Fri, Jul 14, 2006 - Page 11 News List

Business Briefs

STAFF WRITER WITH AGENCIES

■ Share prices close lower

Share prices closed 1 percent lower in thin trade yesterday, hit by Wall Street's overnight slide and by rising oil prices, dealers said.

They said there remained concerns over upcoming corporate quarterly results after some disappointments in the US and caution on the performance at Apple Computer Inc and Dell Inc, key indicators for the important high-tech sector.

Trade was thin as Taiwan braced for the approach of Tropical Storm Bilis.

The TAIEX lost 66.49 points to close at 6,567.60, on turnover of NT$60.27 billion (US$1.85 billion).

Decliners led risers 711 to 218, with 144 stocks unchanged.

■ Gas station fined over ads

The Fair Trade Commission yesterday fined a gas station in Chiayi County NT$600,000 for fraudulent advertising.

The gas station, owned by Chin Wang Co, was found to have raised gasoline prices on numerous occasions before slashing them in order to appear to be offering big price savings, the commission said.

The commission said the gas station advertised during promotions that its gasoline cost NT$3 lower than the price tag per liter. However, the commision found that the promotional price was only NT$0.5 different from the retail price offered during non-promotional periods.

Its misleading advertising campaign, which lasted for around two years, has led to unfair competition and violated Article 21 and Article 41 of the Fair Trade Act (公平交易法), the commission said.

■ Airline announces new flights

China Airlines (華航), Taiwan's largest air carrier, said it will begin cargo flight across the Taiwan Strait to China next week.

The service, which commences on Wednesday will fly to and from Shanghai, Bruce Chen (陳鵬宇), a spokesman for the airline, said yesterday.

"This is just the beginning," Chen said. "It's a new route, a new product and will bring in new sales for us."

Airlines making cargo flights to China will not be able to carry finished goods or operate regular services, the Mainland Affairs Council said on June 14. They will need to seek permission for flights on a case-by-case basis.

■ Amex Taiwan appoints new boss

American Express announced yesterday the appointment of Patrick Foo (胡柏迪) as chairman and general manager of American Express International (Taiwan) Inc.

Foo succeeds Lawrence Tong (唐偉材) who left the company at the end of last month and is responsible for leading the American Express consumer card business in Taiwan.

The US bank also appointed Alex Chiang (蔣家禹) as senior country executive of American Express Bank Ltd Taiwan.

■ Motech announces new deal

Solar cell maker Motech Industries Inc (茂迪) has reached a three-year supply agreement for solar wafers with China's ReneSola Co (昱輝陽光能源), the company said in a statement made to the Taiwan Stock Exchange yesterday.

Under the agreement, ReneSola will supply Motech with no less than 80 megawatts worth of silicon solar wafers for a period of three years, the statement read. No value for the deal was given.

Motech said that its output projection for next year will increase to 240 megawatts, from 110 megawatts this year. That compares with last year's output of 60 megawatts, spokesman Chen Chia-chi (陳家淇) said.

Motech last week ended discussions on a possible eight-year supply agreement with US-based MEMC Electronic Materials Inc, after the two companies signed a letter of intent in April.

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