TAIEX ends little changed
The TAIEX closed little changed yesterday after rotational buying in old economy stocks offset pressure in large-cap electronics shares, dealers said.
The bellwether tech sector extended losses from the previous session amid lingering concerns over global demand in the third quarter, they said.
The benchmark index fell 2.95 points, or 0.03 percent, to 8,488.06, after moving between 8,452.86 and 8,539.18, on turnover of NT$114.94 million (US$3.98 billion).
The machinery and electronics sector suffered the heaviest losses, finishing down 0.8 percent. Financials fell 0.1 percent, while the paper and pulp sector closed unchanged. Plastics and chemicals bucked the trend by rising 1.7 percent.
Average stock returns negative
Shares on the local market had an average rate of return of minus-3.57 percent in the first half of this year, the Taiwan Stock Exchange Corp reported on Monday.
Performance by stock showed that Ching Feng Home Fashions Co (慶豐富實業) had the poorest rate of return at minus-50.3 percent. It was affected in part by the suspension of margin trading for its stock late last month.
Senao International Co (神腦國際), which has forged partnerships with local retailers to extend its market share in China, had the best rate of return at 118.64 percent, backed by investment trust companies’ buying.
HTC picks marketing chief
HTC Corp (宏達電), the world’s fifth-largest smartphone maker, yesterday announced the promotion of Jason Mackenzie to the newly created position of global sales and marketing president, with immediate effect.
Mackenzie joined HTC in 2005. In 2007, he was promoted to president managing the firm’s operations in North America and Latin America, HTC said in a statement.
Before joining HTC, he held sales and marketing positions in companies like Denso Wireless and was a vice president at Siemens Communications.
MediaTek plans buyback
MediaTek Inc (聯發科), the nation’s biggest handset chip designer, yesterday said the board had approved a plan to repurchase 80 million common shares, or 0.73 percent of its total capital shares, from the stock market to safeguard shareholders’ interests.
This is the first share buyback plan in seven years. MediaTek plans to spend NT$2.97 billion on the share buyback program and will cancel the shares thereafter.
MediaTek plans to repurchase shares over the next two months ending on Sept. 13 at NT$247 to NT$371 per share.
As of yesterday, MediaTek shares have plunged more than 40 percent to NT$247 since the beginning of this year.
85°C expanding in US
Gourmet Master Co (美食達人), operator of the popular 85°C bakery and coffee chain, said yesterday it planned to open its second coffee store in California next month.
Public relations and marketing director Kathy Chung (鐘靜如) said Gourmet Master was talking to potential partners to develop the US market. She declined to give details.
Gourmet Master operates 325 85°C coffee shops in Taiwan, more than 200 in China, one in the US and four in Australia. The company last week announced that it had teamed up with Cafe de Coral Holdings Ltd to open 25 coffee shops in Hong Kong in three years.
NT dollar advances
The New Taiwan dollar gained ground against its US counterpart yesterday, rising NT$0.098 to close at NT$28.90 on turnover of US$798 million.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
STAYING AHEAD: TSMC expects its sales this year to grow 14 to 19 percent and could spend up to US$3.52 billion on research and development, leaving its rivals far behind Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) reported that the US last year approved 99 percent of its patent applications, which placed the tech giant among the top patent holders in the US. In its Corporate Social Responsibility Report, TSMC said it last year secured about 3,600 patents worldwide, including more than 2,300 in the US. As of the end of last year, TSMC owned more than 39,000 patents, the report said. The company last year filed almost 6,500 patent applications worldwide and ranked among the top 10 patent applicants in the US. In Taiwan, it was the largest patent applicant for the fourth