TAIEX surges past 7,600 points
The TAIEX closed above 7,600 points yesterday, as bargain hunters pushed the index back into positive territory toward the end of the session, dealers said.
Investors picked up select technology stocks, in particular flat-panel and solar firms offering either better profitability or relatively low valuations, they said.
However, strong selling in many old economy stocks as investors took profit capped the market’s upside, they added.
The weighted index closed up 1.07 points, or 0.01 percent, at the day’s high of 7,600.98, on turnover of NT$89.4 billion (US$3.1 billion).
Intel unveils memory array
US chip giant Intel Corp yesterday said it expected the technology to make a new type of energy- efficient memory chips, or three-dimension (3D) chips, would be ready next year, bringing it one more stop closer to the mass production of the chips.
Intel made the remarks in Taipei after kicking off a US$15-million 3D chip program in collaboration with local research powerhouse Industrial Technology Research Institute (ITRI) in December, last year.
Intel yesterday showcased a series of experimental memory array in Taipei after the research program unveiled around a year ago and set up an Intel lab in Taiwan jointly with the National Taiwan University.
Next year, those memory chips would be tested on mobile devices such as Ultrabooks and tablets, Intel chief technology officer Justin Rattner said.
By creating memory with the new architecture, devices will be able to achieve longer battery life, faster integration of mobile data and improved graphics with higher resolution.
HP sues CPT, Tatung
Hewlett-Packard Co (HP) has accused LCD panel makers Chunghwa Picture Tubes Ltd (CPT, 中華映管) and Tatung Company of America Inc of price-fixing.
The scheme cost HP more than US$1 billion in damages from overcharges, it said in an antitrust complaint filed in San Francisco’s federal court.
HP said in the filing that the two companies and other LCD makers conspired to set prices and restrict output for panels from 1998 to 2006. The company is seeking treble damages, according to the complaint filed on Friday.
iPhone pre-orders start
Taiwan Mobile Co (台灣大哥大) and Far EasTone Telecommunications Co (遠傳電信) yesterday started accepting pre-orders online for the iPhone 5 after Apple Inc said on Monday that the latest version of its smartphone series would hit Taiwan on Friday next week.
Pre-orders on Chunghwa Telecom Co’s (中華電信) Web site is also set to begin today.
Tax agreement signed
Taiwan and Thailand on Friday signed a pact to prevent double taxation and income tax evasion.
The two sides first signed an agreement on July 9, 1999, but Bangkok failed to have it approved and signed into law.
The amended version of the agreement was finally passed in June this year at a meeting of Thailand’s Cabinet. The agreement will become effective in the near future after both sides exchange official letters, officials said.
NT edges up against US dollar
The New Taiwan dollar edged up NT$0.005 to close at NT$29.116 against the US dollar. Turnover was US$678 million.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to