M2 expanded in June \n \nBanks' lending and investment rose last month for the first time in almost two years, helping expand the nation's money supply at the fastest pace since January, the central bank said. \nTotal loans and investments by major financial institutions rose 1.8 percent from a year earlier, the first increase since August 2001, the central bank said in a statement. \nM2, the broadest measure of the money supply, grew 2.9 percent after expanding 2.6 percent in May. \nM1B money supply rose 9.2 percent last month after increasing 7.1 percent in May. \nM1A, which tracks net currency in circulation plus checking accounts and passbook deposits, grew 6.6 percent after expanding 7.3 percent the previous month, today's report showed. \nForeign investment in the nation's stocks and increased trade receipts also helped boost M2 last month, the central bank said. \nCathay Financial's Q2 profit up \n \nCathay Financial Holding Co (國泰金控), the nation's biggest financial services company, indicated net income in the second quarter surged more than 13-fold following its acquisition of the country's 11th-biggest bank by assets. \nProfit rose to NT$6.5 billion (US$189 million) from NT$486 million in the year-earlier quarter, according to figures Bloomberg News derived by subtracting first-quarter results from the first-half figures Cathay Financial reported in an e-mailed statement. \nThe company didn't elaborate. \nShowa Denko to ally with Trace \n \nShowa Denko K.K., a Japanese aluminum smelter and maker of plastics and resins, said Thursday that it will ally with closely held Taiwan's Trace Storage Technol-ogy Corp (和喬科技) to expand production of hard disks for computers, consumer audiovisual equipment and car navigators. \nThe company also said that it will increase production capacity for its hard disks. \nIt has developed a flexible solar panel that may be used for recharging portable consumer electronics equipment, AFX-Asia reported yesterday. \nWindance complex opens \n \nA shopping-entertainment complex styled the largest in Asia opened in Hsinchu yesterday. \nThe Windance complex (風城購物中心), comprising 12 storeys above ground and five basement floors, is home to some 120 specialty shops, 15 restaurants, two department stores, a movie theater, indoor amusement park and five-star hotel. \nCiting a survey by a local public relations agency, Windance officials said the complex, with a total floor area of 362,321m2, is the largest of its kind in Asia. \nMost of the facilities are open with the exception of the movie theater, amusement park and hotel, which will have to wait until later this year. \nNT dollar slips \n \nThe NT dollar dipped against the US dollar yesterday, falling NT$0.007 to NT$34.405. Turnover totalled US$260 million. \nHowever, the NT dollar was poised for its first winning week in three after overseas investor purchases of the nation stocks boosted speculation of rising demand for the currency. \nForeign money managers bought NT$7.8 billion (US$227 million) more of stocks than they sold this week through Thursday, according to Bloomberg data. \n"Relatively high demand for Taiwan's stocks from overseas investors strengthened the Tai-wan dollar,'' said Gary Huang, a foreign-exchange trader at Union Bank of Taiwan. \nHuang correctly forecast a decline in the currency on May 29. \nGains were limited by concern the central bank will sell its currency to protect exporters.
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