M1B rises 9.9% annually
Last month’s M1B — a measure of the money in circulation — grew 9.9 percent year-on-year, compared with an annual increase of 7.81 percent in May, while M2 — which includes M1B, time deposits, foreign-currency deposits and mutual funds — grew 5.42 percent annually last month, up from an increase of 4.18 percent a month earlier, the central bank said on Friday, citing the effects of net capital inflows and faster growth in bank loans and investments. For the first six months of this year, the average annual growth rates of M1B and M2 were 7.81 percent and 4.53 percent respectively, the bank said.
Hon Hai building China plant
Hon Hai Precision Industry Co (鴻海精密) has expanded its efforts to enter the semiconductor industry by setting up a high-end integrated circuit packaging and testing plant in Qingdao, China. Ground was broken for the Qingdao compound last week. It is expected to begin production next year and reach full capacity in 2025, Hon Hai said. The plant is to provide high-end packaging and testing services for chips used in 5G communications and artificial intelligence applications.
Dutch official receives medal
Minister of Economic Affairs Wang Mei-hua (王美花) on Thursday awarded Dutch Representative to Taiwan Guy Wittich, the outgoing head of the Netherlands Office Taipei, the ministry’s economic professional medal for his promotion of bilateral trade and investment exchanges between Taiwan and the Netherlands. Wittich’s term as head of the office, which was called the Netherlands Trade and Investment Office until April, ends next month.
With the speed cryptocurrency is emerging as the millennial generation’s alternative asset of choice in India, it is hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody. Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old start-up, were arrested in late 2018. No, they had not pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap bitcoin, ether or ripple for cash or vice versa. That was the whole point of unocoin, their crypto token exchange.
A Chinese factory owned by South Korean semiconductor giant SK Hynix Inc yesterday halted operations after a plant worker was found to have an asymptomatic infection of COVID-19, Xinhua news agency reported. The South Korean worker based at the plant in Chongqing since February had departed on Thursday for South Korea, Xinhua reported. He was tested at Incheon Airport in Seoul and confirmed positive for COVID-19 on Saturday, it reported. All factory staff as well as staff and recent guests at the hotel where the worker lived have been isolated and given nucleic acid tests, the agency said. “We’re cooperating with the local government
FIVE NEW FABS: An acquisition of Siltronic would boost GlobalWafers’ market share from 17 to 30 percent, easily surpassing Japanese rival Sumco’s 25 percent GlobalWafers Inc (環球晶圓) yesterday said it is in final talks to acquire Germany-based Siltronic AG in a 3.75 billion euro (US$4.5 billion) deal, which might help it compete with its closest rival Sumco Corp of Japan. The acquisition would be the fifth for GlobalWafers since 2008, as it has grown to become the world’s No. 3 supplier of silicon wafers through such deals. GlobalWafers, which has a 17 percent market share, would see its market position greatly elevated to 30 percent when combined with Siltronic’s 13 percent, according to a presentation Siltronic gave to its investors at a quarterly conference in August. Sumco
A year of crisis for the lira has kept people in Turkey buying gold at a record pace. Now the appetite for more bullion risks becoming a drag on the currency just as a rally struggles to regain momentum. In the two weeks after Turkish President Recep Tayyip Erdogan cleared out the leadership ranks blamed for failing to stabilize the lira and draining reserves, Turkish retail investors and firms added US$2.2 billion to their gold holdings, taking them to US$36.4 billion, or almost triple the total last year, Turkish central bank data showed. People are not relenting in their zeal to own