FSC warns over broker app
The Financial Supervisory Commission (FSC) yesterday said that Tiger Brokers (老虎證券), a Chinese app-based brokerage, has made its way to Taiwan. The New Zealand-registered app offers investments in Hong Kong and US stocks, as well as China’s A-shares with a quick online account setup process. It also offers sub-brokerage fees for overseas equities market orders at less than 10 percent of the industry average. However, the service has not been approved in Taiwan, FSC chairman Lee Ruey-tsang (李瑞倉) told lawmakers at a question-and-answer session at the Legislative Yuan in Taipei. The commission is gathering evidence to support action over possible illegal solicitation of customers, Lee said.
Credit Suisse head probed
A senior executive at the Taiwan branch of Credit Suisse Group AG is under investigation for suspected insider trading. Taiwan branch president Elsa Chiu (邱慧平) is suspected of illegal trading related to the purchase of Hermes Microvision Inc (HMI, 漢微科) by the Netherlands’ ASML Holding NV, for which Credit Suisse acted as an adviser, the Taipei District Prosecutors’ Office said. Credit Suisse declined to provide immediate comment and did not say whether Chiu would be removed from her post. Chiu allegedly traded Hermes shares through shell family accounts from May 24 to June 15 last year, reaping an estimated NT$21 million (US$680,382) in illegal profits. Chiu was released on bail on Monday evening and had her travel rights restricted.
Hotai launches C-HR
Hotai Motor Co (和泰汽車), which distributes Toyota and Lexus vehicles in Taiwan, yesterday launched its Toyota C-HR, a subcompact crossover SUV priced between NT$899,000 and NT$1.079 million. The company, which has set an annual target to sell 140,000 vehicles, aims to sell 2,000 units of the new model this year, Hotai president Justin Su (蘇純興) said. Hotai, the nation’s largest car distributor, is to introduce luxury sports coupe Lexus LC in the second quarter and the Lexus LS in the fourth quarter.
TAIEX closes higher
The TAIEX closed up 15.38 points, or 0.16 percent, at 9,753.45, after moving between 9,773.49 and 9,712.5 on turnover of NT$79.668 billion yesterday. Following a lackluster performance on Wall Street, the local bourse dipped before noon, but recovered in the final 90 minutes of trading, led by large-cap electronics and financial stocks, such as Taiwan Semiconductor Co (台積電), the most heavily weighted stock on the local market. Old-economy sector stocks generally performed poorly, with the sub-indices for the cement, food, plastics and chemical, paper and pulp, and construction sectors closing lower.
Eclat reports sales slump
Eclat Textile Co (儒鴻) yesterday said that sales last month declined 26.5 percent from a month earlier and 21.3 percent annually to NT$1.43 billion, marking the steepest monthly drop in the company’s history. Eclat attributed the slide to falling order volumes from international apparel brands, which amplified the decline when compared with growth in the same period a year earlier. The company said that it gave its employees additional days off during the Lunar New Year holiday this year and that the lower number of working days affected sales.
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