Fri, Mar 11, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff writer, with agencies

TAIEX down 1.22 percent

The TAIEX closed down 1.22 percent yesterday, joining other Asian markets in a recent fall amid higher international oil prices, dealers said.

The local bourse closed 107.12 points lower, ending at 8,642.90, after moving between 8,635.75 and 8,754.41 on turnover of NT$117.275 billion (US$3.976 billion).

A total of 1,279 stocks closed up, 3,125 were down and 374 remained unchanged.

Many businesses mull raises

More than 30 percent of businesses in Taiwan are willing to raise their employees’ salaries, the Ministry of Economic Affairs said yesterday.

“Hopefully, more businesses will consider giving pay raises, and with higher increases,” Minister of Economic Affairs Shih Yen-shiang (施顏祥) said to reporters after a legislative session.

According to a survey conducted by the ministry in late January, 52 percent of large corporations were willing to raise salaries, but fewer small and medium-sized enterprises would follow suit.

The pay raises could average 3 to 4 percent, the survey showed.

3M, Quanta to set up venture

3M Co and Quanta Computer Inc (廣達電腦) will set up a Singapore-based venture to make projected capacitive touch solutions, Quanta said in an e-mailed statement yesterday.

Ruen Chen gives documents

Ruen Chen Investment Holding Co (潤成投資) yesterday submitted more documents related to its application to buy American International Group Inc’s (AIG) Taiwanese life insurance unit, the Financial Supervisory Commission said in a statement.

Ruen Chen on Feb. 10 applied to the regulator to acquire 97.57 percent of Nan Shan Life Insurance Co (南山人壽). AIG in January agreed to sell a 97.57 percent stake in Nan Shan to Ruen Chen for US$2.16 billion.

Compal revenues drop 37%

Taiwan’s second-largest notebook contract maker, Compal Electronics Inc (仁寶), saw last month’s revenue drop 37 percent year-on-year to NT$43.57 billion (US$1.48 billion).

It said in a statement yesterday that on a month-on-month basis, the decline was 18.5 percent, attributing the drop to the recall of flawed Sandy Bridge chipsets from Intel Corp.

Compal’s notebook shipments hit a two-year low to 2.7 million units, down 18 percent from January, it said.

China Steel mulls India plant

China Steel Corp (中鋼), the nation’s largest steelmaker, might build a steel coil facility in India, executive vice president David Du (杜金陵) said yesterday.

The Kaohsiung-based company plans to a total investment of NT$200 billion over the next four years, including spending on projects in Taiwan and Vietnam, vice president K.H. Chang (張景星) said.

TPK hires Nomura, JPMorgan

TPK Holding Co (宸鴻), a supplier of touch-panels for Apple Inc’s iPad, has hired Nomura Holdings Inc and JPMorgan Chase to arrange a US$400 million convertible bond issue.

TPK aims to complete the sale by the end of June and will list the notes in Singapore, chief financial officer Freddie Liu (劉詩亮) said in a phone interview yesterday.

Funds will be used to expand factories and buy equipment, the Taipei-based company said in an exchange filing on Tuesday.

NT dollar dips NT$0.111

The New Taiwan dollar fell against the US dollar yesterday, down NT$0.111, to close at NT$29.506.

Turnover totaled US$1.071 billion during the trading session.

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