Thu, May 08, 2008 - Page 11 News List

Business Briefs

AGENCIES

Shares close higher

Taiwanese shares closed 0.78 percent higher yesterday following gains on Wall Street as worries about the US economy and corporate earnings receded, dealers said.

They said construction stocks rebounded after a slump, while technology firms extended the previous day’s gains, taking a cue from their US peers.

The weighted index closed up 68.97 points at 8,926.34, after trading in a range between 8,902.19 and 8,977.90 on turnover of NT$154.06 billion (US$5.05 billion).

Risers led decliners 1,476 to 874, with 318 stocks unchanged. A total of 43 stocks closed limit-up, while 14 were limit-down.

On the foreign exchange market, the NT dollar closed NT$0.031 lower at NT$30.521 against the US dollar. Turnover was US$1.138 billion on the Taipei Forex Inc.

CEOs happy with Ma

Some 70 percent of Taiwan’s top executives are optimistic about the economy with president-elect Ma Ying-jeou (馬英九) to be sworn in on May 20, a survey said yesterday.

According to CommonWealth magazine’s poll of the CEOs of Taiwan’s top 1,000 enterprises, 70 percent were optimistic about economic recovery after Ma’s inauguration, while 45 percent believed competitiveness would improve and 40 percent would increase investment in Taiwan.

While 60 percent of the CEOs said they would maintain their policies toward China, 27 percent said they would boost investment there.

When asked about overseas investment plans excluding China, most CEOs said they would increase investment in Vietnam.

A New Delhi showcase

Taiwanese products are on display at an exhibition in New Delhi that opened on Tuesday to help Taiwanese manufacturers expand their markets in India.

The two-day exhibition is being sponsored by the Mumbai branch office of the Taiwan External Trade Development Council (TAITRA), office director Chang Yuan-lin (張原林) said.

The exhibition features products from more than 300 Taiwanese manufacturers, Chang said, with goods from a wide range of sectors, including rubber, telecommunications, information, computer peripherals, car components, medical equipment, machinery and hardware, electronic and electric machinery and textiles.

Hungary launches probe

Samsung SDI Co, Thomson SA and Daewoo Electronics Corp are among the companies being investigated by Hungarian antitrust regulators as part of an EU probe into price fixing.

LP Displays, Chunghwa Picture Tubes Ltd (中華映管) and Matsushita Electric Industrial Co were also being investigated, the Budapest-based regulator known as GVH said in an e-mailed statement on Tuesday.

The investigation is part of an EU probe of manufacturers of cathode-ray tubes used in computers and televisions that started in November.

Pressure builds on Dairy Farm

Dairy Farm International Holdings Ltd, the supermarket operator that also runs 7-Eleven and IKEA stores in Asia, said its ventures in India are being affected by rising costs and competition.

The company’s trading prospects for the year remain positive even as the economic outlook becomes more uncertain, Singapore-listed Dairy Farm said yesterday.

In North Asia, the company’s businesses were performing well, showing improved results in Hong Kong, Taiwan, Singapore and Malaysia, it said.

Dairy Farm said in March that its profit for last year climbed 22 percent from a year earlier to US$258 million.

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