E-COMMERCE
Momo to sell used cars
TV and online retailer Momo.com Inc (富邦媒體) yesterday announced plans to diversify into the used car market amid increasing competition in the industry. Momo.com has readied listings of nearly 2,000 used cars and has set a goal of 8,000 before the end of this year. While the nation has a sizable annual used car market of 600,000 vehicles, it has been hampered by a lack of transparency among conventional dealers, the company said, adding that the venture utilizes vehicle certification from Goo-net Exchange, a major Japanese online used car platform.
STOCK MARKET
All shares close below 100
Shares across the board yesterday dropped more than 100 points at closing in Taipei trading, as selling focused on market heavyweights, particularly in the bellwether electronics sector, dealers said. The sell-off was triggered by a sharp depreciation of the New Taiwan dollar against the US dollar in the previous session, which prompted worry among investors about foreign fund flight, dealers said. The TAIEX ended down 144.10 points, or 1.32 percent, at 10,810.45, after moving between 10,799.07 and 10,965.20, on turnover of NT$152.43 billion (US$5.19 billion). Foreign institutional investors sold a net NT$9.21 billion worth of shares on the main board, Taiwan Stock Exchange data showed.
STEELMAKERS
Little fire damage: Yieh Phui
Yieh Phui Enterprise Co (燁輝) yesterday said a fire on Monday at its plant in Kaohsiung’s Ciaotou District (橋頭) would have a limited effect on its operations. The fire broke out at 12pm at one of the company’s cold-rolled steel production lines and was extinguished in about an hour, Yieh Phui said in a statement. The company is still assessing losses, which are to be fully covered by its insurance policies, it said. The incident would not affect its shipments, as the capacity lost in the fire would be fully made up by the other three production lines, it added. Yieh Phui shares yesterday dropped 2.36 percent in Taipei trading to close at NT$10.35, underperforming the broader market.
MANUFACTURING
Hiwin shares hit record high
Hiwin Technologies Co (上銀科技) shares yesterday closed at a record high on expectations that sales would pick up this year on robust customer demand. The Taichung-headquartered machinery maker’s stock rose 2.59 percent to close at NT$514, beating the TAIEX, which decreased 1.32 percent. Hiwin posted revenue of NT$6.55 billion for last quarter, a 52.37 percent jump from the NT$4.3 billion it posted during the same period last year.
PHARMACEUTICALS
PharmaEssentia given grant
PharmaEssentia Corp (藥華醫藥) on Monday announced that it has been included in a government subsidy program to promote local export-oriented biotechnology firms. With the help of subsidies from the Ministry of Economic Affairs, the firm would begin developing a second-generation manufacturing process for Ropeginterferon alfa-2b (Ropeg), its new polycythemia vera drug. The process would be crucial in ensuring adequate Ropeg supply from the company’s protein production plant in Taichung, as the drug is anticipated to gain regulatory approval in the US, Japan and China within the next three years.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI