Stocks continue upswing
Share prices continued an upswing trend yesterday on the back of active rotational buying, dealers said.
Interest focused on financial shares and select conglomerate stocks throughout the session, but the gains were capped as the market was faced with stiff technical resistance after the index breached the 7,500-point mark a session earlier, they said.
The weighted index closed up 0.42 percent at 7,549.21, on turnover of NT$145.23 billion (US$4.90 billion).
Projector shipments slide
Local shipments of projectors slid at an annual rate of 11.4 percent in the fourth quarter of last year as government agencies reduced purchases ahead of the Jan. 14 elections, market researcher International Data Center (IDC) said in a report yesterday.
Shipments dropped to 26,925 units in the fourth quarter of last year, from 27,642 units in the same period of 2010, IDC’s statistics showed.
Government agencies’ purchases accounted for half of the domestic projector market, IDC said.
On a quarterly basis, shipments decreased 3 percent from 26,601 units in the third quarter of last year, the research firm said.
UMC, Faraday ink agreement
United Microelectronics Corp (UMC, 聯電), the world’s No. 2 contract chipmaker, yesterday announced that it has reached an agreement with Faraday Technology Corp, a leading application-specific integrated circuit and silicon intellectual property provider, to include fundamental and specialized patents for advanced UMC process technologies.
Under the terms of the agreement, Faraday will optimize a complete intellectual property portfolio for UMC process technologies ranging from 0.11 micron to advanced 28 nanometer nodes to help mutual customers shorten their system-on-chip design time-to-market for a variety of applications.
CPC to raise gas prices
State-owned oil company CPC Corp, Taiwan (CPC, 中油) said it will increase domestic liquefied petroleum gas (LPG) and natural gas prices this month to reflect higher international costs.
LPG prices will be raised by NT$1.70 a kilogram and natural gas prices for household use will increase by NT$0.48 per cubic meter, the Taipei-based company said on its Web site yesterday.
Minister to get Facebook page
Ministry of Economic Affairs officials yesterday announced plans to open an official Facebook account under the title “economics minister” on Feb. 6 to respond to public inquiries.
The account, to be opened under the name of Minister of Economic Affairs Shih Yen-shiang (施顏祥), is the first account to be set up on the social networking platform by Cabinet members that uses an official title, ministry officials said.
Shih, who was kept on in his post in the current Cabinet reshuffle, decided to open a public Facebook page to create a communication channel that can inform the public about economic policies in real time and correct any shortcomings, Vice Minister of Economic Affairs Lin Sheng-chung (林聖忠) said.
NT dollar weakens
The New Taiwan dollar yesterday reversed earlier gains on concern economic growth will falter after the nation reported the slowest expansion in two years.
The NT dollar weakened 0.3 percent to NT$29.695 against its US counterpart as of the close, according to Taipei Forex Inc. That was the biggest decline since Dec. 15.
NOT ALL GOOD: Analysts warned that other data for last month might be less rosy due to the virus and analysts expect the PMI to contract again next month Chinese factory activity saw surprise growth last month as businesses went back to work following a lengthy shutdown, but analysts said that the economy faces a challenging recovery as external demand has been devastated by the COVID-19 pandemic, while the World Bank said that growth could screech to a halt. China is slowly returning to life after months of tough restrictions aimed at containing the virus, which put millions of people into virtual house arrest and brought economic activity to a near standstill. The strict measures saw a closely watched gauge of manufacturing plunge to its lowest level on record in February,
The output of the global smartphone industry this year is to contract by 7.8 percent on an annual basis as the COVID-19 pandemic ushers in a global recession, Taipei-based market researcher TrendForce Corp (集邦科技) said in a report on Monday. The global production of smartphones is expected to fall to 1.29 billion units, as the pandemic dampens demand for consumer electronics, leading to a decline in shipments across Europe and North America, TrendForce said. With consumers delaying smartphone purchases and thereby lengthening the device replacement cycle, overall prices would suffer a setback that is expected to negatively affect the profitability of smartphone
ELECTRONICS Lite-On delays sale of unit Lite-On Technology Corp (光寶科技) yesterday said it would postpone the sale of its solid-state drives (SSD) business to Kioxia Holdings Corp, formerly known as Toshiba Memory Holdings Corp, due to disruptions amid the COVID-19 pandemic. Last year, the Taiwan-based electronics components supplier struck the deal with the Japanese firm, agreeing to sell the unit for US$165 million. Citing unfinished integration work due to the pandemic, Lite-On has deferred today’s closing date until further notice, adding that the delay would not have a negative effect on the unit’s operations. AUTO PARTS Hiroca approves dividend Automotive interior parts supplier Hiroca
ALL ABOUT STRATEGY: The company is optimistic, saying that its gross margin should increase year-on-year, but it is scaling back on its plans to expand capacity Quang Viet Enterprise Co (QVE, 廣越), which makes down jackets and garments for sportswear and outdoor brands including Adidas AG, yesterday said that revenue might drop 5 to 10 percent annually this year as some customers trimmed orders in response to the COVID-19 pandemic. That would mark its first revenue decline since 2016. Quang Viet posted record-high revenue of NT$16.26 billion (US$537.45 million) last year, up 22 percent from 2018. Down jackets made up 40 percent of it revenue last year. North Face Inc and Patagonia Inc are this year likely to reduce orders by 20 to 30 percent from a