Fri, Dec 24, 2010 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff writer, with agencies

TAIEX hits 31-month high

Taiwan’s benchmark index closed higher yesterday, hitting a 31-month high, amid active rotational buying in a market awash in liquidity, dealers said.

The TAIEX closed up 38.38 points, or 0.43 percent, at 8,898.87, the highest level since May 22, 2008, after moving between 8,874.87 and 8,914.34, on turnover of NT$133.62 billion (US$4.47 billion).

“The gains were basically liquidity driven,” Concord Securities (康和證券) analyst Allen Lin said. “With ample funds on hand, investors tended to park their money in those stocks that have a rosy earnings outlook.”

HTC names new CFO

HTC Corp (宏達電), the world’s No. 5 smartphone brand, named Winston Yung (容覺生) as its new chief financial officer, replacing H.M. Cheng (鄭慧明), according to a company statement released on Wednesday night.

Prior to joining HTC, Yung was the CFO for Shin Kong Financial Holding (新光金控) and had held key positions at McKinsey & Co in Hong Kong. Yung received a bachelor of social sciences with an economics major from the University of Hong Kong and an MBA from the Wharton School of the University of Pennsylvania.

Cheng is retiring from HTC and will move into an advisory role for HTC’s board of directors.

Cathay reports purchase

Cathay Life Insurance Co (國泰人壽) bought real estate in Taipei for NT$685 million, parent Cathay Financial Holdings Co (國泰金控) said in a statement to the Taiwan Stock Exchange yesterday.

Chinatrust approves MOU plan

Chinatrust Commercial Bank’s (中國信託商銀) board approved a plan to sign a memorandum of understanding (MOU) with Bank of China Ltd (中國銀行) on cooperation, the Taipei-based lender said in an e-mailed statement yesterday.

The deal requires both Taiwanese and Chinese regulatory approval, according to the statement.

Epistar board approves sale

Epistar Corp’s (晶元光電) board approved a plan to sell up to US$280 million of zero-interest five-year overseas convertible bonds, the Hsinchu-based company said in an exchange statement yesterday.

The proceeds will be used to pay US dollar debts and buy factory equipment, according to the statement.

E-Ton Solar to sell bonds

Local solar cell maker E-Ton Solar Tech Co (益通光能) plans to sell up to NT$6 billion of convertible bonds, the company said in a statement yesterday.

It also plans to sell as many as 300 million shares to help repay debt and fund the purchase of equipment and raw material, the Tainan-based company said.

NT dollar up against greenback

The New Taiwan dollar rose before a report yesterday showed that industrial production climbed for a 15th month. It trimmed gains in the last minutes of trading on suspected intervention by the central bank.

The monetary authority bought the US dollar, according to two traders who declined to be identified as policymakers don’t usually disclose such details. Industrial production rose 19.4 percent last month from a year earlier, higher than the 12.5 percent economists estimated in a Bloomberg survey.

“The economy is doing well and that supports the [New] Taiwan dollar,” said Tarsicio Tong (湯健揚), a Taipei-based currency trader at Union Bank of Taiwan (聯邦銀行). “Volumes are thin these days,” he said.

The NT dollar appreciated 0.4 percent to close at NT$30.485 against its US counterpart yesterday, according to Taipei Forex Inc.

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