TAIEX edges up 0.2 percent
The TAIEX closed slightly higher yesterday after moving in a narrow range amid cautious sentiment toward the global economy, following reports showing US manufacturing growth slowed last month, dealers said.
The financial sector came under pressure as investors unloaded their holdings despite new measures to boost cross-strait financial exchanges announced after a meeting between Taiwanese and Chinese financial regulators, the dealers said.
The weighted index closed up 13.94 points, or 0.18 percent at 7,913.18, on turnover of NT$57.46 billion (US$1.93 billion).
Fuh Hwa to launch yuan funds
Fuh Hwa Securities Investment Trust Co (復華投信) yesterday said it would pioneer the launch of yuan-denominated mutual funds in Taiwan after yuan transactions were allowed in early February.
Fuh Hwa said it is scheduled to raise funds for two planned mutual funds — the Fuh Hwa RMB (renminbi) Money Fund and the Fuh Hwa Emerging Market RMB Fixed Income Fund — between May 6 and May 17.
Fuh Hwa president Steven Chou (周輝啟) said the two funds would provide local investors with alternative investment instruments.
AT&T to sell latest HTC model
AT&T Inc, the US’ second-largest wireless carrier, will be the sole telecoms operator to sell HTC Corp’s (宏達電) flagship HTC One with 64-gigabyte storage capacity in the US.
AT&T will offer two versions of the new HTC One — the 64GB model, on which it has exclusive distribution rights among telecoms operators, and a 32GB model — the carrier said in a commercial video uploaded to YouTube on Friday.
It offered no details on the retail launch date and pricing for the new phones.
Next Media buyers pull out: FTC
The Fair Trade Commission (FTC) yesterday said it had received notice from the potential buyers of Next Media (壹傳媒) indicating their wish to withdraw from the deal.
The notice was submitted by attorneys representing the consortium of buyers, the commission said, adding that it would hold an internal meeting today to discuss the matter.
The deal fell through last month and Next Media said it would retain its print business in Taiwan.
Tax evasion clause moves up
The legislature’s Finance Committee on Monday approved on first reading a clause to prevent income tax evasion.
Once the clause passes its third reading in the legislature, starting in 2015, companies registered in some tax havens will still have to pay income taxes if their “place of effective management (PEM)” is in Taiwan.
The clause will also require controlled foreign corporations, or CFCs, to pay tax in Taiwan.
Energy lamps drive growth
Retail sales of light bulbs grew substantially last year, driven by increasing demand for energy-saving products, the local branch of market research firm GfK Group said recently.
Taiwanese consumers spent NT$5.5 billion to buy 57.9 million light bulbs and tubes last year, representing a 3 percent drop in volume, but a 20 percent increase in revenue from a year earlier, GfK Taiwan said in a research note.
Energy-saving lighting options, such as LED lights and T5 fluorescent tubes, were the main contributors to the sales growth, the company said.
NT dollar advances
The New Taiwan dollar closed higher against the US dollar yesterday, rising NT$0.008 to NT$29.920 on turnover of US$556 million.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
’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