Sat, Apr 14, 2007 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

Teco announces new chairman

Teco Electric & Machinery Co (東元電機), the nation's largest maker of industrial motors, announced a new chairman yesterday. Starting from April 30, Liu Chao-kai (劉兆凱), chairman of Tecom Co (東訊科技), will take over at Teco Electric and replace Theodore Huang (黃茂雄), according to a company statement.

Owned by Teco Electric, Tecom was set up in 1980 and produces telecommunications equipment including Bluetooth and broadband systems.

Huang, who is currently chairman of Teco Group (東元集團) and the Chinese National Association of Industry and Commerce (工商協進會), had been leading Teco Electric for the past 16 years.

Under his guidance, Teco Electric has moved from being a maker of industrial motors and home appliances, to a high-tech firm operating businesses like flat-panel televisions, DVD recorders and smartcards, the statement said.

The company now has a presence in more than 30 countries.

Shares close lower

Shares closed 0.90 percent lower yesterday as concerns over legal proceedings against Inventec Appliances Corp (英華達) wiped out early gains driven by Wall Street's overnight advance, dealers said.

The TAIEX closed down 72.90 points at 8,002.30, on turnover of NT$114.99 billion (US$3.47 billion).

Decliners outnumbered gainers 880 to 295, with 147 stocks unchanged.

Commission approves mergers

The Fair Trade Commission yesterday approved two merger applications submitted by telecommunications operators. Far EasTone Telecommunications Co (遠傳電信), the nation's second-biggest mobile operator, was allowed to take over Q-ware Systems and Services Corp (安源資訊), which operates Taipei's Wi-Fi networks and is a telecom affiliate of Uni-President Group (統一集團), its statement read.

Taiwan Mobile Co (台灣大哥大), the third-largest mobile carrier, was also given the green light to acquire fixed-line operator Taiwan Fixed Network Co (台灣固網).

Separately, the commission yesterday fined Sinyi Real Estate Inc (信義房屋), the nation's largest housing agent, NT$1.2 million (US$36,250) for misleading advertisements, which violated Article 21 of the Fair Trade Act (公平交易法).

Sinyi Real Estate claimed that homebuyers are entitled to zero risks during the transaction process, which the commission said is not true.

Asustek sues Ricoh

Asustek Computer Inc (華碩電腦), the world's largest motherboard maker, sued Ricoh Co to challenge four patents covering compact-disk drives.

Asustek said in a complaint filed on April 5 in federal court in San Jose, California, that it was afraid Ricoh would sue it again for patent infringement after an earlier lawsuit in another court was dismissed. It asked for court judgments that the patents were invalid or not infringed.

Ricoh, Japan's third-largest maker of color laser printers, in August sued Asustek and Quanta Storage Inc (廣明), claiming they were using its technology without permission. Ricoh's suit, filed in federal court in Madison, Wisconsin, sought cash compensation and a halt on use of Ricoh's patented technology.

US District Judge Barbara Crabb threw out Ricoh's case on April 3, saying Asustek didn't have a sufficient presence in western Wisconsin, according to court papers.

NT dollar gains ground

The New Taiwan dollar gained ground against its US counterpart, advancing NT$0.004 to close at NT$33.101 yesterday on the Taipei Forex Inc.

Turnover was US$628 million.

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