TAIEX rises on UMC results
The TAIEX closed up 0.76 percent yesterday, led by large-cap electronics firms after United Microelectronics Corp (UMC, 聯電), the world’s second-largest contract chip maker, announced better-than-expected earnings for the third quarter, dealers said.
The TAIEX rose 63.01 points to 8,354.05, after moving between 8,281.52 and 8,386.29, on turnover of NT$127.53 billion (US$4.14 billion).
The market opened up 0.29 percent on a technical rebound from Wednesday. Buying then accelerated, particularly in select high-tech heavyweights, as investors hoped they would follow UMC and release satisfactory third-quarter results.
A total of 2,085 stocks closed up, 1,777 down and 378 remained unchanged.
Uni-President Q3 profit rises
Uni-President Enterprises Corp (統一企業), the nation’s largest food producer by revenue, said yesterday its January-September net profit rose 37 percent from a year earlier, boosted by higher prices of dairy and bakery products and investment income.
In a statement to the stock exchange, the company said its net profit for the nine months that ended on Sept. 30 was NT$9.91 billion, or NT$2.26 per share, up from NT$7.22 billion or NT$1.65 per share a year earlier. Revenue rose 8.4 percent to NT$36.81 billion from NT$33.97 billion.
Central bank sells bonds
The central bank auctioned NT$40 billion in 20-year government bonds yesterday at a record-low yield of 1.7 percent in as market liquidity remains abundant.
This compared with a yield of 1.79 percent on the 20-year bonds auctioned on Aug. 12, central bank data showed.
Yesterday’s sale of the bonds maturing on Aug. 12, 2020, attracted bids 1.89 times the amount of debt on offer, compared with 1.63 times of the sales of five-year bonds last week, the bank said.
The insurance sector accounted for 37.5 percent of the sale, followed by the securities sector with 30.5 percent, the banking sector with 23.12 percent and the bills finance companies with 8.88 percent, data showed.
The central bank also auctioned NT$30 billion 273-day Treasury bills at a yield of 0.63 percent, compared with a yield of 0.45 percent on the 273-day Treasury bills issued on Sept. 1, bank data showed.
Cathay sets China turnaround
Cathay Financial Holdings Co’s (國泰金控) Chinese operations will take another two years to become profitable, Dow Jones Newswires reported, citing an interview with company president Chen Tsu-pei (陳祖培). Its soon-to-be-opened Shanghai bank branch will likely make a profit within a year of commencement, the agency said.
China Merchants approved
The Financial Supervisory Commission yesterday approved China Merchants Bank’s (招商銀行) application to set up a representative office in Taiwan, the commission said in a statement.
The move makes China Merchants Bank, the sixth-largest lender in China by assets, the third Chinese bank to gain a foothold in Taiwan after Bank of China (中國銀行) and Bank of Communications (交通銀行).
China Merchants Bank may qualify to apply to upgrade into a branch in a year’s time in line with cross-strait banking rules.
NT dollar rises
The New Taiwan dollar trimmed its gains in the last minute of trading on speculation the central bank intervened to check appreciation that might hurt exports.
The NT dollar closed 0.3 percent stronger at NT$30.824 against the greenback, Taipei Forex Inc said. It was trading at NT$30.709 two minutes before the 4pm close.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained