Sat, Dec 11, 2010 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff writer, with Agencies

TAIEX closes down 0.4 percent

The TAIEX closed down 0.4 percent yesterday, dragged down by construction shares on fears the government would impose a new tax to curb speculation in the property market, dealers said.

The TAIEX fell 35.01 points to 8,718.83, after moving between 8,684.05 and 8,744.67, on turnover of NT$143.34 billion (US$4.75 billion).

The market opened down 0.57 percent and moved to the day’s low as investors pocketed the gains posted in the previous session, dealers said.

However, after the index fell below the 8,700-point mark, bargain hunters emerged to help the market recoup some of its losses, they said.

A total of 2,848 stocks closed down, 1,438 finished up, and 308 remained unchanged.

Fubon seeking FSC approval

Fubon Financial Holding Co’s (富邦金控) life and property insurance units plan to apply to the Financial Supervisory Commission for approval to invest in China, the Taipei-based company said in statements to the stock exchange yesterday.

Fubon Life Insurance Co (富邦人壽) plans to invest 320 million yuan (US$48.1 million) to form a life insurance venture with Nanjing Zijin Investment Holding Co (紫金控股), while Fubon Property and Casualty Insurance Co (富邦產險) plan to invest 80 million yuan in the venture, according to two separate exchange statements.

China Life acquires properties

China Life Insurance Co (中國人壽) bought properties in Taipei from Formosa Plastics Corp (台塑), Nan Ya Plastics Corp (南亞塑膠), Formosa Chemicals & Fiber Corp (台灣化學纖維) and Formosa Petrochemical Corp (台塑石化) for NT$405 million, the Taipei-based insurance company said in a statement to the Taiwan Stock Exchange yesterday.

Foxconn hiring in China

Foxconn Technology Group (富士康), the world’s largest contract maker of electronics, said its Chinese workforce now exceeds 1 million employees as the company continues to hire during the holiday season.

“We’re still hiring as we speak,” Louis Woo (胡國輝), special assistant to the CEO, said in a phone interview in Shenzhen yesterday.

Customer demand is spurring hiring, Woo said, who is responsible for supervising employee welfare at the maker of Apple Inc iPads and Hewlett-Packard Co computers.

Central bank sold 10-year bonds

The central bank on Thursday sold NT$40 billion of 10-year bonds at a yield of 1.471 percent.

The sale of the securities maturing in September 2020 attracted bids for 1.56 times the amount of debt on offer, the central bank said in a statement.

The central bank last sold the same bonds in September at a yield of 1.228 percent. That offer garnered a bid-to-cover ratio of 1.86 times.

Yuanta to hold forum

Yuanta Financial Holding Co (元大金控), which owns the nation’s largest securities brokerage, said yesterday it will host a forum on Monday aimed at bridging the knowledge gap on cross-strait financial rules, the company said in a statement yesterday.

The forum will take place in Taipei, where banking, insurance and securities officials from Beijing will share their views on capital market development and cooperation opportunities between the two sides, the statement said.

NT falls against greenback

The New Taiwan dollar fell against the US dollar yesterday, down NT$0.03 to close at NT$30.585.

Turnover totaled US$712 million during the trading session.

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