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Shares close up 0.38 percent

Shares closed 0.38 percent higher yesterday on expectations of a further liquidity-driven upswing as investors shrugged off mixed showings on Wall Street and around the region, dealers said.

The TAIEX closed up 31.38 points at 8,370.26 on turnover of NT$143.20 billion (US$4.34 billion).

Yesterday's high drew close to the record high of 8,406.05 on July 20, 2000.

Risers led decliners 595 to 500, with 253 stocks unchanged.

Telecoms `ignore' rules

The nation's four major telecommunications services providers failed to abide by government regulations when issuing pre-paid telephone cards, the Consumers' Foundation (消基會) said yesterday.

The pre-paid cards sold by Chunghwa Telecom Co (中華電信), Taiwan Mobile Co (台灣大哥大), Far EasTone Telecommunications Co (遠傳電信) and KG Telecommunications Co (和信電訊) expire in six months or 180 days, which the foundation said is against the law.

These firms also refuse to offer refunds to buyers if the cards still have value remaining after the expiration date, the foundation said.

Far EasTone Telecommunications said it scrapped the usage duration restrictions after the new regulations took effect on April 1.

Taiwan Mobile, however, said that six-month restriction was necessary to avoid wasting resources. The restriction has been approved by the National Communications Commission (NCC), it said.

Taipei 101 touts weddings

Taipei 101 yesterday announced plans to tap into the nation's extensive wedding market, estimated at NT$70 billion (US$2.1 billion) a year, by offering "one stop shopping" services that range from making purchases to booking wedding venues.

Those who spend more than NT$500,000 on wedding purchases inside the mall would be given a photo shoot in the building, it said. Purchases of more than NT$1.5 million wold grant wedding couples a rare chance to host their guests on the building's 84th floor in a facility normally only accessible to businesses.

Taipei 101 will provide other custom services to customers who spend over NT$3 million.

Customers will also be able to make marriage proposals by placing their messages on electric signboards outside the world's tallest building, but prices have not been set for the special service, the building's management said.

Laiwu extends Mittal deadline

Chinese steelmaker Laiwu Steel Group has extended a deadline for selling a 38.41 percent stake in its subsidiary Laiwu Steel Corp (萊蕪鋼鐵) to ArcelorMittal while the deal awaits regulatory approval, the two companies said yesterday.

Chinese authorities have given no reason for the delay in deciding on Mittal's purchase. But concern about foreign companies gaining control of Chinese companies has increased amid complaints the country might be selling assets too cheaply.

Laiwu and ArcelorMittal agreed to extend the deadline for the deal to Dec. 31 and again to March 31 next year if the deal appears to be close to completion, a statement posted on the Web site of the Shanghai Stock Exchange said.

NT dollar weakens

The New Taiwan dollar yesterday weakened against its US counterpart as importers and insurers bought US dollars, dealers said.

The NT dollar fell NT$0.011 to close at NT$33.020 on the Taipei Forex Inc. Turnover was US$693 million.

The NT dollar has been trading between NT$32.8 and NT$33.1 this month. The local currency lost around 1.3 percent against the greenback since the beginning of the year.


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