TAIEX moves lower
The TAIEX moved lower yesterday, falling by more than 100 points as the bellwether electronics sector took a hit from losses incurred by tech stocks listed on US markets overnight. However, with the market awash in liquidity, buying rotated to old-economy stocks in the shipping and cement industries as investors tended to park their money in safe havens outside the tech sector, dealers said. The TAIEX closed down 121.76 points, or 0.70 percent, at 17,202.11. Turnover totaled NT$439.833 billion (US$15.62 billion). Foreign institutional investors sold a net NT$20.26 billion of shares on the main board yesterday, Taiwan Stock Exchange data showed.
Combined profit surges
Securities firms in Taiwan reported combined net profit of NT$11.47 billion for last month, up 52.78 percent from the previous month, the Taiwan Stock Exchange (TWSE) said in a statement yesterday. Accumulated net profit among securities firms in the first three months of this year totaled NT$26.85 billion, up NT$31.45 billion from the same period last year, the exchange said. As total TWSE trading value grew 56.29 percent month-on-month to NT$7.06 trillion last month, firms reported an increase in brokerage fee income than the previous month, it said. However, net profit from trading decreased 4.88 percent monthly, while net underwriting income increased by 67.12 percent, it said.
Ene to cancel shares
IC designer Ene Technology Inc (迅杰科技) yesterday announced a capital reduction scheme in which it would cancel 51.55 percent of its shares in circulation to pare accumulated losses. The scheme would reduce its capitalization to NT$363 million from NT$386.5 billion, the company said in a regulatory filing. The company said it expects net value per share to recover to NT$12 following the capital reduction. The company’s board of directors approved a private placement plan to woo potential strategic investors and boost working capital. The company proposed issuing up to 8 million new shares in the private placement, the filing said.
Naver eyes global growth
Naver Corp wants to boost its international presence after its US debut last month. To help with that, the South Korean company is considering more US dollar bond sales and is eyeing a possible initial public offering in the US for a unit, Naver chief financial officer Park Sang-jin said in an interview. “To grow, it’s inevitable that we go global,” said Park, who has been with the firm since it was founded in 1999. Naver is looking for more opportunities in Japan, where its Line messaging service is popular, as well as Taiwan, Europe and Southeast Asia, he said.
Purple iPhone sales unveiled
Preorders for purple iPhone 12s and iPhone 12 minis are scheduled to start tomorrow in Taiwan, with the country selected as one of the first markets for sales, Apple Inc said on its Web site. The US electronics giant said that preorders for the “stunning” purple devices would start at 8pm and the new phones would go on sale on Friday next week at a starting price of NT$23,900. The announcement came after Apple unveiled the new color of its latest iPhones overnight.
MOVING ON UP: Taiwan improved in all four areas measured by the IMD, making its biggest leap, from 17th to sixth place, in economic performance Taiwan moved up three spots from last year to place eighth, its best performance since 2013, in the latest annual world competitiveness rankings, released yesterday by the International Institute for Management Development (IMD). Innovation, digitalization, welfare benefits and social cohesion are critical to economic performance, with Switzerland, Sweden, Denmark, the Netherlands and Singapore making up the top five on the list this year, the Switzerland-based institute said, after grading 64 countries and regions based on economic performance, infrastructure, and government and business efficiency. “Leading performers are characterized by varying degrees of investment in innovation, diversified economic activities and supportive public policy,” IMD
With the US opening up to travel, demand in Taiwan for US-bound flights has soared, pushing up ticket prices to most destinations in North America, tourism sources said. Fares for destinations in the US have risen dramatically since the middle of last month, and the trend is expected to continue in the coming months, as California on Tuesday lifted most social distancing and capacity limits put in place to contain the spread of COVID-19, ezTravel Co (易遊網) said in a statement yesterday. The travel agency forecast that the number of tickets sold this month is likely to be double or triple
‘MATTER OF SURVIVAL’: Vice Premier Liu He is to lead the development of ‘third-generation’ chips, a field not yet dominated by any nation or company Chinese President Xi Jinping (習近平) is renewing his years-long push to achieve technology self-sufficiency by tapping a top deputy to shepherd a key initiative aimed at helping domestic chipmakers overcome US sanctions. Chinese Vice Premier Liu He (劉鶴), Xi’s economic czar whose sprawling portfolio spans trade to finance and technology, has been tapped to spearhead the development of so-called “third-generation” chip development and capabilities, and is leading the formulation of a series of financial and policy supports for the technology, people with knowledge of the matter said. It is a nascent field that relies on newer materials and gear beyond traditional silicon,
OPPORTUNITY: The company aims to sell its product soon, as enterovirus vaccines are not available anywhere but China, where firms are only marketing their vaccines locally Medigen Vaccine Biologics Corp’s (高端疫苗) phase 3 clinical trials for an enterovirus 71 (EV71) vaccine completed the multi-regional, multi-central data “unblinding” yesterday, with the results, including safety, immunogenicity and efficacy, meeting its expectations. The company would compile a final analysis report as soon as possible, and apply for the new drug certificate from domestic and foreign drug authorities in the third quarter, Medigen said in a Taiwan Stock Exchange filing yesterday. Its phase 3 trials were conducted in Taiwan and Vietnam with 3,049 participants ranging from two months old to six years old, Medigen said. The company enrolled its first participant for