E-ton Solar to close Adema
E-ton Solar Tech Co (益通光能), one of the nation’s biggest solar cell makers, yesterday said it would shut down US subsidiary Adema Technologies Inc and would seek buyers to sell manufacturing equipment after its efforts to turn the company around failed.
Revenues from Adema accounted for 4.22 percent of E-ton’s overall revenues in the third quarter of this year, the Tainan-based company said in a filing to the Taiwan Stock Exchange.
Adema is now shifting its focus to helping other companies install solar panels or facilities, E-ton said.
Adema has signed a contract with IKEA Property Inc to install 2.7 megawatts of solar facilities, E-ton said last week.
Icash allows online shopping
Members of icash, the chip-based payment card issued by President Chain Store Corp (統一超商), which operates 7-Eleven stores in Taiwan, can now enjoy online shopping.
In addition to paying for MRT fares and making small transactions at food and beverage outlets in the nation, icash members can log onto 7net — 7-Eleven’s cyber store — to purchase more than 100,000 products, the convenience store chain operator said yesterday.
Wintek drops JPMorgan Chase
Wintek Corp (勝華), a Taiwanese maker of flat panels, said it ended its relationship with JPMorgan Chase & Co as a bookrunner for its global depositary receipts and might take legal action against the company after criticizing an analyst report from the bank’s brokerage unit.
“The analyst report said new players will grab market share, but this assumption couldn’t be accompanied by any evidence,” Jay Huang (黃忠傑), spokesman for Taichung-based Wintek, said in a telephone interview yesterday, referring to a report published yesterday by Taipei-based analyst Narci Chang. “In the past several offerings, we cooperated with JPMorgan. Without this event today I think we still would have cooperated with them to conduct the GDR offering,” Huang said.
Central bank issues CDs
The central bank issued NT$149 billion (US$4.8 billion) in certificates of deposit (CD) yesterday, less than the NT$171.25 billion that matured, the monetary authority said in a statement on its Web site yesterday.
The central bank sold 30-day certificates of deposit at an interest rate of 0.69 percent, 91-day at 0.73 percent, and 182-day CDs at 0.83 percent, according to its Web site.
NT dollar falls slightly
The New Taiwan dollar dropped against the US dollar yesterday, slipping NT$0.03 to close at NT$30.930.
Turnover totaled US$780 million during the trading session.
Dealers said investors throughout East Asia, in particular foreign banks, sustained their interest in US dollars seen in recent days.
The trend was highlighted by the weakness of the Chinese yuan to the greenback yesterday after Beijing’s surprise move on Tuesday to raise its key interest rates for the first time since 2007.
Dealers said that while the gains on the local bourse lent some support to the NT dollar, market sentiment remained cautious on fears that governments in the region would take action to prevent rapid appreciation of their currency against the US dollar.
Government to buy back bonds
The government plans to buy back bonds with a total face value of NT$40 billion in a tender on Nov. 4, the Ministry of Finance said in a statement on its Web site yesterday.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
NERVOUS MARKET: With the infection sources still unknown for three COVID-19 cases that had departed Taiwan, investors have become uneasy, an analyst said Local shares yesterday came under heavy downward pressure, falling more than 1 percent as renewed fears over a possible increase in domestic COVID-19 infections hit market sentiment after the nation last week reported a case related to a Belgian national. Selling focused on the bellwether electronics sector, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which pushed down the broader market as investors ignored gains posted by tech heavyweights on the US market at the end of last week, dealers said. The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign