FOREIGN EXCHANGE
Reserves increase US$705m
The nation’s foreign-exchange reserves were US$480.39 billion as of the end of last month, an increase of US$705 million month-on-month, the central bank said yesterday. The increase was mainly due to management returns, although they were partially offset by the depreciation of the British pound and other reserve currencies against the US dollar, the bank said. Separately, the market value of securities and New Taiwan dollar deposits held by foreign investors was US$350.5 billion at the end of last month, accounting for 73 percent of the nation’s foreign-exchange reserves, the bank said.
ELECTRONICS
Qisda posts record sales
Electronics manufacturer Qisda Corp (佳世達) yesterday posted record-high sales of NT$14.59 billion (US$483.9 million) for last month, up 33 percent month-on-month and 0.86 percent year-on-year, thanks to increased contributions from subsidiaries Sysage Technology Co Ltd (聚碩), Topview Optronics Co (勝品電通) and Ace Pillar Co (羅昇). The company returned to full production last month from disruptions caused by the COVID-19 pandemic, it said. First-quarter revenue declined 1.6 percent year-on-year to NT$39.2 billion, but Qisda said that it is seeing an increase in demand for panels due to increased telecommuting and distance learning. The company remains positive about the long-term prospects for digitalization, automation and cloud computing, it said.
ELECTRONICS
Cable orders boost Sinbon
Sinbon Electronics Co (信邦電子), which produces cables, connectors and modems, on Monday reported consolidated sales of NT$4.51 billion for last quarter, up 9.76 percent quarter-on-quarter and 11.29 percent year-on-year. It was the highest level for the first quarter in the company’s history, which it attributed to resumed production in China and a rush of orders for cables used in ventilators amid the COVID-19 pandemic. Sinbon’s shipments in the industrial control devices segment last quarter grew 7.39 percent year-on-year, while those in the green energy segment increased 39.78 percent, the company said. Shipments in the medical and healthcare segment rose 6.97 percent, it said.
TRANSPORTATION
THSRC revenue tanks
Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) yesterday posted its lowest revenue in nearly 10 years, as the COVID-19 pandemic saw most people stay at home to avoid infection. Revenue fell 13.03 percent month-on-month and 40.28 percent year-on-year to NT$2.38 billion last month, compared with a decline of 31.87 percent the previous month, THSRC said on its Web site. “The COVID-19 outbreak reduced revenue and ridership in March,” the company said. Combined first-quarter revenue fell 18.38 percent year-on-year to NT$9.6 billion, from NT$11.76 billion last year, the company said.
FOOD DELIVERY
Deliveroo to exit Taiwan
UK-based food delivery company Deliveroo on Monday unexpectedly announced that it plans to stop providing services in Taiwan on Friday as it is reallocating resources to Europe from the Asia-Pacific and Middle East regions. The COVID-19 pandemic is part of the reason behind the decision to exit Taiwan 19 months after entering the market in October 2018, the company said. Deliveroo did not offer free delivery when the coronavirus outbreak began, unlike its peers Foodpanda and Uber Eats.
Packed into a small room, a drone, bipedal robot, supermarket checkout and other devices showcase a vision of China’s software future — one where an operating system developed by national champion Huawei (華為) has replaced Windows and Android. The collection is at the Harmony Ecosystem Innovation Center in the southern city of Shenzhen, a local government-owned entity that encourages authorities, companies and hardware makers to develop software using OpenHarmony (鴻蒙), an open-source version of the operating system Huawei launched five years ago after US sanctions cut off support for Google’s Android. While Huawei’s recent strong-selling smartphone launches have been closely watched for
The waves of the Aegean Sea lap gently at the tables and chairs of two beach restaurants on Greece’s Halkidiki peninsula. It is an idyllic scene, but one that is totally illegal. Like many others in Greece, the two establishments on Pefkochori Beach do not have a license to set up shop so close to the water. After a wave of protests last summer by locals about bars and restaurants illegally covering beaches with sunbeds and tables, the Greek state is taking action. It is cracking down on rogue tourist practices with surveillance drones, satellite imagery and a special app
South Korea’s SK Hynix Inc, the world’s No. 2 memorychip maker, is to invest 103 trillion won (US$74.6 billion) through 2028 to strengthen its chips business, focusing on artificial intelligence (AI), its parent SK Group said yesterday. SK Group also said it plans to secure 80 trillion won by 2026 to invest in AI and semiconductors as well as fund shareholder returns, while streamlining its more than 175 subsidiaries. The sprawling conglomerate outlined the plans following a two-day strategy meeting, aiming to revive the group after SK Hynix, its main money maker, and the group’s electric vehicle battery arm suffered heavy losses. SK
Luxgen Motor Co (納智捷汽車), a subsidiary of Yulon Motor Co (裕隆汽車), yesterday said it is again offering a NT$100,000 discount for its entry-level n7 electric vehicle models. The n7’s price has gone down from NT$1.099 million to NT$999,000, Luxgen said, adding that there are 25,000 preorders for the model. MG Motor’s electric hatchback, the MG4, entered the market in the middle of last month, with a starting price of NT$990,000. China Motor Corp (中華汽車), which distributes MG vehicles in Taiwan, said it aims to sell 1,600 MG4s this year. MG, originally a British brand, was acquired by China’s SAIC Motor