Operations normal, XAC says
XPEC Entertainment Inc’s (樂陞科技) subsidiary XPEC Art Center Inc (XAC, 樂陞美術館) yesterday said in a filing with the Taiwan Stock Exchange that its operations and finances remain normal. The filing came at the request of the exchange after XAC’s Taipei office was searched by prosecutors yesterday morning. XAC on Sept. 10 announced it plans to withdraw its share listing application at the Taipei Exchange due to its parent company’s troubles of a failed tender offer.
Walter Yeh wins IAEE honor
Taiwan External Trade Development Council executive vice president Walter Yeh (葉明水) was given this year’s Outstanding Achievement in Industry Leadership Award by the International Association of Exhibitions and Events (IAEE) for his contributions and professional commitment to the exhibitions and events industry, the council said yesterday. The council said Yeh was the first Taiwanese to receive the recognition from IAEE since the award was started in 2004.
Costco to open 13th store
Costco Wholesale Corp is to open a new outlet in New Taipei City’s Sinjhuang District (新莊) in January next year at the earliest, the US company said yesterday. It will become the company’s 13th outlet in Taiwan, after it opened its 12th in Taipei’s Beitou District (北投) in April. The outlet in Sinjhuang is to cover an area of 4,000 ping (13,223m2) and be close to Fu Jen Catholic University (輔仁大學), the company was quoted as saying in media reports. Costco said it expects the Sinjhuang outlet to attract customers from Sinjhuang, Banqiao District (板橋), Tucheng District (土城) and Linkou District (林口).
Shares rally after initial fall
Taiwanese shares yesterday recovered earlier losses after some major old economy stocks staged a rebound, pushing up the broader market into positive territory by the end of the session, dealers said. Turnover remained thin, with many investors remaining cautious over upcoming earnings reports from heavyweights at home and in the US, and following a lackluster performance on Wall Street overnight, where investors were wary of a possible swifter-than-anticipated US Federal Reserve interest rate hike, dealers said. The TAIEX closed up 46.36 points, or 0.51 percent, at 9,222.58, after moving between 9,175.07 and 9,222.58, on turnover of NT$62.50 billion (US$1.97 billion). The market opened down 1.15 points at 9,175.07 and fell to the day’s low of 9,157 before closing at the day’s high of 9,222.58. Strong showings by textiles, cement, glass, plastics and chemical shares helped to vault the weighted index back into the black.
Local yuan deposits rise
Yuan deposits at Taiwanese banks picked up 1.96 percent last month to 311.83 billion yuan (US$46.3 billion), gaining for two months running, as investment interest in the Chinese currency recovered somewhat, the central bank said. Yuan deposits at offshore banking units increased 6.16 percent to 36.28 billion yuan, the first rebound this year, as companies built up positions, the central bank said. Yuan deposits in domestic banking units edged up 1.44 percent to 275.56 billion yuan after the currency showed signs of stabilization, it said. It remains to be seen if the trend sustains, as yuan volatility is set to intensify this month, the bank 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