Fri, Dec 10, 2010 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff writer, with agencies

TAIEX hits 30-month high

Taiwan’s benchmark index closed up 0.58 percent yesterday as buying rotated to the high-tech sector after its recent consolidation, boosting the index to a 30-month high, dealers said.

The TAIEX rose 50.05 points to 8,753.84, the highest level since May 27, 2008, after moving between 8,736.77 and 8,782.82, on turnover of NT$159.63 billion (US$5.29 billion). A total of 2,227 stocks closed up and 1,944 down, while 383 remained unchanged.

Far Eastern takes on Chengdu

Far Eastern Department Stores (遠東百貨) yesterday held a construction ceremony for its fourth outlet in China.

Poised to open in May, the Chengdu outlet will be its flagship mall by boasting a full array of luxury brands offering customers a high-end shopping experience, according to a company statement. The Chengdu branch is located opposite City Tower, a landmark in the city, and occupies one underground floor and eight upper floors within a 37-story commercial building. Its total floor space is 56,000m2.

Far Eastern Group (遠東集團) is currently operating three more Far Eastern Department Stores in China with bases in Chongqing, Tianjin and Wuxi. It is eyeing the growing spending power in China with a “dual brand” strategy, with another brand being Pacific Department Stores (太平洋百貨).

Barclays securities arm allowed

The Financial Supervisory Commission yesterday approved the plan by Barclays Bank PLC to set up a securities subsidiary in Taiwan.

The British financial service firm will wire about NT$600 million to Taiwan in the near future for the establishment of the new securities unit, the commission said.

Barclays is ranked as the 21st-largest company in the world by Forbes Global 2000 for this year.

The securities brokerage may start to operate after Barclays goes through company registration and other procedures in six months, the commission said.

ING divests Fubon stake

ING Groep, which owns a 5 percent stake in Fubon Financial Holding Co (富邦金控), transferred its shares to a global institutional investor on Wednesday and carried out the deal via the local bourse yesterday, Fubon Financial said in a statement.

The Netherlands-based firm divested its stock in Fubon Financial in order to focus on its own banking business, the statement said.

ING obtained Fubon shares after completing the sale of its local insurance unit, ING Antai Life Insurance Co (ING安泰人壽), to Fubon Financial in February last year, the statement said, adding the latest share transfer would make Fubon’s equities structure more stable.

Mosel gets deadline extension

Mosel Vitelic Inc (茂矽) said it received approval from most of its creditor banks to extend the payment deadline on debt to the end of next year, the Hsinchu-based chipmaker said in an exchange filing yesterday.

Separately, Mega International Commercial Bank (兆豐國際商銀) sold NT$10.3 billion in seven-year subordinated debentures at an annual interest rate of 1.53 percent to meet medium to long-term needs for funds, while Land Bank of Taiwan (土地銀行) sold NT$13.3 billion of 1.53 percent bonds due in 2017.

NT dollar rises 0.5 percent

The New Taiwan dollar advanced 0.5 percent yesterday to close at NT$30.555 against its US counterpart, according to Taipei Forex Inc. The currency was trading 2 percent stronger two minutes before the close and pared gains on speculation the central bank intervened to curb appreciation.

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