TAIEX hits 30-month high
Taiwan’s benchmark index closed up 0.58 percent yesterday as buying rotated to the high-tech sector after its recent consolidation, boosting the index to a 30-month high, dealers said.
The TAIEX rose 50.05 points to 8,753.84, the highest level since May 27, 2008, after moving between 8,736.77 and 8,782.82, on turnover of NT$159.63 billion (US$5.29 billion). A total of 2,227 stocks closed up and 1,944 down, while 383 remained unchanged.
Far Eastern takes on Chengdu
Far Eastern Department Stores (遠東百貨) yesterday held a construction ceremony for its fourth outlet in China.
Poised to open in May, the Chengdu outlet will be its flagship mall by boasting a full array of luxury brands offering customers a high-end shopping experience, according to a company statement. The Chengdu branch is located opposite City Tower, a landmark in the city, and occupies one underground floor and eight upper floors within a 37-story commercial building. Its total floor space is 56,000m2.
Far Eastern Group (遠東集團) is currently operating three more Far Eastern Department Stores in China with bases in Chongqing, Tianjin and Wuxi. It is eyeing the growing spending power in China with a “dual brand” strategy, with another brand being Pacific Department Stores (太平洋百貨).
Barclays securities arm allowed
The Financial Supervisory Commission yesterday approved the plan by Barclays Bank PLC to set up a securities subsidiary in Taiwan.
The British financial service firm will wire about NT$600 million to Taiwan in the near future for the establishment of the new securities unit, the commission said.
Barclays is ranked as the 21st-largest company in the world by Forbes Global 2000 for this year.
The securities brokerage may start to operate after Barclays goes through company registration and other procedures in six months, the commission said.
ING divests Fubon stake
ING Groep, which owns a 5 percent stake in Fubon Financial Holding Co (富邦金控), transferred its shares to a global institutional investor on Wednesday and carried out the deal via the local bourse yesterday, Fubon Financial said in a statement.
The Netherlands-based firm divested its stock in Fubon Financial in order to focus on its own banking business, the statement said.
ING obtained Fubon shares after completing the sale of its local insurance unit, ING Antai Life Insurance Co (ING安泰人壽), to Fubon Financial in February last year, the statement said, adding the latest share transfer would make Fubon’s equities structure more stable.
Mosel gets deadline extension
Mosel Vitelic Inc (茂矽) said it received approval from most of its creditor banks to extend the payment deadline on debt to the end of next year, the Hsinchu-based chipmaker said in an exchange filing yesterday.
Separately, Mega International Commercial Bank (兆豐國際商銀) sold NT$10.3 billion in seven-year subordinated debentures at an annual interest rate of 1.53 percent to meet medium to long-term needs for funds, while Land Bank of Taiwan (土地銀行) sold NT$13.3 billion of 1.53 percent bonds due in 2017.
NT dollar rises 0.5 percent
The New Taiwan dollar advanced 0.5 percent yesterday to close at NT$30.555 against its US counterpart, according to Taipei Forex Inc. The currency was trading 2 percent stronger two minutes before the close and pared gains on speculation the central bank intervened to curb appreciation.
‘ACCORDING TO PLAN’: A company official said that it has set up production sites worldwide to provide services and that its Wisconsin project was going smoothly Hon Hai Precision Industry Co’s (鴻海精密) smart manufacturing center in Wisconsin would begin trial manufacturing in the middle of this year, the company said yesterday, adding that it plans to build a research institute to develop key technologies to support growth over the next five years. Hon Hai, known internationally as Foxconn Technology Group (富士康科技集團), said in an annual report submitted to the Taiwan Stock Exchange that its planned Foxconn Institute for Research in Science and Technology would conduct research into artificial intelligence, next-generation communications, quantum computing, cybersecurity and nano semiconductors in Taiwan. Hon Hai is to make products at the center
TV and online retailer Momo.com Inc (富邦媒體) yesterday said it has set up a new logistics subsidiary, Fu Sheng Logistics Co (富昇物流), to oversee the company’s extensive shipping operations. Leveraging Momo’s 23 satellite warehouses and distribution centers nationwide, Fu Sheng will be in charge of executing the retailer’s same-day shipment plan for deliveries in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung, Momo said in a press release. Seeking to further shorten its supply chain, the company is to set up another seven satellite warehouses and distribution centers by the end of the year. “Fu Sheng has a fleet of 200 couriers
E Ink Holdings Inc (元太科技), the world’s sole supplier of e-paper displays for e-readers and shelf labels, posted its best quarterly net profit for the first quarter in nine years amid increased demand during a traditionally slow season. Net profit soared 80 percent to NT$787 million (US$26.23 million) in the quarter ended March 31, compared with NT$438 million a year earlier. That translated into earnings per share of NT$0.69, up from NT$0.39. E Ink posted lower royalty income of NT$371.23 million last quarter from NT$448.74 million a year earlier, a company financial statement showed. E Ink said that it expects royalty income to
The latest US government action against Huawei Technologies Co (華為) takes direct aim the company’s HiSilicon (海思) chip division — a business that in over the past few years has become central to China’s ambitions in semiconductor technology, but is now to lose access to tools that are central to its success. That could make it the most damaging measure by the US yet against a Chinese company. On Wednesday, US officials told reporters that the Huawei’s chip division functioned as a “tool of strategic influence” for the Chinese Communist Party. Huawei, for its part, denounced the US allegations and called the