Tue, Mar 09, 2010 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

TAIEX gains 96 points

Share prices closed higher yesterday, with the TAIEX moving up 96.01 points, or 1.25 percent, to close at 7,762.27.

The market opened at 7,741.8 and fluctuated between a low of 7,716.28 and a high of 7.763.76 before closing at its highest level since Jan. 25. Turnover was NT$103.89 billion (US$3.26 billion).

Six of the eight major stock categories gained ground, with machinery and electronic shares rising the most at 1.9 percent. Textile issues advanced 1.7 percent, while paper and pulp issues and construction shares both rose 0.8 percent.

Banking and financial stocks gained 0.6 percent, and plastics and chemical shares grew 0.5 percent.

In contrast, cement issues and food shares dropped 0.1 percent.

Foreign investors and Chinese qualified domestic institutional investors were net buyers of NT$14.75 billion in shares.

Taiwan, Algeria to ink MOU

The Taiwan External Trade Development Council (TAITRA, 外貿協會) is set to sign a memorandum of understanding with an Algerian industrial association today in a bid to expand bilateral collaboration.

TAITRA secretary-general Chao Yung-chuan (趙永全) will ink a pact with Aggoun Abd el Kader, chairman of Club des Entrepreneurs & Industries, the council said in a statement yesterday.

The club is a national organization in Algeria, with members from the agriculture, architecture, cosmetics, chemicals, home appliances among other sectors.

Enhanced collaboration between the two sides could serve as a springboard for Taiwan to the North African market, while Algerian companies could utilize Taiwan to expand their business in the Asia-Pacific, TAITRA said.

Taiwanese exports to Algeria reached US$51.1 million last year, while Algerian exports to Taiwan were US$239,000, the statement said.

Fubon completes acquisition

Taipei Fubon Bank (台北富邦銀行), the banking unit of Fubon Financial Holdings Co (富邦金控), yesterday officially completed its acquisition of two Vietnam-based outlets previously owned by debt-ridden Chinfon Commercial Bank (慶豐銀行).

Taipei Fubon Bank currently has three outlets there, with the two newly acquired branches totaling US$170 million in assets, it said in a press statement yesterday.

The bank promised to better serve Taiwanese businesses in Vietnam through these branches. Taiwan is the largest foreign investor in Vietnam it said.

No utilities price hike: MOEA

Water prices will not be raised in the near term, Minister of Economic Affairs Shih Yen-shiang (施顏祥) said yesterday.

Shih said the ministry had no plans to raise electricity prices either, because the existing rates fall within a set of price regulation requirements drawn up in 2008.

As for fuel prices, Shih said although there were some flaws and deficiencies in the existing floating pricing formula, the system would remain in place until a better calculation model is figured out.

New Taiwan dollar strengthens

The New Taiwan dollar yesterday strengthened the most in two months, as the global economic recovery boosted exports and spurred demand for emerging-market assets.

“There are funds coming in,” said Tarsicio Tong, a currency trader at Union Bank of Taiwan (聯邦銀行) in Taipei. “Taiwan’s fundamentals look pretty good.”

The NT dollar climbed 0.4 percent, the most since Jan. 4, to close at NT$31.89 against its US counterpart, Taipei Forex Inc said. It touched NT$31.846, the strongest level since Feb. 6.

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