Tue, May 21, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies


TAIEX closes higher

Local shares yesterday closed higher, but the upturn was limited because of technical resistance and lingering concerns over trade frictions between the US and China. Investors sold off large-cap stocks in the bellwether electronics sector later in the session, forcing the broader market to give up most of its early gains, dealers said. The TAIEX closed up 14.30 points, or 0.14 percent, at 10,398.41 on turnover of NT$106.001 billion (US$3.38 billion). Foreign institutional investors sold a net NT$4.36 billion of shares, compared with a net sell of NT$10.45 billion on Friday last week, Taiwan Stock Exchange data showed.


Minister eyeing NT$100bn

Local businesses with overseas operations are expected to pour at least NT$100 billion into the domestic economy before the end of the year, Minister of Economic Affairs Shen Jong-chin (沈榮津) said yesterday. At a meeting of the legislature’s Economics Committee, Shen said he expects NT$400 billion to be invested over the next three years. So far this year, 55 Taiwanese companies have pledged to invest NT$288.4 billion in the nation, which would create jobs and boost the local economy, the ministry said last week.


Electric models double

The nation manufactured a record 91,000 electric scooters last year, almost double the number in 2017, the Ministry of Economic Affairs reported last week. The number has been on the rise since 2014, when only 5,062 scooters were manufactured, and it increased to 50,183 in 2017, the ministry said. The government in 2016 began offering incentives for people to replace gasoline-powered scooters with electric models, which helped push up the total number of scooters sold in the nation to 1.1 million in 2017, but the number dropped to 947,000 last year, the ministry said.


Switch boosts local firms

Nvidia Corp’s comments last week about a positive outlook for Nintendo Co’s Switch gaming machine and gaming laptops are boding well for companies in the supply chain in the coming quarters, including chipmaker Macronix International Co Ltd (旺宏電子) and sensor maker PixArt Imaging Inc (原相科技), as well as gaming computer developers Micro-Star International Co (微星科技) and Gigabyte Technology Corp (技嘉科技), Yuanta Securities Investment Consulting Co (元大投顧) said yesterday. The US-based maker of video game graphics chips last week reported better-than-expected profit for the first quarter and said the inventories situation had improved.


Rescue package in doubt

Japan Display Inc, a struggling supplier of screens for Apple Inc’s iPhone, needs to find an additional investor to get a ¥80 billion (US$727 million) rescue package from a group of Taiwanese and Chinese firms, the Asahi newspaper reported. Negotiations with the consortium will not advance until an extra source of capital is found, Asahi said, citing unnamed people familiar with the matter. Japan Display on Saturday said in a statement that there was no truth to the report, without elaborating. The new investor, which would have to invest tens of billions of yen, is necessary because the backers have discovered that Japan Display is in far worse shape than was estimated when the infusion was first announced last month, the report said.

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