■ Shares close lower
Share prices closed 0.19 percent lower yesterday, giving up early gains made on Wall Street's overnight lead as investors turned cautious in the run-up to the Dec. 3 local government elections, dealers said. They said a minimum tax scheme passed a first reading in the legislature's Finance Committee on Wednesday, which will bring the first tax increases in four decades, added to the negative tone. The TAIEX was down 11.63 points at 6,111.89, on turnover of NT$77.84 billion (US$2.32 billion). Risers led decliners 509 to 444, with 236 stocks unchanged. "While many had expected follow-through buying after another [strong] run on Wall Street, the market told a different story," said an analyst with a leading local brokerage house. The analyst said that while foreign investors seemed to be keeping up their purchases, the upward momentum waned for recent bellwethers, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電). TSMC was unchanged at NT$59.70 after recent solid gains due to foreign interest.
■ CA targets SMEs
Computer Associates International (CA), a provider of backup and archiving solutions, yesterday launched its latest product, aimed at helping small- and medium-sized enterprises (SMEs) safeguard their IT infrastructure and network, the company's executives said yesterday. The new CA Server Protection Suite offers a combination of security and storage features, and the firm has tied up with 10 local systems integrators to offer SMEs installation and maintenance services, said business development manager Magic Hsu (許佳樹). Citing a survey released by the Institute for Information Industry (資策會) last month, he said that though 99 percent of SMEs chose anti-virus products to secure their network, 51 percent of them still suffered from some form of virus last year. "This shows that they lack the proper professional maintenance mechanism after deploying the security solutions," he said. Buyers of the latest CA solution will be entitled to free software upgrades and phone support services for one year, as well as free on-site support during the first three months, he added.
■ Bank directors punished
Minister of Finance Lin Chuan (林全) yesterday said that the government has replaced three board members of Taiwan Cooperative Bank (合作金庫銀行) and six from Farmers Bank of China (農民銀行) on Wednesday, in accordance with a legislative proposal made earlier this month. The two state-controlled banks' chairmen and presidents remain unchanged, he told lawmakers yesterday morning. The personnel change was made after lawmakers demanded two weeks ago that half of the banks' government-appointed directors be supplanted to punish their "disrespect" of the legislature's Finance Committee, which required last month that banking reform be halted before doubts are cleared. Taiwan Cooperative's and Farmers Bank's boards of directors on Nov. 8 approved a full share-swap deal to merge the two banks.
■ NT rises against greenback
The New Taiwan dollar had its highest close in more than a week, at NT$33.486, against its US counterpart in Taipei yesterday. Overseas investors were net buyers of Taiwan's equities every day this month, purchasing a net NT$29 billion (US$866 million) this week, according to stock exchange figures. "Stock inflows should continue, supporting the Taiwan dollar," said Lo Chung, a currency trader at Shin Kong Commercial Bank (新光銀行) in Taipei.
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