■ Share prices close lower
Share prices closed 0.21 percent lower yesterday as short-term investors took advantage of further overnight gains on Wall Street to lock in profits, dealers said. They said the market continues to be held in check by the political uncertainty caused by President Chen Shui-bian's (陳水扁) tightening of the government's China policy ahead of weekend demonstrations. The weighted index shed 13.72 points at the day's low of 6,504.98, off a high of 6,594.18, on increased turnover of NT$129.77 billion (US$4.01 billion).
■ Banker, daughter indicted
The Taipei District Prosecutors' Office yesterday charged Wang You-tseng (王又曾), chairman of the Chinese Bank (中華商銀) and his daughter Wang Lin-ke (王令可), manager of the bank's Nanking branch, with breach of trust and forgery over a 1990 loan made by the bank. The statement of charge said that in Wang, the former chairman of the Rebar Group (力霸集團), had instructed bank officials to loan NT$100 million (US$3.1 million at yesterday's exchange rate ) to a construction firm which wanted to build an entertainment center in Taichung, even though the company didn't have sufficient collateral. Its only collateral was a piece of land that it had already mortgaged to another bank, and three unendorsed checks totalling NT$70 million. Bank officials later discovered that the three checks had been forged by construction company executives. The company was insolvent and only paid NT$2.7 million in interest on the loan. The prosecutor is asking for a three-year prison sentence for Wang and two years each for the construction company officials.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) halted shipments to a customer this month after its semiconductors were sent to China’s Huawei Technologies Co (華為), potentially breaching US sanctions, a government official said. The US slapped sanctions on Huawei in 2019, and expanded them the following year, over fears its technology could be used for Beijing’s espionage operations. The restrictions prevent TSMC from selling semiconductors to Huawei. However, TSMC discovered on Oct. 11 that chips made for a “specific customer” had ended up with the Chinese company, a Taiwanese official with knowledge of the incident said on the condition of anonymity. TSMC “immediately activated
US SANCTIONS: The Taiwan tech giant has ended all shipments to China-based Sophgo Technologies after one of their chips was discovered in a Huawei phone Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) suspended shipments to China-based chip designer Sophgo Technologies Ltd (算能科技) after a chip it made was found on a Huawei Technologies Co (華為) artificial intelligence (AI) processor, according to two people familiar with the matter. Sophgo had ordered chips from TSMC that matched the one found on Huawei’s Ascend 910B, the people said. Huawei is restricted from buying the technology to protect US national security. Reuters could not determine how the chip ended up on the Huawei product. Sophgo said in a statement on its Web site yesterday that it was in compliance with all laws
TECH TITANS: Nvidia briefly overtook Apple again on Friday after becoming the world’s largest company for a short period in June, as Microsoft fell to third place Nvidia Corp dethroned Apple Inc as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence (AI) chips. Nvidia’s stock market value briefly touched US$3.53 trillion, slightly above Apple’s US$3.52 trillion, London Stock Exchange Group data showed. Nvidia ended the day up 0.8 percent, with a market value of US$3.47 trillion, while Apple’s shares rose 0.4 percent, valuing the iPhone maker at US$3.52 trillion. In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft Corp and Apple. The tech trio’s market capitalizations have been
Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said
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