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TAIWAN DAYBOOK: Chiang Pin-kung Leads Delegation to Tianjin
Chiang Pin-kung, chairman of Taiwan’s Straits Exchange Foundation, leads a delegation to Tianjin for the seventh round of cross-strait talks, which will start today and end on Oct. 21.
The two sides will sign a nuclear power safety agreement on Oct. 20 at 2:30 p.m., Chiang said. The foundation expects to sign an investment-protection agreement during the eighth round, according to a statement on its website yesterday.
WHAT TO WATCH: * China Steel (2002 TT) announces domestic product prices for December, anytime after noon * Taiwan’s dollar weakens 0.3 percent to NT$30.201 against its U.S. counterpart, according to Taipei Forex * Yield on government 2 percent bonds due July 2016, the most- traded securities, lost three basis points to 1.043 percent * The benchmark Taiex falls 1.4 percent to 7,359.48, its biggest drop since Oct. 3 * Overseas investors were net sellers of Taiwan’s stocks; net sales of NT$2.7 billion ($90 million) EARNINGS: * Nanya Technology (2408 TT), 2:20 p.m. * Inotera (3474 TT), 2:20 p.m. EQUITY MOVERS: * Apple Inc.-related stocks: Apple’s quarterly profit missed for the first time in at least six years as customers put off purchases of iPhones before the release of the latest version. Largan Precision (3008 TT) a supplier camera lens; Catcher Technology (2474 TT), a casing maker of iPhones; Wintek (2384 TT), a component maker for Apple products, and Hon Hai Precision Industry (2317 TT), which assembles iPhones, may be affected. * E.Sun Financial’s (2884 TT) banking unit receives Financial Supervisory Commission approval to set up a branch in Singapore * Hon Hai (2317 TT) said parent Foxconn Technology Group’s operations in Taiyuan are normal, denying a newspaper report * HTC (2498 TT) agrees to buy Inquisitive Minds, the U.S.-based maker of Zoodles kids’ Web browser, for $13 million * Kinpo Electronics (2312 TT) and its unit sign a five-year loan of NT$4 billion and $164 million from a group of 12 banks * On-Bright Electronics (4947 TT) rated new “buy” at Jih Sun Securities, with a target share price of NT$121 * Ruentex Development (9945 TT) reset the conversion price and ratio on its convertible bonds due 2016 * UMC (2303 TT) buys NT$659 million of equipment from Applied Materials and NT$553 million of equipment from Tokyo Electron GOVERNMENT: * National Communications Commission briefing, 9 a.m. EVENTS: * 2011 Taiwan Business Alliance Conference BTV HIGHLIGHTS (All Hong Kong time): 8:40 BDA China Chairman Duncan Clark 10:10 Pictet & Cie Group, MD/CIO Yves Bonzon 11:20 HSBC Global Head of Equity Strategy Garry Evans 11:50 Sanofi CEO Christopher Viehbacher
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