Tue, May 08, 2007 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

Shares close higher

Taiwan share prices closed 0.61 percent higher yesterday, with sentiment bolstered by Wall Street's extended gains last Friday and the prospect of former premier Frank Hsieh (謝長廷) representing the Democratic Progressive Party (DPP) in next year's presidential election, dealers said.

The initial results of the primary has ended infighting among the party's four candidates and Hsieh's victory secured a positive response from the market given his pragmatic approach to cross-strait relations with China.

The weighted index closed up 49.21 points at 8,115.27, the highest closing level since the 8,118.05 posted on August 22, 2000.

The turnover was NT$106.76 billion (US$3.21 billion).

Deutsche Bank appoints director

Deutsche Bank announced yesterday that it has appointed Augustine Chen (陳頌恩) as Director of Institutional Equity Sales in Taiwan, which took immediate effect.

Responsible for selling Taiwan equity products to institutional clients in Asia, Chen will report to Hubert King (金汝椿), Head of Institutional Equity Sales in Taiwan, the statement released yesterday read.

"Our equity platform will be strengthened with the addition of Augustine who arrives with a strong track record and is held in high regard by the industry," King said in the statement. Chen was voted by AsiaMoney as the No. 1

Taiwan Hedge Fund sales in 2004 and was also ranked highly by mutual fund clients in their respective polls.

For the past five years before joining Deutsche Bank, Chen served as a vice president of Equity Sales at CLSA Taipei. Previously, he was with Asustek Computer Inc (華碩電腦) in Taipei.

CPC seeking to import gas

CPC Corp, Taiwan (台灣中油), the nation's state oil refiner, is seeking to import 20,000m tonnes of liquefied petroleum gas for delivery in June, a company official said.

The Taipei-based refiner wants to take delivery of the cargo, which should contain about 60 percent propane, and 40 percent butane, between June 1 and June 10 at the port of Shenao in northern Taiwan.

Prices of propane have risen 12 percent this year to close at US$600 a tonne on May 3, according to data compiled by Bloomberg News. Butane has risen 14 percent over the same period to close at US$610 a tonne, Bloomberg data showed.

Potential sellers are to submit offers by 10am local time on May 8, and these must remain valid until 9pm on the same day, said the official who declined to be identified.

Compal posts increase in sales

Compal Electronics Inc (仁寶電腦), the world's second-largest maker of notebook computers, posted a 48 percent increase in April sales. Parent-company sales at Taipei, Taiwan-based Compal increased to NT$31.7 billion (US$954 million) from NT$21.4 billion a year earlier, the company said today in an e-mailed statement.

Cumulative sales for the year ended April 30 gained 58.7 percent to NT$128.67 billion, the company said. Consolidated revenue, which includes affiliates and excludes Compal Communications Inc (華寶通訊), was NT$32.3 billion last month, Compal Electronics said.

Shipments of notebook computers rose 77 percent to 1.7 million, with 290,000 display products sold in April, the company said.

New Taiwan dollar gains

The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, increasing NT$0.060 to close at NT$33.220 on turnover of US$971 million.

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