TAIEX falls 0.27%
The TAIEX fell 0.27 percent yesterday, reversing gains from trade earlier in the day, amid investor concerns about global economic fundamentals.
The TAIEX closed down 20.8 points, or 0.27 percent, to end at 7,798.59 on turnover of NT$104.69 billion (US$3.62 billion).
The market surged 71.11 points immediately after the opening bell, sending the index to the day’s high of 7,896.19, buoyed by overnight gains on Wall Street and in European markets.
However, the index plunged below 7,800 points a short time later, falling to the day’s low of 7,778.65.
A total of 2,175 stocks closed up and 2,067 were down, with 587 unchanged.
FSC fines E.Sun Commercial
The Financial Supervisory Commission (FSC) yesterday fined E.Sun Commercial Bank (玉山銀行), the banking arm of E.Sun Financial Holding Co (玉山金控), NT$1 million (US$34,578) for leasing real estate intended for its own use.
The leased space takes up all of the property at issue, at variance with banking regulations that cap areas to be leased at less than 50 percent to meet the “self use” requirement, the financial regulator said in a statement.
The limit is designed to stop lenders from speculating in real estate, a practice that has sent real-estate prices soaring in recent years.
Hua Nan approved in Macau
Hua Nan Commercial Bank (華南銀行), the banking arm of state-run Hua Nan Financial Holding Co (華南金控), has won approval from Macau authorities to set up a branch in the Chinese territory, the lender said in a statement yesterday.
Hua Nan said the branch would focus on foreign currency operations and would serve small and medium-sized Taiwanese firms in Macau, the lender said.
The branch is yet another bid by Hua Nan to enhance its presence in the Greater China area, where it already operates a branch in Hong Kong and Shenzhen, Guangdong Province.
Majority want to take exams
More than 80 percent of the public want to take Civil Service Exams (CSE) to secure stable jobs, according to the results of a survey released yesterday by 1111 Job Bank.
The respondents who expressed an interest in entering public service included office workers, job seekers and students. Forty percent of respondents believe that by passing the CSE, which are held by the Ministry of Examination, they are guaranteed permanent employment.
Other attractions include having a stable income, fixed working time and a secure retirement.
The results show that despite an economic recovery, the public still desire stable jobs, the job bank said.
The survey, conducted from July 26 to Aug. 9, collected 781 valid samples through e-mail and had a confidence level of 95 percent, with a margin of error of plus or minus 3.5 percentage points.
Hon Hai to invest in Foxconn
Hon Hai Precision Industry Co (鴻海) said yesterday the company would increase its investment by US$10.25 million in its wholly owned unit Foxconn Holding Ltd.
The world’s largest contract manufacturer of electronics products did not give more details in the stock exchange statement.
NT dollar rises slightly
The New Taiwan dollar rose against the US dollar yesterday, adding NT$0.004 to close at NT$28.948.
Turnover totaled US$786 million, compared with US$559 million on Monday.
Nvidia Corp CEO Jensen Huang (黃仁勳) is expected to miss the inauguration of US president-elect Donald Trump on Monday, bucking a trend among high-profile US technology leaders. Huang is visiting East Asia this week, as he typically does around the time of the Lunar New Year, a person familiar with the situation said. He has never previously attended a US presidential inauguration, said the person, who asked not to be identified, because the plans have not been announced. That makes Nvidia an exception among the most valuable technology companies, most of which are sending cofounders or CEOs to the event. That includes
TARIFF TRADE-OFF: Machinery exports to China dropped after Beijing ended its tariff reductions in June, while potential new tariffs fueled ‘front-loaded’ orders to the US The nation’s machinery exports to the US amounted to US$7.19 billion last year, surpassing the US$6.86 billion to China to become the largest export destination for the local machinery industry, the Taiwan Association of Machinery Industry (TAMI, 台灣機械公會) said in a report on Jan. 10. It came as some manufacturers brought forward or “front-loaded” US-bound shipments as required by customers ahead of potential tariffs imposed by the new US administration, the association said. During his campaign, US president-elect Donald Trump threatened tariffs of as high as 60 percent on Chinese goods and 10 percent to 20 percent on imports from other countries.
Taiwanese manufacturers have a chance to play a key role in the humanoid robot supply chain, Tongtai Machine and Tool Co (東台精機) chairman Yen Jui-hsiung (嚴瑞雄) said yesterday. That is because Taiwanese companies are capable of making key parts needed for humanoid robots to move, such as harmonic drives and planetary gearboxes, Yen said. This ability to produce these key elements could help Taiwanese manufacturers “become part of the US supply chain,” he added. Yen made the remarks a day after Nvidia Corp cofounder and chief executive officer Jensen Huang (黃仁勳) said his company and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) are jointly
MARKET SHIFTS: Exports to the US soared more than 120 percent to almost one quarter, while ASEAN has steadily increased to 18.5 percent on rising tech sales The proportion of Taiwan’s exports directed to China, including Hong Kong, declined by more than 12 percentage points last year compared with its peak in 2020, the Ministry of Finance said on Thursday last week. The decrease reflects the ongoing restructuring of global supply chains, driven by escalating trade tensions between Beijing and Washington. Data compiled by the ministry showed China and Hong Kong accounted for 31.7 percent of Taiwan’s total outbound sales last year, a drop of 12.2 percentage points from a high of 43.9 percent in 2020. In addition to increasing trade conflicts between China and the US, the ministry said
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