■ Stocks close higher
Share prices closed 0.47 percent higher yesterday after bargain-hunting outweighed early falls driven by Wall Street's overnight weakness amid renewed interest rate concerns, dealers said.
The TAIEX closed up 29.96 points at 6,471.42, on turnover of NT$61.20 billion (US$1.86 billion).
"Recent light turnover signaled the potential for the market to bottom out going forward," said Tu Jin-lung (杜金龍), chairman of Grand Cathay Investment Services Corp (大華投顧). "Riding on the Wall Street-driven falls in early trade, investors hunted for bargains, including those going ex-dividend today."
Some investors began building portfolios when stock prices were diluted after going ex-dividend.
■ Philips-BenQ venture approved
Royal Philips Electronics NV secured antitrust approval to set up a data-storage venture with Taiwan's No. 1 cellphone maker BenQ Corp (明基), the European Commission announced in a statement yesterday.
The venture, in which Philips will hold a 51 percent stake and BenQ the rest, will cooperate on the development, manufacture and sale of optical data storage drives for personal computers.
■ Microsoft workers allowed in
The government yesterday gave the green light to 421 Chinese employees of Microsoft Corp to attend the software giant's regional meeting in Taipei later this month, but is still reviewing a mainland official's application to visit the nation.
The Ministry of Economic Affairs approved Microsoft's application for its 421 mainland staff to attend Microsoft's Greater China regional annual meeting, to be held on from the 20th to 27th of this month at the Taipei Sheraton Hotel.
In the past, Microsoft had to hold its regional annual meetings in China, Hong Kong or Macau, due to Taiwan's policy of allowing international companies to bring in only 30 Chinese staff at a time to attend meetings in Taiwan.
■ Beijing Sanyuan eyes Taiwan
Beijing Sanyuan Foods Co (北京三元食品), a Chinese partner of McDonald's Corp, said it has talked to local and overseas potential strategic investors including Uni-President Enterprises Corp (統一企業), the nation's biggest food company.
"The discussion with Uni-President has merely been an exchange of information and both parties have not entered actual negotiations," money-losing Sanyuan said in a statement to the Shanghai Stock Exchange yesterday. The statement denied a local media report that Uni-President has agreed to buy a 35 percent stake at 4 yuan per share.
Sanyuan, which produces and sells milk products, is one of Uni-President's potential partners, but "both sides haven't reached any concrete agreements," Uni-President spokeswoman Selina Wu (吳旭慧) said yesterday.
■ AIG acquires local firm
American International Group Inc (AIG) said yesterday that it has completed the acquisition of Taiwan-based Central Insurance Co (中央產險).
AIG subsidiary AIG Direct Marketing Co made the acquisition through a statutory share swap and now owns 100 percent of the company's shares, according to an AIG statement.
The AIG unit offered 1.71 preferred shares for each Central Insurance common share, in a transaction that valued the Tai-wanese firm at US$190 million.
■ NT dollar trades lower
The New Taiwan dollar traded lower against its US counterpart yesterday, declining NT$0.046 to close at NT$32.864 on the Taipei foreign exchange market.
Turnover was US$942 million.
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
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US