Fri, Jul 17, 2009 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

TAIEX edges up

Share prices closed 0.62 percent higher yesterday as profit-taking wiped out early gains sparked by Wall Street’s overnight rally, dealers said.

The TAIEX rose 41.7 points to 6,780.3 on turnover of NT$150 billion (US$460 million).

The market opened high on Wall Street’s overnight gains, but profit taking emerged as the market met resistance at the 6,900-point level.

“Some investors who had purchased shares on bargain-hunting earlier this week took advantage of the rise spurred by the Wall Street rally and locked in their profits,” said Allen Lin of Concord Securities (康和證券).

Land sale attracts 90 bidders

The National Property Bureau auctioned off six land plots in Taipei City’s prime districts yesterday, attracting a total of 90 bidders.

One plot, measuring 115.86 ping (382m²) and located on Heping E Rd, was sold for NT$383 million, the bureau said.

Another piece measuring 64.74 ping and located near National Taiwan Normal University was sold for NT$134 million, the bureau said. Another plot measured 100.73 ping near National Taiwan Democracy Memorial Hall was sold for NT$211 million.

Jeffry Huang (黃增福), an associate manager with Evertrust Rehouse Co (永慶房屋), said the deals affirmed the popularity of properties in prime locations in light of the high prices.

Ruten.com files complaint

Local e-commerce Web site Ruten.com (露天拍賣) filed a complaint yesterday with the Fair Trade Commission, accusing Yahoo-Kimo Inc (雅虎奇摩) of false advertising by claiming to be the nation’s largest second-hand automobile marketplace.

Yahoo-Kimo, the country’s biggest online auctioneer by sales volume, has conducted a marketing campaign promoting its used vehicle sales since the beginning of this month, boasting to be the leader in the category.

Using July 9 as a reference date, Ruten said that in terms of used car listings, it had 102,726 items while Yahoo listed 6,084 items.

In terms of used automobiles and motorcycles actually sold between June 25 and Tuesday, Ruten posted 207 transactions compared to Yahoo’s 57.

Inotera to sell GDSes

Inotera Memories Inc (華亞科技) may raise US$300 million in a share sale to fund machinery and equipment purchases, a sale document said.

The Taoyuan-based company plans to sell 64 million Luxembourg Stock Exchange-listed global depositary shares (GDS), equal to 640 million common shares, or a 16 percent stake, at an unspecified price, the e-mail sent to fund managers said.

It may increase the sale by 16 million GDSes, the notice said.

Inotera will use the proceeds to buy machinery and equipment for the conversion of process technology at wafer plants, the e-mail said.

It didn’t reveal a timetable for the sale, which is being arranged by Credit Suisse Group AG.

Largan Precision’s sales rise

Largan Precision Co (大立光), the nation’s largest maker of lenses for digital cameras, expects sales to rise this month from last month on “strong” demand for lenses, chief financial officer Chiu Tung-chuan (邱東泉) said by telephone yesterday.

The Taichung-based company posted a 47 percent increase in sales in the second quarter from the previous three months.

NT dollar gains ground

The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.016 to close at NT$32.959. Turnover was US$819 million.

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