Operations normal, XAC says
XPEC Entertainment Inc’s (樂陞科技) subsidiary XPEC Art Center Inc (XAC, 樂陞美術館) yesterday said in a filing with the Taiwan Stock Exchange that its operations and finances remain normal. The filing came at the request of the exchange after XAC’s Taipei office was searched by prosecutors yesterday morning. XAC on Sept. 10 announced it plans to withdraw its share listing application at the Taipei Exchange due to its parent company’s troubles of a failed tender offer.
Walter Yeh wins IAEE honor
Taiwan External Trade Development Council executive vice president Walter Yeh (葉明水) was given this year’s Outstanding Achievement in Industry Leadership Award by the International Association of Exhibitions and Events (IAEE) for his contributions and professional commitment to the exhibitions and events industry, the council said yesterday. The council said Yeh was the first Taiwanese to receive the recognition from IAEE since the award was started in 2004.
Costco to open 13th store
Costco Wholesale Corp is to open a new outlet in New Taipei City’s Sinjhuang District (新莊) in January next year at the earliest, the US company said yesterday. It will become the company’s 13th outlet in Taiwan, after it opened its 12th in Taipei’s Beitou District (北投) in April. The outlet in Sinjhuang is to cover an area of 4,000 ping (13,223m2) and be close to Fu Jen Catholic University (輔仁大學), the company was quoted as saying in media reports. Costco said it expects the Sinjhuang outlet to attract customers from Sinjhuang, Banqiao District (板橋), Tucheng District (土城) and Linkou District (林口).
Shares rally after initial fall
Taiwanese shares yesterday recovered earlier losses after some major old economy stocks staged a rebound, pushing up the broader market into positive territory by the end of the session, dealers said. Turnover remained thin, with many investors remaining cautious over upcoming earnings reports from heavyweights at home and in the US, and following a lackluster performance on Wall Street overnight, where investors were wary of a possible swifter-than-anticipated US Federal Reserve interest rate hike, dealers said. The TAIEX closed up 46.36 points, or 0.51 percent, at 9,222.58, after moving between 9,175.07 and 9,222.58, on turnover of NT$62.50 billion (US$1.97 billion). The market opened down 1.15 points at 9,175.07 and fell to the day’s low of 9,157 before closing at the day’s high of 9,222.58. Strong showings by textiles, cement, glass, plastics and chemical shares helped to vault the weighted index back into the black.
Local yuan deposits rise
Yuan deposits at Taiwanese banks picked up 1.96 percent last month to 311.83 billion yuan (US$46.3 billion), gaining for two months running, as investment interest in the Chinese currency recovered somewhat, the central bank said. Yuan deposits at offshore banking units increased 6.16 percent to 36.28 billion yuan, the first rebound this year, as companies built up positions, the central bank said. Yuan deposits in domestic banking units edged up 1.44 percent to 275.56 billion yuan after the currency showed signs of stabilization, it said. It remains to be seen if the trend sustains, as yuan volatility is set to intensify this month, the bank said.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s