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FSC allows overseas bonds

The Financial Supervisory Commission (FSC) relaxed restrictions on domestic securities brokerage firms yesterday to allow them to trade overseas bonds on the local bourse.

The deregulation allows domestic securities brokerage firms to freely trade overseas bonds with a credit rating of above BBB on the local bourse with a foreign currency-denominated risk exposure of less than 15 percent of their net worth or less than US$50 million, the commission said in a press statement.

Previously domestic securities brokerage firms were only allowed to trade overseas bonds on overseas bourses.

Polaris’ HK listing approved

The FSC yesterday approved Polaris Securities (Hong Kong) Co’s (寶來證券香港) application to list its Polaris Taiwan Top 50 Tracker Fun (HK) on the Hong Kong bourse.

It will be the nation’s first exchange-traded fund (ETFs) to cross-list on the Hong Kong bourse, pending regulatory approval by the territory’s stock regulator, the commission said in a statement. Three Hong Kong-based ETFs have also applied to cross-list on Taipei’s bourse.

TWSE seeks Shanghai listings

The Taiwan Stock Exchange Corp (TWSE) will seek to list some of Taiwan’s traded companies in Shanghai to attract more investors as ties with China improve, chairman Schive Chi (薛琦) said.

“We can foresee the steps we are going to take and will take them one by one,” Schive said. “One of the steps is listing China depositary receipts. Let’s tentatively target five to 10 shares to be mutually listed.”

Any plan to list securities in China, however, must wait until authorities on both sides have signed a financial memorandum of understanding, Schive said.

TSMC, IDT agree to transfer

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said yesterday it would receive chip-production technology from Integrated Device Technology Inc (IDT).

TSMC will also manufacture for IDT on a contract basis after the US company closes a factory in Hillsboro, Oregon, the Taiwanese company said in a statement.

The technology transfer is expected to take up to two years to complete, the statement said.

Mortgages worry fathers

More than 90 percent of fathers said home mortgages were a bigger problem for them than they had been for their fathers, an Evertrust Rehouse Co (永慶房屋) survey showed yesterday ahead of Father’s Day tomorrow.

Only 2 percent of fathers polled said they didn’t feel under great pressure from their mortgages, the survey found.

Nevertheless, some 67 percent of respondents said that they wanted to improve their children’s living standards by buying homes of their own, the survey found.

HTC sales drop 5.3 percent

HTC Corp (宏達電), the world’s largest smartphone brand running on Microsoft Corp’s Window’s Mobile, posted sales of NT$10.83 billion (US$330.32 million) last month, a drop of 5.3 percent over last year, and a 24.3 percent fall from the previous month.

January through July revenue was NT$80.62 billion, an increase of 2.36 percent from NT$78.76 billion posted for the same period last year, the company said.

NT dollar slides

The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.072 to close at NT$32.792. A total of US$887 million changed hands during the day’s trading.
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