Tue, Feb 01, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff writer, with agencies

Central bank reins in NT dollar

The New Taiwan dollar was little changed after retreating from a 13-year high on suspected intervention by the central bank yesterday.

The currency was 0.9 percent stronger a minute before the 4pm close, before the monetary authority entered the market, traders said.

A government report showed yesterday that GDP rose 6.48 percent in the final three months of last year from a year earlier, after an increase of 9.8 percent the previous quarter.

“A strong economy will drive gains in the [New] Taiwan dollar,” said Frances Cheung, a senior strategist at Credit Agricole CIB in Hong Kong. “The currency will, in the near term, continue to be resilient.”

The NT dollar closed 0.1 percent weaker at NT$29.300 against its US counterpart, according to Taipei Forex Inc. The currency has appreciated 3.6 percent this year, after gaining 5.5 percent last year.

China Life purchase approved

Life insurer China Life Insurance Co (中國人壽) has received approval from the Ministry of Economic Affairs’ Investment Commission to acquire a 19.9 percent stake in Shanghai-based Pacific Antai Life Insurance Co (太平洋安泰人壽), the insurer said in a stock exchange statement yesterday.

China Life plans to pay China Pacific Insurance Co (中國太平洋保險) US$61 million for the stake, the statement said.

Lite-On plan gets green light

Electronics maker Lite-On Technology Corp (光寶科技) has gained approval from the Ministry of Economic Affairs’ Investment Commission to invest US$50 million in China’s real-estate market, the commission said on Friday.

It is the largest China-bound property market investment approved by the government since February last year, when the government lifted a ban on such investments, the commission said in a statement.

According to the commission, Lite-On is planning to set up a subsidiary in Changzhou, Jiangsu Province, to handle the company’s entry into the Chinese property market.

In addition, contact notebook maker Compal Electronics Inc (仁寶電腦) has secured approval to invest US$100 million in China, while Chinatrust Commercial Bank (中國信託商銀) has received approval to spend US$120 million to set up its first branch in Shanghai, the statement said.

Ministry eyes NT$45bn target

Taiwan is aiming to “lure back” NT$45 billion (US$1.5 billion) in investments from Taiwanese businesses based overseas, higher than the NT$40.9 billion last year, through incentives and other measures, the Ministry of Economic Affairs said in a statement on its Web site yesterday.

Green Energy to boost capacity

Green Energy Technology Inc (綠能科技) plans to boost its capacity to 1.5 gigawatts by the end of the second quarter, from 1 gigawatt last year, the Taipei-based solar panel component maker said in a stock exchange statement yesterday.

China’s surplus surges 25%

China’s current account surplus surged 25 percent last year, official data showed yesterday, marking a strong rebound in demand for Chinese-made products following the global financial crisis.

The current account surplus reached US$306.2 billion last year, the State Administration for Foreign Exchange said on its Web site.

In 2009, the country’s current account surplus fell 35 percent to US$284.1 billion. That figure has been revised, an official was quoted by Dow Jones Newswires as saying, explaining the 25 percent year-on-year rise.

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