Thu, Feb 10, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff writer, with Agencies

TAIEX falls 1.15 percent

The TAIEX closed down 1.15 percent yesterday led by the bellwether electronics sector, which extended losses amid lingering concern about the strong New Taiwan dollar, dealers said.

The weighted index fell 104.64 points to 9,006.82, on turnover of NT$145.30 billion (US$5.02 billion).

The market opened up 0.19 percent and moved to the day’s high on a mild technical rebound from the previous session, but pressure emerged, particularly in high-tech stocks, because of the continued appreciation of the local currency against the US dollar, dealers said.

CHT, HTC to team up

Chunghwa Telecom Co (CHT, 中華電信), Taiwan’s largest telecoms operator, yesterday announced it signed a memorandum of understanding with HTC Corp (宏達電), the world’s No. 5 smartphone brand, to deepen partnership in the areas of customized applications, marketing campaigns and handset introductions.

CHT will offer more customized apps for HTC users, in addition to sharing marketing resources with HTC to promote both companies’ products and services, according to a joint statement.

CHT is set to roll out more HTC models this year to bundle with its subscription packages, the statement said.

China Steel sees profits fall

China Steel Corp (中鋼), the nation’s largest maker of the metal, reported unaudited pretax profit of NT$1.98 billion for last month, a decline of 18 percent from the previous month, the Kaohsiung-based company said in a statement to the Taiwan Stock Exchange yesterday.

Central bank denies report

The central bank denied a media report that it will resume measures to fight speculative capital inflows, it said in an e-mailed statement yesterday.

The central bank will resume measures to combat “hot money,” including restrictions on offshore non-deliverable forwards, the Economic Daily News reported yesterday, without identifying where it obtained the information.

Local, Chinese banks cooperate

Shin Kong Commercial Bank (新光銀行) yesterday saud its board approved a plan to sign an agreement with China’s First Sino Bank (華一銀行) regarding personnel exchange and business cooperation.

The domestic lender, the banking subsidiary of Shin Kong Financial Holding Co (新光金控), said it will ink the memorandum of understanding after it obtains approval from the Financial Supervisory Commission.

First Sino Bank, established in 1997 and headquartered in Pudong, Shanghai, is the first joint-venture bank between Taiwanese investors and a Chinese bank.

NT strengthens to 13-year high

The NT dollar strengthened to a 13-year high on speculation the central bank will raise interest rates to stem gains in consumer prices after China announced on Tuesday its third increase in four months.

The NT dollar pared the advance in late trading on suspected intervention by the central bank, according to two traders who declined to be identified because the bank doesn’t usually disclose such details.

“People are saying policy makers will follow China in raising interest rates,” said Tarsicio Tong (湯健揚), a Taipei-based currency trader at the Union Bank of Taiwan (聯邦銀行).

Taiwan’s dollar advanced 0.2 percent to end at NT$29.10 against its US counterpart, according to Taipei Forex Inc.

It gained as much as 1.4 percent to NT$28.755 earlier, the strongest level since October 1997. The currency was 1 percent stronger one minute ahead of the close.

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