Fri, Jul 10, 2009 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

TAIEX gains 1.20 percent

Share prices finished 1.20 percent higher yesterday as investors tracked signs of closer economic cooperation with China, dealers said.

The TAIEX rose 80.04 points to 6,748.18 on turnover of NT$139.25 billion (US$4.22 billion).

Pharmaceuticals led the broad market, rising 4.15 percent. The financial sector rose 1.7 percent after profit-taking wiped out early gains. Gainers outnumbered losers 1,659 to 711, while 147 shares remained unchanged.

A total of 73 stocks surged to their daily 7 percent limit, against 10 limit-down.

Officials won’t adjust NSF

The National Stabilization Fund (NSF, 國安基金) will not be adjusted in the near future despite the fact that it gained NT$17.1 billion in book value as of yesterday, Deputy Minister of Finance Tseng Ming-chung (曾銘宗) said.

A fund committee member suggested realizing the profits before it is too late but others frowned on the idea, saying the fund was not intended to make money and the economy remains weak and volatile, Tseng said.

Tseng said the fund bought more than 40 stocks for NT$59.9 billion and to date, only one stock has yet to turn lucrative.

China Development posts profit

China Development Holding Co (中華開發) posted NT$1.603 billion, or NT$0.15 per share, in net profits for the first six months of the year, the company said in a exchange filing yesterday. That represents 63 percent growth year-on-year.

Subsidiary China Development Industrial Bank (中華開發工銀) reported NT$1.664 billion in net profits in the first six months, or 2.3 percent growth year-on-year, the filing showed.

Meanwhile, Taishin Financial Holding Co (台新金控) reported NT$1.82 billion in net profit in the first six months of the year, or NT$0.19 per share, its press statement said.

The net profit would be cut to NT$1.19 billion if its previous issuance of NT$7 billion in convertible bonds was written off, the company said.

US allows Amtran to sell TVs

Local TV maker Amtran Technology Co (瑞軒) said yesterday US Customs had ruled to allow its US affiliate Vizio Inc to sell flat-panel TVs in the US market because patent infringement disputes with Japanese TV maker Funai Electric Co had ended.

Amtran is the third-biggest TV maker in the world on a contract basis, Texas-based market researcher DisplaySearch said.

This ruling, along with the US Patent and Trademark Office’s Final Rejection of Funai’s ‘074 patent, would help bring the patent issue to a close, Rob Brinkman, vice president of operations and administration at Vizio, said in a statement.

Voucher redemption hits 90%

The government had cashed NT$75.5 billion (US$2.3 billion) in consumer vouchers as of Wednesday, the Ministry of Finance said in a statement.

The figure accounted for 90.75 percent of the amount issued to help boost consumption and fight the economic downturn.

The voucher plan is expected to raise GDP by 0.66 percentage points this year, with the economy forecast to contract 4.25 percent because of a sharp decline in exports and private investment.

The vouchers are due to expire at the end of September and some NT$7.7 billion remains to be cashed, the ministry said.

NT dollar gains ground

The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, edging up NT$0.066 to close at NT$32.970. Turnover was US$659 million.

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