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Shares close up 1.93 percent

Share prices closed up 1.93 percent yesterday as investors bet on the Chinese Nationalist Party (KMT) winning the presidential election and improving economic ties with China, dealers said.

The weighted index closed up 158.27 points at 8,337.62, off a low of 8,124.67 and just off a high of 8,343.38, on turnover of 145.70 billion NT dollars (US$4.73 billion).

Risers led decliners 1,442 to 605, with 308 stocks unchanged.

A total of 22 stocks closed limit-up and 12 were limit-down.

Hua Nan to hire 420 employees

Hua Nan Financial Holdings Co (華南金控), Taiwan's fifth-largest financial services company by assets, said it plans to hire 420 people for its eight units in the second quarter to become more competitive.

Hua Nan will hire these people in the field of banking, securities, insurance and asset management, the Taipei-based company said in an e-mailed statement.

Citigroup Inc, UBS AG, Merrill Lynch & Co and other foreign banks have announced plans to hire more workers as they compete to win customers in Taiwan.

Yuanta bank replaces president

Yuanta Financial Holdings Co (元大金控) said its board yesterday agreed to appoint Wang Rong-jou (王榮周), an independent director of the board, as the new vice chairman and president of its banking arm, replacing Ho Chang-ming (何昌明) in the latter role.

Wang, 62, has 30 years of experience in the financial sector. He will assume the post at Yuanta Commercial Bank (元大商業銀行) immediately, Yuanta Financial said in a statement yesterday. Ho will continue serving as a vice chairman at Yuanta Financial, the statement said.

Before sitting on Yuanta Financial's board, Wang served as chairman of Taiwan Asset Management Co (台灣金聯資產管理) from 2004 to last year. Prior to that, he served as chairman of Taiwan Business Bank (台灣企銀) and chairman of the Central Trust of China (中央信託局) and was vice minister of finance.

Toyota to sell Prius in S Korea

Toyota Motor Corp said yesterday it would start selling the hybrid Prius and two other models in South Korea next year as it expands its offerings in the country beyond the luxury Lexus brand.

Toyota said it would begin selling the Prius sedan in gasoline and hybrid versions and the RAV4, a compact sport utility vehicle, during the second half of next year through a dealer network.

The world's biggest automaker by production has set modest sales goals. It is initially targeting a total of 500 vehicles a month and plans to quickly double sales to 1,000 vehicles a month.

Russian nuclear firm inks deal

Russian nuclear energy giant Atomenergoprom and Japanese industrial corporation Toshiba signed a preliminary cooperation agreement yesterday, Russia's nuclear ministry said in a statement.

"Today's event symbolizes the start of large-scale cooperation between two leading companies ... in the field of the peaceful use of nuclear energy," Sergei Kiriyenko, head of Russia's nuclear agency, was quoted as saying.

"This cooperation will be beneficial not only to the employees of our companies, but also to users of products and services related to nuclear cycle throughout the world," Kiriyenko said.

The framework agreement will look at potential cooperation between the two firms.

NT dollar gains ground

The NT dollar continued gaining ground against its US counterpart yesterday, edging up NT$0.028 to close at NT$30.692 on the Taipei Foreign Exchange.

A total of US$1.486 billion changed hands during the day's trading.
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