TAIEX stages rebound
The TAIEX staged a technical rebound yesterday following sell-offs in the previous session, with buying focusing on bellwether tech stocks, dealers said.
However, turnover shrank as many investors stayed on the sidelines amid lingering concerns over the weakening US economy and the debt crisis in the eurozone, they said.
The index closed up 161.82 points, or 2.2 percent, at the day’s high of 7,529.01, off an early low of 7,428.70, on turnover of NT$91.49 billion (US$3.14 billion).
Chunghwa Picture’s sales up
Panel maker Chunghwa Picture Tubes Ltd (華映) yesterday reported net sales of NT$5.17 billion last month, up 10 percent month-on-month, but down 22.2 percent year-on-year.
Net sales from its panel business units hit NT$4.88 billion last month, up 12 percent from July, but down 18.6 percent from the same month last year, according to a statement.
Of that, shipments of large-sized panels were up 9.7 percent month-on-month, but down 42.2 percent from last year.
Shipments of small and medium-sized panels climbed 22 percent from a month earlier and 26.9 percent from last year, the company said.
Chinatrust, Mega profits slide
Chinatrust Financial Holding Co (中信金控), the nation’s third-largest financial service provider, yesterday posted a net profit of NT$1.21 billion last month, down 23.66 percent from one month earlier and 9.7 percent from a year ago, as the company set aside more loan loss reserves linked to loss-making ProMOS Technologies Inc (茂德科技), the company said in a statement.
For the first eight months of the year, Chinatrust’s net earnings totaled NT$13.94 billion, or earnings of NT$1.33 per share, the statement said.
The firm said net income would have outpaced July’s figures without the NT$1.03 billion in bad loan provision.
Meanwhile, Mega Financial Holding Co (兆豐金控) posted a net profit of NT$1.34 billion last month, down 37.2 percent from one month earlier, but up 5.5 percent from a year ago, according to its stock exchange filing.
Cumulative net income for the first eight months of the year reached NT$12.92 billion, or NT$1.15 per share.
Taiwan at green tech show
Taiwan has doubled its presence at this year’s International Greentech & Eco Products Exhibition and Conference in Malaysia, a four-day event that opened yesterday at the Kuala Lumpur Convention Center.
The nation is being represented this year by 33 exhibitors at 35 booths, compared with only 14 companies and booths last year, Deputy Representative to Malaysia Lin Ming-li (林明禮) said.
Trade delegation on tour
A Taiwanese delegation has concluded a trade promotion visit to Mexico and left for Nicaragua on Sunday to continue its 13-day Central America tour with the goal of finding new markets for Taiwan’s technology products.
Wang Chung-yu (王鍾渝), chairman of the Taipei-based Chinese International Economic Cooperation Association (CIECA), and Arturo Mendicuti, chairman of Mexico City’s economic federation, presided over an investment conference on Sept. 1 where the two sides exchanged views.
After spending three days in Nicaragua, the delegation will head to Peru for a four-day visit.
NT dollar loses ground
The New Taiwan dollar fell against the US dollar yesterday, closing down NT$0.003 at NT$29.115 on turnover of US$771 million.
SETBACK: Apple’s India iPhone push has been disrupted after Foxconn recalled hundreds of Chinese engineers, amid Beijing’s attempts to curb tech transfers Apple Inc assembly partner Hon Hai Precision Industry Co (鴻海精密), also known internationally as Foxconn Technology Group (富士康科技集團), has recalled about 300 Chinese engineers from a factory in India, the latest setback for the iPhone maker’s push to rapidly expand in the country. The extraction of Chinese workers from the factory of Yuzhan Technology (India) Private Ltd, a Hon Hai component unit, in southern Tamil Nadu state, is the second such move in a few months. The company has started flying in Taiwanese engineers to replace staff leaving, people familiar with the matter said, asking not to be named, as the
The prices of gasoline and diesel at domestic fuel stations are to rise NT$0.1 and NT$0.4 per liter this week respectively, after international crude oil prices rose last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday. Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$27.3, NT$28.8 and NT$30.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements. The price of premium diesel is to rise to NT$26.2 per liter at CPC stations and NT$26 at Formosa pumps, they said. The announcements came after international crude oil prices
A German company is putting used electric vehicle batteries to new use by stacking them into fridge-size units that homes and businesses can use to store their excess solar and wind energy. This week, the company Voltfang — which means “catching volts” — opened its first industrial site in Aachen, Germany, near the Belgian and Dutch borders. With about 100 staff, Voltfang says it is the biggest facility of its kind in Europe in the budding sector of refurbishing lithium-ion batteries. Its CEO David Oudsandji hopes it would help Europe’s biggest economy ween itself off fossil fuels and increasingly rely on climate-friendly renewables. While
SinoPac Financial Holdings Co (永豐金控) is weighing whether to add a life insurance business to its portfolio, but would tread cautiously after completing three acquisitions in quick succession, president Stanley Chu (朱士廷) said yesterday. “We are carefully considering whether life insurance should play a role in SinoPac’s business map,” Chu told reporters ahead of an earnings conference. “Our priority is to ensure the success of the deals we have already made, even though we are tracking some possible targets.” Local media have reported that Mercuries Life Insurance Co (三商美邦人壽), which is seeking buyers amid financial strains, has invited three financial