Tue, Nov 16, 2010 - Page 11 News List

[ BUSINESS BRIEFS ]

staff writer with agencies

TAIEX slides 0.9 percent

The TAIEX closed down 0.9 percent yesterday after Wall Street slumped late last week amid concerns that China would further tighten money supply to fight inflation, dealers said.

The weighted index fell 75.4 points to 8,240.65, after moving between 8,226.71 and 8,301.35, on turnover of NT$86.97 billion.

Textile shares suffered the steepest decline, losing 4.7 percent. Pulp and paper stocks fell 3.8 percent, construction firms shed 3.7 percent, cement shares lost 2 percent and the plastics and chemical sector closed down 1.8 percent.

Land sales successful: ministry

The Ministry of Economic Affairs said yesterday it had sold 84 plots of idle industrial land for a total of NT$5.22 billion (US$163 million) this year.

The ministry introduced the scheme in January, aiming to sell idle industrial lots below market prices, and the results have been satisfactory so far, it said in a statement.

The 84 plots of land span 80.87 hectares, and their buyers are expected to invest NT$27.4 billion to set up factories, buildings or offices that would create 3,568 jobs, it said.

The ministry said that to date, 80 percent of the vacant lots at Changpin Industrial Park (彰濱工業區) were sold at the auctions, biddings, while the success rates for other parks were 60 percent for Douliou (斗六), 22 percent for Tainan and 21 percent for Heping (和平).

Formosa to expand in US

Formosa Plastics Group (台塑集團), the nation’s biggest diversified industrial conglomerate, plans to spend about US$800 million to build ethylene and propylene plants in the US to tap demand for the chemicals.

The proposed plants in Texas will be able to produce 450,000 tonnes of ethylene and 400,000 tonnes of propylene a year, Lee Chih-tsuen (李志村), a member of the company’s executive board, told reporters in Taipei County yesterday.

Construction may start in 2012, he said.

The group needs the plants for raw materials that will be made into products for the US and Latin American markets, he said.

Ethylene and propylene are raw materials for plastics and chemical fibers.

“We don’t have enough of them,” Lee said.

The company’s US unit already has an annual capacity of 1.55 million tonnes of ethylene, Lee said.

Asustek plans Pegatron sale

Asustek Computer Inc (華碩電腦) plans to apply to local regulators to sell global depositary receipts in affiliate Pegatron Corp (和碩), Asustek’s chief finance officer David Chang (張偉明) said by telephone yesterday.

The Taipei-based maker of personal computers plans to sell up to 12 percent of Pegatron’s outstanding shares, Chang said.

China, India back Russia

China and India’s foreign ministers support Russia joning the WTO next year, according to a joint statement issued after a meeting of the three countries’ ministers yesterday.

Global economic recovery is still “weak and unbalanced,” the ministers said in the statement posted on China’s Ministry of Foreign Affairs Web site.

The three countries will promote cooperation in energy and high-tech sectors and urge resumption of the six-party talks, according to the statement.

Bank of China to sell shares

Bank of China Ltd (中國銀行) said it would sell 7.6 billion H shares for HK$2.74 each, it said in a statement to Hong Kong’s stock exchange.

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