ENERGY
LNG terminal gets approval
The Environmental Protection Administration yesterday approved an environmental impact assessment for state-owned oil refiner CPC Corp, Taiwan’s (台灣中油) construction of a second liquefied natural gas (LNG) terminal in Taichung. CPC said that it has leased the No. 11 and No. 12 piers at the Port of Taichung from Taiwan International Ports Corp (台中港務) to construct the new terminal. The terminal is needed to maintain the domestic supply of natural gas, CPC said in a statement posted on its Web site. The government plans to boost the proportion of electricity generated by natural gas from about 35 to 50 percent by 2025.
FOOD AND BEVERAGE
UPE names two copresidents
Uni-President Enterprises Corp (UPE, 統一企業), the nation’s largest food and beverage producer, on Wednesday elected two senior executives to serve as copresidents in charge of domestic and foreign markets. The board of directors elected Hwang Jau-kai (黃釗凱) and Lee Ching-tien (李清田) to replace Hou Jung-lung (侯榮隆) effective immediately, UPE said in a statement. The board also resolved to issue up to NT$5 billion (US$160.8 million) in unsecured corporate bonds to raise funds for loan repayment and financial structure improvement, the company said.
BATTERIES
Synergy expands production
Lithium battery maker Synergy ScienTech Corp (興能高科技) on Wednesday said that it has added a second plant in Kunshan, China, and has increased the capacity of its first plant from 3.6 million to 4 million units. Total production capacity is projected to reach 5 million units in the upcoming quarter, the company said at an annual shareholders’ meeting in Hsinchu. Synergy ScienTech reported cumulative revenue of NT$836 million in the first five months of this year, up 41.84 percent from NT$589.39 million in the same period last year. Shareholders approved a plan to distribute a cash dividend of NT$1.2 per share, representing a payout ratio of 55.3 percent based on last year’s earnings per share of NT$2.17.
CREDIT
Line unveils rating service
Line Corp yesterday unveiled new services from an artificial intelligence-powered robot receptionist to credit scores, as the operator of Japan’s dominant messaging platform seeks to expand beyond chat. The feature is to go live today in Japan. Line Score would rate users based on information they provide, as well as their interaction with other services on the platform. That would determine interest rates and credit limits for a loan service to be made available this summer, executives said. Line Score would also be used to generate personalized offers and discounts from partners, including Airbnb Inc and branded-goods rental service Laxus Technologies Inc, they said.
EQUITIES
Chinese firm hits 1,000 yuan
China’s equity market finally got its first 1,000 yuan (US$145.42) stock — although only briefly. Liquor giant Kweichow Moutai Co (貴州茅台) yesterday reached a record 1,001 yuan in intraday trading, after advancing as much as 2.2 percent. The stock pared its gain to close up 1.7 percent at 996.35 yuan. The alcohol producer’s shares have rallied 69 percent this year. Reaching that milestone at a time when markets are hobbled by uncertainties ahead of a G20 meeting illustrates the continued flight to quality, analysts said.
TARIFFS: The global ‘panic atmosphere remains strong,’ and foreign investors have continued to sell their holdings since the start of the year, the Ministry of Finance said The government yesterday authorized the activation of its NT$500 billion (US$15.15 billion) National Stabilization Fund (NSF) to prop up the local stock market after two days of sharp falls in reaction to US President Donald Trump’s new import tariffs. The Ministry of Finance said in a statement after the market close that the steering committee of the fund had been given the go-ahead to intervene in the market to bolster Taiwanese shares in a time of crisis. The fund has been authorized to use its assets “to carry out market stabilization tasks as appropriate to maintain the stability of Taiwan’s
STEEP DECLINE: Yesterday’s drop was the third-steepest in its history, the steepest being Monday’s drop in the wake of the tariff announcement on Wednesday last week Taiwanese stocks continued their heavy sell-off yesterday, as concerns over US tariffs and unwinding of leveraged bets weighed on the market. The benchmark TAIEX plunged 1,068.19 points, or 5.79 percent, to 17,391.76, notching the biggest drop among Asian peers as it hit a 15-month low. The decline came even after the government on late Tuesday authorized the NT$500 billion (US$15.2 billion) National Stabilization Fund (國安基金) to step in to buoy the market amid investors’ worries over tariffs imposed by US President Donald Trump. Yesterday’s decline was the third-steepest in its history, trailing only the declines of 2,065.87 points on Monday and
TARIFF CONCERNS: The chipmaker cited global uncertainty from US tariffs and a weakening economic outlook, but said its Singapore expansion remains on track Vanguard International Semiconductor Corp (世界先進), a foundry service provider specializing in producing power management and display driver chips, yesterday withdrew its full-year revenue projection of moderate growth for this year, as escalating US tariff tensions raised uncertainty and concern about a potential economic recession. The Hsinchu-based chipmaker in February said revenues this year would grow mildly from last year based on improving supply chain inventory levels and market demand. At the time, it also anticipated gradual quarter revenue growth. However, the US’ sweeping tariff policy has upended the industry’s supply chains and weakened economic prospects for the world economy, it said. “Now
An employment discrimination lawsuit against contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) might soon be expanded after a hearing in a federal court in San Jose, California, on Tuesday to add 15 plaintiffs to the case. According to a court document, the lawsuit, which was refiled in November last year as a form of a class action with 13 plaintiffs in California, wants to add 15 plaintiffs from Arizona, where TSMC is building up its wafer fab capacity. TSMC first committed between 2020 and last year to invest US$65 billion in three advanced wafer fabs in Arizona. It then pledged an
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