Reserves reach record
Taiwan’s foreign-exchange reserves hit a record last month, largely due to a massive inflow of funds, the central bank said on Friday. An increase in returns on the central bank’s investment portfolio also drove up forex reserves last month, the bank said. Data compiled by the bank showed that forex reserves as of the end of last month stood at US$469.49 billion, up US$1.32 billion from August. It was the fourth consecutive month that Taiwan recorded a new high in reserves, the data showed.
HTC reports sales rise
HTC Corp (宏達電) on Thursday reported its first year-on-year increase in monthly sales in more than two years. HTC posted NT$1.275 billion (US$41.16 million) in consolidated sales last month, up 1.53 percent from a year earlier, it said in a statement. On a monthly basis, consolidated sales soared 73.7 percent, marking the second consecutive month of increases. Despite its efforts to develop virtual-reality headsets, strong competition in the global smartphone market squeezed HTC’s sales for the first nine months of this year, with cumulative revenue falling 58.17 percent from a year earlier to NT$8.2 billion.
ASE issues green bonds
ASE Technology Holding Co (ASE, 日月光投控), the world’s biggest chip packager and tester, on Thursday issued US$300 million of green bonds to offset its emissions. The company is the fourth to sell green bonds in Taiwan after Far Eastern New Century Corp (遠東新世紀), Evergreen Marine Corp (長榮海運) and Chi Mei Corp (奇美實業), but the first to issue foreign currency-denominated green bonds, the exchange said.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
ELECTRIC FARMLAND: TSMC’s proposal to clear 230 hectares of reforested land for what would become Taiwan’s largest photovoltaic solar farm has generated concerns New rules curbing solar farms built on agricultural land sparked fierce debate at a packed public hearing at the Legislative Yuan yesterday, with industry representatives saying that the new restrictions would endanger President Tsai Ing-wen’s (蔡英文) green energy goals, while agricultural officials emphasized the importance of protecting farmers and the environment. The Tsai administration has set a target to generate 20 percent of the nation’s power from renewable sources by 2025, by which time it also aims to install 20 gigawatts (GW) of solar power, including 6GW from rooftop solar systems and 14GW from ground-mounted solar farms. Although rooftop solar systems are
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this