Sat, May 24, 2008 - Page 11 News List

Business Briefs


Chiang placed on wanted list

Former Fubon Financial Holding Co (富邦金控) chief investment officer Daniel Chiang (蔣國樑) was placed on the wanted list by Taipei prosecutors yesterday after he failed to respond to a prosecutors summons.

Chiang is wanted over his alleged involvement in an insider trading case, from which prosecutors allege he earned more than NT$100 million (US$3 million). Prosecutors also placed another five defendants on the wanted list, while they indicted another seven defendants, including Hsinchu International Bank (新竹商銀) board member Chan Shang-te (詹尚德) and SmartAsic Technology Inc (晶磊半導體) chairman Kuan Heng-chun (關恆君).

Chiang and his fellow defendants have been under investigation since last July over their alleged involvement in insider trading of Hsinchu International Bank shares in connection with Standard Chartered Bank’s acquisition of the lender in 2006.

Chiang was released on NT$5 million bail in September on health grounds and was prohibited from moving out of his current residence or from leaving the country. Prosecutors issued a warning to customs officials and police to prevent Chiang from leaving the country last month after Chiang failed to answer two summons.

Gintech closes limit-down

Gintech Energy Corp (昱晶能源), the nation’s second-biggest solar cell maker by market value, fell by the daily limit in Taipei trading on concerns that subsidies for its products will cease.

Gintech dropped by 7 percent and closed at NT$261.

Taipei-based Gintech’s products turn sunlight into electricity. Earnings have increased as governments in countries, including the UK, subsidize solar power use to cut greenhouse gas emissions, blamed for rising temperatures. Most solar power panels produced in Taiwan are exported.

The UK should scrap “unreasonable” targets for renewable energy, including solar power, and the subsidies it pays out if it wants to ensure sufficient electricity supplies and achieve climate-protection goals, John Constable, director of policy and research at the Renewable Energy Foundation, said in London.

Telecom shares suspended

Trading in Chinese telecom shares listed in Hong Kong and Shanghai was halted yesterday amid reports that Beijing will soon unveil a long-awaited plan to overhaul the country’s telecoms industry.

Shares of China Unicom Ltd (中國聯通) and China Netcom Group Corp (中國網通) were suspended in Hong Kong pending a “price sensitive” announcement, the companies said in statements to the territory’s exchange.

Before trading stopped, China Unicom shares had gained 12 percent to HK$18.48 and China Netcom shares had also climbed 12 percent to HK$27.05.

In Shanghai, trading was also suspended in China United Telecommunications — which holds a stake in China Unicom and is the only listed telecoms operator in China.

The stock was up 5.1 percent at the midday break.

NT dollar under pressure

The NT dollar was weaker against its US counterpart yesterday amid foreign capital outflows and US dollar purchases by oil companies, dealers said.

The NT dollar was also under pressure as some investors took profits after the local currency had risen to a one-month high in the previous session, they said.

At its close in Taipei trading, the NT dollar was down NT$0.12 at NT$30.5. In the previous session, it closed at NT$30.38, its highest level since April 25.

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