Print

Mail

wiki links

Business Briefs

■ Lien visit pleases market
Share prices closed 0.20 percent higher yesterday as hopes for improved cross-strait relations offset early declines attributable to Friday's falls on Wall Street, dealers said. They said upcoming visits to China by Chinese Nationalist Party (KMT) Chairman Lien Chan (連戰) and People First Party Chairman James Soong (宋楚瑜) may help improve ties between Taipei and Beijing, easing recent tensions and so giving a boost to investor confidence. The TAIEX closed up 11.22 points at 5,758.31, on turnover of NT$40.75 billion (US$1.29 billion). Decliners led gainers 455 to 390, with 162 stocks unchanged. A total of 11 stocks closed limit-up and 22 limit-down. The rubber sector was up 2.85 percent, transport rose 1.72 percent and financials added just 0.04 percent while steel fell 0.69 percent and electronics slipped 0.05 percent.

■ Chen opens NHRI branch
The completion of the Chunan section of the National Health Research Institutes (NHRI) symbolizes the arrival of a new era for the nation's biotechnology research and development, President Chen Shui-bian (陳水扁) said yesterday. Chen also hoped that completion of the facility would mark a watershed in Taiwan's and even the world's biotech industry. Chen made the remarks while addressing the 10th anniversary celebrations of the foundation of the NHRI, also serving as the dedication ceremony for the Chunan section in Miaoli County.

■ China Steel planning reshuffle
China Steel Corp (中鋼) plans to reshuffle senior management, adjusting positions for more than 10 executives in a bid to pursue long-term growth, a Chinese-language newspaper said, citing China Steel chairman Lin Wen-yuan (林文淵). The reshuffle, which will be the biggest since Lin took office in late 2002, will take effect as early as June, the paper said, citing Lin. The changes will affect the vice presidents of the company and several presidents of China Steel's subsidiaries, the paper said.

■ Ratings hold after sale
Taiwan Ratings Corp (中華信評) yesterday affirmed its "twA+/twA-2" credit ratings on First Financial Holding Co (第一金控), "twAA-/twA-1" on First Commercial Bank (第一銀行) and "twA-/twA-2" ratings on First Taisec Securities Corp (第一證券), after the financial holding company announced on Friday that it would sell its property insurance unit to Japan's Mitsui Sumitomo Insurance Co. Mitsui Sumitomo, Japan's second-largest property and casualty insurer, agreed to buy First Financial's Mingtai Fire & Marine Insurance Co (明台產險) unit for NT$8.4 billion (US$267 million) in cash. The proposed transaction is expected to close in the third quarter of this year. "The ratings affirmation on First Financial and its operating subsidiaries reflects the expectation that the divestment of Mingtai Insurance will not materially affect the group's financial profile and business operations," Taiwan Ratings said in a statement.

■ NT rises to month-high
The New Taiwan dollar rose to the highest level in a month against the US currency after Chinese central bank governor Zhou Xiaochuan (周小川), said his government may hasten preparations to allow its currency to strengthen. The NT dollar rose to NT$0.129, or 0.4 percent, to NT$31.374 on the Taipei foreign exchange market. Turnover was US$647 million. Taiwan's currency also rallied after a 0.5 percent gain in the South Korean won and a 0.3 percent advance in the yen, easing concerns that the stronger NT dollar would dent exports.

This story has been viewed 2138 times.