Shares extend their gains
Shares on the Taiwan Stock Exchange extended their gains yesterday from the previous session after a summit of European leaders reached an agreement on dealing with the debt problems in the eurozone, dealers said.
However, the gains on the local bourse were capped by the nearest technical resistance level, after the TAIEX moved close to the 7,600-point mark, dealers said.
The benchmark index closed up 29.39 points, or 0.39 percent, at 7,565.21, after moving between 7,504.96 and 7,590.88 on turnover of NT$115.23 billion (US$3.82 billion).
LED firms’ shares plunge
Shares of LED firms plunged yesterday after investors were shocked by an announcement by Everlight Electronics Co (億光電子), a leading LED tester and packager, that it would implement a policy of unpaid leave from next month to counter slowing global demand, dealers said.
The Everlight move prompted investors to dump their shares in LED firms as they have become more pessimistic about the outlook for the world’s LED industry, which has been haunted by a production glut, they said.
Everlight shares fell 5.7 percent to NT$56.2, while other LED stocks also suffered heavy losses, with Unity Opto Technology Co (東貝光電) down 3.44 percent at NT$25.25 and Formosa Epitaxy Inc (璨圓光電) closing 6.38 percent lower at NT$20.55.
Patent award causes concern
The government will provide legal assistance to local touchscreen device producers to counter the decision by the US Patent and Trademark Office to award Apple a patent for its “slide-to-unlock” feature, Premier Wu Den-yih (吳敦義) said yesterday.
Wu told a Cabinet meeting that the office’s decision would deal a heavy blow to local producers and instructed the Ministry of Economic Affairs and the Industrial Technology Research Institute (工研院) to look into the case thoroughly.
The office granted Apple the patent it has been seeking since 2005. The patent details a method to unlock a smartphone by using a horizontal sliding motion on a touchscreen.
Wu said the government would stand by local businesses to help them safeguard their interests.
Chinatrust approves investment
Chinatrust Venture Capital Co’s (中信創投) board approved a plan to invest as much as US$2 million in an investment management company in Shanghai, parent Chinatrust Financial Holding Co (中信金控) said in a statement yesterday.
Separately, First Financial Holding Co (第一金控) said it had been given approval by Financial Supervisory Commission to open a second leasing company in Chengdu, Sichuan Province, China, by the end of the year. The company, which currently operates a leasing company in Suzhou, said in as statement that it would invest US$30 million in the Chengdu unit.
Banks eye cross-strait market
The Financial Supervisory Commission has accepted applications from two Chinese lenders, Bank of China (中國銀行) and the Bank of Communications (交通銀行), to upgrade their representative offices to branches, according to a statement on the commission’s Web site yesterday
Meanwhile, China will review applications from four Taiwanese banks for their plans to set up branches and yuan and foreign currency businesses in the country, China Banking Regulatory Commission said in a statement.
NT dollar edges higher
The New Taiwan dollar rose against its US counterpart yesterday, adding NT$0.062 to close at NT$30.063. Turnover totaled US$800 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
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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
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