TAIEX gains on late trading
Shares closed moderately higher in Taipei yesterday as late-session buying helped the broader market recover from its doldrums caused by investors locking in profits from earlier in the session, dealers said. The main board closed at a new 28-year record, as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) continued its upward momentum amid optimism over the chipmaker’s operations for this year, they said. The TAIEX closed up 21.65 points, or 0.19 percent, at 11,253.11, after moving between 11,201.52 and 11,270.18, on turnover of NT$157.59 billion (US$5.36 billion). Yesterday’s closing level was the highest since March 21, 1990, when the TAIEX ended at 11,257.23 points.
Catcher to hold job fairs
Catcher Technology Co (可成科技), a metal casing supplier of Apple Inc’s iPhones and MacBooks, yesterday said it plans to hire more than 100 people in research and development (R&D), engineering and strategy planning in Taiwan to support its newly operational plant in Tainan. This is also a part of Catcher’s efforts to meet the rising demand from clients, the company said in a news release. Catcher is to host a series of recruitment events, such as seminars and workshops, in universities nationwide from this month, it said. The first event will take place on Saturday at the Tainan plant, Catcher said.
GMTC picks chairman, board
Gloria Material Technology Corp (GMTC, 榮剛), the nation’s largest specialty alloys manufacturer, yesterday elected a new board of directors and chairman after an extraordinary shareholders’ meeting ousted former chairman Chen Hsing-shih (陳興時), putting an end to a high-profile boardroom dispute. Vice chairman Wang Chiung-fen (王炯棻), a lawyer, won the chairmanship, a victory for Taiwan Steel Group (台灣鋼鐵集團) in the proxy fight. The meeting drew a 90.89 percent attendance rate. The new board also elected a new management team and appointed Hsu Tse-dong (許澤東) as company president, company filings showed.
FET, Taishin working on card
Far EasTone Telecommunications Co (FET, 遠傳電信), the nation’s No. 3 telecom, yesterday said that it is collaborating with Taishin International Bank (台新銀行) on a new credit card for clients to use to pay for their online purchases. The credit card will also double as a mobile ticket on mass transportation systems within the next few months, FET said. It said it is confident that the new credit card would attract 200,000 subscribers by the end of this year.
First Commercial Bank fined
The Financial Supervisory Commission yesterday fined First Commercial Bank (第一銀行), the biggest subsidiary of state-run First Financial Holding Co (第一金控), for its failure to fully disclose its exposure to Ching Fu Shipbuilding Co (慶富造船). The commission said that the lender had neglected to disclose a NT$1.4 billion loan to an investment subsidiary of the shipbuilder, due to shortcomings in its internal control and auditing processes. First Commercial, which served as lead bank in a syndicated loan to Ching Fu Shipbuilding, was fined NT$10 million last month following the loan’s default.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
ROW: A probe would determine if the rights of shareholders who were not allowed to vote yesterday had been violated, while the stock exchange also wants answers The election of board directors yesterday at Tatung Co (大同) sparked controversy after the company blocked some institutional and individual shareholders from participating in the general shareholders’ meeting, prompting the Financial Supervisory Commission (FSC) to announce that the vote would be investigated. Lin Kuo Wen-yen (林郭文艷) was re-elected as chairwoman of the household-appliance maker’s nine-member board, but prior to the vote she announced that several shareholders would not have voting rights. They were being denied a vote because they had contravened the Business Mergers and Acquisitions Act (企業併購法), and the Act Governing Relations Between the People of the Taiwan Area and