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.
BYPASSING CHINA TARIFFS: In the first five months of this year, Foxconn sent US$4.4bn of iPhones to the US from India, compared with US$3.7bn in the whole of last year Nearly all the iPhones exported by Foxconn Technology Group (富士康科技集團) from India went to the US between March and last month, customs data showed, far above last year’s average of 50 percent and a clear sign of Apple Inc’s efforts to bypass high US tariffs imposed on China. The numbers, being reported by Reuters for the first time, show that Apple has realigned its India exports to almost exclusively serve the US market, when previously the devices were more widely distributed to nations including the Netherlands and the Czech Republic. During March to last month, Foxconn, known as Hon Hai Precision Industry
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and the University of Tokyo (UTokyo) yesterday announced the launch of the TSMC-UTokyo Lab to promote advanced semiconductor research, education and talent development. The lab is TSMC’s first laboratory collaboration with a university outside Taiwan, the company said in a statement. The lab would leverage “the extensive knowledge, experience, and creativity” of both institutions, the company said. It is located in the Asano Section of UTokyo’s Hongo, Tokyo, campus and would be managed by UTokyo faculty, guided by directors from UTokyo and TSMC, the company said. TSMC began working with UTokyo in 2019, resulting in 21 research projects,
Taiwan’s property market is entering a freeze, with mortgage activity across the nation’s six largest cities plummeting in the first quarter, H&B Realty Co (住商不動產) said yesterday, citing mounting pressure on housing demand amid tighter lending rules and regulatory curbs. Mortgage applications in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung totaled 28,078 from January to March, a sharp 36.3 percent decline from 44,082 in the same period last year, the nation’s largest real-estate brokerage by franchise said, citing data from the Joint Credit Information Center (JCIC, 聯徵中心). “The simultaneous decline across all six cities reflects just how drastically the market
Ashton Hall’s morning routine involves dunking his head in iced Saratoga Spring Water. For the company that sells the bottled water — Hall’s brand of choice for drinking, brushing his teeth and submerging himself — that is fantastic news. “We’re so thankful to this incredible fitness influencer called Ashton Hall,” Saratoga owner Primo Brands Corp’s CEO Robbert Rietbroek said on an earnings call after Hall’s morning routine video went viral. “He really helped put our brand on the map.” Primo Brands, which was not affiliated with Hall when he made his video, is among the increasing number of companies benefiting from influencer
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