TAIEX gains 1.13 percent
Taiwanese shares closed higher yesterday, with the TAIEX increasing 93.42 points, or 1.13 percent, to close at 8,289.98.
The bourse opened at 8,245.86 and traded between 8,313.94 and 8,237.67 during the session.
A total of 4.83 billion shares changed hands on market turnover of NT$146.08 billion (US$4.6 billion).
Gainers outnumbered losers 2,086 to 1,019, with 275 stocks remaining unchanged. Foreign institutional investors were net buyers of NT$10.6 billion in shares.
TSMC plans to hire 3,000
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday said it planned to hire more than 3,000 new engineers this year to cope with capacity expansion and technology development.
The announcement came after handset chip designer MediaTek Inc said it planned to add 10 percent to its workforce this year.
The Hsinchu-based chipmaker plans to hold several recruitment meetings in Hsinchu and Tainan from today through March 20, a company statement said.
Cathay Financial books gain
Cathay Financial Holding Co (國泰金控) said its banking unit booked a gain of NT$6.7 million in a NT$440 million land sale in Taichung, a stock exchange filing showed yesterday.
This news came after Cathay Financial, the nation’s biggest financial services provider, said last Friday that its insurance unit would acquire land and a building in Taipei for NT$960 million.
The company posted a preliminary net profit of NT$11.05 billion last year, compared with a net profit of NT$2.2 billion in 2008.
Nomura increases Asia hiring
Nomura Holdings Inc, Japan’s biggest investment bank, will add as many as 125 people to its fixed-income teams in Asia outside Japan this year as part of a plan to increase revenue from the region by at least 30 percent.
The Tokyo-based lender will focus on expansion in South Korea, Taiwan, China and India, while also hiring in Singapore and Hong Kong, said Jai Rajpal, Asia ex-Japan head of fixed income.
“The focal point is how do we get closer to our clients, especially in Asia, which is a highly fragmented market,” Rajpal said in an interview in Singapore. “The only way to do that is by being local.”
Key forum starts next week
Economists and entrepreneurs from across Asian have been invited to attend the CommonWealth Economic Forum in Taipei on Monday and Tuesday to exchange views on new engines of economic growth in Asia after the global financial crisis.
The two-day event will feature three keynote speakers: former Singaporean deputy prime minister Tony Tan (陳慶炎); Economist executive editor Daniel Franklin; and Taiwan Semiconductor Manufacturing Company (台積電) chairman Morris Chang (張忠謀).
Topics to be discussed at the six sessions include a new development model for the economy; innovation and branding; the rise of Asian enterprises; opportunities and challenges in Greater China’s economic circle; economic cooperation across the Taiwan Strait; and the future of the financial sector.
Local currency gains ground
The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.054 to close at NT$31.755.
A total of US$537 million changed hands during the day’s trading.
The local currency opened at NT$31.809 and fluctuated between NT$31.736 and NT$31.809.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW. Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price, industry experts say. It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world. The high-end segment of the market registered a sales drop
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
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