Business Briefs

■ Investment
Local funds to track
FTSE Fubon Asset Management Co (富邦投信) and Polaris Asset Management Ltd (寶來投信) plan to start funds that track two FTSE Group indexes, the Taiwan Stock Exchange said. Fubon is seeking the exchange's approval to start a fund that uses FTSE's Taiwan Technology Index as its benchmark, while Polaris' fund would use FTSE's Taiwan Mid-Cap Index, the statement said on Friday. FTSE created the two indexes in November last year. Exchange-traded funds are index-based investment products that allow investors to buy or sell shares of an entire portfolio mirroring a benchmark in a single security. Fubon Asset Management is a unit of Fubon Financial Holding Co (富邦金控), Taiwan's second-largest financial company by market value. Polaris Asset Management is a unit of Polaris Group (寶來集團), which owns Taiwan's largest on-line stock brokerage company, Polaris Securities Co (寶來證券).

■ Airports
Travelers lured with gadgets
Travellers passing through Singapore's Changi Airport can now bid on electronics starting at S$1 (US$0.59) in the latest push to fend off competition from Southeast Asian rivals, the Civil Aviation Authority said yesterday. On offer for those who spend at least S$50 at any retail or food outlet this month are digital cameras, notebook computers and computer accessories like an optical mouse at auctions, with bids starting at the ultra-low price. "IT and electronic products offered at Changi Airport are very popular, especially among the Australians, Chinese, Europeans and Indian travellers," said Wong Woon Liong, director-general of civil aviation. The auctions end on Oct. 31.

■ Asset management
BNP has plans for Singapore
French bank BNP Paribas is considering using Singapore as its hub for asset-management activities in Southeast Asia and India, an executive said in a published report yesterday. A decision could be reached within a couple of months, Alain Papiasse, BNP's global head of asset management and services, told the Business Times. BNP is looking to build up its Singapore fund-management operations by a mixture of organic growth, partnerships and acquisitions, he said. BNP's asset management division has US$15 billion worth of assets under management in Asia and is expecting growth of 15 percent a year, Papiasse said. Asia accounted for almost 50 percent of new money for BNP's international private banking operations this year, he said.

■ Automakers
Porsche raises stake in VW
Luxury carmaker Porsche AG said on Friday it has purchased an additional 8.27 percent of Volkswagen AG as part of its plan to acquire a stake of around 20 percent aimed at blocking any hostile takeover of its automaking partner. Porsche said it now holds 18.53 percent of Volkswagen and could buy 3.4 percent more. It said it had acquired the additional shares from institutional investors. The company also said Germany's Federal Cartel Office had given its approval to the transaction. Porsche did not say how much it paid for the new stake, but VW shares closed on Friday at 49.74 euros (US$60.40), up 0.3 percent. Its own shares closed down 0.7 percent at 614.65 euros in Frankfurt. The stock purchase has provoked criticism from some stock market analysts, who say it appears more aimed at protecting Volkswagen than supporting Porsche's interests.