State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it is to raise its domestic gasoline and diesel prices by NT$0.1 per liter today to reflect higher global crude oil prices.
The decision follows a hike of NT$0.4 per liter in the company’s fuel prices last week.
The increase reflects higher oil prices last week, as Saudi Arabia decided to keep its oil exports below 7 million barrels per day, in line with an OPEC production agreement, CPC said.
Based on the slight fluctuations in international crude oil prices, CPC said the average cost of crude oil reached US$63.52 per barrel last week, an increase of US$0.63 from a week earlier.
Formosa Petrochemical Corp (台塑石化) on Saturday announced similar price hikes.
While OPEC production last month dropped by 70,000 barrels a day to 32.28 million, the effect of the decline was offset to some extent by a higher-than-expected increase of 3 million barrels in US crude inventories in the week ending on Feb. 23, Formosa said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
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PORTFOLIO REBALANCING: The adjustments in three global equity indices reflect rising investor appetite for semiconductor and artificial intelligence-related stocks Taiwan’s weighting in major global equity indices compiled by MSCI Inc is to rise modestly following the latest quarterly review, underscoring the market’s expanding role in emerging-market portfolios, as global investors continue to favor the nation’s technology sector. Taiwan’s weighting in the MSCI Emerging Markets Index is to increase by 0.30 percentage points to 23.76 percent, after the changes take effect at the close of the May 29 session. Its weighting in the MSCI All-Country Asia ex-Japan Index is to rise 0.37 percentage points to 27.16 percent, while that in the MSCI All Country World Index is to edge up slightly to
The Hsinchu County Government’s Labor Affairs Department yesterday said that it has received a plan from cosmetics brand Taiwan Shiseido Co (台灣資生堂) detailing mass layoffs at its plant in Hukou Township (湖口). While the labor authorities did not disclose the number of employees to be laid off, Japanese news media earlier in the day reported that the closure of the company’s factory in Hukou would result in 170 employees losing their jobs. Shiseido followed the law by reporting its layoff plan, the department said, adding that authorities would closely monitor negotiations between the management and affected employees and step in if any
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