Technology stocks lift TAIEX
The TAIEX closed up 1.37 percent yesterday, lifted by high-tech stocks that benefited from Apple Inc’s announcement of its latest tablet computer on Wednesday, dealers said.
The benchmark index closed 118.47 points higher at 8,738.37, after moving between 8,661.63 and 8,758.89, on turnover of NT$130.31 billion (US$4.4 billion).
Semiconductor and flat-panel stocks were also boosted by the government announcement on Wednesday on allowing Chinese firms to invest in these sectors.
A total of 2,960 stocks closed up, 1,427 finished down and 459 remained unchanged.
Carlyle to sell cable TV stake
The Carlyle Group is seeking to sell its stake in local cable TV network Eastern Broadcasting Co (東森電視) for between NT$17 billion and NT$20 billion, the Chinese-language Commercial Times reported, without saying where it got the information.
The US private equity firm in 2006 acquired stakes in a collective purchase of Eastern Broadcasting, Eastern Multimedia and Eastern Home Shopping Network (東森得易購) for NT$48 billion to NT$50 billion.
ICBC to offer more loans
The Industrial and Commercial Bank of China Ltd (ICBC, 中國工商銀行) will increase loans to Taiwanese companies in China, as part of its support for the government’s target to help small and medium-sized enterprises in China, bank president Yang Kaisheng (楊凱生) said in Beijing yesterday.
Meanwhile, China will actively promote cross-strait cooperation and the Economic Cooperation Framework Agreement with Taiwan (ECFA), according to the text of a speech to be delivered yesterday by Jia Qinglin (賈慶林), head of the Chinese People’s Political Consultative Conference, in Beijing.
Chinese solar firms eye Africa
Chinese solar power producers are trying to attract more clients in Africa, where nearly two-thirds of the population lives off the electric grid.
Organizers of the African Energy Indaba in Johannesburg said yesterday that 60 of 80 stands at the conference were Chinese vendors.
By contrast, Germany, the leader in solar energy in the West, sent only representatives from its chamber of commerce.
Shenzhen Xunlei plans US IPO
Shenzhen Xunlei Network Technology Ltd (深圳迅雷網路技術), a Chinese video and music file-sharing company partly owned by Google Inc, is planning to raise about US$200 million in an initial public offering (IPO) in the US this year, according to two people with knowledge of the situation.
The company has hired underwriters including JPMorgan Chase & Co and Deutsche Bank AG for its IPO, said the people, who declined to be identified because the plans aren’t public.
Xunlei had about 190 million online video users at the end of last year and also offers other Web services, including games.
Aviva plans asset sales
Aviva, Britain’s No. 2 insurer, said yesterday it could sell assets this year as part of a plan to concentrate on the countries where it was best established.
CEO Andrew Moss said the firm would focus more closely on its most profitable markets, at the expense of other territories.
“We are going to focus on and invest in 12 key markets; and on the positive side, you will see that investment in those markets,” he told reporters on a conference call.
NT dollar gains ground
The New Taiwan dollar rose NT$0.123 to close at NT$29.542 on turnover of US$659 million yesterday.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s