China-bound investment rises \n \nThe government has approved a total of 1,092 applications for China-bound investment worth US$2.54 billion in the first seven months of the year, up 31 percent from a year earlier, the Investment Commission said yesterday in a statement. \nThe electronics and electrical sector accounted for 23.89 percent of the applications while 9.93 percent were for the base metal sector, the commission said. Chemicals accounted for 8.35 percent and the precision machinery sector 6.51 percent. Almost half of the investments, 44 percent, are intended for Jiangsu Province. \nIn the seven-month period, the commission approved 455 non-China bound investment applications worth US$1.95 billion, up 6.51 percent from the same period last year. The commission approved 601 inbound investment applications during the same period worth US$1.51 billion, down 17.67 percent year-on-year, it said. \nCurrent account surplus grows \n \nThe nation's current-account surplus widened in the second quarter as investment income rose and fewer people traveled overseas during the SARS outbreak. \nThe surplus widened to US$6.58 billion from US$5.79 billion a year earlier, the central bank said in a statement. \nThe income surplus increased to US$2.4 billion from US$1.59 billion, the bank said. The deficit on the services account narrowed to US$859 million from US$1.11 billion. \nThe trade surplus narrowed to US$5.68 billion from US$5.95 billion. Taiwan's financial account turned to a deficit of US$2.09 billion from a surplus of US$10.9 billion as fund managers in the country invested more money in foreign stocks and bonds, the bank said. \nGrowth forecasted for chips \n \nThe worldwide semiconductor market will grow 11.2 percent this year compared to last year due to increasing demand, US-based research firm Gartner Inc predicted on Tuesday. \nLast year the global semiconductor industry made US$156 billion in sales revenue. Gartner forecast Tuesday that the figure will reach US$173 billion this year. \n"Noteworthy improvements in market conditions during the last few weeks confirm that the industry is continuing its recovery as expected and is about to enter a more accelerated growth phase," said Richard Gordon, vice president for Gartner's semiconductor research group, in a statement. \n"While many industry watchers have been revising down their forecasts recently, we have been predicting growth of around 10 percent for 2003 since the fourth quarter of last year," he said. \nChinatrust sets swap offer \n \nChinatrust Financial Holding Co (中信金控) is offering shareholders 0.633 preference shares and 0.254 common shares for each Grand Commercial Bank (萬通銀行) share in its attempted takeover of the lender controlled by the nation's largest food company. \nGrand Commercial will issue 407.5 million new shares to facilitate the offer, Michael Jong (鍾隆吉), vice chairman of the financial arm of the Koos Group (和信集團), said after a shareholder meeting yesterday. \nNT dollar hits one-year high \n \nThe NT dollar had its highest close in almost a year yesterday on trader expectations of growing currency demand by overseas investors. \nThe NT dollar gained 0.2 percent to NT$34.298 against its US counterpart, its strongest close since Sept. 9 last year. Turnover was US$615 million. \nInternational fund managers on Tuesday purchased a net NT$11.6 billion (US$338 million) of Taiwanese stocks, the most since May 29, according to Bloomberg data.
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the
SCATTERED: Production would be dispersed among a number of countries, which would bring an end to so-called world factories, Hon Hai chairman Young Liu said Decentralized production would be the new focus in manufacturing, Hon Hai Precision Industry Co (鴻海精密) chairman Young Liu (劉揚偉) yesterday told an online forum held by the Market Intelligence & Consulting Institute (MIC, 產業情報研究所). “The COVID-19 pandemic exerted a heavy impact on supply chains as well as production ... [production] would no longer be concentrated in solely one country, this is the end of what we used to call world factories,” Liu said during a panel discussion hosted by MIC director Victor Tsan (詹文男). As the US and China continue to dominate and sway international relations, the rest of the world is
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five