Shares remain steady
Shares closed little changed yesterday as bargain-hunting emerged to trim early losses in the wake of Wall Street's overnight downturn, following disappointing US corporate results and growing concern over sub-prime mortgage problems, dealers said.
Although some investors opted to lock in profits accumulated in recent sessions, many remain bullish on a market they believe is still on track to breach the 10,000 points level on the benchmark index, they said.
The TAIEX fell 3.93 points to 9,740.13 on turnover of NT$256.53 billion (US$7.82 billion).
On the Taipei foreign exchange market, the New Taiwan dollar fell against the greenback yesterday.
The NT dollar fell NT$0.034 to close at NT$32.792 on the Taipei Forex Inc on turnover of US$746.5 million.
BenQ might countersue
BenQ Corp (明基) said yesterday that it might file countersuits against insolvency administrator Martin Prager of BenQ Mobile GmbH & Co, a company statement said.
BenQ said it is considering the counteraction to protect its reputation, after the administrator of the bankrupt German subsidiary earlier filed two lawsuits against the company in Europe.
Prager had earlier filed two lawsuits against the Taiwanese company in Munich, seeking a total of 83.1 million euros (US$114.5 million) in payments.
"The lawsuits arose out of certain account payables" made by the unit to the parent company last year, and the suits were filed with a court in Munich, Germany, BenQ said in a statement to the Taiwan Stock Exchange.
The statement said that the lawsuits filed by BenQ Mobile would not affect BenQ's operations or its financial conditions.
Innolux planning new plant
Innolux Display Corp (群創光電), the world's second-biggest liquid-crystal-display (LCD) computer monitor maker, yesterday said it planned to build a next-generation plant in the first quarter of next year to make computer and television panels.
Innolux, which also makes LCD panels, said it had not settled on the scale of the investment nor on the glass substrates it would manufacture.
Innolux said it planned to raise funds for the new plant via issuing new shares, bank loans and its own cash flow. The size of the fund was not announced. The company now operates two plants -- a 4.5-G and a 5G -- in Miaoli County.
New appointments named
The Ministry of Finance said yesterday it had appointed Tsai Ching-nain (蔡慶年), director-general of the National Treasury Agency, as president of the state-run Land Bank of Taiwan (土地銀行). Su Le-ming (蘇樂明), chief of the ministry's Financial Data Center, will replace Tsai, a statement said.
Meanwhile, Chinatrust Financial Holding Co (中信金控) yesterday announced that Joy Huang (黃志宜), vice president of subsidiary Chinatrust Commercial Bank (中國信託商銀), will be Taiwan Lottery Co's (台灣彩券公司) next president. Huang will fill a vacancy left by Chang Ruu-tian (張汝恬), who resigned over blunders in the operation of the Public Welfare Lottery.
Formosa Petro eyes Guatemala
Formosa Petrochemical Corp (台塑石化) representatives met with Guatemalan President Oscar Berger Perdomo and Guatemalan officials on Tuesday to discuss building an oil refinery in the Central American country.
According to an AFP report on Monday, the Formosa Petrochemical representatives were visiting Guatemala City to assess the feasibility of a US$7.2 billion refinery and to gain a better understanding of local laws governing major industrial ventures by foreign firms.
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms