Wed, Oct 17, 2007 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

Market reverses losses

Shares closed 0.78 percent higher yesterday as rotational play across the board reversed losses early in the session that tracked Wall Street's overnight pullback, dealers said.

Upside was capped, however, due to investor caution over upcoming corporate results by key US and local firms, they said.

The TAIEX closed up 74.02 points at 9,592.47, on turnover of NT$157.34 billion (US$4.83 billion).

Risers led decliners 1,099 to 833, with 256 stocks unchanged.

On the foreign exchange market, the New Taiwan dollar closed the day's trading at NT$32.597 over the US dollar, up NT$0.001 from the previous close of NT$32.598.

The NT dollar earlier dropped the most in two months as crude oil touched a record high.

Turnover was US$1.359 billion on the Taipei Forex Inc.

Millions in five-year bonds sold

The central bank yesterday sold NT$28.25 billion (US$866.7 million) in five-year government bonds at a yield of 2.74 percent, the central bank announced in a statement.

The central bank sold the five-year bonds on behalf of the Ministry of Finance, which originally planned to sell NT$30 billion of the bonds to fund the construction of a new science park.

The bonds will be issued on Friday and mature on Oct. 19, 2012, the statement said.

On Oct. 4, the central bank sold NT$30 billion in five-year bonds at a yield of 2.603 percent. That batch of bonds was issued on Oct. 9 and will mature on July 20, 2012.

For the year, the ministry has planned to sell a total of NT$410 billion in bonds, after it issued NT$110 billion in the first quarter, NT$100 billion in the second and NT$70 billion in the third.

Delegation to attend conference

Financial Supervisory Commission (FSC) Vice Chairwoman Susan Chang (張秀蓮) will lead a Taiwan insurance business delegation to attend the 14th annual conference of the International Association of Insurance Supervisors (IAIS) to be held in Fort Lauderdale, Florida, from Oct. 16 to Oct. 19.

Chang said that more than 500 delegates of financial supervisors from 90 countries will attend the IAIS annual conference this year. In addition, 160 representatives of insurance companies and international organizations will attend as observers.

The IAIS holds three meetings and a conference every year. At last year's conference, members of the association passed a resolution stating that the FSC will host the three meetings slated for 2010 in Taipei.

Arm of PRC central bank sold

China's US$200 billion state investment agency has paid US$67 billion for a key investment arm of the nation's central bank, the firm's chief said yesterday.

"We have bought [Central Huijin] for 67 billion dollars," Lou Jiwei (樓繼偉), chairman of China Investment Corp, told reporters on the sidelines of the 17th Communist Party congress, the nation's most important political meeting in five years where major policy decisions are made.

Central Huijin was an agency created as an investment vehicle that could act as the main owner of China's largest four state-run banks.

Its sale means it becomes part of China Investment, the new agency tasked with maximizing investment returns on part of China's US$1.4 trillion in forex holdings that are by far the world's largest.

Lou said that the firm could invest anywhere, including Hong Kong and Taiwan.

"There are no restrictions," he said.

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