TAIEX drops on HTC concerns
The TAIEX trended lower yesterday, falling below the 8,800 point mark, led by smartphone maker HTC (宏達電) amid worries over the company’s newly announced deal to acquire graphics chipset designer S3 Graphics Co, dealers said.
Other high-tech heavyweights — semiconductor firms, in particular — were also under pressure as concerns lingered over weakening global demand for the third quarter of this year, they said.
The TAIEX closed down 51.02 points or 0.58 percent at 8,773.42, after moving between 8,757.47 and 8,795.88, on turnover of NT$106.87 billion (US$3.71 billion).
Oil shipments fell in June
Taiwan purchased less crude oil last month after a fire at Formosa Plastics Group (台塑集團) cut demand. Crude shipments declined 24 percent from a year earlier to 22.8 million barrels last month, the Ministry of Finance said yesterday.
Last month’s oil bill climbed 14 percent to US$2.58 billion, the ministry said in a statement.
The industrial group halted some plants at its Mailiao (麥寮) complex in Yunlin County after a fire on May 12.
Taiwan’s petroleum and coal-product output fell 13 percent in May from a year earlier, the Ministry of Economic Affairs said on June 23.
Long-term debt worth trillions
The national debt amounted to NT$207,000 per person at the end of last month, down NT$4,000 from the end of May, the finance ministry said yesterday.
As of June 30, Taiwan’s long-term debt was NT$4.6085 trillion, while its short-term debt stood at NT$178.8 billion, the ministry said.
Since December last year, the MOF has been publishing a Web-based “National Debt Clock” monthly, mainly to remind government agencies to monitor their spending and thus help lower the national debt.
Land developer to sell shares
Taiwan Land Development Corp (台灣土地開發) plans to sell 150 million new shares at NT$12.5 each to raise NT$1.88 billion, it said in a statement to the Taiwan Stock Exchange yesterday. The proceeds will be used to develop real estate projects and for investments, it said.
Powerchip reveals debt ratio
Powerchip Technology Corp (力晶科技), the nation’s second-biggest DRAM maker, said in a statement yesterday that its debt ratio was 75 percent as of the end of last month.
First bank eyes China deal
First Commercial Bank’s (第一銀行) board yesterday approved plans to sign a business cooperation agreement with China Construction Bank (中國建設銀行) to expand cross-strait banking services, according to a stock exchange filing issued by the lender’s parent, First Financial Holding Co (第一金控).
The bank said it would sign the pact with China Construction, one of China’s “Big Four,” after receiving the green light from the Financial Supervisory Commission, the filing showed.
China alters foreign cargo law
China will ban foreign companies, organizations and individuals from irregular-scheduled cargo sea transportation from Jan 1 next year, the Ministry of Transport said in a statement on its Web site on Wednesday.
NT slips against greenback
The New Taiwan dollar fell against the US currency yesterday, down NT$0.009 to close at NT$28.860. Dealers said the central bank intervened in late trade to reverse the losses posted by the US dollar.
Turnover totaled US$721 million during trading, up from US$606 million the previous session.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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