Tue, Dec 21, 2010 - Page 11 News List

[ BUSINESS BRIEFS ]

staff writer with agencies

TAIEX down 0.56 percent

The TAIEX closed down 0.56 percent yesterday on concerns over mounting tensions on the Korean Peninsula and falling share prices in China.

The weighted index fell 49.18 points to 8,768.72, on turnover of NT$115.92 billion (US$3.88 billion).

The machinery and electronics sector suffered the heaviest, falling 0.9 percent, while financial and paper and pulp shares remained unchanged.

Banks to open China branches

Five Taiwanese banks have secured permits from China’s financial regulator to open branches there, the Financial Supervisory Commission said on Friday.

The five banks are Chang Hwa Commercial Bank (彰化銀行), Cathay United Bank (國泰世華銀行), First Commercial Bank (第一銀行), Taiwan Cooperative Bank (合庫) and Land Bank of Taiwan (土銀), the commission said.

The lenders indicated they will hold the grand openings of their respective branches no later than the end of this month.

GORG to list in Taiwan

First Steamship Co (益航) said it has hired Yuanta Securities Co (元大證券) to help it prepare for the Taiwan listing of its Grand Ocean Retail Group Ltd (GORG, 大洋百貨) overseas unit, according to a statement to the Taiwan stock exchange yesterday.

Ruentex to invest in Ruenchen

Ruentex Development Co (潤泰創新), Ruentex Industries Ltd (潤泰全球) and Pou Chen Corp (寶成工業) plan to increase their investment in Ruenchen Investment Holding Co (潤成投資控股), according to three separate statements to the local stock exchange yesterday.

Ruenchen is a venture formed to bid for American International Group Inc’s Taiwan life insurance unit. Ruentex Development will hold a 25 percent stake for NT$625 million, Ruentex Industries 23 percent for NT$575 million and Pou Chen 20 percent for NT$500 million.

UCC to open first Taiwan outlet

The leading cafe chain operator in Japan, UCC Foodservice Systems Inc, will open its first “Precious Coffee Moments” (上島珈琲店) outlet on Dunhua S Rd Sec 1 in Taiwan on Dec. 27.

The outlet here will partner with Taiwanese popular bakery Hogan (哈肯舖), which will supply bread, according to a company statement.

FPC in NT$18 billion bond issue

Formosa Petrochemical Corp (FPC, 台塑石化) said its board has approved the issuance of up to NT$18 billion in corporate bonds with a maturity not exceeding seven years, the Mailiao-based company said in a statement to the stock exchange yesterday. The funds will be used to pay off debt and improve its balance sheet, the statement said.

Toshiba sells Phison shares

Toshiba Corp plans to sell 6 million shares in Phison Electronics Corp (群聯), the Hsinchu county-based unit said in a statement to the local stock exchange yesterday.

After the share sale, the Japanese firm will own 11.99 percent of all outstanding shares, remaining the largest shareholder in the Taiwanese firm, Phison said.

CPC posts purchase plan

CPC Corp, Taiwan (台灣中油), the nation’s state-owned oil refiner, is seeking to buy one cargo each of condensate and high-sulfur crude oil for February, the company said in a notice posted on its Web site. It didn’t state the volume.

NT falls against greenback

The New Taiwan dollar fell against the US dollar yesterday, down NT$0.091 to close at NT$30.601.

Turnover totaled US$626 million during the trading session.

staff writer with agencies

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