State-run oil refiner CPC Corp, Taiwan (CPC, 中油) yesterday said it would cut prices of gasoline by NT$0.2 per liter and diesel by NT$0.3 per liter from today to reflect declining global crude oil prices last week.
The increase in crude inventory in the US and the strong US dollar depressed global prices of crude last week, CPC said in a statement.
The oil refiner said market sentiment was soft last week, as traders were expecting a boost to crude oil supplies from Iran following a US-brokered agreement over Theran’s nuclear capabilities. Crude also declined last week as weak manufacturing data in Asia raised fresh worries about demand from the region.
Based on CPC’s floating oil price mechanism, the company’s costs fell to US$55.42 per barrel last week from US$56.66 per barrel the previous week.
Factoring in the New Taiwan dollar’s depreciation of NT$0.138 against the US dollar last week, CPC said the company would cut its prices by 1.41 percent for this week.
Formosa Petrochemical Corp (台塑石化), Taiwan’s only private oil refiner, yesterday said it is to cut prices for gasoline and diesel products by NT$0.2 and NT$0.3 per liter respectively starting today, matching the cuts of CPC.
According to Formosa’s price adjustments, its 98-octane unleaded gasoline is NT$28.2 per liter, which is NT$0.2 more expensive than CPC’s equivalent product.
CLIENTS’ RIGHTS: Banking Bureau Deputy Director-General Lin Chih-chi said the buyer and Citibank Taiwan would need to disclose changes to branch operations DBS Bank Taiwan (星展台灣), the local unit of Singapore-based DBS Group Holdings Ltd, has reportedly won a bid to acquire Citibank Taiwan Ltd’s (花旗台灣) consumer banking business, but the two companies declined to confirm the report yesterday. Citibank Taiwan’s consumer banking business is to be sold for about NT$60 billion (US$2.17 billion) to DBS Taiwan, the Chinese-language Economic Daily News reported on Sunday. DBS Taiwan and its parent company are expediting the negotiations with the seller’s US-based parent company, while other local bidders, including Fubon Financial Holding Co (富邦金控) and Cathay Financial Holding Co (國泰金控), have dropped their bids, the report said. Citibank
‘BULLISH YEAR AHEAD’: The contract chipmaker set a growth target of up to 29 percent, as it expects to outperform its peers in the semiconductor industry Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is planning to boost this year’s capital expenditure budget by about 46 percent to exceed US$44 billion, citing strong customer demand for advanced technologies used in high-performance computing (HPC) and 5G-related applications, the world’s largest contract chipmaker said yesterday. The plan marks a record spending for TSMC after the chipmaker budgeted US$30 billion for capacity expansions at home and overseas fabs last year. TSMC is planning to allocate about 80 percent of this year’s capital spending for advanced chip capacity expansion including 2-nanometer, 3-nanometer, 5-nanometer and 7-nanometer technologies. The chipmaker reiterated that it is on
Siltronic AG cast doubt on a planned US$5.3 billion takeover by GlobalWafers Co (環球晶圓), saying the German Ministry of Economic Affairs and Climate Action’s feedback so far was opaque and offered no clear resolution on how to win approval for the deal. During recent discussions, the companies did not receive any information as to whether and under which conditions a clearance for the takeover might be issued, the German company said in a regulatory filing on Friday following a news report on remedies the companies have offered. In the ministry’s view “in this case, a mitigation agreement is apparently not suitable
BELLWETHER COMPANY: A failed fundraiser at Country Garden, thus far unaffected by issues at Evergrande, is feared to prompt widespread repricing of developer stocks A crisis engulfing China’s property sector is affecting its biggest developer, with Country Garden Holdings Co’s (碧桂園) shares and bonds hammered amid fears that a reportedly failed fundraising effort might be a harbinger of waning confidence. Country Garden is one of the few remaining large, better-quality private developers that had been largely unscathed by the liquidity crunch, even as peers, such as Shimao Group Holdings Ltd (世茂集團), saw dramatic reversals in their credit ratings. The firm is viewed as a bellwether for contagion risk, as unprecedented levels of stress in the offshore credit market threaten to drag good credits down alongside bad