Power demand soars
Electricity consumption climbed to a record high yesterday for the second time this year as rising temperatures increased the use of air conditioners.
Power demand hit 32,830 megawatts at 1:41pm, the state-run Taiwan Power Co (Taipower, 台電) said in an e-mailed statement.
That surpassed the previous record of 32,660 megawatts set on July 9. Temperatures in Taipei reached 36.4oC yesterday, compared with the average high of 34.1oC for July, the Central Weather Bureau said.
Reserve margin, or spare capacity over peak demand, fell to 6.9 percent yesterday, according to Clint Chou (周義岳), a public relations officer at Taipower.
That was less than half of the government's target of 16 percent.
FTC okays Dopod purchase
The Fair Trade Commission (FTC) yesterday approved High Tech Computer Corp's (HTC, 宏達電) application to buy mobile phone brand Dopod International Corp (多普達).
HTC, the world's biggest maker of handsets running on Microsoft Corp's operating system, said it would Dopod's Asia operations -- excluding China -- in a deal worth US$14.5 million in May.
The commission said in a statement that the mobile phone market has seen fierce competition from numerous domestic and foreign brands.
Nokia and Motorola were the two best-selling brands in the country last year.
"As the two parties in the merger deal do not command high market shares, the commission believes the deal will not create a monopoly effect or impair competition," the FTC statement said and so the merger application was approved in line with Article 12-1 of the Fair Trade Act (公平交易法).
Ho Tung seeks Sinopec fab
Taipei-based Ho Tung Chemical Corp (和桐化學) said yesterday that it was in talks with Chinese partner Sinopec Group (中國石化) to buy a factory of China's second-biggest oil producer before its wholly owned holding company goes public in Hong Kong.
The holding company is headquartered in British Virgin Islands (BVI).
"We plan to buy a fabrication from Sinopec. But we are not in a rush as we can wait for a better price," Ho Tung chairman Preston Chen (陳武雄) said yesterday.
The chemical maker plans to have its BVI-based holding firm subsidiary, Bao Tze, make its initial public offering in Hong Kong after the factory deal is reached, Chen said.
He did not give further details of capitalization or a timeframe.
The firm has to raise money overseas to bypass the government's restriction on China-bound investment that caps companies investments at 40 percent of their net worth, Chen said.
Ho Tung invested 60 percent of a petrochemical joint venture with Sinopec seven to eight years ago in China.
The venture generated sales of NT$4.8 billion last year.
Business in China contributed US$570 million to Ho Tung, whose consolidated sales amounting to NT$38.9 billion (US$1.2 billion) last year.
"Our business in China grows very fast," Chen said.
CMC to set up solar cell firm
The board of CMC Magnetics Corp (中環), the world's second-largest maker of recordable compact discs (CD-Rs), yesterday approved a proposal to set up a solar cell affiliate, Sunwell Technology Corp (富陽光電), and tap into the fast-growing green energy industry.
The new solar cell maker will have NT$700 million in capital and was scheduled to start mass production some time next year, CMC said.
Sunwell's plant will be located in Taoyuan County, it said.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
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