Resistance limits TAIEX
The TAIEX closed little changed yesterday as technical resistance ahead of the 7,950 to 8,000 points range eroded early gains brought by follow-through buying from the previous trading session, dealers said.
The TAIEX fell 6.55 points to 7,884.40, after moving between 7,876.67 and 7,922.07, on turnover of NT$126.49 billion (US$3.97 billion).
The market opened 0.30 percent up and then hit the day’s high, with interest focusing on select old economy shares before profit-taking emerged to drag down the index as concerns over the global economy remained, dealers said.
A total of 1,620 stocks closed up and 2,169 down, with 321 remaining unchanged.
Chimei raises salaries
Chimei Innolux Corp (奇美電子), the nation’s largest maker of LCD panels, raised wages for its workers in Taiwan last month, spokesman Eddie Chen (陳彥松) said by telephone yesterday.
The Chinese-language Apple Daily reported the company raised wages by more than 10 percent, without citing sources. Chen declined to comment on the size of the wage increases.
The move came after the company said last week it had adjusted downward factory output in the third quarter on weak demand.
Crude oil purchases drop
Taiwan purchased less crude oil last month after a refiner shut plants because of accidents.
Shipments fell 49 percent from a year earlier to 19.7 million barrels, the Ministry of Finance said yesterday. The August oil bill declined 46 percent to US$1.45 billion, the ministry said in a statement.
Formosa Petrochemical Corp (台塑石化) shut its 540,000 barrel-a-day Mailiao (麥寮) refinery for safety reasons after an oil leak triggered a blaze at its No. 2 residue desulfurization unit on July 25.
Formosa halted its No. 1 ethylene plant, which has an annual capacity of 700,000 tonnes, on July 7 after a fire.
The refinery has three crude distillation units, which heat oil and separate it into different products.
CIDC hosts banking seminar
The Central Deposit Insurance Corp (CIDC, 中央存保) will sponsor a two-day seminar next week on risk management trends and challenges facing the banking industry in the post-global financial crisis era.
The institution responsible for managing the nation’s deposit insurance system said the forum aims to provide a platform for government officials, academics and banking executives to exchange views over exit strategy and response measures.
The blanket deposit guarantee, introduced in September 2008 to stabilize the banking sector, is due to end by the end of the year.
Vice Premier Sean Chen (陳沖), Minister of Finance Lee Sush-der (李述德), Financial Supervisory Commission Vice Chairwoman Lee Jih-chu (李紀珠), academics and bankers from Taiwan and abroad will attend the forum on Tuesday and Wednesday.
OTP signs credit pact
OTP Bank Nyrt, Hungary’s largest lender, signed a US$20 million refinancing credit agreement with the Export-Import Bank of the Republic of China (中國輸出入銀行) to provide cheaper loans for Taiwanese products imported to Hungary, state news agency MTI said yesterday, citing OTP.
OTP Bank will give import financing at a preferential interest rate from the credit line with a maximum maturity period of five years for the Hungarian imports
NT dollar slides
The New Taiwan dollar fell against the US dollar yesterday, dropping NT$0.068 to close at NT$32.016. Turnover totaled US$581 million.
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
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