbered gainers 880 to 295, with 147 stocks unchanged.
Commission approves mergers
The Fair Trade Commission yesterday approved two merger applications submitted by telecommunications operators. Far EasTone Telecommunications Co (遠傳電信), the nation's second-biggest mobile operator, was allowed to take over Q-ware Systems and Services Corp (安源資訊), which operates Taipei's Wi-Fi networks and is a telecom affiliate of Uni-President Group (統一集團), its statement read.
Taiwan Mobile Co (台灣大哥大), the third-largest mobile carrier, was also given the green light to acquire fixed-line operator Taiwan Fixed Network Co (台灣固網).
Separately, the commission yesterday fined Sinyi Real Estate Inc (信義房屋), the nation's largest housing agent, NT$1.2 million (US$36,250) for misleading advertisements, which violated Article 21 of the Fair Trade Act (公平交易法).
Sinyi Real Estate claimed that homebuyers are entitled to zero risks during the transaction process, which the commission said is not true.
Asustek sues Ricoh
Asustek Computer Inc (華碩電腦), the world's largest motherboard maker, sued Ricoh Co to challenge four patents covering compact-disk drives.
Asustek said in a complaint filed on April 5 in federal court in San Jose, California, that it was afraid Ricoh would sue it again for patent infringement after an earlier lawsuit in another court was dismissed. It asked for court judgments that the patents were invalid or not infringed.
Ricoh, Japan's third-largest maker of color laser printers, in August sued Asustek and Quanta Storage Inc (廣明), claiming they were using its technology without permission. Ricoh's suit, filed in federal court in Madison, Wisconsin, sought cash compensation and a halt on use of Ricoh's patented technology.
US District Judge Barbara Crabb threw out Ricoh's case on April 3, saying Asustek didn't have a sufficient presence in western Wisconsin, according to court papers.
NT dollar gains ground
The New Taiwan dollar gained ground against its US counterpart, advancing NT$0.004 to close at NT$33.101 yesterday on the Taipei Forex Inc.
Turnover was US$628 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