BANKING
FSC fines Mega International
The Financial Supervisory Commission (FSC) yesterday fined Mega International Commercial Bank (兆豐銀行) NT$3 million (US$93,000) for oversights in its internal control protocols that led to it accepting US$2.44 million in counterfeit money deposits earlier this year. The bank was found to have contravened the Banking Act (銀行法) by failing to detect a sudden rise in transactions in the account involved in the case, which had been idle between December 2013 and January.
SUGAR
Taisugar to pay record profit
Shareholders of state-run Taiwan Sugar Co (Taisugar, 台糖) yesterday approved dividends of NT$2.7 per share. The amount surpassed last year’s distribution of NT$1.9 and is the highest in the company’s history. The Ministry of Economic Affairs, which holds an 86 percent stake in the company, is estimated to contribute NT$13.1 billion in revenue to the treasury. The company reported that operating profit in the first five months of this year totaled NT$3.2 billion, of which NT$2.8 billion was from its core businesses.
AUTOMAKERS
Yulon considering subsidiary
Yulon Group (裕隆集團) yesterday announced that it is mulling plans to establish a NT$3 billion construction subsidiary as part of the automobile conglomerate’s plan to expand into the real-estate market. The subsidiary might oversee the company’s massive land development project at its abandoned factory in New Taipei City’s Xindian District (新店). The company said the project is expected to receive approval from regulators next year and be completed by 2020. Shareholders also approved dividends of NT$0.9 per share, the highest in four years.
TEXTILES
Eclat to pay record dividends
Textile manufacturer Eclat Textile Co (儒鴻) shareholders yesterday approved record-high dividends of NT$10.5 per share. The company expects sales to experience faster growth in the second half of this year as global markets are forecast to see annual growth of between 10 percent and 15 percent this year, barring significant foreign exchange fluctuations. The company plans to continue developing new products based on its expertise in functional fabrics.
CHIPMAKERS
Inotera confirms sale price
DRAM chipmaker Inotera Memories Inc (華亞科技) yesterday confirmed the price of its acquisition by US company Micron Technology Inc at NT$30 per share, the firm said in a filing with the Taiwan Stock Exchange. Micron may purchase the remaining 67 percent share of Inotera on Friday, dispelling speculation that the price of the deal had been slashed to less than NT$20 per share. Inotera shares yesterday gained 0.79 percent to close at NT$25.65
EQUITIES
TAIEX ends at day’s high
The TAIEX yesterday rose 58.93 points, or 0.68 percent, closing at the day’s high of 8,684.85 after an early low of 8,627.40 on turnover of NT$68.71 billion. Buying momentum extended from the previous session as investors were encouraged by solid gains on Monday on Wall Street and European markets, amid reduced worries over a possible departure by Britain from the EU, dealers said. However, with turnover remaining low, the broader market failed to overcome technical resistance at 8,700 points, dealers said.
ENERGY ISSUES: The TSIA urged the government to increase natural gas and helium reserves to reduce the impact of the Middle East war on semiconductor supply stability Chip testing and packaging service provider ASE Technology Holding Co (日月光投控) yesterday said it planned to invest more than NT$100 billion (US$3.15 billion) in building a new advanced chip testing facility in Kaohsiung to keep up with customer demand driven by the artificial intelligence (AI) boom. That would be included in the company’s capital expenditure budget next year, ASE said. There is also room to raise this year’s capital spending budget from a record-high US$7 billion estimated three months ago, it added. ASE would have six factories under construction this year, another record-breaking number, ASE chief operating officer Tien Wu
The EU and US are nearing an agreement to coordinate on producing and securing critical minerals, part of a push to break reliance on Chinese supplies. The potential deal would create incentives, such as minimum prices, that could advantage non-Chinese suppliers, according to a draft of an “action plan” seen by Bloomberg. The EU and US would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China. The two sides are additionally seeking other “like-minded partners” to join a multicountry accord to help create these new critical mineral supply chains, which feed into
For weeks now, the global tech industry has been waiting for a major artificial intelligence (AI) launch from DeepSeek (深度求索), seen as a benchmark for China’s progress in the fast-moving field. More than a year has passed since the start-up put Chinese AI on the map in early last year with a low-cost chatbot that performed at a similar level to US rivals. However, despite reports and rumors about its imminent release, DeepSeek’s next-generation “V4” model is nowhere in sight. Speculation is also swirling over the geopolitical implications of which computer chips were chosen to train and power the new
Intel Corp is joining Elon Musk’s long-shot effort to develop semiconductors for Tesla Inc, Space Exploration Technologies Corp and xAI, marking a surprising twist in the chipmaker’s comeback bid. Intel would help the Terafab project “refactor” the technology in a chip factory, the company said on Tuesday in a post on X, Musk’s social media platform. That is a stage in the development process that typically helps make chips more powerful or reliable. The chipmaker’s shares jumped 4.2 percent to US$52.91 in New York trading on Tuesday. The Terafab project is a grand plan by Musk to eventually manufacture his own chips for
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