Shares rise on US surge
Share prices rose 1.4 percent yesterday, boosted by a surge on Wall Street and in European markets on Friday amid signs that the euro debt crisis was stabilizing.
The TAIEX rose 103.04 points to close at 7,461.12 after moving between 7,475.06 and 7,401.3 on turnover of NT$82.84 billion (US$2.74 billion).
A total of 2,333 stocks closed up, 1,527 were down and 482 remaining unchanged.
The eight main sectors on the exchange all finished higher, with food shares scoring the biggest gains, rising 3.38 percent.
Five-year bonds sold
The government sold NT$40 billion of five-year bonds at a yield of 1.08 percent at an auction yesterday, the central bank said.
The sale attracted bids for 1.49 times the amount on offer, the central bank said in a statement. The government last sold five-year debt in July at a yield of 1.18 percent. That offer had a bid-to-cover ratio of 1.85 times.
The yield compared with the 1.05 percent median estimate in a Bloomberg News survey of five finance companies.
The banking industry, which was the biggest buyer at the last auction, took 28.9 percent of the bonds on offer, down from 41.7 percent.
E.Sun sells seven-year debt
E.Sun Commercial Bank (玉山銀行), the banking arm of E. Sun Financial Holding Co (玉山金控), sold NT$2.9 billion of seven-year unsecured subordinated debt at an annual interest of 1.8 percent, E.Sun Financial said in a statement to the Taiwan Stock Exchange yesterday.
The proceeds would be used to strengthen capital structure and enhance capital adequacy ratio, the statement said.
Compeq to sell off assets
Compeq Manufacturing Co (華通電子) plans to sell 37 percent of Panasonic Electric Works Electronic Materials Taiwan Co (台灣松電工多層材料) for NT$524 million to Panasonic Electric Works Co, the holder said in a statement to the stock exchange yesterday.
Compeq could gain NT$25 million from the sale, the printed-circuit-board maker said in the statement.
Shining buys land in Nanjing
Shining Building Business Co (鄉林建設), a property developer based in Greater Taichung, has bought the rights to use 50,855m2 of land in China’s Nanjing city for 678 million yuan (US$106 million), the company said in a stock exchange statement yesterday.
The land will be developed into a hotel, offices, stores and apartments, Shining Building said.
EVA wins award for ‘Elite Class’
EVA Airways Corp (EVA, 長榮航空), the nation’s second-largest air carrier, has been awarded a Magellan award by Travel Weekly magazine for its “Elite Class,” the airline announced yesterday.
EVA Airways said its “Elite Class” — priced only slightly higher than economy class — was awarded Travel Weekly’s Airlines and Airports Gold Winner in this year’s Magellans in the economy class category.
It was chosen for the carrier’s success in highlighting the theme of “economy becomes a pleasure,” with its comfortable seating, personal entertainment units and gourmet cuisine, according to a panel of industry experts at the magazine.
The airline said the category offers passengers regular business class seating with a seat pitch of 38 inches and personal entertainment units equipped with an 8.4-inch LCD touch-screen TV.
NT dollar rises to NT$30.1
The New Taiwan dollar rose against the US currency yesterday, adding NT$0.2 to close at NT$30.1.
Turnover totaled US$802 million during the trading session.
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
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
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
MediaTek Inc (聯發科) has hired a former US Department of Commerce official to help it navigate worsening US-China tensions that have already ensnared its customer Huawei Technologies Co (華為). Patrick Wilson, who most recently served as director of the department’s Office of Business Liaison, has been appointed vice president of government affairs at MediaTek USA to lead its public policy initiatives, the chip designer said in a draft press statement seen by Bloomberg News. Wilson previously worked at the Semiconductor Industry Association, where he led the trade group’s dealings with the US federal government. Technology companies with ties to or operations in China