TAIEX ends little changed
The TAIEX closed little changed yesterday after rotational buying in old economy stocks offset pressure in large-cap electronics shares, dealers said.
The bellwether tech sector extended losses from the previous session amid lingering concerns over global demand in the third quarter, they said.
The benchmark index fell 2.95 points, or 0.03 percent, to 8,488.06, after moving between 8,452.86 and 8,539.18, on turnover of NT$114.94 million (US$3.98 billion).
The machinery and electronics sector suffered the heaviest losses, finishing down 0.8 percent. Financials fell 0.1 percent, while the paper and pulp sector closed unchanged. Plastics and chemicals bucked the trend by rising 1.7 percent.
Average stock returns negative
Shares on the local market had an average rate of return of minus-3.57 percent in the first half of this year, the Taiwan Stock Exchange Corp reported on Monday.
Performance by stock showed that Ching Feng Home Fashions Co (慶豐富實業) had the poorest rate of return at minus-50.3 percent. It was affected in part by the suspension of margin trading for its stock late last month.
Senao International Co (神腦國際), which has forged partnerships with local retailers to extend its market share in China, had the best rate of return at 118.64 percent, backed by investment trust companies’ buying.
HTC picks marketing chief
HTC Corp (宏達電), the world’s fifth-largest smartphone maker, yesterday announced the promotion of Jason Mackenzie to the newly created position of global sales and marketing president, with immediate effect.
Mackenzie joined HTC in 2005. In 2007, he was promoted to president managing the firm’s operations in North America and Latin America, HTC said in a statement.
Before joining HTC, he held sales and marketing positions in companies like Denso Wireless and was a vice president at Siemens Communications.
MediaTek plans buyback
MediaTek Inc (聯發科), the nation’s biggest handset chip designer, yesterday said the board had approved a plan to repurchase 80 million common shares, or 0.73 percent of its total capital shares, from the stock market to safeguard shareholders’ interests.
This is the first share buyback plan in seven years. MediaTek plans to spend NT$2.97 billion on the share buyback program and will cancel the shares thereafter.
MediaTek plans to repurchase shares over the next two months ending on Sept. 13 at NT$247 to NT$371 per share.
As of yesterday, MediaTek shares have plunged more than 40 percent to NT$247 since the beginning of this year.
85°C expanding in US
Gourmet Master Co (美食達人), operator of the popular 85°C bakery and coffee chain, said yesterday it planned to open its second coffee store in California next month.
Public relations and marketing director Kathy Chung (鐘靜如) said Gourmet Master was talking to potential partners to develop the US market. She declined to give details.
Gourmet Master operates 325 85°C coffee shops in Taiwan, more than 200 in China, one in the US and four in Australia. The company last week announced that it had teamed up with Cafe de Coral Holdings Ltd to open 25 coffee shops in Hong Kong in three years.
NT dollar advances
The New Taiwan dollar gained ground against its US counterpart yesterday, rising NT$0.098 to close at NT$28.90 on turnover of US$798 million.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion