Thu, Jul 14, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, With Agencies

TAIEX ends little changed

The TAIEX closed little changed yesterday after rotational buying in old economy stocks offset pressure in large-cap electronics shares, dealers said.

The bellwether tech sector extended losses from the previous session amid lingering concerns over global demand in the third quarter, they said.

The benchmark index fell 2.95 points, or 0.03 percent, to 8,488.06, after moving between 8,452.86 and 8,539.18, on turnover of NT$114.94 million (US$3.98 billion).

The machinery and electronics sector suffered the heaviest losses, finishing down 0.8 percent. Financials fell 0.1 percent, while the paper and pulp sector closed unchanged. Plastics and chemicals bucked the trend by rising 1.7 percent.

Average stock returns negative

Shares on the local market had an average rate of return of minus-3.57 percent in the first half of this year, the Taiwan Stock Exchange Corp reported on Monday.

Performance by stock showed that Ching Feng Home Fashions Co (慶豐富實業) had the poorest rate of return at minus-50.3 percent. It was affected in part by the suspension of margin trading for its stock late last month.

Senao International Co (神腦國際), which has forged partnerships with local retailers to extend its market share in China, had the best rate of return at 118.64 percent, backed by investment trust companies’ buying.

HTC picks marketing chief

HTC Corp (宏達電), the world’s fifth-largest smartphone maker, yesterday announced the promotion of Jason Mackenzie to the newly created position of global sales and marketing president, with immediate effect.

Mackenzie joined HTC in 2005. In 2007, he was promoted to president managing the firm’s operations in North America and Latin America, HTC said in a statement.

Before joining HTC, he held sales and marketing positions in companies like Denso Wireless and was a vice president at Siemens Communications.

MediaTek plans buyback

MediaTek Inc (聯發科), the nation’s biggest handset chip designer, yesterday said the board had approved a plan to repurchase 80 million common shares, or 0.73 percent of its total capital shares, from the stock market to safeguard shareholders’ interests.

This is the first share buyback plan in seven years. MediaTek plans to spend NT$2.97 billion on the share buyback program and will cancel the shares thereafter.

MediaTek plans to repurchase shares over the next two months ending on Sept. 13 at NT$247 to NT$371 per share.

As of yesterday, MediaTek shares have plunged more than 40 percent to NT$247 since the beginning of this year.

85°C expanding in US

Gourmet Master Co (美食達人), operator of the popular 85°C bakery and coffee chain, said yesterday it planned to open its second coffee store in California next month.

Public relations and marketing director Kathy Chung (鐘靜如) said Gourmet Master was talking to potential partners to develop the US market. She declined to give details.

Gourmet Master operates 325 85°C coffee shops in Taiwan, more than 200 in China, one in the US and four in Australia. The company last week announced that it had teamed up with Cafe de Coral Holdings Ltd to open 25 coffee shops in Hong Kong in three years.

NT dollar advances

The New Taiwan dollar gained ground against its US counterpart yesterday, rising NT$0.098 to close at NT$28.90 on turnover of US$798 million.

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