Wed, May 18, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

TAIEX drops 0.31 percent

The TAIEX closed lower yesterday after Wall Street’s overnight pullback as investors became concerned that Europe’s debt crisis would send further ripples through global financial markets.

The TAIEX fell 27.62 points, or 0.31 percent, to 8,884.09, after moving between 8,928.99 and 8,854.14, on turnover of NT$100.28 billion (US$3.5 billion).

Cosmos Bank to issue shares

The board of Cosmos Bank Taiwan (萬泰銀行) has approved a plan to issue 200 million new common shares through a placement to strengthen its capital structure, the company said in a filing with the Taiwan Stock Exchange yesterday.

An investment firm owned by the wife of the lender’s chairman, Paul Lo (盧正昕), will subscribe to the shares that could bring in up to NT$2 billion of extra capital, the statement said.

The new shares will be priced in line with private placement rules, the statement said, adding that the issuance plan still needs approval from the financial regulator.

China Life raises NT$7.5bn

China Life Insurance Co (中國人壽) raised NT$7.5 billion from selling 300 million new shares at NT$25 each, the Taipei-based insurer said in a statement to the stock exchange yesterday.

Yulon denies deal with VW

Yulon Motor Co (裕隆汽車), a major local carmaker, yesterday denied media reports that it had signed an assembly deal with European automaker Volkswagen AG (VW).

Yulon “has no assembly partnership with Volkswagen AG at the moment,” the company said in a filing with the local stock exchange.

In compliance with regulations, Yulon will publicly announce any agreements with the European company, the local company said.

The statement came hours after reports in the Chinese-language media that representatives of both companies had secretly signed a partnership agreement and that Volkswagen personnel were already in place at Yulon’s production base.

Shanghai gets Pingtung fruit

With just one click of the mouse, people living in Shanghai, China, can now have Taiwanese mangoes delivered right to their doors, the Pingtung County Government said yesterday.

The county’s Agriculture Department said a home delivery service for southern Taiwan’s Irwin mangoes was launched last year for buyers in Japan, Hong Kong, as well as Taiwan. This year, the county government is adding refrigerated shipping services, plus one more shipping destination — Shanghai.

HK handbag IPO sets record

Hong Kong’s luxury second-hand handbag retailer Milan Station (米蘭站) was 2,100 times oversubscribed in its initial public offering (IPO), making its share sale the city’s hottest ever, reports said yesterday.

The firm was aiming to raise about HK$270 million (US$34.7 million) from its offer, but orders worth about HK$58 billion were placed, the Standard newspaper reported, citing unnamed sources.

The demand smashed a previous record of 1,702 times oversubscribed set by Tianjin Port Development Holdings (天津港發展控股) in 2006.

NT dollar up against greenback

The New Taiwan dollar rose against the US dollar yesterday, adding NT$0.023 to close at NT$28.865. Turnover totaled US$998 million during the trading session.

Separately, the central bank yesterday denied a report it met with foreign banks, after the Chinese-language Commercial Times reported that the central bank met with foreign banks on Monday about irregular trades in the foreign exchange market.

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