TAIEX edges slightly lower
The TAIEX edged slightly lower in a quiet session yesterday as many investors stayed on the sidelines before global index provider MSCI releases the results of its index revisions today, dealers said.
Market sentiment also remained cautious amid lingering concerns over the world’s economic fundamentals after the GDP of the eurozone for the second quarter contracted 0.2 percent from a quarter earlier, they said.
In the high-tech sector, smartphone vendor HTC Corp (宏達電) fell 4.13 percent to close at NT$243.50 after the company said chairwoman Cher Wang (王雪紅) did not buy any HTC shares last month, which only made investors more keen to lock in the stock’s 5.83 percent gain a day earlier. In June, Wang spent more than NT$1.8 billion to buy 5 million shares in the open market to support the share price.
The weighted index closed down 11.51 points, or 0.15 percent, at 7,467.74, after moving between 7,442.72 and 7,489.81, on turnover of NT$73.39 billion (US$2.45 billion).
Dimerco Express opens LA office
Dimerco Express Corp (中菲行), a Taipei-based global logistics and service provider, yesterday announced it would launch a customs brokerage service in Los Angeles to expand its business in the US.
Dimerco Customs Brokerage Services Co — the company’s subsidiary in Chicago — obtained the local customs broker permit from Los Angeles Customs on July 23, with the new office in Los Angeles, the company’s second branch in the US, starting operations on Wednesday next week.
“With the potential in providing logistic services across the US, combining the existing convenient air and sea-freight service, Dimerco can further develop its global business,” the company said in a press release.
Dimerco’s subsidiaries in Chicago and Los Angeles are to work closely with Dimerco Express (USA) Corp and its 15 global branch offices to provide logistics services to its clients worldwide, the release said.
Banks bid for lottery rights
Taishin International Bank (台新銀行) and Chinatrust Commercial Bank (中國信託商銀) yesterday submitted their applications to the Ministry of Finance to bid for the exclusive right to manage the issuance of Public Welfare Lottery tickets from January 2014.
Bidding for the 10-year issuance rights attracted only these two financial institutions.
The committee set up by the ministry would pick one of these two financial institutions by the end of October.
In 2005, Chinatrust outbid three rivals by offering NT$14.61 billion in cash rewards over a seven year period which would come to an end at the end of this year.
Hotai starts NT$8bn project
Hotai Motor Co (和泰汽車), a local agent of Japan’s Toyota Motor Corp, has launched a three-year, NT$8 billion project to enhance its presence and services in Taiwan, the company said yesterday.
The company plans to remodel and upgrade all of its 136 outlets by 2015, including showrooms and service workshops, marking the largest investment in the company’s history, the company said.
The project is to include retail facilities and repair centers for both Toyota and Lexus, Toyota’s luxury brand.
Hotai Motor has a 34 percent share of the local auto market and aims to raise its market share to 40 percent by 2015.
NT dollar inches down
The New Taiwan dollar lost ground against the US dollar yesterday, declining NT$0.037 to close at NT$30.002.
Turnover totaled US$557 million during the trading session.
EXTRATERRITORIAL REACH: China extended its legal jurisdiction to ban some dual-use goods of Chinese origin from being sold to the US, even by third countries Beijing has set out to extend its domestic laws across international borders with a ban on selling some goods to the US that applies to companies both inside and outside China. The new export control rules are China’s first attempt to replicate the extraterritorial reach of US and European sanctions by covering Chinese products or goods with Chinese parts in them. In an announcement this week, China declared it is banning the sale of dual-use items to the US military and also the export to the US of materials such as gallium and germanium. Companies and people overseas would be subject to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) founder Morris Chang (張忠謀) yesterday said that Intel Corp would find itself in the same predicament as it did four years ago if its board does not come up with a core business strategy. Chang made the remarks in response to reporters’ questions about the ailing US chipmaker, once an archrival of TSMC, during a news conference in Taipei for the launch of the second volume of his autobiography. Intel unexpectedly announced the immediate retirement of former chief executive officer Pat Gelsinger last week, ending his nearly four-year tenure and ending his attempts to revive the
WORLD DOMINATION: TSMC’s lead over second-placed Samsung has grown as the latter faces increased Chinese competition and the end of clients’ product life cycles Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) retained the No. 1 title in the global pure-play wafer foundry business in the third quarter of this year, seeing its market share growing to 64.9 percent to leave South Korea’s Samsung Electronics Co, the No. 2 supplier, further behind, Taipei-based TrendForce Corp (集邦科技) said in a report. TSMC posted US$23.53 billion in sales in the July-September period, up 13.0 percent from a quarter earlier, which boosted its market share to 64.9 percent, up from 62.3 percent in the second quarter, the report issued on Monday last week showed. TSMC benefited from the debut of flagship
TENSE TIMES: Formosa Plastics sees uncertainty surrounding the incoming Trump administration in the US, geopolitical tensions and China’s faltering economy Formosa Plastics Group (台塑集團), Taiwan’s largest industrial conglomerate, yesterday posted overall revenue of NT$118.61 billion (US$3.66 billion) for last month, marking a 7.2 percent rise from October, but a 2.5 percent fall from one year earlier. The group has mixed views about its business outlook for the current quarter and beyond, as uncertainty builds over the US power transition and geopolitical tensions. Formosa Plastics Corp (台灣塑膠), a vertically integrated supplier of plastic resins and petrochemicals, reported a monthly uptick of 15.3 percent in its revenue to NT$18.15 billion, as Typhoon Kong-rey postponed partial shipments slated for October and last month, it said. The
RSS