Sat, Oct 15, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

Eurozone fears impact TAIEX

The stock market retreated yesterday as a downgrade of Spain’s credit rating by Standard & Poor’s raised concerns about the debt crisis in Europe, dealers said.

Financial shares encountered heavy selling by foreign institutional investors after JPMorgan Chase’s disappointing third-quarter results announcement heightened fears that banks’ exposure to eurozone debts would impact on the sector’s bottom line, the dealers said.

The TAIEX closed down 70.25 points, or 0.95 percent, at 7,358.08, after moving between 7,353.80 and 7,430.50, on turnover of NT$84.41 billion (US$2.79 billion).

Epistar to cancel repo bonds

Epistar Corp (晶電), the nation’s largest LED chipmaker, has repurchased and will cancel US$6.8 million of zero-coupon convertible bonds from the open market, according to a statement to the Taiwan Stock Exchange yesterday.

Bonds seen to go for 1.05%

A government auction of NT$40 billion in five-year bonds is expected to go for 1.05 percent on Monday, according to a median estimate of economists in a Bloomberg News survey.

A poll of five finance firms showed the highest forecast was 1.07 percent and the lowest 1.03 percent. That compares with the 1.044 percent yield on similar maturity notes in the secondary market at the close yesterday, according to GRETAI Securities Market.

Investors will bid on the yield at the auction. The issuer will set the security’s coupon by taking the highest winning yield.

Q4 notebook shipments to drop

Taiwan-based notebook makers’ combined shipments in the fourth quarter are expected to fall slightly amid a shrinking global market, a Taipei-based research firm said on Thursday.

Digitimes Research forecast that shipments would drop 1.3 percent to 44.6 million units from the previous quarter. However, the decrease would be smaller than a forecast 4.8 percent global decline, it said.

Both declines will be due mainly to the unstable global economy and the impact of tablet computers, Digitimes Research senior analyst Joanne Chien (簡佩萍) said.

In addition, although the first “ultrabooks” will hit the market in the fourth quarter, the prices — which she described as high — will not provide a major boost, she said.

Window-cleaner enters market

A window-cleaning robot that won a gold medal at the 2010 iENA Nuremberg International Trade Fair was launched in Taiwan on Thursday, the distributor said.

The robot, named Winbot, was invented by Taiwanese Chao Chih-mo (趙志謀) and uses magnets that allow it to be attached to both sides of windows up to 10mm thick to clean both surfaces at the same time, K.E. & Kingstone Co (嘉儀企業) said.

The robot is able to detect the area in need of cleaning on its own using automatic navigation technology and infrared sensors, the company said.

Banks ink agreement

Cathay United Bank (國泰世華銀行) signed a cooperation agreement with Bank of China (中國銀行), the Taipei-based lender’s parent Cathay Financial Holding Co (國泰金控) said in a statement to the stock exchange yesterday.

Cathay United signed similar agreements with Agricultural Bank of China (中國農業銀行) and Bank of Communications (交通銀行) earlier this year.

NT dollar gains ground

The New Taiwan dollar continued gaining ground against its US counterpart yesterday, adding NT$0.029 to close at NT$30.300 on turnover of US$738 million.

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