TAIEX closes down 0.4 percent
The TAIEX closed down 0.4 percent yesterday, dragged down by construction shares on fears the government would impose a new tax to curb speculation in the property market, dealers said.
The TAIEX fell 35.01 points to 8,718.83, after moving between 8,684.05 and 8,744.67, on turnover of NT$143.34 billion (US$4.75 billion).
The market opened down 0.57 percent and moved to the day’s low as investors pocketed the gains posted in the previous session, dealers said.
However, after the index fell below the 8,700-point mark, bargain hunters emerged to help the market recoup some of its losses, they said.
A total of 2,848 stocks closed down, 1,438 finished up, and 308 remained unchanged.
Fubon seeking FSC approval
Fubon Financial Holding Co’s (富邦金控) life and property insurance units plan to apply to the Financial Supervisory Commission for approval to invest in China, the Taipei-based company said in statements to the stock exchange yesterday.
Fubon Life Insurance Co (富邦人壽) plans to invest 320 million yuan (US$48.1 million) to form a life insurance venture with Nanjing Zijin Investment Holding Co (紫金控股), while Fubon Property and Casualty Insurance Co (富邦產險) plan to invest 80 million yuan in the venture, according to two separate exchange statements.
China Life acquires properties
China Life Insurance Co (中國人壽) bought properties in Taipei from Formosa Plastics Corp (台塑), Nan Ya Plastics Corp (南亞塑膠), Formosa Chemicals & Fiber Corp (台灣化學纖維) and Formosa Petrochemical Corp (台塑石化) for NT$405 million, the Taipei-based insurance company said in a statement to the Taiwan Stock Exchange yesterday.
Foxconn hiring in China
Foxconn Technology Group (富士康), the world’s largest contract maker of electronics, said its Chinese workforce now exceeds 1 million employees as the company continues to hire during the holiday season.
“We’re still hiring as we speak,” Louis Woo (胡國輝), special assistant to the CEO, said in a phone interview in Shenzhen yesterday.
Customer demand is spurring hiring, Woo said, who is responsible for supervising employee welfare at the maker of Apple Inc iPads and Hewlett-Packard Co computers.
Central bank sold 10-year bonds
The central bank on Thursday sold NT$40 billion of 10-year bonds at a yield of 1.471 percent.
The sale of the securities maturing in September 2020 attracted bids for 1.56 times the amount of debt on offer, the central bank said in a statement.
The central bank last sold the same bonds in September at a yield of 1.228 percent. That offer garnered a bid-to-cover ratio of 1.86 times.
Yuanta to hold forum
Yuanta Financial Holding Co (元大金控), which owns the nation’s largest securities brokerage, said yesterday it will host a forum on Monday aimed at bridging the knowledge gap on cross-strait financial rules, the company said in a statement yesterday.
The forum will take place in Taipei, where banking, insurance and securities officials from Beijing will share their views on capital market development and cooperation opportunities between the two sides, the statement said.
NT falls against greenback
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.03 to close at NT$30.585.
Turnover totaled US$712 million during the trading session.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
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