TAIPEI (Reuters) – Taiwan President Tsai Ing-wen has decried “rumours” about the risk of investing in the island’s key semiconductor industry, saying the government was working hard to ensure such investments continued.
Taiwan, home to the world’s largest contract chipmaker TSMC, plays an outsized role in providing the chips used in everything from cars and smartphones to fighter jets, and is a major supplier to companies like Apple Inc.
But the Chinese military’s menacing of the island to assert Beijing’s sovereignty claims, especially after U.S. House Speaker Nancy Pelosi visited Taipei in August, is causing the chip industry to rethink the risk over Taiwan.
Meeting Frederic Schneider-Maunoury, chief operations officer of ASML Holding NV, a key equipment supplier to chip companies like TSMC, Tsai praised the European company for its commitment to investing in Taiwan.
“At this moment when the world is paying attention to and is concerned about Taiwan, I am very grateful to ASML for investing in Taiwan with concrete actions,” Tsai said, according to comments published by the presidential office late on Tuesday.
“I believe that this also discredits rumours of excessive speculation about Taiwan’s risk,” she added.
Rick Tsai, the chief executive of Taiwan’s largest chip designer MediaTek Inc, told Reuters this month that US-China tensions are pushing some manufacturers to talk about expanding part of their supply chain beyond Taiwan, but it’s “incremental.”
ASML dominates the global market for lithography systems, which project light to create the microscopic circuitry on chips. TSMC uses ASML’s EUV machines to manufacture its most advanced chips.
ASML did not immediately respond to a request for comment on the meeting.
Tsai said that investing in Taiwan was “definitely a very correct direction” and the government will continue to provide support.
“I also look forward to Taiwan’s continued deepening of cooperation with democratic allies to build a safer and more resilient global supply chain,” she added.
The presidential office statement cited Schneider-Maunoury as telling Tsai that the company will continue to increase its investments in Taiwan, pointing out they already have five factories and employee more than 4,500 people on the island.
(Reporting by Ben Blanchard and Sarah Wu; Editing by Christian Schmollinger)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
