Investors stay on sidelines
Taiwanese share prices closed little changed yesterday, with many investors on the sidelines amid lingering domestic political concerns, dealers said.
The TAIEX closed down 10.68 points or 0.13 percent at 8,156.39, off a low of 8,071.63 and high of 8,173.90. Turnover was NT$64.52 billion (US$1.99 billion).
Decliners outnumbered advancers 1,131 to 716, while 526 stocks were unchanged. A total of 18 stocks closed limit-up, while 35 were limit-down.
Dutch port outdoes Kaohsiung
Rotterdam Port has replaced Kaohsiung Harbor as the world's sixth-busiest container port, the Kaohsiung Harbor management said yesterday.
"Rotterdam Port announced in November that its 2007 container volume has hit 10 million TEUs [twenty-foot equivalent unit]. Kaohsiung Harbor reached the 10 million TEU target only on December 24," said Huang Kuo-ying (黃國英), deputy director of the Kaohsiung Harbor Bureau.
Although 10 million TEU is an annual record for Kaohsiung, it faces an uphill battle to maintain its competitiveness because cross-strait transshipment containers -- which account for half of the containers passing through the harbor -- are dwindling.
In the first 11 months this year, it handled 9.3 million TUEs, of which 4.8 million were transshipment containers from China's Fuzhou and Xiamen ports.
"But cross-strait transshipment containers dropped 5.4 percent between January and November because China has expanded the Xiamen Port and built deep-water container terminals there, so export containers can be loaded onto container ships there and no longer need to be shipped to Kaohsiung and then re-shipped to other countries," Huang said.
Yet Huang said he still remains optimistic about Kaohsiung Harbor's performance next year.
Shin Kong Financial shares fall
Shin Kong Financial Holding Co (新光金控) shares dropped yesterday after it announced a writedown of investments related to US subprime loans.
The company said its life insurance unit, Shin Kong Life Insurance Co (新光人壽), will incur a loss of US$57.7 million in collateralized debt obligations.
The life insurance unit will book the loss in the fourth quarter, the firm said in a filing to the Taiwan Stock Exchange late on Tuesday.
Economy may rise 4.23 percent
The nation's economy is expected to grow 4.23 percent next year, after rising 5.29 percent this year, the Taiwan Research Institute (台灣綜合研究院) forecast yesterday.
The projected 4.23 percent increase for next year would be lower than an average growth of 4.38 percent between 1997 and last year, the Taipei-based institute said at a press briefing.
Wu Tsai-yi (吳再益), vice president of the institute, said that exports, domestic investment and private consumption would see slower growth next year because of concerns over the US credit crunch and high oil prices.
Exports are expected to grow 3.96 percent year-on-year next year, the weakest performance in the last three years, the institute said.
Private investment is likely to grow 4.12 percent and private consumption could increase 2.92 percent next year, the institute said.
Liu Tai-ying (劉泰英), the institute's president, said he was more optimistic about the stock market's performance next year compared with this year, but added that the referendums in March would be a key variable.
NT dollar declines
The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange on Wednesday, declining NT$0.03 to close at NT$32.529. Turnover totaled US$590 million.
Just a few years ago, the millennial generation — generally defined as those born from the early 1980s through the mid-1990s — was synonymous with youthful rebellion. However, now, as the millennials ease into early middle age, they are finding their path out of their parents’ basement to be a lot harder than it was for earlier generations. The fundamental problem is that millennials are not building wealth. The wealth of the median US household headed by someone 35 or younger has actually shrunk in inflation-adjusted terms since the mid-2000s, even as the wealth of older Americans has continued to grow. An
‘LITTLE CHOICE’: The airline said it expected only about 8,000 of its 29,000 employees to be working by next month, but hoped to have 21,000 in the next two years Qantas Airways Ltd plans to cut at least 6,000 jobs and keep 15,000 more workers on extended furloughs as Australia’s largest airline tries to survive the coronavirus pandemic. Qantas yesterday announced a plan to reduce costs by billions of dollars and raise fresh capital. The plan includes grounding 100 planes for a year or more and immediately retiring its six remaining Boeing Co 747 planes. Chief executive Alan Joyce said the airline has to become smaller as it braces for several years of much lower revenues. He said the furloughed workers faced a long interruption to their airline careers. “The actions that we’re taking
Apple Inc’s decision to stop using Intel Corp processors in its Mac computers and switching to its own chips might benefit Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and boost Taiwan’s high-tech exports, Australia and New Zealand Banking Group (ANZ) said in a note on Tuesday. The US tech giant announced the “Apple silicon” initiative at its annual Worldwide Developers’ Conference, which started on Monday. The company said the first Mac powered by its own chips would debut by the end of this year and all product lines might shift to the new architecture in the next two years. TSMC is likely to
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price