Profit-taking pares TAIEX gain
Shares closed 0.19 percent higher yesterday after late profit-taking pared gains made earlier on the back of Wall Street's overnight record performance, dealers said.
The TAIEX added 15.39 points to 8,000.04 but was off a high of 8,052.55 on turnover of NT$96.42 billion (US$2.92 billion).
On the foreign exchange market, the New Taiwan dollar dropped NT$0.024 against the US dollar to close at NT$33.216. Yesterday's turnover was US$970 million at the Taipei Forex Inc.
Bank to study Temasek model
A feasibility study would be conducted on whether to set up a company modeled on Singapore's Temasek Holdings Pte to invest the nation's foreign reserves, said George Chou (周阿定), deputy governor of the nation's central bank.
"We'll study ways to improve our foreign reserve returns, including the Temasek model," Chou said, without elaborating. "There is still a long way to go."
Taiwan has foreign reserves of US$267.5 billion, the central bank reported on April 4.
About US$150 billion of the reserves, or 56 percent, is "hot money" for short-term investment, Chou said. The balance is in longer-term holdings, he said.
Asustek posts increased profit
Asustek Computer Inc (華碩電腦) yesterday reported a 26 percent increase in profits for last year.
Net income rose to NT$19.2 billion (US$578.6 million), or NT$5.43 a share, from NT$15.28 billion, or NT$4.51 a share, a year earlier, the company said.
The company said on Tuesday that it would pay a dividend of NT$2 per share for last year.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to