Sat, Mar 10, 2007 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

Shares close little changed

Shares closed little changed yesterday in slower trade as investors were reluctant to push gains any further after three consecutive winning days, dealers said.

Wall Street's continued advance overnight also provided some room for investors to lock in profits ahead of the weekend, they added.

The TAIEX fell 5.67 points at 7,568.20, on turnover of NT$96.37 billion (US$2.92 billion).

Decliners led risers 606 to 505, with 216 stocks unchanged.

Chinatrust appoint James Chen

Chinatrust Financial Holding Co (中信金控) announced yesterday that it has appointed James Chen (陳佳文) to be chief executive officer of corporate banking, replacing Steven Cheng (陳俊哲), son-in-law of founder Jeffery Koo (辜濂松).

Cheng is on a wanted list for his crucial role in the company's misuse of funds. He resigned for personal reasons, the company said in a statement.

The appointment is subject to the financial regulator's approval.

Meanwhile, Chinatrust also decided to dissolve its compliance department after the department head Deng Yan-dun (鄧彥敦) offered to resign. Oliver Shang (尚瑞強), president of Chinatrust Financial's retail group replaced Deng and doubles as chairman of Taiwan Lottery Co (台灣彩券公司).

Deng and senior vice president Sean Lin (林祥曦) were both downgraded to specialists reporting to the chairman of the company's wholly-owned Chinatrust Commercial Bank (中國信託商銀).

Deng, Lin, and Perry Chang (張明田), the company's former chief financial officer were indicted last month for breach of trust for organizing misuse of funds during the company's takeover investment in larger rival Mega Financial Holding Co (兆豐金控).

Shin Kong finds partner

Shin Kong Financial Holding Co (新光金控) said yesterday that it has found a partner to form a life insurance joint venture in China that is expected to start operations next year.

"We lodged our application at the end of last year to China's insurance regulator for approval to set up the joint venture," the company's chief financial officer Winston Yung (榮覺生) said in a phone interview.

Jung, however, declined to name the partner which local media has speculated to be Hainan Airlines (海南航空), whose shareholders includes hedge fund guru George Soros.

Shin Kong Financial is the second Taiwanese life insurer to expand across the strait, after larger rival Cathay Financial Holding Co (國泰金控) established a joint life insurance firm with China Eastern Airlines Corp (東方航空) in Shanghai in 2005.

Deng tipped for new post

The government is to set up an office of trade representatives in charge of foreign trade negotiations, with Taiwan's deputy representative to the US John Deng (鄧振中) being recommended to serve as the first chief representative, the Ministry of Economic Affairs (MOEA) said on Thursday.

The nation's international trade negotiations, including the Trade and Investment Framework Agreement between Taiwan and the US, Free Trade Agreements and talks in the WTO, will be come under the jurisdiction of the new office, which is scheduled to start operations at the end of this month, MOEA officials said.

NT dollar falls again

The New Taiwan dollar had a weekly decline as overseas investors sold more of the nation's stocks than they bought every day this week.

The NT dollar fell NT$0.055 yesterday to close at NT$32.968 against the US dollar on the Taipei Forex Inc.

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