TAIEX closes lower
The TAIEX closed down 0.49 percent yesterday, led by high-tech heavyweights, after their counterparts fell on Wall Street overnight on concerns over the global economy, dealers said.
The index fell 38.36 points to 7,760.63 on turnover of NT$103.87 billion (US$3.24 billion).
The market opened down 0.43 percent on US market weakness, and pressure continued throughout the trading session amid rising fears of slowing sales growth in the second half of this year, dealers said.
A total of 2,021 stocks closed down and 1,310 were up, with 272 remaining unchanged.
ProMOS buys back bonds
ProMOS Technologies Inc (茂德科技) bought back US$5.5 million of its convertible bonds due in 2012 this month and plans to cancel the notes, the Hsinchu-based chipmaker said in a filing to the Singapore Stock Exchange.
Strong comeback by Rexchip
Rexchip Electronics Corp (瑞晶電子), a PC memory joint venture between Taiwan’s Powerchip Technology Corp (力晶) and Japan’s Elpida Memories Inc, said net income surged to NT$9.09 billion, or NT$3.09 per share, making it the most profitable PC memory chipmaker in Taiwan.
The firm’s gross margin was 41 percent in the first six months of this year. Rexchip did not provide comparative financial details. The chipmaker started trading its shares on the nation’s emerging stock market in April.
Last year, Rexchip lost NT$2.37 billion and revenues were NT$29.5 billion. In contrast, revenues more than doubled to NT$25.61 billion in the first two quarters of this year, from NT$10.37 billion a year earlier.
Cathay sells loans
Cathay United Bank’s (國泰世華銀行) board approved a plan to sell US$10 million non-performing loans to Credit Suisse Group AG, its parent Cathay Financial Holding Co (國泰金控) said in a filing to the Taiwan Stock Exchange yesterday. The lender booked a loss of NT$213.7 million (US$6.7 million) from the sale, according to the statement.
Taipower invites bond bids
Taiwan Power Corp (Taipower, 台電) is inviting bids for NT$8 billion in bonds, Tsai Pei-ling (蔡佩玲), a public relations officer at the company, said by phone yesterday. State-run Taipower plans to set prices for NT$3 billion seven-year notes and NT$5 billion 10-year notes on Aug. 12, Tsai said.
Fitch rates First Financial
Fitch Ratings yesterday assigned a long-term rating of “AA-(twn)” to First Financial Holding Co’s (第一金控) proposed five-year NT$2 billion senior unsecured bond issue and a long-term rating of “A(twn)” to the company’s seven-year NT$5 billion subordinated bond issue.
The company’s senior unsecured bonds and subordinated bonds carry fixed coupon rates of 1.60 percent and 2.25 percent respectively, Fitch said in an e-mailed statement.
Guangdong governor to visit
Huang Huahua (黃華華), governor of China’s Guangdong Province, said on Thursday that he would visit Taiwan as the head of a 1,000-member Guangdong procurement delegation next month that will make purchase deals of up to US$5.2 billion. Huang said the main purpose of his trip will be to promote bilateral cooperation between his province and Taiwan.
NT Dollar closes higher
The New Taiwan dollar maintained its strength against the US dollar yesterday, rising NT$0.018 to close at NT$32.050.
Turnover totaled US$528 million during the trading session.
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MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
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