Sat, Mar 14, 2009 - Page 11 News List

[BUSINESS BRIEFS]

STAFF WRITER, WITH AGENCIES

Taishin buys investment trust

The board of Taishin Securities Co (台証證券), a subsidiary of Taishin Financial Holding Co (台新金控), yesterday approved a proposal to take up the remaining 55 percent stake in Taishin Investment Trust Co (台新投信), making the investment trust arm wholly owned, the company said in a press statement.

Taishin Securities will complete the acquisition at a cost of NT$14.55 per share, the statement said, without disclosing the deal’s total amount.

After the merger, the parent financial group hopes to leverage the outlets of both companies to strengthen its financial services.

Gasoline, diesel prices down

Domestic gasoline prices as well as diesel prices will both be lowered by NT$0.1 per liter today, state-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said yesterday.

After the adjustment, CPC’s price for a liter of 98-octane unleaded gasoline will be NT$25.2, 95-octane unleaded gasoline will cost NT$23.7, and 92-octane unleaded gasoline NT$23.

Diesel will be priced at NT$20.2.

Rival Formosa Petrochemical Corp (台塑石化), the nation’s only publicly traded oil refiner, said it would match CPC’s price adjustment and that its new prices would also take effect from today.

CPC adjusts its gas prices every Friday.

China Life plans to sell debt

China Life Insurance Co (中國人壽) plans to sell NT$2 billion (US$58 million) of five-year subordinated debt through a private placement to boost capital, the company said in a stock exchange filing yesterday.

The debt, which is sold through a private placement, will be converted into shares of China Life on maturity, the statement said. The subordinated debt pays an interest of 4 percent.

NASDAQ, TAIFEX ink deal

The NASDAQ OMX Group Inc and the Taiwan Futures Exchange (TAIFEX) have signed a Memorandum of Understanding (MOU) with the intent to pursue a business partnership, the two exchanges said in a joint statement yesterday.

Under the MOU, the two exchanges will share information and best practices regarding product development, market operations and common interest areas in the derivatives market, the statement said.

The two exchanges signed the MOU at the FIA Conference in Boca Raton, Florida, on Thursday, with TAIFEX president Steve Wang (王中愷) and NASDAQ OMX president Magnus Bocker participating.

“In response to the rapidly changing global financial landscape, TAIFEX and NASDAQ OMX will work closely to leverage unique knowledge from each other’s markets,” Wang said in the statement.

FTC tightens bank rules

The Fair Trade Commission yesterday said that banks wishing to charge management fees on small accounts must fully disclose the information in a contract or a similar written document to depositors beforehand.

Financial institutions that fail to do so and deduct fees directly from the depositor’s account would be fined between NT$50,000 and NT$25 million for violating the Fair Trade Law (公平交易法), the commission said in a statement.

Local currency loses ground

The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.001 to close at NT$34.495.

Turnover was US$1.032 billion.

Taishin buys investment trust

The board of Taishin Securities Co (台証證券), a subsidiary of Taishin Financial Holding Co (台新金控), yesterday approved a proposal to take up the remaining 55 percent stake in Taishin Investment Trust Co (台新投信), making the investment trust arm wholly owned, the company said in a press statement.

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