Fri, Dec 25, 2009 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

Shares rise on regional gains

Share prices closed up 0.79 percent yesterday, their fifth consecutive rise, following gains in regional markets, dealers said.

The TAIEX rose 62.04 points to 7,963.54 on turnover of NT$142.46 billion (US$4.42 billion).

The weighted index could challenge the key 8,000-point level today, Hua Nan Securities (華南證券) trader Stan Chang said.

“Investors are highly alert as TAEIX approaches 8,000,” he said. “As heavyweight large-cap stocks have gained for some time, funds may start to rotate to smaller stocks.”

Investment rules under review

The government will review regulations on Chinese investment and may open up more industries next month in yet another move to forge closer economic ties, Industrial Development Bureau chief Woody Duh (杜紫軍) said yesterday.

“Chinese investors want to enter sectors such as liquid-crystal displays, steel and telecommunications, and we’ll take this into consideration,” Duh said.

His comment came after a high-level cross-strait meeting in Taichung, which Taipei hopes will help attract more Chinese investors.

The government partially lifted its decades-old ban on investment by Chinese companies or individuals in June.

Under the new measures, Chinese investors are permitted to buy into 100 categories in the manufacturing, service and infrastructure sectors.

As of this month, Chinese firms had invested NT$1.19 billion in Taiwan, the Straits Exchange Foundation said.

Meanwhile, China said yesterday it would slap anti-dumping penalties on a chemical imported from Saudi Arabia and Taiwan after an investigation found the product had been priced too low.

The Commerce Ministry in Beijing said it would impose tariffs of up to 13.6 percent on imports of 1,4-Butanediol, a chemical used to make some plastics, elastic fiber and polyurethanes, as of today.

“The imported products were dumped [in China] and caused material damage to the 1,4-Butanediol industry in mainland China,” the ministry said in a statement posted on its Web site.

AmCham chairman reelected

The board of governors of the American Chamber of Commerce in Taipei (AmCham) reelected chairman Alan Eusden, president of Corning Display Technologies, yesterday to a second one-year term.

Upon the board’s approval, Eusden appointed Corning Painter of Air Products as the chamber’s standing vice chairman, George Chao (趙台生) of 3M Taiwan as vice chairman and Wang Li-shin of Johnson & Johnson Medical as its treasurer, the chamber said in a press statement.

‘Forbes’ ranks Asian cities

Forbes Asia, in its latest issue, listed Tokyo, Hong Kong and Beijing as the three most expensive Asian cities to live in, followed by Mumbai, Shanghai and Seoul.

Citing Mercer’s survey, the magazine said the monthly rental of a high-end two-bedroom apartment in Tokyo was US$4,737, followed by US$3,871 in Hong Kong, US$3,659 in Beijing, US$3,514 in Mumbai, US$2,927 in Shanghai and US$2,828 in Seoul.

Taipei was ranked the 16th-most expensive city, with a monthly rental of a high-end two-bedroom apartment at US$1,065.

But the magazine also added that property prices in Mumbai, Singapore and Taipei had seen the biggest hikes in the past year among its peers.

NT dollar gains

The New Taiwan dollar yesterday gained by NT$0.060 to close at NT$32.300 against the greenback on turnover of US$783 million.

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