Fri, Sep 22, 2006 - Page 11 News List

Business Briefs

STAFF WRITER WITH AGENCIES

Shares close higher

Share prices closed 0.18 percent higher yesterday as the market tracked Wall Street's gains after the US Federal Reserve left interest rates unchanged, dealers said.

The gains, however, were pared by continued pressure on big-cap technology and financial stocks, they said.

The TAIEX added 12.12 points to finish at 6,889.89, on turnover of NT$86.45 billion (US$2.63 billion).

Risers led decliners 614 to 462, with 158 stocks unchanged.

Taiwan Tobacco fined

State-run Taiwan Tobacco and Liquor Corp (台灣菸酒公司) was fined NT$3.01 million (US$91,500) by the Fair Trade Commission yesterday for violations of the Fair Trade Act (公平交易法).

Taiwan Tobacco knowingly used "inappropriate promotions" early last year in advance of a government move to double the "health tax" on tobacco products, the commission's statement said.

The tobacco firm started offering purchase incentives on March 18 last year -- consumers who bought five new tobacco products were given the option of purchasing Long Life cigarettes at a reduced price. The bundling of items was deemed to be anti-competitive, the commission said.

Taiwan Tobacco will appeal, said Hsu An-hsuen (徐安旋), a Taiwan Tobacco spokesman.

NT dollar closes stronger

The New Taiwan dollar was stronger against its US counterpart yesterday, rising NT$0.014 to close at NT$32.895 on the Taipei foreign exchange market. Turnover was US$823 million.

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