TAIEX slides on retreat
Shares closed 1.43 percent lower yesterday on the back of the retreat in major regional markets during morning trade, dealers said.
The TAIEX closed down 114.68 points at 7,888.63, on turnover of NT$108.29 billion (US$3.28 billion).
The New Taiwan dollar rose NT$0.023 to close at NT$33.136 against the US dollar, on turnover of US$1.46 billion.
TTV shares to go on sale soon
The government is scheduled to start offering shares of the Taiwan Television Enterprise (TTV, 台視) to the public at NT$12 per share, starting from May 15 to June 22.
There will be more than 54 million shares, or a 19.46 stake in TTV, offered to the general public, Liu Chen-lo (劉振樂), vice president of Taiwan Cooperative Bank (合作金庫銀行), said yesterday.
The government will also offer 2.16 percent of TTV shares at NT$10.8 per share to TTV employees as stock options, Liu said.
The share sale is expected to be completed by the end of August, he added.
Investors eye China United
The Financial Supervisory Commission is mulling halting the government's takeover of China United Trust and Investment Corp (中聯信託) as a foreign investor is offering to plow over NT$10 billion (US$302 million) into the debt-ridden lender.
A foreign asset management firm has expressed its long-term investment interest in China United, commission Chairperson Susan Chang (張秀蓮) said yesterday.
The company plans to explore more investment opportunities in the local market if the acquisition is successful, Chang said.
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