Sat, Oct 08, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

TAIEX continues rebound

The nation’s benchmark index continued to gain momentum yesterday from the previous session, reflecting the rallies on Wall Street and in the European markets overnight after the European Central Bank (ECB) announced a series of measures to boost banks’ capital, dealers said.

Buying in the local bourse continued to focus on financial heavyweights and large-cap old-economy stocks, while the bellwether electronics sector ran out of steam amid concerns over weakening global demand, dealers said.

The TAIEX closed up 79.96 points, or 1.12 percent, at 7,211.96, on turnover of NT$100.14 billion (US$3.29 billion).

The market opened up 1.14 percent amid improved sentiment toward financial conditions in the eurozone in response to the ECB plan. The momentum extended, pushing the index to the day’s high, as investors saw other markets in the region post gains on a similar upbeat mood, dealers said.

Tatung chairman indicted

Lin Wei-shan (林蔚山), chairman of Tatung Co (大同), a leading Taiwanese home appliance maker, has been indicted on embezzlement charges and could face a 20-year jail sentence if convicted, the Banciao District Prosecutors’ Office said yesterday.

Prosecutors are charging Lin with violating the Securities and Exchange Act (證券交易法) for allegedly embezzling funds from Tatung to pay off a NT$1.9 billion loan from Tung Da Electric Co (通達機電), a company established by Lin, and then immediately dissolving Tung Da.

Lin and his wife, Tatung executive vice president Lin Kuo Wen-yen (林郭文豔), were questioned by prosecutors and investigators in January after they searched Tatung’s office and Lin’s residences.

Lin and his wife told a Tatung shareholders’ meeting on June 24 that they had been framed.

Tatung said it would not comment before it receives a formal notice of the indictment.

IPhone anticipated next month

The iPhone 4S, the newly unveiled smartphone model from Apple Inc, is expected to become available in local stores in the middle of next month at the earliest, sources from the local telecoms sector said on Wednesday.

The prediction is based on past experience, they said, adding that Apple usually introduces new devices in Taiwan one month after their official launch.

Far EasTone Telecommunications Co (遠傳電信), one of Taiwan’s top three telecoms operators, said on Wednesday it had not yet received notice from Apple about the local launch date and remained unclear about local prices and the fees it would charge.

Cathay Real Estate to enter PRC

Cathay Real Estate Development Co (國泰建設) plans to set up a property company in China and invest up to NT$6 billion there, the Taiwan-based developer said in a statement to the local stock exchange yesterday.

NT dollar closes up 0.4%

The New Taiwan dollar advanced to its strongest level this week, as international funds boosted holdings of local stocks on optimism the country’s economy will withstand the fallout of slowing global growth.

Overseas funds bought US$249 million more Taiwanese stocks than they sold on Thursday, the most in three weeks, and added another US$92.7 million yesterday, according to exchange data.

The NT dollar appreciated 0.4 percent to NT$30.493 against its US counterpart as of the 4pm close, according to Taipei Forex Inc. The currency touched NT$30.460 earlier, its strongest level this week. It was little changed from a week ago.

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