Foreigners net sold NT$24bn
Foreign investors last week sold a net NT$24.06 billion (US$867.9 million) of local shares after buying a net NT$4.5 billion the previous week, the Taiwan Stock Exchange said in a statement yesterday. The top three shares sold by foreign investors last week were China Steel Corp (中鋼), AU Optronics Corp (友達光電) and China Development Financial Holding Corp (中華開發金控), while the top three bought were USI Corp (台灣聚合化學品), HannStar Display Corp (瀚宇彩晶) and Innolux Corp (群創光電), the exchange said. As of Friday last week, the market capitalization of shares held by foreign investors was NT$23.17 trillion, or 44.04 percent of total market capitalization, NT$46.23 billion lower than the previous week, it said.
SEMI show in December
The annual SEMI Taiwan trade show, which normally takes place in September, has this year been rescheduled to Dec. 28 through Dec. 30, due to a local COVID-19 outbreak, the event’s organizer said yesterday. The show is to take place at Taipei Nangang Exhibition Center Hall 1, it said. About 550 companies are registered to showcase their most advanced technologies in 2,000 booths, SEMI Taiwan said. Taiwan Semiconductor Manufacturing Co (台積電), ASE Technology Holding Co (日月光投控) and Nanya Technology Corp (南亞科技) are among the participants, SEMI Taiwan said.
Hon Young’s plan approved
The Ministry of Science and Technology yesterday approved Hon Young Semiconductor Corp’s (鴻揚半導體) application to invest in the Hsinchu Science Park (竹科新竹園區). Hon Young is a wholly owned semiconductor unit of Hon Hai Precision Industry Co (鴻海精密) focusing on the development of new-generation silicon carbide chips, microelectromechanical systems and silicon-related products, such as ultra-high voltage and power management ICs. It plans to invest NT$3.76 billion in the park to develop next-generation chip technology and help establish a local supply chain, the ministry said.
WEF expands lighthouse
The World Economic Forum (WEF) yesterday announced the addition of 21 new sites to its Global Lighthouse Network, which is a community of world-leading manufacturing facilities and value chains using the so-called “Fourth Industrial Revolution” technologies to increase efficiency and productivity, in tandem with environmental stewardship. Taiwanese LCD panel makers AU Optronics Corp (AUO, 友達光電) and Innolux Corp (群創光電), as well as electronics manufacturer Hon Hai Precision Industry Co (鴻海精密), are among the new entries to WEF’s lighthouse designation, a press release said.
Evergrande saga costly
China would seek to avoid social and financial instability stemming from the resolution of cash-strapped developer Evergrande Group’s (恆大集團) troubles, but the economic costs could be large, Moody’s Investors Service said in a report yesterday. While Chinese authorities would try to protect “the company’s home-buyers, suppliers and contractors,” Evergrande’s “financial strife could restrict funding access for property companies and Chinese issuers, damage the asset quality of certain banks, and disrupt the real estate market,” Moody’s managing director and Asia-Pacific chief credit officer Michael Taylor said in the report.
JPMorgan Chase & Co chief executive officer Jamie Dimon on Tuesday quipped that his company is likely to outlast the Chinese Communist Party (CCP), while reiterating the bank’s commitment to the country in wide-ranging comments that also touched on Taiwan, free speech and former US president Donald Trump. “We hope to be there [in China] for a long time,” Dimon told a panel discussion at the Boston College Chief Executives Club. Relaying a “joke” he made during a recent visit to Hong Kong, he said “The communist party is celebrating its 100th year. So is JPMorgan. And I’ll make you a
Taiwan is to start producing geothermal energy on a commercial scale for the first time in nearly 30 years tomorrow, when an Yilan County facility begins operations. The 4.2 megawatt Cingshuei Geothermal Power Plant in Datong Township (大同) — the first privately built geothermal power plant in Taiwan — was granted commercial license by the Bureau of Energy on Oct. 27, county authorities told the Central News Agency on Tuesday. Lin Kun-wei (林坤緯), a section head at the Yilan Business and Tourism Department, said that the facility would generate up to 3,150 kilowatts per hour, which could meet the demand of up
The Kaohsiung City Government yesterday said it would impose a property hoarding tax as it is seeking to contain speculation in the real-estate market, calling recent price increases “abnormal.” The announcement came in support of the Ministry of Finance’s call for local governments to levy a high tax rate on people with more than one property. Ministry officials on Tuesday discussed strategies to rein in speculation with the nation’s six special municipalities, as well as the Hsinchu city and county governments. About 84,000 out of 1.06 million housing units in Kaohsiung are not residential property, the city government said in a
BOOST EXPECTED: Higher market prices would offset effects of the industry’s transition to more climate-friendly production methods, a company official said China Steel Corp (CSC, 中鋼) expects steel demand to increase on the back of governments around the world subsidizing infrastructure construction amid a stabilizing COVID-19 pandemic, CSC chairman Wong Chao-tung (翁朝棟) told an investors’ meeting yesterday. “After getting through the hard times, I foresee at least one year, very possibly two years, of strong steel market,” Wong said. Calling a dip in steel prices a “short respite for the market,” Wong said that it would likely bounce back early next year on the back of mild winter temperatures around the world allowing construction activity. Despite COVID-19 spikes in some regions and increased