TAIEX down 1.22 percent
The TAIEX closed down 1.22 percent yesterday, joining other Asian markets in a recent fall amid higher international oil prices, dealers said.
The local bourse closed 107.12 points lower, ending at 8,642.90, after moving between 8,635.75 and 8,754.41 on turnover of NT$117.275 billion (US$3.976 billion).
A total of 1,279 stocks closed up, 3,125 were down and 374 remained unchanged.
Many businesses mull raises
More than 30 percent of businesses in Taiwan are willing to raise their employees’ salaries, the Ministry of Economic Affairs said yesterday.
“Hopefully, more businesses will consider giving pay raises, and with higher increases,” Minister of Economic Affairs Shih Yen-shiang (施顏祥) said to reporters after a legislative session.
According to a survey conducted by the ministry in late January, 52 percent of large corporations were willing to raise salaries, but fewer small and medium-sized enterprises would follow suit.
The pay raises could average 3 to 4 percent, the survey showed.
3M, Quanta to set up venture
3M Co and Quanta Computer Inc (廣達電腦) will set up a Singapore-based venture to make projected capacitive touch solutions, Quanta said in an e-mailed statement yesterday.
Ruen Chen gives documents
Ruen Chen Investment Holding Co (潤成投資) yesterday submitted more documents related to its application to buy American International Group Inc’s (AIG) Taiwanese life insurance unit, the Financial Supervisory Commission said in a statement.
Ruen Chen on Feb. 10 applied to the regulator to acquire 97.57 percent of Nan Shan Life Insurance Co (南山人壽). AIG in January agreed to sell a 97.57 percent stake in Nan Shan to Ruen Chen for US$2.16 billion.
Compal revenues drop 37%
Taiwan’s second-largest notebook contract maker, Compal Electronics Inc (仁寶), saw last month’s revenue drop 37 percent year-on-year to NT$43.57 billion (US$1.48 billion).
It said in a statement yesterday that on a month-on-month basis, the decline was 18.5 percent, attributing the drop to the recall of flawed Sandy Bridge chipsets from Intel Corp.
Compal’s notebook shipments hit a two-year low to 2.7 million units, down 18 percent from January, it said.
China Steel mulls India plant
China Steel Corp (中鋼), the nation’s largest steelmaker, might build a steel coil facility in India, executive vice president David Du (杜金陵) said yesterday.
The Kaohsiung-based company plans to a total investment of NT$200 billion over the next four years, including spending on projects in Taiwan and Vietnam, vice president K.H. Chang (張景星) said.
TPK hires Nomura, JPMorgan
TPK Holding Co (宸鴻), a supplier of touch-panels for Apple Inc’s iPad, has hired Nomura Holdings Inc and JPMorgan Chase to arrange a US$400 million convertible bond issue.
TPK aims to complete the sale by the end of June and will list the notes in Singapore, chief financial officer Freddie Liu (劉詩亮) said in a phone interview yesterday.
Funds will be used to expand factories and buy equipment, the Taipei-based company said in an exchange filing on Tuesday.
NT dollar dips NT$0.111
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.111, to close at NT$29.506.
Turnover totaled US$1.071 billion during the trading session.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’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
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to