Foreign reserves hit high
The nation’s foreign-exchange reserves as of the end of last month hit a new high for the 12th consecutive month, largely on the back of an increase in returns on funds managed by the central bank from a month earlier. However, the euro’s depreciation against the US dollar offset the effects of higher investment returns to slow the monthly growth in the foreign reserves, the bank said on Tuesday. As of the end of last month, foreign reserves stood at US$457.19 billion, up US$467 million from the end of February. The growth was shy of a month-on-month rise of US$997 million in February, central bank data showed.
Ichia revenue up 63 percent
Handset keypad maker Ichia Technologies Inc (毅嘉科技) on Tuesday posted revenue of NT$614 million (US$21 million) for last month, up 9 percent from a year ago and 63 percent from the previous month. The company said in a filing to the Taiwan Stock Exchange that last month’s revenue included about NT$488 million in sales of flexible printed circuit integrated components and about NT$131 million from mechanical integrated components. The company said its first-quarter revenue expanded 8 percent year-on-year to NT$1.59 billion, driven mostly by flexible printed circuit boards used in mobile devices and automotive parts.
GET sales down 9 percent
Green Energy Technology Inc (GET, 綠能科技), the nation’s largest solar wafer maker, on Tuesday reported sales of NT$851 million last month, up 5.8 percent month-on-month, but down 9 percent year-on-year. In the first quarter, sales totaled NT$2.62 billion, down 23.4 percent quarterly and 0.28 percent annually, it said in a statement. “In spite of concerns over industry trading barriers, pricing in the solar supply-chain is stabilizing. GET’s in-house capacity utilization was about 90 percent last month,” it said. The company plans to speed up module development with support from its parent company, Tatung Group (大同), to extend its downstream business in global high-end markets, it said.
Mandarin launch new route
Mandarin Airlines (華信航空) on Monday announced that it would start flying between Taichung and Tokyo in June, the first airline to fly the route. The airline is to offer a daily flight from June 14, with the outbound flight departing from Taichung International Airport at 7:30am and arriving at Narita Interntiaonal Airport at noon. Flights from Japan are to take off at 1pm and arrive in Taichung at 3:50pm, said the airline, a subsidiary of China Airlines Ltd (中華航空).
Momo to distribute dividend
TV and online retailer Momo.com Inc (富邦媒體) has proposed distributing a cash dividend of NT$8 per share, representing a payout ratio of 88.2 percent based on last year’s earnings per share (EPS) of NT$9.07. The company said it expects strengthening sales momentum for this year, after combined sales in the first two months this year grew 36.6 percent annually to NT$6.94 billion. Meanwhile, Eastern Home Shopping & Leisure Co (EHS, 東森購物) plans to distribute a cash dividend of NT$4 per share, based on EPS of NT$3.2 last year. In the first two months of this year, it posted sales of NT$2.34 billion and EPS of NT$0.9, EHS said.
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
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US