TAIEX closes slightly higher
The TAIEX closed slightly higher yesterday as market sentiment remained cautious over the Nov. 3 US presidential election. Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was again the anchor stabilizing the broader market, preventing the main board from falling into negative territory at the end of the session, dealers said. The TAIEX closed up 14.88 points, or 0.12 percent, at 12,877.25, on turnover of NT$167.982 billion (US$5.81 billion). TSMC, the most heavily weighted stock on the local market, rose 0.44 percent after fluctuating between NT$451 and NT$456. The semiconductor subindex and the bellwether electronics sector closed up 0.39 percent and 0.19 percent respectively. Foreign institutional investors sold a net NT$599 million of Taiwanese shares on the main board yesterday, Taiwan Stock Exchange data showed.
Alltop approves reduction
Alltop Technology Co (凡甲科技), which supplies connectors for electronic devices and cables for servers, yesterday said that its board of directors approved a capital reduction scheme in which the company would cut 25 percent of its capitalization to NT$546.87 million and shareholders would be paid NT$2.5 per share. As the company sees no urgent need for capital for the time being, it expects that the reduction would increase shareholder returns and help it adjust its capital structure, it said. Shareholders are to vote on the scheme at the firm’s annual general meeting on Dec. 10, after which it would need regulatory approval, Alltop said in a filing. The plan should be completed by the first quarter of next year. Alltop reported cumulative revenue of NT$1.6 billion in the first three quarters of this year, up 13.6 percent from a year earlier.
ALi denies Wi-Fi report
Set-top box IC designer ALi Corp (揚智科技) yesterday denied an Economic Daily News report that it is setting up a Wi-Fi 6 team of 20 people with an aim to mass-produce and sell such products from June. ALi said that the report, which helped push its share price up by the daily limit in Taipei trading yesterday, closing at NT$27.2, was speculation among investors and local media. “This is misleading news and sheer fiction. ALi hereby solemnly denies it,” the firm said in a regulatory filing. The company reported cumulative revenue of NT$1.496 billion in the first nine months of this year, up 0.94 percent from a year earlier. In the first half of the year, the company incurred a net loss of NT$98.23 million, compared with a net loss of NT$195.93 million a year earlier.
Phison opens US lab
Flash memorychip controller supplier Phison Electronics Corp (群聯) yesterday said that it has opened an enterprise solid-state drive (SSD) engineering lab, and set up a systems integration and engineering group (SIE) in Colorado, with an aim to provide real-time technical support and product-related services for enterprise SSD customers and partners in the region. Making its inroad into the enterprise SSD market, Phison said that the SIE is the company’s first in the US. Phison expects the Colorado team, and the research and development lab, to increase their engineering staff numbers in the next few months to meet the increasing demand. The company did not provide specific figures for the US investment.
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