Fri, Aug 14, 2009 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

TAIEX advances nearly 2%

Taiwanese share prices closed up 1.97 percent yesterday, tracking Wall Street’s overnight rally and gains in regional markets, dealers said.

The TAIEX rose 136.06 points to 7,034.96 on turnover of NT$120.43 billion (US$3.76 billion).

Gainers led losers 1,838 to 597 with 144 stocks unchanged.

KGI Securities Co (凱基證券) trader Randy Chang (張修華) said tourism and financial sectors led the rally on bargain hunting after recent sharp falls.

“Financials are rebounding ... The outlook seems positive ahead of Fubon Financial Holding Co’s (富邦金控) investor conference today,” he said.

MSCI adds Prime View

MSCI Barra announced early yesterday that it was adding Prime View International Co (元太科技), one of the world’s major makers of medium-sized flat-panel screens for consumer electronics, and local gaming content provider Chinese Gamer International Corp (中華網龍) to its Taiwan index.

Boosted by the news, shares of Prime View gained 6.93 percent to close at NT$43.20, while the stock of Chinese Gamer advanced 3.13 percent to NT$461.50 on the GRETAI Securities Market.

Globally, MSCI added 17 new stocks and cut three companies during the latest review, a press release posted on the global index compiler’s Web site showed.

AIDC to supply Pratt & Whitney

Aerospace Industrial Development Corp (AIDC, 漢翔) yesterday signed a seven-year contract with US aircraft engine manufacturer Pratt & Whitney Co.

The NT$2 billion (US$60.81 million) contract will allow AIDC to produce turbine casings for Pratt & Whitney’s F100 engines. AIDC also hopes to obtain future orders for various engine components, as well as service and maintenance.

The F100 series engines are used in F-15 and F-16 fighter jets.

In 2007, AIDC signed a technical assistance agreement with Pratt & Whitney to jointly provide maintenance service for F100 engines, and as a result, received US government certification as a veritable provider of turbine casings for F100 engines.

Chinese airline opens in Taipei

China Southern Airlines Co (中國南方航空) opened a subsidiary in Taipei yesterday to prepare for the launch of regular flights across the Taiwan Strait.

“Now that the company is set up, we can start selling tickets to Taiwanese customers,” company press officer Corinne Tseng (曾慶寧) said.

China Southern Airlines is the first Chinese airline to be permitted to open a subsidiary in Taiwan. Taiwan has also approved applications from six other Chinese airlines to open subsidiaries.

Eurozone dipped 0.1% in Q2

The eurozone economy contracted by just 0.1 percent in the second quarter as Germany and France unexpectedly emerged from recession, EU data showed yesterday.

The figures, which are initial estimates, fueled hopes that the eurozone’s biggest hitters could pull the others out of the worst recession the region has known since 1945, although analysts said the data should be treated with caution.

“The economy is still contracting [but] the situation is much better than we expected in the spring,” European Commission spokesman Ton Van Lierop told reporters in Bussels.

“The sharpest contractions in activity seem to be behind us,” he said.

NT dollar gains ground

The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.052 to close at NT$32.898. Turnover was US$938 million.

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