TAIEX closes down
The TAIEX reversed its early gains on profit taking and moved to negative territory at the end of the session yesterday as market sentiment remained cautious because of the debt problems in the eurozone, dealers said.
Turnover remained low, with many investors still staying on the sidelines, watching closely what the leaders at the EU would conclude in their upcoming summit to tackle the financial crisis in the region, dealers said.
The weighted index closed down 13.40 points, or 0.19 percent, at 7,169.61 on turnover of NT$60.71 billion (US$2.03 billion).
Bad-loan ratio drops
Taiwan’s bad-loan ratio dropped to 0.58 percent at the end of last month, from 0.62 percent at the end of April, the Financial Supervisory Commission said yesterday.
Non-performing loans totaled NT$128.6 billion last month, down NT$7.8 billion from a month earlier, the commission said.
Of the 38 domestic lenders, only Cosmos Bank Taiwan (萬泰銀行) had a bad-loan ratio above the 2 percent threshold, commission data indicated.
The overall coverage ratio gained 7.67 percentage points to 185.36 percent last month, from 177.69 percent one month earlier, the commission said.
Cathay China branch approved
The Financial Supervisory Commission yesterday approved plans by Cathay United Bank (國泰世華銀行) to set up a branch in China’s Qingdao, Shandong Province.
The planned branch will be the second in China after the first one in Shanghai, as Cathay United Bank, the banking arm of Cathay Financial Holding Co (國泰金控), is seeking to expand in China.
GRETAI, NASDAQ in deal
GRETAI Securities Market signed a memorandum of understanding with the US’ NASDAQ OMX on Tuesday, aiming to establish frequent interchanges, communications and development mechanisms, as well as enhance information and personnel exchanges.
GRETAI chairman Gordon Chen (陳樹) and NASDAQ OMX chief executive officer Bob Greifeld signed the document in Stockholm, Sweden, at the 2012 Technology of the Future conference.
Tablet computer sales to jump
Worldwide tablet computer shipments are expected to hit 120 million units this year, a jump of 63 percent from last year, amid a slowdown in PC shipment growth, according to the Market Intelligence & Consulting Institute (MIC, 產業情報研究所) yesterday.
Tablets made by Taiwanese manufacturers are expected to account for more than 80 percent of tablets made globally, MIC analyst Chris Hung (洪春暉) said.
Taiwan’s tablet shipments for the second half of this year are expected to hit 54.8 million units, a 43 percent increase from the first half of the year, on the launch of Google Inc’s first co-branded tablet, Nexus 7, with Asustek Computer Inc (華碩), Apple Inc’s iPad and Microsoft’s Surface tablet.
Taiwan, Japan eye trade pact
Taiwan and Japan are expected to sign an economic trade pact this year, Minister of Economic Affairs Shih Yen--shiang (施顏祥) said on Wednesday.
Taiwan and Japan signed an investment agreement and an open-skies agreement to liberalize bilateral commercial aviation exchanges last year, as well as a memorandum of understanding on the Patent Prosecution Highway program this year to speed up the process of patent screening.
NT rises against US dollar
The New Taiwan dollar rose against the US dollar yesterday, adding NT$0.004 to close at NT$29.956.
Turnover totaled US$605 million during the trading session.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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