TAIEX extends losses
The TAIEX extended losses across the board yesterday on continued institutional selling amid lingering concerns over a slowdown in the US economy and the debt problems in Europe, dealers said.
Downward pressure kept hampering large cap high-tech stocks on worries over global demand for high-tech gadgets that could drag down the broader market as investors ignored a rebound on Wall Street overnight, they said.
The financial sector appeared resilient as the local media reported the Ministry of Finance is planning to allow a single foreign investor to acquire an up to 5 percent stake in government-controlled financial holdings and banks.
The TAIEX closed down 139.59 points or 1.65 percent at the day’s low of 8,317.27, off a high of 8,496.07, on turnover of NT$140.20 billion (US$4.85 billion).
Acer helping elderly
Acer Inc (宏碁) founder Stan Shih (施振榮) yesterday launched a public e-learning project as part of efforts to give elderly Taiwanese access to the Internet via tablet computers and lessen the digital divide.
Acer and Asustek Computer Inc (華碩) will each provide 100 tablet PCs at discount prices for 200 project volunteers, who will teach elderly people in parks, community centers and community colleges how to use mobile applications, or apps, on tablet computers.
Meanwhile, Chunghwa Telecom Co (中華電信) and D-Link Corp (友訊) will offer free 3G mobile network and Internet equipment respectively for the project, which is aimed at residents aged older than 55.
“By the end of this year, we hope to have helped at least 10,000 elderly people to experience the Internet through new technologies such as tablet PCs and touch screens,” Shih said at a press conference.
Ruentex boards back plans
The boards of supermarket operator Ruentex Development Co (潤泰新) and cement and chemical fiber maker Ruentex Industries Ltd (潤泰全) on Wednesday approved separate capital increase plans to finance the acquisition of Nan Shan Life Insurance Co (南山人壽), according to filings to the Taiwan Stock Exchange.
The two companies own 25 percent and 23 percent shares -respectively in Ruen Chen Investment Holding Co (潤成投資), which was the winning bidder for American International Group Inc’s 97.57 percent stake in its Taiwanese unit.
Based on the filings, Rurentex Development said it planned to issue 2.2 billion new common shares priced at NT$32 each to raise NT$7.04 billion, while Ruentex Industries said it intended to issue 1.3 billion shares priced at NT$54 each to raise NT$7.02 billion.
The two firms said they also planned to sell 10 percent of the shares in the local bourse, allowing original shareholders and employees to subscribe 80 percent and the remaining 10 percent respectively, according to the filings.
EVA to sell elite seats
EVA Airways Corp (長榮) will from Aug. 15 offer direct cross-strait flights to Shanghai and Beijing with its highly praised “elite class” seats. The “elite class” cabins are available on large carriers such as the Boeing 777-300ER and 747-400. The carrier said the new service will help enhance the quality of its flights. EVA will start accepting bookings for the flights on Wednesday.
Evergreen Marine wins award
Evergreen Marine Corp (長榮海運), Taiwan’s largest shipping company, yesterday said it had given the 2011 Clean Air Action Plan Air Quality Award in California to honor its efforts to cut air pollution.