Wed, Jul 20, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

TAIEX’s losses continue

The TAIEX extended losses yesterday in mixed trading in which losses in the old economy sector from profit-taking were partially offset by a rebound in select high-tech stocks, dealers said.

The TAIEX closed down 14 points, or 0.16 percent, at 8,524.57, after moving between 8,490.79 and 8,554.41, on turnover of NT$104.44 billion (US$3.61 billion).

Cement stocks suffered the heaviest losses, finishing down 2.1 percent amid fears that China will take further measures to curb liquidity and put a lid on soaring housing prices, moves that would cut demand for construction materials.

CPC Corp, Taiwan looks to buy

State-run CPC Corp, Taiwan (CPC, 台灣中油) said yesterday it would invest NT$34 billion annually in the next five years to acquire and explore overseas energy resources.

CPC plans to spend NT$30 billion a year on acquiring oil and gas fields mainly in Africa and the Asia-Pacific region, while the rest will go on oil exploration, it said.

The company expects to be able to boost its daily crude output from 12,000 barrels daily at present to 27,000 barrels a day from next year, an official said.

The company is in talks to buy oil and gas fields in Africa and Australia, with expectations that deals can be concluded by late this year or early next year, she said.

Consumer optimism increases

People in Taiwan are more optimistic toward the country’s economic prospects, employment and incomes than they were in June, a poll released yesterday showed.

The survey, conducted by Cathay Financial Holding Co (國泰金控) earlier this month, showed that 45 percent of Taiwanese think the current economic climate was better than in the first six months and 41 percent foresee rosier economic prospects for the second half of this year.

Cathay Financial attributed the respondents’ more optimistic perspective to a number of factors, including a stronger confidence in the nation’s stock market, a higher percentage of people willing to hold risky assets and a higher willingness to consume in the wake of a 3 percent salary hike for civil servants.

A total of 14,671 valid questionnaires were collected from Cathay Life Insurance Co (國泰人壽) policyholders and Cathay United Bank (國泰世華銀行) account holders between July 1 and July 7.

Share sale planned

Fubon Financial Holding Venture Capital Corp (富邦金控創投) plans to sell 17 million shares in Fubon Multimedia Technology Co (富邦媒體科技) for about NT$2.5 billion, parent Fubon Financial Holding Co (富邦金控) said in a statement to the Taiwan Stock Exchange yesterday.

The company didn’t say who is buying the stake.

China contract inked

Prime Electronics & Satellitics Inc (百一電子) said yesterday it had signed a three-year contract with China’s Huawei Technologies Co (華為) to supply it with an estimated US$400 million of equipment to increase its revenue and expand market share, according to a statement issued by the Taoyuan-based electronics maker.

NT dollar gains

The New Taiwan dollar rose against the US currency yesterday, adding NT$0.04 to close at NT$28.920 on profit taking from gains posted in the previous session, dealers said.

Turnover totaled US$903 million during the trading session, down from US$1.297 billion the previous session.

Dealers said a lackluster TAIEX, with selling focusing on the old economy sector, helped reduce enthusiasm for shedding the US dollar .

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