AUO shares rise
AU Optronics Corp (AUO, 友達光電) shares yesterday gained 5.65 percent to reach NT$9.53 amid speculation that Apple Inc plans to help finance the construction of an LCD production line with the nation’s No. 2 LCD-panel maker. AUO declined to comment on the reports, which said AUO had a good chance to become the third active-matrix organic light-emitting diode (AMOLED) screen supplier to the US-based consumer electronics giant after South Korea’s Samsung Electronics Co and LG Display Co.
TWSE unveils new rule
The Taiwan Stock Exchange (TWSE) announced that a new mechanism to suspend transactions of an individual stock is to be launched on Friday. The TWSE said that listed or over-the-counter enterprises can apply to suspend trading if they take action or are put in a situation that could greatly affect shareholders’ interests. Those actions include seriously cutting production or halting operations, filing for bankruptcy or restructuring, engaging in a merger, spinoff, acquisition or share swap, or developing a new product or technology. Companies can also apply to suspend trading of shares if they cannot fully explain media reports that affect their share price, TWSE said. If a company needs to suspend trading, but does not apply to do so, the TWSE can take the initiative to suspend the trading of that stock, it added. The TWSE said that due to the short stock trading hours per day in Taiwan, suspensions would be based on one trading session, with no mid-session actions allowed.
Digital Domain to seek staff
Digital Domain, a US visual effects and digital production company, on Monday announced that it is to launch a recruitment drive in Taiwan. Because of a growing need for talent spurred by Digital Domain’s increased emphasis on virtual reality (VR), the company is to hire 20 to 50 people in the first phase of the plan, with a focus on creative personnel, company CEO Daniel Seah (謝安) said. Currently, the company’s branch office in Taiwan has 15 people, he said. Besides introducing a VR version of Here comes Kangsi, a popular talk show, in cooperation with CtiTV, there is to be further cooperation with the TV station, he said.
Ko Wen-chang starts term
WK Technology Fund (普訊創業投資) chairman Ko Wen-chang (柯文昌) yesterday began a nine-year prison sentence for insider trading. He was taken to Taipei Prison in Taoyuan after reporting to the Taipei District Prosecutors’ Office. In a statement issued yesterday, Ko said he never engaged in insider trading and he expressed gratitude for the support of the business sector and his friends. He said he still has faith in the judicial system and believes his name could be cleared. Before his departure for the prison, he called on his staff “get down to good work” and “stay until I get out.” The Supreme Court on Dec. 18 rejected an appeal by Ko, known as the godfather of venture capital in Taiwan, and upheld a nine-year sentence and a NT$100 million (US$2.97 million) fine against him for insider trading. The nine-year sentence was the heaviest ever meted out in Taiwan for an insider trading conviction. In 2006, Ko — then a director of Green Point Enterprise Co (綠點科技) — learned that Jabil Circuit of the US had issued a non-binding letter of intent to buy Green Point and he invested heavily in the company’s shares over several sessions, according to the court’s ruling.
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