M1B grows 10.96 percent
Last month’s M1B — a measure of money in circulation — grew 10.96 percent year-on-year, outpacing July’s annual increase of 10.3 percent, while M2 — which includes M1B, time deposits, foreign-currency deposits and mutual funds — rose 6.69 percent, compared with 5.89 percent a month earlier, the central bank said yesterday. The bank attributed the increases to the effects of rising time deposits, as well as further growth in bank loans and investments. In the first eight months of this year, the average annual growth rates of M1B and M2 were 8.53 percent and 4.97 percent respectively, compared with 8.17 percent and 4.72 percent respectively in the first seven months, bank tallies showed.
Chailease income jumps
Chailease Holding Co Ltd (中租控股) yesterday reported consolidated net income of NT$1.51 billion (US$51.5 million) for last month, up 14 percent year-on-year and 3 percent month-on-month, or earnings per share (EPS) of NT$1.09. The company said that it had been less affected by the COVID-19 pandemic, and had good sales and earnings growth momentum from Taiwan, China and the ASEAN. Chailease focuses on asset-based financing to small and medium-sized enterprises and retail customers. In the first eight months of this year, cumulative net income rose 6 percent annually to NT$10.86 billion, or EPS of NT$7.86.
Plant closed due to fire
Far Eastern New Century Corp’s (遠東新世紀) production lines at a plant in Hsinchu County’s Sinpu Township (新埔) have been temporarily shut down after a fire at about 9:20pm on Wednesday, the polyester and textile maker said yesterday. The fire was caused by Dowtherm leakage due to a malfunction in a coal water mixture pump, it said in a regulatory filing. The fire was extinguished in 20 minutes and no casualties occurred, it said, adding that it expects the incident to have no material impact on its finances and operations, thanks to its insurance coverage.
Evertrust increases forecast
Evertrust Rehouse Co (永慶房屋) yesterday adjusted upward its housing transaction forecast for this year from 309,000 to 315,000 units, which is 3 to 5 percent higher than last year’s level and the highest in six years. Better control of the COVID-19 pandemic, a low-interest rate environment and capital inflows are the major factors behind its bullish expectation, Evertrust said. About 48 percent of respondents in a poll said that they expect housing prices to rise in the fourth quarter, compared with 19 percent expecting prices to drop, it said, citing a survey it conducted between Aug. 15 and Aug. 30.
Google hosts courses
Google Taiwan is to host a series of courses, in person and online, over the next few months to help teachers learn how to use its digital education services. The in-person courses are to take place at schools in Hsinchu, Kaohsiung, New Taipei City, Taichung, Taipei and Taoyuan, and Changhua and Yilan counties, the company said yesterday. For those who cannot attend the courses in person, Google Taiwan is also to host courses online covering similar material, it said on its Web site. The online courses are to be held from 8pm to 9pm every Tuesday and Thursday from Oct. 6 to Nov. 12, it said.
WIN-WIN SITUATION: Customers, products and client portfolios of the companies are complementary, allowing for inroads into new fields, Chipbond’s chairman said Chipbond Technology Corp (頎邦) yesterday said it plans to acquire about a 31 percent stake in Orient Semiconductor Electronics Ltd (華泰電子) in a cash-and-share deal, aiming to make inroads into flash memory-chip packaging. Chipbond said the strategic alliance would open the door for the company to enter the flash memorychip packaging and testing market, which is a new business for the Hsinchu-based company. Chipbond primarily provides testing and packaging services for driver integrated circuits that are used in flat panels. BUSINESS OPPORTUNITY “Except for flash memory chips, we also saw a lot of new businesses that require the technologies of Chipbond or Oriental
MOMENTUM: While next-generation smartphones feature more semiconductors and vendors increase their inventory, the chipmaker remains focused on production in Taiwan Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the sole chip supplier for Apple Inc’s iPhone series, yesterday raised its revenue forecast again, saying that robust demand for 5G smartphones and high-performance-computing (HPC) would help boost revenue this year by 30 percent in US dollar terms. Three months ago, the chipmaker estimated that revenue would grow 20 percent this year from last year, reaching its long-term growth target of 15 to 20 percent annually. “Moving into the fourth quarter, we expect our growth in revenue to be supported by strong demand for our industry-leading 5-nanometer technology driven by 5G smartphone launches and HPC-related applications,”
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
India’s COVID-19 economic gloom turned into despair this week, on news that its per capita GDP for this year might be lower than that of Bangladesh. “Any emerging economy doing well is good news,” Kaushik Basu, a former World Bank chief economist, said on Twitter after the IMF updated its World Economic Outlook. “But it’s shocking that India, which had a lead of 25% five years ago, is now trailing.” Ever since it began opening up the economy in the 1990s, India’s dream has been to emulate China’s rapid expansion. After three decades of persevering with that campaign, slipping behind Bangladesh hurts