Fri, Nov 10, 2006 - Page 11 News List

Business Briefs

STAFF WRITER WITH AGENCIES

■ TAIEX down on profit-taking

Shares closed 0.38 percent lower yesterday as profit-taking stepped up in late trade and reversed an earlier upswing driven by another record finish on Wall Street overnight in the aftermath of the US midterm elections, dealers said.

The TAIEX closed down 27.21 points at 7,151.13, on turnover of NT$139.51 billion (US$4.24 billion).

On the Taipei foreign exchange market, the New Taiwan dollar traded in a tight range against the US dollar, declining NT$0.001 to close at NT$32.87. A total of US$807 million changed hands.

■ Yageo sells Tait stake

Yageo Corp (國巨) yesterday announced that it had transferred its 19.5 percent stake (32.25 million shares) in Tait Marketing and Distribution Co (德記洋行) to Uni-President Enterprises Corp (統一企業) in the open market. The transfer price was NT$9.75 per share with the total proceeds amounting to NT$314.4 million (US$9.6 million).

The decision follows Uni-President's announcement on Tuesday that it wanted to acquire one-fifth of Tait to expand its distribution channels and strengthen logistic services.

■ Bank, insurance firm upgraded

Fitch Ratings yesterday upgraded its individual rating of Cathay United Bank (國泰世華銀行) and affirmed its support given the bank's solid management, strong franchise, consistent profitability, sound asset quality and above-industry-average capitalization.

Taiwan Ratings Corp (中華信評) yesterday also revised its outlook rating on Shin Kong Insurance Co (新光產險) to positive from stable given improved risk controls.

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