FINANCE
TAIEX up on Fubon report
The TAIEX closed higher yesterday as the financial sector staged a rebound driven by a strong first-quarter earnings report by Fubon Financial Holding Co (富邦金控), dealers said. However, the gains were capped as local retail investors feared foreign institutional investors would move their funds out of East Asia amid a race by regional economies to depreciate their currencies against the US dollar, they said. The weighted index closed up 24.26 points, or 0.31 percent, at 7,752.80, on turnover of NT$64.71 billion (US$2.16 billion).
TECHNOLOGY
Semiconductor spending up
Taiwan was the world’s largest consumer of semiconductor materials for the third year in a row last year, despite a decline in the global market, a report by industry association SEMI said. Spending on semiconductor materials hit US$10.32 billion last year, an increase of 2 percent from US$10.11 billion in 2011, SEMI said on Monday.
TECHNOLOGY
ASE planning expansion
Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) yesterday said it will expand its production base in Greater Kaohsiung, with construction scheduled to begin tomorrow. The expansion in the second industrial park of the Nantze Export Processing Zone will include a research and development building and two high-end chip plants, ASE said. The project is expected to create about 6,000 jobs.
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,”
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
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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