Bonds reach NT$3 trillion
The cumulative issuance of bonds this year had reached NT$3.014 trillion (US$104.6 billion) as of yesterday, soaring 90 percent from the same period last year, the Taipei Exchange said. Market interest rates have decreased amid the COVID-19-driven global recession, allowing corporate issuers to benefit from lower financing costs through the bond market, the exchange said in a statement. Government bond issuance rose 8 percent year-on-year to NT$425 billion, while financial debentures issuance increased 5 percent to NT$135.6 billion and convertible bond issuance grew 66 percent to NT$57 billion. International bond issuance surged 158.37 percent to US$59 billion, the exchange’s tally showed. Total bond issuance this year is to exceed the previous record of NT$2.484 trillion in 2016, marking a milestone for the domestic bond market, the exchange said.
Firms’ income rises 19%
The nation’s securities firms reported combined net income of NT$3.781 billion for last month, up 19.54 percent from the previous month, as higher dealer trading gains offset lower fee income, the Taiwan Stock Exchange said yesterday. The trading value on the main board decreased 22.24 percent last month to NT$3.399 trillion from the previous month, leading to a lower brokerage fee income, the exchange said. In the first 10 months of this year, securities firms’ total net income was NT$40.677 billion, up 19.44 percent from the same period last year, the exchange said.
Young Qin to list shares
Young Qin International Co (揚秦國際), operator of breakfast chain My Warm Day (麥味登), is expected to debut its shares on the Taipei Exchange next month, the company said yesterday. The company operates 820 breakfast outlets in Taiwan, as well as 19 fried chicken stores and five coffee shops. It reported revenue of NT$1.085 billion in the first three quarters of this year, up 14 percent year-on-year, with net profit of NT$48.72 million, or earnings per share of NT$2.71.
Jakarta office ratified
The Financial Supervisory Commission yesterday approved Export-Import Bank of the Republic of China’s (中國輸出入銀行) application to set up a representative office in Jakarta. The state-run bank plans to set up the office in Indonesia’s capital as it eyes market potential there, the commission said. Indonesia has the largest population in ASEAN, with about 260 million people, the commission said. The bank also has a representative office in Thailand’s capital, Bangkok. Its move comes as more Taiwanese businesses relocate to ASEAN amid the government’s New Southbound Policy initiative, the commission said.
Gloria expects sales boost
Gloria Outlets (華泰名品城) shopping mall yesterday said that increased customer traffic would boost its sales 20 percent year-on-year in the first 11 months of the year. The Taoyuan-based retailer said that total sales for this year are forecast to grow 25 percent from last year to NT$9 billion, exceeding its target of NT$8 billion, as it expects more than 5 million people would visit the mall this year amid border controls due to the COVID-19 pandemic. Its Gloria Hotel Group (華泰大飯店集團) remains positive about next year, expecting sales to top NT$10 billion, Gloria Outlets president Sophia Liang (梁曙凡) told a news conference in Taipei.
SUPPLY CHAIN RESHUFFLE: The chipmaker was ‘cautious’ in not making commitments too early in building production in the US, citing ‘geopolitical factors,’ Nikkei Asia said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is considering building an advanced IC packaging plant in the US following a massive investment to set up a wafer fab in Arizona, Nikkei Asia reported. TSMC was considering the plant in response to “Washington’s desire to bring more of the tech supply chain onto home turf,” the report said. TSMC increasingly faces the need to expand in the US, which accounts for about 62 percent of its total sales, Nikkei Asia said, citing three sources who declined to be named. The potential US plant would be equipped with the latest 3D stacking technologies to arrange chips
As much as the US pines for the good old days of global semiconductor supremacy, Japan feels its loss of glory even more. Once a dominant name in electronic components, the nation has been overtaken by Taiwan, South Korea, and, more recently, China. Yet Tokyo might have a viable plan to revitalize its domestic sector. “Unlike the purely domestic, independent way it was done in the past, I think we need to cooperate with overseas counterparts,” Akira Amari, a former economy minister and senior member of the ruling Liberal Democratic Party, told Bloomberg News’ Isabel Reynolds and Emi Nobuhiro this week. That is
Apple Inc has hired Ulrich Kranz, a former senior executive at BMW AG’s electric vehicle (EV) division, to help lead its own vehicle efforts, people familiar with the situation said. The tech giant hired Kranz in recent weeks, about a month after he stepped down as CEO of Canoo Inc, a developer of self-driving EVs. Before cofounding Canoo, Kranz was senior vice president of the group that developed the i3 and i8 cars at BMW, where he worked for 30 years. Kranz is one of Apple’s most significant automotive hires, a clear sign that the iPhone maker is determined to build a
MARKET BOOST: Elon Musk said Tesla would resume bitcoin transactions once there is ‘reasonable’ clean energy usage by miners and denied selling a big part of his holdings Bitcoin yesterday hit a two-week peak just shy of US$40,000, after another weekend reacting to tweets from Tesla Inc chief executive Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin, but might resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a US$1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric vehicle maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change. “When there’s confirmation of reasonable