AUO unit sells properties
LCD panel maker AU Optronics Corp (AUO, 友達光電) yesterday announced that subsidiary AU Optronics (Slovakia) s.r.o. is to book asset disposal gains of 30.37 million euros (US$34.6 million) as it carries out an asset revitalization program. The Slovakian unit has sold a 120,100m2 factory along with a 196,400m2 parcel of land to ZNO Slovakia s.r.o. for 87.66 million euros, AUO said, adding that the disposal gains would be booked under nonoperating profits either late this year or early next year.
CNFI, associations ink MOUs
The Chinese National Federation of Industries (CNFI, 全國工業總會) yesterday signed six memorandums of understanding (MOUs) with Philippine industry associations and is looking for further opportunities for cooperation in the electronics, electric motorbike and plastics industries. At the annual Taiwan-Philippines Industrial Collaboration Summit in Taipei, Vice Minister of Economic Affairs Wang Mei-hua (王美花) said that the MOUs would increase the willingness of local firms to invest in the Philippines, where the two nations have long cooperated in the electronics industry. As a trade dispute between the US and China continues, the Philippines — which has a domestic market of more than 100 million people and tariff exemptions for exports to the US and the EU — could be an option for Taiwanese investors to reduce risk, Wang said.
ASML opens new office
Dutch semiconductor firm ASML Holding NV yesterday opened a new office at the Hsinchu Science Park X, a 28 hectare project to cultivate businesses developing next-generation technologies. Headed by Hsinchu Mayor Lin Chih-chien (林智堅), the NT$900 million (US$29.2 million) project hopes to relieve a shortage of land at the Hsinchu Science Park (新竹科學園區) and bring an additional NT$40 billion in potential business opportunities. ASML also celebrated its 15th year in Taiwan, with the firm saying that its local headcount is expected to exceed 2,500 by the end of this year.
TAIEX flat after early surge
Local stocks yesterday opened higher, but ended flat despite a positive lead from Wall Street on Wednesday. The TAIEX opened up 75 points and surged 117.54 points in just one minute to break 10,000 points. The rise was driven by high-tech shares, after the US’ benchmark Dow Jones Industrial Average rallied 617.7 points, or 2.5 percent, on Wednesday. However, three minutes after the TAIEX soared above 10,000 points, it dropped again on heavy selling. It closed up 1.05 points, or 0.01 percent, at 9,885.36. Turnover totaled NT$142.906 billion, the second-highest level since November last year.
Taiwan Life receives fines
The Financial Supervisory Commission yesterday fined Taiwan Life Insurance Co (台灣人壽保險) NT$2.4 million for contravening the Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises (保險業內部控制及稽核制度實施辦法). The insurer had failed to save and retain material evidence and records related to decisions made by its board of directors, the regulator said. The insurer was also fined another NT$1.8 million for its failure to evaluate counterparty risks when making investment decisions, it added. It also did not save evaluation reports related to its transactions of interest-sensitive assets, for which it was fined NT$600,000, the commission said.
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