TAIEX rises on electricity plan
Strong buying in the local bourse yesterday pushed the index above the 7,600 point mark after the government announced a revised plan to hike electricity rates in stages instead of the one-time increase it had previously aimed at implementing, dealers said.
The revised electricity rate plan is expected to reduce the impact on the local economy, with many manufacturers likely to see smaller electricity bills than they had anticipated, which could lower their operating costs, the dealers said.
Improvements in manufacturing activity in the US and China also helped to lift investor confidence in the global economy, with buying focusing on large-cap local stocks, in particular in the electronics sector, to boost the index to close at almost the day’s high, they added.
The TAIEX closed up 175.09 points, or 2.33 percent, at 7,676.81,on turnover of NT$129.67 billion (US$4.46 billion).
Cathay Conning appoints Konyn
Cathay Conning Asset Management Co, a joint venture between Cathay Financial Holding Co (國泰金控) and Conning Holdings Corp of the US, yesterday announced the appointment of a veteran money manager to steer the company in Hong Kong, Cathay Financial said in a statement.
Mark Konyn, who has 22 years of asset management experience, will work as the joint venture’s chief executive, the statement said.
Konyn has worked for Allianz Global Investors, Fidelity Investments, Prudential Investment and other fund managers, the statement said, adding that he has a doctorate in risk analysis.
Powerchip revenues up 7.5%
Local memorychip maker Powerchip Technology Corp (力晶科技) yesterday said revenue rose 7.5 percent to NT$2.27 billion last month from March’s NT$2.11 billion, helped by increase in DRAM chip shipments.
A rise in demand for its contract chips also boosted price and revenue.
Company spokesman Eric Tang (譚仲民) said demand is now exceeding supply ahead of the launch of Intel’s new Ivy Bridge and Microsoft’s Windows 8 system.
Ultrabook price set to fall: Intel
Chip maker Intel Corp said yesterday that thin and lightweight notebook computers under the Ultrabook brand may be priced as low as US$599 in the second half of this year with the adoption of new casing materials.
“It is likely there will be US$599 models in selected regions, but the mainstream price should fall around US$699,” Intel Taiwan country manager Jason Chen (陳立生) said on the sidelines of a press event to discuss Intel’s technologies used in cloud computing data centers.
PC vendors have been using more expensive casing materials on Ultrabooks, but prices for this new category of laptops are expected to go down later this year when manufacturers use new and cheaper materials, such as a mixture of plastics and aluminum, he said.
Chen projected that the new models to be launched in the third and fourth quarters would support new functions, such as touch-enabled screens and gesture sensors, which would help drive overall demand.
NT dollar ends slightly down
The New Taiwan dollar dropped against the US dollar yesterday, down NT$0.008 to close at the day’s low of NT$29.240 after the central bank’s intervention late in the session helped the greenback reverse its early losses, dealers said.
Turnover totaled US$741 million during the trading session.