Interest in Taiwan grows
A total of 66 companies yesterday expressed willingness to invest a total of NT$166 billion (US$5.3 billion) in Taiwan over the next three years at the Taiwan Business Alliance Conference in Taipei, the Ministry of Economic Affairs said. The potential investment, 6.4 percent more than the amount pledged last year, could create 15,458 jobs, the ministry said. It signed letters of intent with 20 of the companies for investments totaling NT$105 billion over the next three years. Investment Commission director-general Vivian Lien (連玉蘋) said the US had the most companies pledging investment, at 22, followed by Europe and Japan with 20 and 18 respectively. The government’s focus on five industries — “green” energy, an Asian Silicon Valley, biomedicine, smart machinery and defense and aeronautics — has attracted interest, Lien said, adding that 60 percent of the pledged investment was directed at those areas.
Vice minister to lead CSC
China Steel Corp (CSC, 中鋼), the nation’s biggest steelmaker, yesterday said that Vice Minister of Economic Affairs Shen Jong-chin (沈榮津) would assume the top position at the 45-year-old firm after former chairman Andrew Sung (宋志育) retired on Friday last week, according to a company filing with the Taiwan Stock Exchange. Shen is to take control during an interim period before a final candidate is tapped by the ministry. Shen is to retain his job at the ministry.
Taipei rises in travel ranking
Taipei ranked 15th out of 20 of the world’s most popular cities for tourists, while rising to the seventh most popular option in Asia, according to MasterCard Inc’s Global Destination Cities Index, Taipei’s best showing in the ranking. Foreign tourists on average spend US$1,306 during visits to Taipei, surpassing the US$1,154 spent in Tokyo and US$1,206 in Seoul, MasterCard said. In addition, the number of foreign visitors to Taiwan this year has grown by 500,000 year-on-year to 7.35 million, MasterCard said.
Tigerair to reassess routes
Tigerair Taiwan (台灣虎航), a budget airline that is a joint venture between Tiger Airways Singapore Pte Ltd and China Airlines (CAL, 中華航空), yesterday said that it would next year begin re-evaluating flights to Japan and Malaysia after sales failed to meet expectations. The budget carrier yesterday was the subject of scrutiny after netizens discovered that it had hiked its prices significantly, with some routes becoming more expensive than full-service airlines. Netizens said that the company is trying to deter travelers from buying tickets as it prepares to scale down operations.
TAIEX edges up 0.73 percent
The TAIEX yesterday closed up 0.73 percent, at 9,234.20, reflecting nearly 1 percent gains in the Dow Jones Industrial Average and the NASDAQ on Friday last week. Turnover totaled an anemic NT$54.76 billion during the session. Trading in old economy stocks was mixed. Formosa Plastics Corp (台塑企業) rose 0.51 percent to NT$78.20, despite a protest against Formosa Plastics Group’s (台塑集團) steel unit in Vietnam on Sunday by local fishermen over pollution they say has destroyed their livelihoods. Plastics stocks rose 0.25 percent, while food and papermaking each surged by more than 1 percent. Flat-panel makers AU Optronics Corp (友達光電) and Innolux Corp (群創) rose 5.65 percent and 2.83 percent to close at NT$12.15 and NT$10.90 respectively.
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
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily
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