TAIEX closes lower
The TAIEX closed 2.56 percent lower yesterday in heavy trade as investors rushed to dump their holdings after a sell-off on Wall Street overnight amid economic concerns, dealers said.
The TAIEX closed down 203.66 points to the day’s low of 7,736.98, off a high of 7,889.57, on turnover of NT$159.31 billion (US$4.98 billion).
The market opened down 0.64 percent after Wall Street’s 1.3 percent fall, and selling accelerated across the board after the latest disappointing US home sales data cemented fears that the slower pace of the US economy will affect global demand, dealers said.
A total of 3,358 stocks closed down, 637 were up and 91 remained unchanged.
CPC to launch new project
CPC Corp, Taiwan (CPC, 台灣中油) will launch a pilot project to capture carbon dioxide for geologic storage in the fourth quarter of this year, the state-run oil refinery said yesterday.
The project is expected to be concluded late next year, with the storage volume estimated at 50,000 tonnes to 100,000 tonnes, according to Wu Jung-chang (吳榮章), president of the company’s Exploration and Development Research Institute.
Wu said the storage site will be selected from among existing oil fields in Hsinchu and Miaoli.
CPC has in recent years been engaging in research into carbon capture and storage, a technology aimed at reducing carbon emissions into the atmosphere.
Compal announces investment
Compal Electronics Inc (仁寶) said it would invest US$7.35 million in a proposed joint venture in China with South Korea’s LG Display Co (LGD), according to a stock exchange filing.
The two partners have tentatively set the capital size of the new company at US$15 million, the filing said. Based on this figure, Compal is expected to take a 49 percent stake and LGD will hold the remaining 51 percent.
On Tuesday, Compal announced the plan to set up a joint venture with LG Display in Kunshan, Jiangsu Province for the production of components used in notebooks.
Sanyang joins subsidy list
Sanyang Industry Co (三陽工業) is the latest company included in the Ministry of Economic Affairs’ subsidy scheme to promote the consumer adoption of electric scooters, the ministry said in a statement yesterday.
Sanyang’s model EA1LU is the fourth scooter to enjoy the subsidy, following the “e-Mo” (model EV3A) developed by E-Ton Power Tech Co (益通動能科技), the “Sunboy” (model EA10BB) from Kwang Yang Motor Co (光陽機車), as well as the “e-moving” (model EM198) from China Motors Corp (中華汽車).
All four electric motorcycle models have been certified by the government and consumers are entitled to a NT$8,000 (US$242) cash rebate when they purchase them, the MOEA said.
UMC board approves spending
United Microelectronics Corp’s (UMC, 聯電) board approved raising its spending on equipment this year to boost production capacity for its leading-edge technology to meet customers demand, the Hsinchu-based chipmaker said in an exchange filing yesterday.
Spending will rise to US$1.82 billion from US$1.8 billion budgeted on Aug. 4, according to the statement. UMC in April planned spending of US$1.2 billion to $1.5 billion for this year.
NT dollar up against greenback
The New Taiwan dollar rose against the US dollar yesterday, up NT$0.025 to close at NT$32.055. Turnover was US$958 million.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
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READY TO BUY: Shortly after Nvidia announced the approval, Chinese firms scrambled to order the H20 GPUs, which the company must send to the US government for approval Nvidia Corp chief executive officer Jensen Huang (黃仁勳) late on Monday said the technology giant has won approval from US President Donald Trump’s administration to sell its advanced H20 graphics processing units (GPUs) used to develop artificial intelligence (AI) to China. The news came in a company blog post late on Monday and Huang also spoke about the coup on China’s state-run China Global Television Network in remarks shown on X. “The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. “Today, I’m announcing that the US government has approved for us
The National Stabilization Fund (NSF, 國安基金) is to continue supporting local shares, as uncertainties in international politics and the economy could affect Taiwanese industries’ global deployment and corporate profits, as well as affect stock movement and investor confidence, the Ministry of Finance said in a statement yesterday. The NT$500 billion (US$17.1 billion) fund would remain active in the stock market as the US’ tariff measures have not yet been fully finalized, which would drive international capital flows and global supply chain restructuring, the ministry said after the a meeting of the fund’s steering committee. Along with ongoing geopolitical risks and an unfavorable
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