Fri, Jul 31, 2009 - Page 11 News List

[BUSINESS BRIEFS]

STAFF WRITER, WITH AGENCIES

TAIEX falls on profit taking

Share prices closed 0.8 percent lower yesterday on profit taking and the tumble in the Chinese market on Wednesday, dealers said.

The TAIEX dropped 56.52 points to 7,027.11 on turnover of NT$145.84 billion (US$4.44 billion).

Losers outnumbered gainers 1,637 to 701, while 151 shares remained unchanged.

The market opened low on profit-taking, with the weighted index at one point plunging to the day’s low of 6,944.50 but then bargain-hunting set in.

“The Chinese market’s sharp fall in the previous session certainly had impacts on investors, but the real pressure behind the fall was profit-taking,” Capital Securities (群益證券) analyst Chen Yu-yu (陳育娛) said.

TWSE has Japanese Web site

The Taiwan Stock Exchange (TWSE, 台灣證交所) will launch a Japanese Web site today as part of its effort to attract Japanese investors, the company said yesterday.

The launch will make the TWSE the third regional stock exchange to establish a Japanese Web site after the Korea Stock Exchange and the Stock Exchange of Thailand.

The site will include market charts and data, information about the TWSE, data of listed companies, listings in Taiwan by foreign issuers, products and services information, and investor education material, TWSE said.

FSC fines Nan Shan Life

The Financial Supervisory Commission (FSC) fined Nan Shan Life Insurance Co (南山人壽) NT$3.3 million yesterday for violating the Insurance Law (保險法).

The life insurer had set aside insufficient reserves, NT$160 million short, for some policies and paid foreign currencies to New Taiwan dollar-denominated policyholders, the commission said in a statement.

The commission also fined Shin Kong Life Insurance Co (新光人壽) NT$3 million for violating the Financial Holding Company Law (金融控股公司法).

Shin Kong was punished for not seeking its board’s approval before leasing its office building to affiliated companies, including Shin Kong Commercial Bank (新光銀行) and Shin Kong Security Co (新光保全), the statement said.

New bank officials named

The board of Shing Kong Commercial Bank (新光銀行) appointed Lai Chin-yuan (賴進淵) as its new president on Wednesday.

Lai, 58, will lead Shing Kong to expand its presence among China-based Taiwanese businesses, taking advantage of his past connections and financial expertise, the bank said in a statement.

After having worked at Mega International Commercial Bank (兆豐國際商銀) for 35 years, Lai was the executive behind the bank’s gaining a 25 percent market share among China-based Taiwanese businesses.

He recently retired from Mega International, subsidiary of Mega Financial Holding Co (兆豐金), as its president in the Asia-Pacific market and was immediately tapped by Shing Kong chairman Eugene Wu (吳東進) to take up the new position.

In other banking developments, Simon Dzeng (曾垂紀), formerly an executive vice president at Mega Financial Holding Co, will become president of the China Development Industrial Bank (中華開發工銀), a subsidiary of China Development Financial Holding Co (開發金控).

Dzeng will begin his new job on Monday, doubling as the financial service provider’s spokesperson.

NT dollar rises

The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.014 to close at NT$32.857.

Turnover was US$842 million.

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