TAIEX closes higher
The TAIEX yesterday closed slightly higher, despite US markets incurring heavy losses overnight amid renewed concerns over a trade dispute between the US and China, dealers said. On the local bourse, late-session buying of select large-cap stocks in the electronics and non-technology sectors helped the market recoup its early losses and close in positive territory, they said. The benchmark index closed up 28.75 points, or 0.25 percent, at the day’s high of 11,531.58 on turnover of NT$107.360 billion (US$3.52 billion), Taiwan Stock Exchange data showed. Foreign institutional investors bought a net NT$4.57 billion of shares, the data showed.
Product labeling bill passed
A bill to increase the fines for fraudulent labeling of the origin of products was passed by the legislature yesterday. The amendments to the Foreign Trade Act (貿易法) raise the maximum fine for using fake trade certificates or placing fraudulent labels of origin on exports and imports from NT$300,000 to NT$3 million. The minimum fine has been doubled, from NT$30,000 to NT$60,000, as part of the nation’s efforts to prevent the transshipment of Chinese products to the US, the Cabinet said. The increased fines also apply to authorized organizations that issue illegal certificates of origin, it said.
Nanya revenue slumps
DRAM memorychip maker Nanya Technology Co (南亞科技) yesterday posted revenue for last month of NT$4.26 billion, a 21.1 percent year-on-year decline compared with NT$5.4 billion a year earlier. On a monthly basis, revenue contracted 5.73 percent, the company said in a statement. Last month’s revenue was the lowest since June. In the first 11 months of the year, Nanya posted revenue of NT$47.4 billion, a 40.67 percent decline from NT$79.89 billion in the same period last year due to lower DRAM prices.
CHPT revenue up 33.7%
Chunghwa Precision Test Technology Co (CHPT, 中華精測), which provides wafer and chip testing services, yesterday posted revenue of NT$343.82 million for last month, up 33.7 percent from NT$257.16 million in the same period last year. That represented a 2.8 percent month-on-month decline from NT$353.65 million in October. In the first 11 months of the year, CHPT posted revenue of NT$3.08 billion, up 0.4 percent from NT$3.06 billion in the same period last year. The company said it is to book NT$260 million of depreciation costs this year for its new research-and-development center in Taoyuan.
CPC opens New Delhi office
State-run oil supplier CPC Corp, Taiwan (CPC, 台灣中油) on Monday opened a representative office in New Delhi as part of its plans to set up a plant in India. CPC is in negotiations with state-owned Indian Oil Corp to jointly set up a US$800 million plant to produce propylene derivatives, CPC president Lee Shun-chin (李順欽) said at the opening ceremony. Propylene derivatives, which are used in the production of a wide range of items such as acrylic resin and raw materials for computer monitors, are in short supply in India and demand is expected to increase sharply due to the large population and fast-growing economy, he 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
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
‘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