EQUITIES
TAIEX down on US data
The TAIEX yesterday took a beating, plunging nearly 200 points, as investors took their cues from heavy losses on US markets caused by weaker-than-expected economic data. Selling again focused on large-cap electronics stocks, driving the broader market lower, while the transportation sector also came under pressure, led by shipping heavyweights. The TAIEX closed down 199.79 points, or 1.29 percent, at 15,240.13. Turnover totaled NT$243.465 billion (US$8.2 billion), with foreign institutional investors selling a net NT$5.94 billion of shares on the main board, Taiwan Stock Exchange data showed.
CONSTRUCTION
Private firms up investment
The Ministry of Finance yesterday said that the private sector’s participation in public construction totaled NT$195.4 billion in the first half of this year, exceeding last year’s total investment of NT$188.8 billion. Based on the scale of investment projects currently under negotiation, valued at NT$40 billion, the total investments for this year could hit a new record, the ministry said. An investment conference focusing on the private sector’s participation in public construction projects is to take place at the Taipei Nangang Exhibition Center tomorrow, it said. NT$224.5 billion of public construction projects are planned for the second half of this year and the first half of next year would be the focus of the conference, it said.
TECHNOLOGY
HTC optimistic about VR
HTC Corp (宏達電) said it remains upbeat about the overall virtual reality (VR) market, adding that it is still growing, especially the business-to-business segment. Telecoms are expected to support the development of the market, HTC Asia-Pacific general manager Charles Huang (黃昭穎) said on Tuesday while launching the company’s latest HTC Desire 22 Pro handset. The company is working with the Kaohsiung City Government to introduce the latest updates to its open-source metaverse platform Viverse to various sectors in the city, enabling anyone to jump into the virtual world at any time from any place via their smartphone or any other device that has a Web browser able to run VR experiences, Huang said. The company is also cooperating with the Taoyuan City Government to offer VR services after the third quarter, he said. HTC is working with several companies in Taiwan to launch metaverse services. For instance, in collaboration with Taiwan’s three major telecoms, HTC plans to offer a range of services designed to be compatible with its metaverse platform, Huang said. It would also work closely with the banking and financial industry, he added.
MINING
Tianqi planning HK listing
Tianqi Lithium Corp (天齊鋰業), a Chinese supplier of the key material used in batteries, is planning to raise as much as US$1.7 billion in what is set to be Hong Kong’s biggest listing this year. The Chengdu-based company, which is already listed in Shenzhen, is offering 164.1 million shares at HK$69 to HK$82 each, it said in a news release yesterday. The price range offers a maximum 52 percent discount on its A-share price at yesterday’s close. If an over-allotment option is exercised, proceeds could increase to nearly US$2 billion. The company intends to use the proceeds for working capital, repaying debt and funding the construction of a plant, among other things, the release said. Pricing is expected on Wednesday, and the shares are set to begin trading in Hong Kong on July 13.
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his