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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Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to
INCREASING PRESSURE: Pegatron chief financial officer Louise Wu said the merger would allow them to be more flexible when meeting customer needs Pegatron Corp (和碩), an Apple Inc assembly partner, yesterday said that it would fully absorb metal casing subsidiary Casetek Holdings Ltd (鎧勝) in a NT$14.5 billion (US$490.93 million) deal to improve the companies’ competitiveness in the phone assembly supply chain. When Pegatron and Casetek suspended trading earlier in the day, speculation swirled that a possible purchase by China’s Luxshare Precision Industry Co (立訊精密) might be in the cards, but the announcement of the merger dispelled any conjecture. The board of directories of each company agreed that Pegasus Ace Limited, a wholly owned subsidiary of Pegatron, would purchase Casetek in a reverse triangular