Credit cards hit record high
The nation’s credit card spending rose 8.3 percent last year to NT$2.62 trillion (US$89.7 billion) from NT$2.42 trillion in 2016, Financial Supervisory Commission data showed yesterday. The figure represents a record level and the fourth consecutive year credit card spending exceeded the NT$2 trillion mark, Banking Bureau Deputy Director Wang Li-chun (王立群) said at a news conference.
LPG products to cost less
State-run refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it has decided to lower prices for liquefied petroleum gas (LPG) items this month, while keeping the prices for liquefied natural gas (LNG) products unchanged. From today, prices for household LPG are to decrease by NT$2.7 per kilogram and by NT$1.4 per liter for LPG used in cars to reflect a decline in international LPG contract prices, CPC said in a statement. The price of a 20kg household gas cylinder is to drop by NT$54, CPC said. Separately, the refiner said Lee Shun-chin (李順欽) on Wednesday formally became the company’s new president, replacing Liu Cheng-hsie (劉晟熙), who is to become chairman of CPC Shell Lubricants Co Ltd (中殼潤滑油), a CPC subsidiary.
Tri Chemical plans plant
Tri Chemical Electronic Materials Taiwan Inc (三化電子材料), a subsidiary of Japan’s Tri Chemical Laboratories Inc, plans to invest NT$300 million in setting up a new plant in Miaoli’s Tongluo Township (銅鑼) branch of the Hsinchu Science Park (新竹科學園區), aiming to develop it into a major base for semiconductor materials, local online news outlet investor.com yesterday reported. The investment would also focus on the development of energy materials and equipment related to chemical medicine, the report said. Annual revenue generated from the new plant is expected to exceed NT$500 million three years after its establishment, it said.
Tatung chairman resigns
Home appliance maker Tatung Co (大同) yesterday said chairman Lin Wei-shan (林蔚山) has decided to step down from his post and the company’s board has agreed that president Lin Kuo Wen-yen (林郭文艷) is to replace him. The move came after several shareholders demanded Lin Wei-shan resign over a corporate embezzlement scandal. He has appealed to the Supreme Court to overturn a ruling by the Taiwan High Court in August last year that sentenced him to eight years in prison for funneling the company’s funds into Nature Worldwide Technology Corp (通達) and violating the Securities Exchange Act (證券交易法). Lin Kuo Wen-yen is Lin Wei-shan’s wife.
FPG’s low-carbon move
Formosa Plastics Group (FPG, 台塑集團) is to make the circular economy one of its top priorities this year, group chairman William Wong (王文淵) said at a year-end banquet for Formosa Plastics Corp (台塑) yesterday. The group aims to transform its plant in Kaohsiung’s Renwu District (仁武) into a “low carbon” production base, using natural gas as fuel to replace coal, a Formosa Plastics official said on the sidelines of the gathering. Wang also delivered a relatively positive near-term business outlook, saying that the group’s earnings performance so far “meets his expectations.” Four major units of the group saw their combined net income reach NT$237.25 billion last year, a 14.2 percent annual increase, data showed.
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