Thu, Jul 15, 2010 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

TAIEX climbs 1.54 percent

Taiwan’s benchmark index climbed 1.54 percent yesterday after Wall Street staged a strong overnight showing on better-than-expected quarterly results by US corporations, dealers said.

The TAIEX rose 117.09 points to 7,714.51 after moving between 7,683.83 and 7,720.63, on turnover of NT$118.60 billion (US$3.69 billion).

The market opened 1.20 percent higher on buying triggered by Wall Street’s gains, and the momentum held throughout the session. A total of 2,334 stocks closed up and 953 finished down, with 340 stocks remaining unchanged.

MOEA pushes OPhone plans

The Ministry of Economic Affairs (MOEA) said it was assisting Taiwanese firms to cooperate with their Chinese peers in the development of the OPhone platform — a new smartphone operating system (OS) modified by China Mobile Ltd (中國移動) for the Chinese market.

OPhone is a modification based on the Android open-source OS developed by Google Inc.

Companies on both sides of the Taiwan Strait are working to develop an OPhone ecosystem, including chipsets, integration of hardware and software, as well as applications for telecoms service providers, the ministry said in a statement.

Incentives not definite: minister

Minister of Economic Affairs Shih Yen-shiang (施顏祥) said yesterday that while the government encourages China-based Taiwanese businessmen to make investments at home, it did not necessarily mean that they would be offered incentives such as cheaper land and labor.

“The government absolutely encourages Taiwanese businessmen operating in China to make investments at home. However, they need to think clearly about what they can invest in ­Taiwan,” Shih said at a seminar held by the Council for Industrial and Commercial Development.

For example, Shih said that primary processing manufacturers were no longer allowed to invest in Taiwan.

BYD to delay China listing

Chinese automaker BYD Co (比亞迪) said yesterday that it wanted to delay its US$420 million China listing over concerns about stock market weakness.

The company, which has won the backing of US billionaire Warren Buffett, previously announced massive expansion plans and said it would consider building a plant in the US.

However, choppy equity markets, including a 24 percent tumble in the Shanghai Composite Index this year, forced Hong Kong-listed BYD to push back its planned share offering in Shenzhen, a spokesman told Dow Jones Newswires.

Fitch sets sights on China loans

Chinese bank lending in the first half was 28 percent higher than official numbers suggested because more loans were repackaged into investment products, “distorting” credit data, Fitch Ratings said.

After adjusting for “informal securitization,” new loans stood at about 5.9 trillion yuan (US$871 billion) in the first six months, topping the People’s Bank of China’s data of about 4.6 trillion yuan posted this month, Fitch said in a statement yesterday.

At the end of last month, more than 2.3 trillion yuan in outstanding credit was in locked up in investment products and off the balance sheets of Chinese banks, Fitch estimated in yesterday’s release, up more than 10-fold from the end of 2007.

NT climbs against greenback

The New Taiwan dollar rose against the US dollar yesterday, up NT$0.108 to close at NT$32.192.

Turnover totaled US$573 million during the trading session.

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