■INVESTMENT
FSC unveils exposure
Financial Supervisory Commission (FSC) said yesterday that Taiwanese financial institutions had a combined NT$33.78 billion in investment linked to government agencies and companies in Greece, Spain and Portugal, amid default fears about these countries. Of that total, domestic insurers held the largest exposure at NT$19.52 billion, followed by NT$10.6 billion by banks and NT$3.66 billion by investment trust companies, the commission said in a statement. By countries, Spain obtained the largest investment from Taiwanese financial institutions at NT$29.1 billion. It was followed by Greece at NT$3.38 billion and NT$1.3 billion for Portugal, the commission said.
■BOURSE
TAIEX closes flat
Taiwanese shares closed flat yesterday on continuing concerns over debt problems in Europe, dealers said. The TAIEX index fell 4.96 points or 0.07 percent to 7,212.87 on turnover of NT$80.96 billion (US$2.53 billion). The market opened yesterday for a special session to make up for the Lunar New Year holidays.
■FOREX
NT dollar gains strength
The New Taiwan dollar traded near the strongest level in three weeks, closing up NT$0.003 to NT$32.184 against the US dollar, Taipei Forex Inc said. “The bias for [the] Taiwan dollar to strengthen hasn’t changed,” said Tommy Huang, a fixed-income securities trader at Taiwan International Securities Corp (金鼎證券).
■INVESTMENT
Fubon invests in Spain
Fubon Life Insurance Co (富邦人壽) invested 270 million euro (US$369 million) in Spanish government bonds, its parent Fubon Financial Holding Co (富邦金控) said in a statement to the Taiwan Stock Exchange yesterday. China Life Insurance Co (中國人壽) holds 5 million euros of Spanish government bonds, the Taipei-based company said in a filing to the stock exchange. Mega Financial Holding Co (兆豐金控), meanwhile, said its banking unit has NT$1.22 billion exposure to Spanish, Greek and Portuguese bonds.
■ELECTRONICS
Innolux accelerates tie-up
Innolux Display Corp (群創光電) brought forward the date of a planned merger with Chi Mei Optoelectronics Corp (奇美電子) and TPO Displays Corp (統寶光電) to March 18 from April 1, Innolux said in an exchange filing Saturday. The companies said in late January they expected the merger to complete on Apr. 1.
■ELECTRONICS
Samsung invests in Slovakia
South Korean giant Samsung Electronics said on Friday it would invest 100 million euros in its plant in Galanta, western Slovakia in the years to come. “We plan to boost the production of LED [light-emitting diode] TV screens and start producing 3D TV screens in 2010,” the company said in a press release. By the end of October, Samsung will add 200 new jobs to the current 3,000 and retrain some 700 employees for the new production, it said.
■AUTOMOBILES
Prius accidents confirmed
The Japanese government has confirmed five new accidents involving Toyota Motor’s Prius hybrids and will urge the troubled car giant to investigate the cases, a newspaper reported yesterday. The transport ministry has received some 80 complaints this month about malfunctions in the brake system of the latest model of the flagship Prius, the Tokyo Shimbun reported without quoting sources.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
CHEMICAL FIRE: 10 Indian employees were injured by smoke inhalation at a Tata Electronics plant in Tamil Nadu state that produces components for Apple Inc At least 10 people received medical treatment, with two hospitalized after a major fire on Saturday disrupted production at a key Tata Electronics Pvt Ltd plant in southern India that makes Apple Inc’s iPhone components. The fire occurred at the plant in the city of Hosur in Tamil Nadu state that makes some iPhone components. It broke out near another building inside the Tata complex, which was to begin producing complete iPhones in the coming months. The fire was contained to one building and has been extinguished fully, top district administrative official K.M. Sarayu said. No decision has been made on when