TAIEX rises, but turnover low
The TAIEX closed up 0.87 percent yesterday as concern over Japan’s nuclear crisis eased, dealers said.
The weighted index closed 72.96 points higher at 8,467.71, but turnover was low at NT$97.55 billion (US$3.3 billion).
The plastics and chemicals sector posted the biggest gains, ending 1.5 percent higher. Analysts attributed the increase to rising demand following Japan’s devastating earthquake and higher international oil prices.
Textiles jumped 1.3 percent, the financial sector added 1.3 percent, while paper and pulp shares were up 0.8 percent.
E-ton president resigns
Solar cell maker E-ton Solar Tech Co (益通光能) yesterday announced the resignation of Ian Chao (趙伊尹) as president, it said in a filing to the Taiwan Stock Exchange.
His resignation came after notebook maker Inventec Corp (英業達) bought a 36.77 percent stake in the solar cell maker in January for NT$5.06 billion. The investment made Inventec the biggest shareholder of E-ton.
Inventec senior vice president Alex Hsu (徐信群) will take over Chao’s position.
Nanya board agrees share sale
The board of Nanya Technology Corp (南亞科技) approved a plan to sell as many as 700 million new shares to raise funds to buy equipment, repay debts and replenish working capital, the nation’s biggest PC chipmaker said in a statement to Taiwan Stock Exchange yesterday.
FSC tightens mortgage rules
The Financial Supervisory Commission said yesterday it would raise the risk factor on non-self-use home loans and step up inspections on mortgage operations.
The move was the latest by the government to cool the property market after home and construction loans accounted for 34 percent of the nation’s total lending, a five-year high.
The commission asked banks to apply stricter risk factors on home loans not intended for self-use, adding that it would update its definition of “self-use” properties.
The commission also instructed lenders to keep mortgage and construction lending below 30 percent of total loans and ensure that property values match their market worth and the loans have sufficient collateral.
Mortgage operations will top the commission’s financial inspections, the commission said.
TWM launches HD game
Taiwan Mobile Co (TWM, 台灣大哥大), the nation’s second-largest telecoms operator, launched high-definition (HD) mobile games by US video game producer Electronic Arts Inc (EA) yesterday in a bid to become a major player in this rapidly growing market.
Eight HD games, including the popular The Sims3 HD role-playing game, went on sale for Android smartphones, priced between NT$60 and NT$90, said Jeff Ku (谷元宏), deputy chief operating officer of the consumer business group.
The latest games will also be available for non-Taiwan Mobile wireless service subscribers in the second quarter through credit card payment, he added.
NT edges up 0.17 percent
The New Taiwan dollar gained yesterday, snapping a two-day drop, on speculation that intervention by the G7 to curb the yen’s rally would stabilize the market and boost demand for emerging-market currencies.
The currency advanced the most in a week after G7 nations followed Japan’s lead and sold the currency after it reached a postwar high on Thursday.
The NT dollar strengthened 0.1 percent, the most since Monday last week, to NT$29.572 against its US counterpart,
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
’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