Thu, Apr 22, 2010 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

TAIEX gains 1.14 percent

Share prices closed higher yesterday, with the TAIEX index moving up 90.11 points, or 1.14 percent, to close at 7,990.53.

The local bourse opened at 7,949.96 and fluctuated between a low of 7,947.90 and a high of 7,998.76 during the day’s trading. Market turnover totaled NT$117.94 billion (US$3.76 billion). Gainers outnumbered losers 2,409 to 806, with 250 remaining unchanged.

Foreign investors and Chinese qualified domestic institutional investors were net buyers of NT$6.49 billion in shares.

Ma invites infrastructure bids

President Ma Ying-jeou (馬英九) yesterday invited joint bids by foreign and local construction companies for major infrastructure projects, saying it would be a win-win situation for them.

Ma made the remark while addressing the opening of the 38th Conference of the International Federation of Asia and Western Pacific Contractors’ Association (IFAWPCA).

The three-day conference has brought together senior executives of major contractors’ associations in 16 Asia-Pacific countries to discuss feasible strategies for sustainable development in the 21st century.

Taiwan last hosted an IFAWPCA annual conference 22 years ago.

Fund has exit strategy

The National Stabilization Fund (國安基金) aims to leave the stock market as soon as next month, Unique Broadcasting Inc reported, citing an interview with Vice Premier Eric Chu (朱立倫). The fund has sold two-thirds of its shares, Chu said in the television interview on Tuesday.

Chrysler achieves Q1 profit

Chrysler yesterday posted a post-bankruptcy loss for last year of US$3.8 billion, but said it had exceeded financial targets and achieved an operating profit in the first quarter of this year.

In its first post-bankruptcy results, the No. 3 US automaker reported modified earnings before interest, taxes, depreciation and amortization of US$538 million for last year and ended the year with US$5.9 billion in cash.

Chrysler posted a first-quarter operating profit of US$143 million and its net loss narrowed to US$197 million from US$2.5 billion a year earlier.

Morgan Stanley beats forecasts

Morgan Stanley, in its first profit report under chief executive officer James Gorman, posted earnings that beat analysts’ estimates as fixed-income trading revenue more than doubled from a year earlier.

First-quarter net income was US$1.78 billion, or US$0.99 a share, compared with a loss of US$177 million, or US$0.57, in the first quarter of last year, the New York-based company said yesterday in a statement. Earnings from continuing operations, including a US$0.21 tax benefit, were US$1.03 a share, compared with the US$0.57 average estimate of 24 analysts surveyed by Bloomberg.

McDonald’s Q1 profit up 11%

McDonald’s Corp, the world’s largest restaurant company, said first-quarter profit rose 11 percent as comparable-store sales advanced in the US and Europe.

Net income climbed to US$1.09 billion, or US$1 a share, from US$979.5 million, or US$0.87, a year earlier, the company said yesterday in a statement.

France, Russia and the UK drove sales in Europe amid restaurant renovations and themed food events, McDonald’s said.

NT dollar edges higher

The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.059 to close at NT$31.388. Turnover was US$908 million.

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