Volatile TAIEX up 0.19%
The TAIEX closed up 0.19 percent yesterday after seesaw fluctuations between buying in old economy stocks and selling in the bellwether electronics sector, which has been haunted by a rising New Taiwan dollar, dealers said.
The TAIEX rose 16.28 points to the day’s high of 8,756.71, off a low of 8,698.41, on turnover of NT$136.89 billion (US$4.58 billion).
A total of 1,585 stocks closed up and 2,683 were down with 344 remaining unchanged.
UMC boosts New Business
United Microelectronics Corp (聯電) invested an additional NT$1.5 billion in UMC New Business Investment Corp (聯電新投資事業), a wholly-owned unit, the Hsinchu-based chipmaker said in a statement to the stock exchange yesterday.
Silicon to buy back 30m shares
Silicon Integrated Systems Corp (矽統科技) plans to buy back 30 million common shares, or 4.2 percent of its total outstanding shares, the company said in a statement to the stock exchange yesterday.
The company plans to buy back shares at between NT$13.41 and NT$28.27 each from Dec. 16 to Feb. 15, next year. Shares repurchased from the open market will be transferred to employees, the company said.
TGI investing in super-thin glass
Taiwan Glass Industrial Corp’s (TGI, 台玻) board of directors approved a plan to invest NT$3 billion in a new super-thin glass production line to meet market demand, the company said in a statement to the Taiwan Stock Exchange.
Cathay Life buys Hsinchu land
Cathay Life Insurance Co (國泰人壽) bought real estate in Hsinchu, northern Taiwan, for NT$578 -million, parent Cathay Financial Holding Co (國泰金控) said in a statement to the stock exchange yesterday.
TCB mulls buying Bills Finance
Taiwan Cooperative Bank (TCB, 合作金庫銀行) is considering buying shares in Taiwan Cooperative Bills Finance Corp (合作金庫票券金融) from Bank of Panhsin (板信銀行) and Standard Chartered Bank (Taiwan) Ltd (渣打銀行) to make it a wholly owned subsidiary, the lender said in a statement to the stock exchange yesterday.
It mulls buying 51.78 million shares in the bills finance firm at prices between NT$6.94 and NT$8.03 per share, or a total of up to NT$416 million, Taiwan Cooperative said.
The bank’s board approved a business cooperation agreement draft to be signed with Bank of China Ltd (中國銀行), the lender said in a statement yesterday. The pact needs approval from local regulators before the agreement can be signed, it said.
NT dollar falls slightly
The New Taiwan dollar fell against the US dollar yesterday, dropping NT$0.05 to close at NT$30.5.
Turnover totaled US$881 million during the trading session.
The greenback opened at NT$30.5 and moved between NT$29.800 and NT$30.550 before the close.
Dealers said the New Taiwan dollar continued its momentum from the previous day, rising above NT$30 against the US dollar during most of the trading session before the central bank intervened.
eCareme launches music service
Cloud computing services provider eCareme Technologies Inc (全球聯迅), under Asustek Computer Inc (華碩電腦), yesterday launched a new service that allows users to listen to their favorite music across various mobile devices.
The “MEar” application is its latest “portable music” service. Users can then listen to songs across smartphones, PCs and tablets, as long as the program is downloaded onto these devices.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
SCATTERED: Production would be dispersed among a number of countries, which would bring an end to so-called world factories, Hon Hai chairman Young Liu said Decentralized production would be the new focus in manufacturing, Hon Hai Precision Industry Co (鴻海精密) chairman Young Liu (劉揚偉) yesterday told an online forum held by the Market Intelligence & Consulting Institute (MIC, 產業情報研究所). “The COVID-19 pandemic exerted a heavy impact on supply chains as well as production ... [production] would no longer be concentrated in solely one country, this is the end of what we used to call world factories,” Liu said during a panel discussion hosted by MIC director Victor Tsan (詹文男). As the US and China continue to dominate and sway international relations, the rest of the world is