TAIEX passes 8,000 points
Share prices closed above 8,000 points yesterday after moving up 1.2 percent as the second round of negotiations on a cross-strait economic cooperation framework agreement (ECFA) entered its final day.
China-concept and construction shares led the TAIEX’s rise, gaining 93.03 points to close at 8,013.09.
The bourse opened at a low of 7,952.62 and hit a high of 8,026.06 during the day’s trading. Turnover totaled NT$138.42 billion (US$4.34 billion).
Gainers outnumbered losers 2,027 to 1,071, with 325 stocks remaining unchanged.
Institutional investors were on the buy side, with foreign investors and Chinese qualified domestic institutional investors making net purchases of NT$17.11 billion in shares.
US probes Apple’s HTC lawsuit
A US trade agency said it would investigate Apple Inc’s patent-infringement claims against Taiwan’s HTC Corp (宏達電) to determine if its phones using Google Inc’s Android operating system should be banned from the US.
Apple says HTC phones infringe on 10 patents related to the implementation of the operating system. It filed the complaint last month with the US International Trade Commission (USITC) in Washington.
“By instituting this investigation, the USITC has not yet made any decision on the merits of the case,” the agency said in a statement on Wednesday.
US investigates HP complaint
The US International Trade Commission said on Wednesday it had begun an investigation into Hewlett-Packard Co’s (HP) patent-infringement claims against Taiwanese ink-cartridge maker MicroJet Technology Co (研能科技) and four other companies.
HP is seeking to block imports of HP-compatible color ink cartridges, saying they are using HP inventions without permission.
Companies that sell the MicroJet cartridges made in Taiwan were also included in the investigation.
Those companies are Mipo Technology Ltd (麥普科技) of Hong Kong and its related MexTec of Miami, SinoTime Technologies of Miami and PTC Holdings Ltd of Hong Kong, the complaint said.
HSBC Taiwan to open in May
HSBC yesterday said its locally incorporated entity — HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) — would begin operations on May 1 with headquarters in Taipei.
The subsidiary will enhance its local presence, supporting its growth strategies for capturing more business opportunities in Greater China and emerging markets, the bank said in a press statement.
Company president and chief executive officer Nicholas Winsor reiterated in the statement that the bank’s local incorporation would increase its direct participation in the domestic market.
Formosa favors LPG
Formosa Petrochemical Corp (台塑石化), the nation’s only publicly traded oil refiner, plans to alter its ethylene plants to enable them to use more liquefied petroleum gas (LPG) instead of naphtha.
The company will complete adjustments at the plants by the end of this year, after which lower-cost LPG would account for a maximum of 30 percent of feedstock requirements, compared with 15 percent currently, Lin Keh-yen (林克彥), a company spokesman, said by telephone yesterday.
New Taiwan dollar advances
The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.031 to close at NT$31.788. Turnover was US$760 million.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
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
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s