INVESTMENT
Offshore fund sales growing
Taiwan’s offshore fund sales last month increased for the 11th consecutive month to NT$3.44 trillion (US$114.3 billion), up 0.29 percent from September and expanding 12 percent from December last year, according to the latest tallies compiled by the Securities Investment Trust and Consulting Association (SITCA, 投信投顧公會). Equity, bond and balanced funds all saw sales grow noticeably last month, with increases of NT$6.8 billion, NT$18.8 billion and NT$2.9 billion from the previous month respectively, JPMorgan Asset Management Taiwan Ltd (摩根資產管理) said on Friday.
BANKING
Yuan deposits reach 314bn
Yuan deposits held by banks operating in Taiwan rose for the sixth consecutive month last month, the central bank said on Wednesday last week. Yuan deposits totaled 314.305 billion yuan (US$47.374 billion) at the end of last month, the highest value since March last year’s 314.315 billion yuan. That was up 1.485 billion yuan, or 0.47 percent, from the end of September, with deposits held by local banks’ domestic banking units totaling 283.089 billion yuan, an increase of 2.488 billion yuan from a month earlier, and those held by offshore units hitting 31.216 billion yuan, down 1.003 billion yuan month-on-month.
INDUSTRY
Tongtai posts NT$105m loss
Machinery maker Tongtai Machine and Tool Co Ltd (東台精機) last week reported net losses of NT$105 million for the first three quarters of this year due to foreign exchange losses and a one-off restructuring expense. Losses per share were NT$0.43 over the nine-month period. Gross margin remained 22 percent in the first three quarters, while cumulative revenue grew 4.08 percent year-on-year to NT$6.94 billion.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
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