EQUITIES
TAIEX down on US data
The TAIEX yesterday took a beating, plunging nearly 200 points, as investors took their cues from heavy losses on US markets caused by weaker-than-expected economic data. Selling again focused on large-cap electronics stocks, driving the broader market lower, while the transportation sector also came under pressure, led by shipping heavyweights. The TAIEX closed down 199.79 points, or 1.29 percent, at 15,240.13. Turnover totaled NT$243.465 billion (US$8.2 billion), with foreign institutional investors selling a net NT$5.94 billion of shares on the main board, Taiwan Stock Exchange data showed.
CONSTRUCTION
Private firms up investment
The Ministry of Finance yesterday said that the private sector’s participation in public construction totaled NT$195.4 billion in the first half of this year, exceeding last year’s total investment of NT$188.8 billion. Based on the scale of investment projects currently under negotiation, valued at NT$40 billion, the total investments for this year could hit a new record, the ministry said. An investment conference focusing on the private sector’s participation in public construction projects is to take place at the Taipei Nangang Exhibition Center tomorrow, it said. NT$224.5 billion of public construction projects are planned for the second half of this year and the first half of next year would be the focus of the conference, it said.
TECHNOLOGY
HTC optimistic about VR
HTC Corp (宏達電) said it remains upbeat about the overall virtual reality (VR) market, adding that it is still growing, especially the business-to-business segment. Telecoms are expected to support the development of the market, HTC Asia-Pacific general manager Charles Huang (黃昭穎) said on Tuesday while launching the company’s latest HTC Desire 22 Pro handset. The company is working with the Kaohsiung City Government to introduce the latest updates to its open-source metaverse platform Viverse to various sectors in the city, enabling anyone to jump into the virtual world at any time from any place via their smartphone or any other device that has a Web browser able to run VR experiences, Huang said. The company is also cooperating with the Taoyuan City Government to offer VR services after the third quarter, he said. HTC is working with several companies in Taiwan to launch metaverse services. For instance, in collaboration with Taiwan’s three major telecoms, HTC plans to offer a range of services designed to be compatible with its metaverse platform, Huang said. It would also work closely with the banking and financial industry, he added.
MINING
Tianqi planning HK listing
Tianqi Lithium Corp (天齊鋰業), a Chinese supplier of the key material used in batteries, is planning to raise as much as US$1.7 billion in what is set to be Hong Kong’s biggest listing this year. The Chengdu-based company, which is already listed in Shenzhen, is offering 164.1 million shares at HK$69 to HK$82 each, it said in a news release yesterday. The price range offers a maximum 52 percent discount on its A-share price at yesterday’s close. If an over-allotment option is exercised, proceeds could increase to nearly US$2 billion. The company intends to use the proceeds for working capital, repaying debt and funding the construction of a plant, among other things, the release said. Pricing is expected on Wednesday, and the shares are set to begin trading in Hong Kong on July 13.
Taichung reported the steepest fall in completed home prices among the six special municipalities in the first quarter of this year, data compiled by Taiwan Realty Co (台灣房屋) showed yesterday. From January through last month, the average transaction price for completed homes in Taichung fell 8 percent from a year earlier to NT$299,000 (US$9,483) per ping (3.3m²), said Taiwan Realty, which compiled the data based on the government’s price registration platform. The decline could be attributed to many home buyers choosing relatively affordable used homes to live in themselves, instead of newly built homes in the city’s prime property market, Taiwan Realty
The government yesterday approved applications by Alphabet Inc’s Google to invest NT$27.08 billion (US$859.98 million) in Taiwan, the Ministry of Economic Affairs said in a statement. The Department of Investment Review approved two investments proposed by Google, with much of the funds to be used for data processing and electronic information supply services, as well as inventory procurement businesses in the semiconductor field, the ministry said. It marks the second consecutive year that Google has applied to increase its investment in Taiwan. Google plans to infuse NT$25.34 billion into Charter Investments Ltd (特許投資顧問) through its Singapore-based subsidiary Fructan Holdings Singapore Pte Ltd, and
JET JUICE: The war on Iran’s secondary effects have seen fuel prices skyrocket, knocking flight schedules down to earth in return as airlines struggle with costs Airline passengers should brace for more irritation in the next few months as carriers worldwide cancel flights and ground planes to cope with stratospheric increases in jet-fuel prices. Dutch flag carrier KLM is the latest company to cut its schedule, saying on Thursday that it would scrap 80 return flights at Amsterdam’s Schiphol Airport in the coming month. That puts it in the same league as United Airlines Holdings Inc, Deutsche Lufthansa AG and Cathay Pacific Airways Ltd, which have all pruned itineraries to mitigate costs. Global capacity for next month has been reduced by about 3 percentage points, with all
The US said it plans to help build a first-of-its-kind industrial hub in the Philippines to boost production of inputs crucial to US supply chains. The 4,000-acre hub is intended to be “a purpose-built platform for allied manufacturing” and “an investment acceleration hub where the specific industrial activities are shaped by market demand,” the US Department of State said on Thursday. The project — touted as an “economic security zone” — would be within the Luzon Economic Corridor, a flagship economic project backed by the US and Japan on the main Philippine island. The project was also described as “the first artificial intelligence
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