China Steel dismisses report
China Steel Corp (中鋼), the nation’s biggest steelmaker, yesterday said it has no plans to cut output next quarter, contradicting a report in the Chinese-language Economic Daily News. The newspaper yesterday reported that China Steel planned to reduce production by 10 percent next quarter in reaction to a slump in the industry. The reduction would be China Steel’s first cut in production in 15 years, the report said. China Steel said that meeting the supply needs of a new steel manufacturing venture in Vietnam would require the full operation of its remaining foundries, as one furnace is set to undergo a major maintenance beginning next quarter and lasting five months. China Steel said it is cutting costs and improving product quality to accommodate a slump in the industry.
Chailease income plunges
Chailease Holding Co Ltd (中租控股), the nation’s top leasing services provider, yesterday said that its net income last month declined 14.1 percent year-on-year to NT$593.5 million (US$18.01 million). Aggregate net income in the January-to-July period rose 2.72 percent to NT$417.87 million, from NT$406.81 million in the same period last year. The company’s shares have fallen nearly 30 percent from NT$65 on Aug. 11 and plunged 7 percent to trade at NT$45.9 in Taipei yesterday.
TAITRA inks US deal
The Taiwan External Trade Development Council (TAITRA, 外貿協會) — Taiwan’s main trade promotion agency — yesterday signed a pact with the US’ Rhode Island Commerce Corp to jointly explore trade and investment opportunities. The memorandum of understanding was inked in Taipei by TAITRA executive vice president Walter Yeh (葉明水) and Rhode Island secretary of commerce Stefan Pryor, who is leading a business trade mission to the nation through tomorrow. As Rhode Island’s seventh-largest global export market, and its second-largest in Asia, Taiwan’s total imports from the state were valued at US$90.8 million last year, putting it ahead of all European nations except Germany.
Graduates feel underpaid
The majority of recent college graduates are dissatisfied with their salaries, with many having trouble making ends meet, according to a survey released yesterday. The survey, conducted by online job bank yes123, found that the average monthly salary of a recent college graduate is NT$25,694. However, respondents reported that their expected monthly salary is NT$28,498. According to the results of the survey, 30 percent of recent graduates receive less NT$22,000 per month. For recent graduates who have found a job, an average of 66 resumes were sent out before they received their first offer, the results showed. Among recent graduates 60.6 percent are still looking for a job, while only 39.4 percent have found work, said yes123, which conducted the poll from Aug. 4 to Friday last week.
V Air launches Busan route
V Air (威航), a low-cost carrier owned by Taiwan’s TransAsia Airways Corp (復興航空), launched direct flights to Busan on Monday, becoming Taiwan’s first low-cost carrier operating flights to South Korea. Flight ZV302 took off at 4:30pm from Taiwan Taoyuan International Airport, carrying 194 passengers in a sold out Airbus A321 jet. “We are optimistic about the market potential of the route and hope to add more flights to provide more flexible travel options,” V Air chief executive Eleni Lung (隆章琪) said.
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
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
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