Kuo Tai-cheng passes on
Kuo Tai-cheng (郭台成), former chairman of Foxconn Technology Co (鴻準) and brother of Terry Gou (郭台銘), Taiwan's second-richest man, died yesterday of cancer, a company spokesman said.
Kuo, born in 1961, died at 2:17pm in a Beijing hospital accompanied by his wife and brother, said Edmund Ding (丁祁安), spokesman for Hon Hai Precision Industry Co (鴻海精密). Foxconn Technology is an affiliate of Hon Hai, of which Gou is chairman.
Kuo stepped down as chairman of Taipei-based Foxconn on May 19, according to a filing to the Taiwan stock exchange. The statement did not state a reason for his resignation.
Nokia chooses Synnex
Nokia of Finland plans to boost its presence in Taiwan by using Synnex Technology International Corp (聯強), as the "fulfilment distributor" for Nokia cellphones, a newspaper reported yesterday.
The Commercial Times said that the announcement came after Synnex had been dismissed by Chunghwa Telecom (中華電信) as its cellphone distributor.
Nokia sells about 17 million cellphones each year in Taiwan and commands about 30 percent of the market. Synnex will not only handle Nokia cellphone sales, but also take care of logistics.
P/E ratio of stocks up
The average price-to-earnings ratio (P/E ratio) of stocks listed on the Taiwan Stock Exchange was 20.26 at the end of last month, up by 18.47 compared with the end of May, statistics showed.
Financial stocks had the highest P/E ratio among all sectors at 49.16, while steelmakers posted the lowest P/E ratio of 8.97.
The average yield of all stocks listed on the Taiwan Stock Exchange dropped from 4.29 percent in May to 3.93 percent last month, the stock regulator said. The average price-to-book ratio climbed from 1.9 in May to 2.06 last month, the statistics showed.
Vietnam approves investment
The Vietnamese government has approved an investment project proposed by Taiwan's Chinfon Trading Group (慶豐貿易集團) to produce compact trucks, vans and motorbikes in southern Vietnam, a Vietnamese daily reported yesterday.
Chinfon Trading Group, which has already invested more than US$700 million in 26 investment projects in Vietnam, is planning to channel another US$78 million into the country, the report said.
The report said Chinfon had submitted the investment proposal two years ago, planning to produce 10,000 trucks and vans per year. Construction of the factory is expected to start before the end of this year.
The Chinfon Trading Group has in the past invested in banking, cement processing, shrimp farming and the health industry in Vietnam.
Taiwan is the largest source of foreign investment for Vietnam.
Memory makers' shares rise
Shares of Samsung Electronics Co, Hynix Semiconductor Inc and other computer memory chipmakers rose on optimism that prices of the product will rise and boost earnings this quarter.
Chipmakers will raise prices of dynamic-random-access memory, or DRAM, by at least 10 percent this month from last month, Dramexchange.com (集邦科技), Asia's biggest spot market for the chips, said in a statement yesterday. That would be the biggest increase since March last year, Taipei-based DRAMeXchange said.
Prices have plunged more than 60 percent this year, eroding earnings at DRAM companies.
In Taiwan, Powerchip Semiconductor Corp (力晶半導體), the nation's biggest DRAM maker, advanced 1.7 percent, while Nanya Technology Corp's (南亞科技) stock rose 1.6 percent to close at an almost five-year high.
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
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
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