Stocks dropped for a second day, led by financial companies such as Cathay Financial Holding Co (國泰金控) and Chinatrust Financial Holding Co (中信金控).
The government has pushed back the timeframe for banks to meet lower bad-loan ratio targets, which will slow down a balance sheet clean-up, a local newspaper reported, citing a meeting chaired by Vice Premier Lin Hsin-i (林信義).
``Everybody is using stricter standards to judge financial holding companies now,'' said Belinda Yu, who manages NT$8 billion (US$230 million) of assets at Jih Sun Securities Investment Trust Co (
The TAIEX shed 54.48, or 1.2 percent, to close at 4,550.83. The benchmark rose as much as 1.5 percent in intra-day trading. Banks and insurers were the second-biggest decliners as a group. More than three stocks fell for every one that gained. The value of overall trade was NT$65.2 billion.
Cathay Financial, which owns the country's largest life insurer, fell NT$0.90, or 2.3 percent, to NT$38.50. Chinatrust Financial dropped NT$0.40, or 1.4 percent, to NT$29.30.
The Ministry of Finance now targets a cut in banks' average non-performing loan ratio to 6 percent by the end of the year and to 5 percent by the end of next year, according to the report. The two targets were initially scheduled for June and December this year, respectively.
Advanced Semiconductor Engineering Inc (
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
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