Local chipmaker Vanguard Inter-national Semiconductor Corp (世界先進) yesterday rejected speculation that the Cabinet -- one of its major shareholders -- would nominate a new candidate to replace chairman Lin Chuan (林全) after the Chinese Nationalist Party's (KMT) victory in the presidential election.
"The report about the personnel changes involving Vanguard chairman Lin Chuan is mere media speculation. It is groundless," Vanguard said in an e-mailed statement.
The company's remarks came after the Chinese-language newspaper Commercial Times reported yesterday that Lin could step down in response to the shuffle in the nation's political landscape.
JOINT DECISION
Two years ago, major shareholders the Democratic Progressive Party's Cabinet and Taiwan Semiconductor Manufacturing Co (TSMC,
The Cabinet owns a controlling 16 percent stake in Vanguard via a venture capital fund called the Development Fund.
The fund said it would offer its full support to Lin to retain his post of Vanguard's chairman as he has made great contributions to safeguarding shareholders' interests by pushing for better financial results, a statement released yesterday said.
SOLID SUPPORT
TSMC, which holds a 36 percent share of Vanguard, also sided with Lin.
"Dr (Chuan) Lin's performance over the past two years as Chairman of Vanguard International Semiconductor has been excellent and TSMC supports his continued service as chairman of Vanguard," TSMC chairman Morris Chang (
Vanguard's net income surged 43 percent last year to reach NT$4.32 billion (US$144 million) or NT$2.53 per share, compared with NT$3.02 billion, or NT$1.8 a share in 2006.
Shares of Vanguard rose 0.47 percent, or NT$0.1, to NT$21.6 yesterday on the GRETAI Securities Market, defying a 0.79-percent loss on the benchmark TAIEX index.
SETBACK: Apple’s India iPhone push has been disrupted after Foxconn recalled hundreds of Chinese engineers, amid Beijing’s attempts to curb tech transfers Apple Inc assembly partner Hon Hai Precision Industry Co (鴻海精密), also known internationally as Foxconn Technology Group (富士康科技集團), has recalled about 300 Chinese engineers from a factory in India, the latest setback for the iPhone maker’s push to rapidly expand in the country. The extraction of Chinese workers from the factory of Yuzhan Technology (India) Private Ltd, a Hon Hai component unit, in southern Tamil Nadu state, is the second such move in a few months. The company has started flying in Taiwanese engineers to replace staff leaving, people familiar with the matter said, asking not to be named, as the
The prices of gasoline and diesel at domestic fuel stations are to rise NT$0.1 and NT$0.4 per liter this week respectively, after international crude oil prices rose last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday. Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$27.3, NT$28.8 and NT$30.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements. The price of premium diesel is to rise to NT$26.2 per liter at CPC stations and NT$26 at Formosa pumps, they said. The announcements came after international crude oil prices
DOLLAR SIGNS: The central bank rejected claims that the NT dollar had appreciated 10 percentage points more than the yen or the won against the greenback The New Taiwan dollar yesterday fell for a sixth day to its weakest level in three months, driven by equity-related outflows and reactions to an economics official’s exchange rate remarks. The NT dollar slid NT$0.197, or 0.65 percent, to close at NT$30.505 per US dollar, central bank data showed. The local currency has depreciated 1.97 percent so far this month, ranking as the weakest performer among Asian currencies. Dealers attributed the retreat to foreign investors wiring capital gains and dividends abroad after taking profit in local shares. They also pointed to reports that Washington might consider taking equity stakes in chipmakers, including Taiwan Semiconductor
A German company is putting used electric vehicle batteries to new use by stacking them into fridge-size units that homes and businesses can use to store their excess solar and wind energy. This week, the company Voltfang — which means “catching volts” — opened its first industrial site in Aachen, Germany, near the Belgian and Dutch borders. With about 100 staff, Voltfang says it is the biggest facility of its kind in Europe in the budding sector of refurbishing lithium-ion batteries. Its CEO David Oudsandji hopes it would help Europe’s biggest economy ween itself off fossil fuels and increasingly rely on climate-friendly renewables. While