■ Huang to fill APEC post \nTheodore Huang (黃茂雄), president of the National Association of Industry and Commerce (工商協進會), has consented to serve as a representative of the APEC Business Advisory Council, the Ministry of Foreign Affairs said yesterday. \nHuang, also chairman of the TECO group (東元), will fill the vacancy left by Sayling Wen (溫世仁), late vice chairman of Inventec Co (英業達) who died last December, the ministry said. \nThe other two council representatives are Jeffrey Koo (辜濂松), chairman of Chinatrust Financial Holding Co (中信金控) and Henry Kao (高志尚), vice chairman of I-Mei Foods Co (義美食品). \nThe council is an advisory agency under APEC which serves to solicit the views of the business sector among APEC members for reference. Each APEC member can recommend three representatives to the council. \n■ Foreign reserves rise \nForeign-currency reserves, the third-highest in the world, rose for the 37th month to a record US$230.4 billion last month, the central bank said. \nThe reserves -- rising 0.1 percent from US$230.09 billion in June and an increase of US$23.77 billion from the end of 2003 -- mainly reflect returns from foreign exchange reserve management, the central bank said in a statement. \nTaiwan accounted for about 7 percent of global reserves. Japan, with US$798.6 billion, had a quarter of the worldwide total at the end of June. China had US$470.6 billion, or 14 percent of the total. \n■ Handset output up five-fold \nTaiwanese mobile handset makers churned out approximately 12.6 million units in the second quarter of the year, a five-fold increase compared with the SARS-affected second quarter of 2003, the government-funded research house Market Intelligence Center (市場情報中心) said in a statement yesterday. \nBoosted by the volume growth, handset output in terms of sales reached US$830 million in the second quarter, up 50 percent from a year ago while down 16.5 percent from the previous quarter, the center said. \nBut the shipment volume of Taiwanese mobile phones is expected to edge down one percent to approximately 12.5 million units in the third quarter, as both Western Europe and North America enter a slow season while markets in China and India are expected to see a weak demand for new handsets, according to the statement. \nTaiwanese makers' share of global mobile phone shipments stood at 8.4 percent in the second quarter of the year. \n■ Singapore firm wins contract \nSingapore Technologies Engineering Ltd's electronics unit said it won a S$61.4 million (US$36 million) contract to build a radio communications system for Taiwan's railway. \nSingapore Technologies Electronics, a unit of Southeast Asia's largest defense company, will build and install a digital communications system in the rail network of Taipei, to be finished by 2012. \nThe contract allows Singapore Technologies Electronics to "strengthen our position" in Asia's rail system upgrades, said company President Seah Moon Ming, in a statement to the stock exchange. \nSingapore Technologies Electronics has worked on Taiwan's rail projects since 1993 \n■ Taiwan dollar advances \nThe New Taiwan dollar yesterday traded higher against its US counterpart, advancing NT$0.018 to close at NT$34.155 on the Taipei foreign exchange market. Turnover was US$492 million.
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