TAIEX rallies on EU accord
The TAIEX rallied yesterday to close at the day’s high on improved sentiment after EU leaders hammered out an agreement on a 120 billion euro (US$150 billion) stimulus package to boost the region’s economy, dealers said.
Investors were also encouraged by an EU consensus to ease repayment rules for emergency loans to ailing Spanish banks, they said.
The weighted index closed up 126.67 points, or 1.77 percent, at 7,296.28, off an early low of 7,177.59, on turnover of NT$65.47 billion (US$2.19 billion).
TWSE aims for transparency
The Taiwan Stock Exchange (TWSE) yesterday said it would launch an information disclosure platform for domestic warrant trading next month in a bid to strengthen market transparency.
The TWSE said it had entrusted academics to develop a model that can be used to calculate a wide range of trading information on warrants. The platform will also offer information on the implied volatility of a warrant and its future volatility, which is calculated based on the latest closing price, to help investors make transaction decisions, it said.
Last year, domestic warrant trading attracted an average of 35,165 investors per month, up from the 25,639 recorded in 2010. In the first five months of this year, the monthly average was 29,995.
Food show posts record deals
The annual Taipei International Food Show has generated record business through procurement meetings, despite a gloomy global economy, organizers said yesterday.
The show, which opened on Wednesday, hosted 876 procurement meetings during its first two days for 76 international buyers from 22 countries, the Taiwan External Trade Development Council (TAITRA) said.
The business generated from those meetings reached US$46.89 million, up 26.7 percent from US$37 million a year ago, TAITRA said.
The exhibition at the Taipei World Trade Center Nangang Exhibition Hall and at Exhibition Hall 1 ends today.
FSC chairman reappointed
The Executive Yuan has reappointed Financial Supervisory Commission Chairman Chen Yuh-chang (陳裕璋) and Vice Chairwoman Lee Jih-chu (李紀珠) to continue in their posts, spokesperson Hu Yu-wei (胡幼偉) said yesterday.
Chen and Lee are due to complete their term of office tomorrow.
ANZ to set up subsidiary
Australia and New Zealand Banking Group Ltd (ANZ) has gained approval to set up a subsidiary in Taiwan — the fifth to be owned by a foreign bank, the Financial Supervisory Commission said yesterday.
The ANZ subsidiary will be fully responsible for all assets and liabilities of the 18 existing branches, which employ about 1,600 people, the commission said.
ANZ opened its first branch in Taiwan in 1980 and acquired ABN AMRO Bank’s business in Taiwan in 2010.
Besides the Australia-based banking group, four other subsidiaries of foreign banks — Standard Chartered Bank, Citibank, HSBC, and DBS — have been operating in Taiwan.
NT dollar advances
The New Taiwan dollar gained ground against the US dollar yesterday, adding NT$0.056 to close at NT$29.90.
The greenback opened at the day’s high of NT$29.98 and moved to an early low of NT$29.848 before rebounding. Turnover totaled US$784 million.
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
The Chinese government has issued guidance requiring new data center projects that have received any state funds to only use domestically made artificial intelligence (AI) chips, two sources familiar with the matter told Reuters. In recent weeks, Chinese regulatory authorities have ordered such data centers that are less than 30 percent complete to remove all installed foreign chips, or cancel plans to purchase them, while projects in a more advanced stage would be decided on a case-by-case basis, the sources said. The move could represent one of China’s most aggressive steps yet to eliminate foreign technology from its critical infrastructure amid a
Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ￥97 billion (US$630 million) to a group sponsored by Taiwanese autoparts maker Minth Group (敏實集團), as the struggling automaker seeks to shore up its financial position. The acquisition is led by a special purchase company managed by KJR Management Ltd, a Japanese real-estate unit of private equity giant KKR & Co, people familiar with the matter said. KJR said it would act as asset manager together with Mizuho Real Estate Management Co. Nissan is undergoing a broad cost-cutting campaign by eliminating jobs and shuttering plants as it grapples
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