Business Briefs

TAIEX drops on profit-taking

Taiwanese closed 0.60 percent lower yesterday as early gains gave way to profit-taking in line with weakness seen across Asian markets, dealers said.

The index closed down 49.60 points at 8,161.39, off a high of 8,315.23 and a low of 8,120.49, on turnover of NT$109.03 billion (US$3.55 billion).

Decliners advancers 1,368 to 647, with 328 stocks unchanged.

Nine stocks closed limit-up, while 23 were limit-down.

For the week to yesterday, the weighted index closed down 369.99 points or 4.34 percent at 8,161.39 after a 1.41 percent increase a week earlier. Average daily turnover stood at NT$128.04 billion, compared with NT$167.44 billion a week ago.

Shabu shabu franchise fined

The Fair Trade Commission announced yesterday that it had imposed a fine of NT$5 million (US$162,680) on the White Sugarcane Shabu Shabu restaurant chain for trademark infringement.

The commission said in a news release that its members reached the decision a day earlier at a meeting after establishing that the restaurant chain has used Taisugar -- a registered trademark of Taiwan Sugar Corp (台糖) -- to promote its business.

The restaurant chain has advertised on its billboards and Web site that the soup base for its hot pot is made of "Taisugar's white sugar cane."

But the fine print at the bottom of the Web site says the hot pot chain is not related to Taiwan Sugar Corp.

The commission said that Taisugar has been a registered trademark of the state-owned, Tainan-based Taiwan Sugar Corp since 1953, and that the Intellectual Property Office of the Ministry of Economic Affairs had already recognized Taisugar as a "famous trademark."

Euro zone inflation at new high

Higher for transport fuel, heating, dairy products and bread pushed inflation in the euro currency zone to a new high of 3.3 percent last month, the EU statistics office Eurostat reported yesterday.

Soaring puts pressure on the European Central Bank and finance ministers of the 15 nations that use the euro to curb racing costs for basic goods.

Worried tight credit conditions, the central bank has so far held off raising interest rates that would help cool inflation -- now well above its recommended guideline of just under 2 percent.

Eurostat revised upward a first estimate of 3.2 percent for the month, the same figure for January.

Chinese buy Singapore plant

Singapore's investment company Temasek Holdings Pte Ltd said yesterday it has sold a power plant in the city-state to a Chinese power producer for S$4.235 billion (US$3 billion).

Temasek Tuas Power Ltd -- one of three power generation companies that Temasek has on the block -- to China Huaneng Group through a bidding process, and expects the transaction to be completed by March 24, it said in a statement.

Temasek also selling PowerSeraya Ltd and Senoko Power Ltd. The three together generate about 90 percent of Singapore's power.

Temasek said that it expects to complete the sale of the companies by the first half of next year.

NT falls against greenback

The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.058 to close at NT$30.744.

A total of US$1.368 billion changed hands during yesterday's trading.