TAIEX closes down
The TAIEX closed marginally down yesterday on thin turnover in consolidation mode after a surge during the previous trading day.
The benchmark index fell to a low of 7,674.18 points during trading session, but was boosted by a rise in financial, optoelectronics and automobile shares, to reach a high of 7,739.37 points.
The broader index closed down 7.95 points, or 0.1 percent, at 7,724.92, on turnover of NT$53.13 billion (US$1.83 billion), following a 116 point surge on Saturday, when turnover reached nearly NT$70 billion.
CCP expected to drop this year
The nation’s city consumption power (CCP) expected to drop slightly this year in terms of year-on-year growth, but the total volume is forecast to increase by about NT$76 billion to NT$5.6 trillion, according to the results of a study released yesterday.
Growth rate of CPP is predicted to decline to 1.36 percent this year from 1.38 percent last year, according to a report conducted by Fu Jen Catholic University.
The study showed that Taipei topped the nation’s cities with the highest assessed per capita city consumption power index at NT$392,434 per person this year, followed by Hsinchu City’s NT$327,815.
Taipei’s real estate profitable
Taipei is the top ninth city in the Asia-Pacific region for this year in terms of real estate investment profitability, according to a recent survey published by Pricewaterhouse Coopers Taiwan.
According to the Emerging Trends in Real Estate Asia-Pacific 2013, Taipei moved from 12th place last year to 8th place this year in terms of development.
Jakarta, Indonesia, topped the rankings for both investment and development for the first time, while Shanghai and Singapore took second and third places in investment and fourth and third in development respectively, the survey showed.
Lite-on aims to boost revenue
Local electronic component maker Lite-On Technology Corp (光寶科技) aims to increase its revenue by a single-digit percentage this year, backed by robust demand for its cloud-computing servers, camera lens modules used in tablets and smartphones, and LED lighting.
Last year, Lite-On’s revenue rose 2 percent to NT$121.45 billion from NT$102.29 billion in 2011.
“We hope the company can have a better growth than last year’s single digit rate [in revenue],” chairman Raymond Soong (宋恭源) said at the company’s year-end party on Friday.
He added that the company plans to allocate 15 percent of its net profits from last year for employee bonuses.
CyberAgent plans investment
Japanese venture capital firm CyberAgent Ventures Inc said yesterday that it plans to invest in FashionGuide, Taiwan’s largest cosmetics-centered online social networking Web site.
CyberAgent Ventures said it forecast FashionGuide has the potential to achieve a high sales growth rate in Taiwan’s female-oriented online social networking industry, according to a company statement.
CyberAgent added it will help FashionGuide expand its market to Japan, China, Southeast Asian countries and South Korea.
Founded in 1997 by Vincent Hsieh (謝攸升) and Allen Chang (張倫維), FashionGuide broadcasts TV programs, conducts surveys and also hosts online forums.
NT down against greenback
The New Taiwan dollar closed lower against the US dollar yesterday, declining NT$0.01 to close at NT$29.070.
Turnover totaled US$438 million during the trading session.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into