ELECTRONICS
Largan sales up 4 percent
Smartphone camera lens supplier Largan Precision Co (大立光) yesterday reported that unaudited sales last month rose 4 percent monthly and 17 percent annually to NT$4.51 billion (US$147.68 million). Sales in the first half of the year came to NT$21.17 billion, 4.28 percent lower than a year earlier, the company said. Largan is scheduled to hold its quarterly earnings conference on Thursday next week and investors are likely to focus on the company’s production yield rate and margin expansion as its top line grows.
CASINGS
Catcher upbeat on demand
Catcher Technology Co (可成科技), a metal casing supplier for Apple Inc, yesterday reported revenue of NT$7.2 billion for last month, up 3.6 percent month-on-month, but down 1.2 percent year-on-year. In the first six months, cumulative revenue totaled NT$41.16 billion, up 24.4 percent from a year earlier, the company said. Favorable industry trends of rising metal casing adoption and design complexity are expected to benefit Catcher due to its leading industry position, analysts said.
ELECTRONICS
Acquisition boosts Chilisin
Chilisin Electronics Corp (奇力新), the nation’s largest power inductor manufacturer, yesterday reported record sales of NT$1.71 billion for last month, up 71.65 percent year-on-year, which the company attributed to contribution from its newly acquired subsidiary Layers Scientific-Technics Co Ltd (美磊). In the first six months, cumulative sales totaled NT$7.38 billion, an annual increase of 26.53 percent, Chilisin said in a filing with the Taiwan Stock Exchange.
ELECTRONICS
Getac posts record revenue
Rugged PC vendor Getac Technology Corp (神基) yesterday posted record-high consolidated revenue of NT$2.07 billion for last month, up 14.21 percent year-on-year. In the first half of the year, revenue totaled NT$11.395 billion, up 11.44 percent from a year earlier. Sales in the second half are likely to maintain sequential growth driven by seasonal factors, analysts said.
HOSPITALITY
Humble House in shake-up
My Humble House Hospitality Management Consulting Co (寒舍餐旅) yesterday called a special board meeting and approved the appointment of managing director Wilhelm Tsai (蔡伯翰) as its chairman. Tsai served as acting chairman after Ellie Lai (賴英里) resigned on June 27 for personal reasons. Tsai, who joined the group in 2003, is to double as managing director, while Lai is to remain a board director, the company said.
FOREX
Reserves down US$153m
Foreign-exchange reserves amounted to US$457.12 billion as of the end of last month, a decline of US$153 million from the level in May, the central bank said yesterday. The depreciation of the euro and other currencies against the US dollar more than eroded asset management gains, the bank said.
BANKING
First Bank eyes Jakarta
First Commercial Bank (第一銀行) has obtained approval from the Financial Supervisory Commission to establish a representative office in Jakarta. The bank on Wednesday said it is awaiting approval from Indonesian authorities to set up its 17th office in Southeast Asia. The lender had a representative office in Jakarta before 2000, when it shuttered the office in light of the Asian financial crisis that began in 1997.
TRADE WAR: Tariffs should also apply to any goods that pass through the new Beijing-funded port in Chancay, Peru, an adviser to US president-elect Donald Trump said A veteran adviser to US president-elect Donald Trump is proposing that the 60 percent tariffs that Trump vowed to impose on Chinese goods also apply to goods from any country that pass through a new port that Beijing has built in Peru. The duties should apply to goods from China or countries in South America that pass through the new deep-water port Chancay, a town 60km north of Lima, said Mauricio Claver-Carone, an adviser to the Trump transition team who served as senior director for the western hemisphere on the White House National Security Council in his first administration. “Any product going
TECH SECURITY: The deal assures that ‘some of the most sought-after technology on the planet’ returns to the US, US Secretary of Commerce Gina Raimondo said The administration of US President Joe Biden finalized its CHIPS Act incentive awards for Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), marking a major milestone for a program meant to bring semiconductor production back to US soil. TSMC would get US$6.6 billion in grants as part of the contract, the US Department of Commerce said in a statement yesterday. Though the amount was disclosed earlier this year as part of a preliminary agreement, the deal is now legally binding — making it the first major CHIPS Act award to reach this stage. The chipmaker, which is also taking up to US$5 billion
High above the sparkling surface of the Athens coastline, the cranes for building the 50-floor luxury tower centerpiece of Greece’s future “smart city” look out over the Saronic Gulf. At their feet, construction machinery stirs up dust. Its backers say the 8 billion euro (US$8.43 billion) project financed by private funds is a symbol of Greece’s renaissance after the years of financial stagnation that saw investors flee the country. However, critics see it more as a future “ghetto for the rich.” It is hard to imagine that 10km from the Acropolis, a new city “three times the size of Monaco”
STRUGGLING BUSINESS: South Korea’s biggest company and semiconductor manufacturer’s buyback fuels concerns that it could be missing out on the AI boom Samsung Electronics Co plans to buy back about 10 trillion won (US$7.2 billion) of its own stock over the next year, putting in motion one of the larger shareholder return programs in its history. South Korea’s biggest company would repurchase the stock in stages over the coming 12 months, it said in a regulatory filing on Friday. As a first step, it would buy back about 3 trillion won of paper starting today up until February next year, all of which it would cancel. The board would deliberate on how best to effect the remaining 7 trillion won of buybacks. The move
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