TAIEX extends losses
Taiwan’s stock market extended losses yesterday from the previous two sessions, as market attention was caught by a newly released report in the US that cast doubts over the pace of the economic recovery, dealers said.
Jitters also remained amid uncertainty over the financial crisis in the eurozone, after a meeting of G20 financial ministers came up with no solutions to deal with the debt problems, dealers said.
The TAIEX closed down 109.05 points, or 1.48 percent, at 7,244.32, after moving between 7,240.15 and 7,361.22, on turnover of NT$78.19 billion (US$2.58 billion).
Fubon HK eyes Chinese shares
Fubon Bank Hong Kong Ltd (富銀香港) plans to buy 42.878 million new shares of Xiamen Bank Co (廈門銀行) in a rights issue for 116.2 million yuan (US$18.2 million) to maintain a 19.99 percent stake in the Chinese lender, parent Fubon Financial Holding Co (富邦金控) said in a statement to the Taiwan Stock Exchange yesterday.
ABC Taiwan buys Aoba stake
ABC Taiwan Electronics Corp’s (千如電機工業) board approved the purchase of a 70 percent stake in Aoba Technology Sdn for NT$140 million, the company said in an exchange statement yesterday.
The company plans to raise up to NT$100 million from selling five-year convertible bonds to fund the acquisition, it said in a separate statement.
Taiwanese win Red Herrings
Four Taiwanese Internet startup companies on Wednesday were winners in the Red Herring 100 Asia competition.
Red Herring, a technology business magazine, annually selects the 100 most innovative companies in the Asian, European, North American and global regions.
The four Taiwanese winners were Q.L.L. (Quick Language Learning) Inc (快速語言學習系統設計) in the field of digital language learning; NX (Bounty Hunter) (獎金獵人比賽資訊站), a platform that collates information on various competitions held across Taiwan; Wantoto Inc (瑞策國際), a mobile application developer whose apps are among the top downloads in Taiwan; and Xinosys Co (錫諾系統), developer of the cloud-based commercial transaction platform Patisco.com.
Former Red Herring winners include Facebook, Twitter, Google, Skype, YouTube and eBay.
Tax revenues higher: Lee
Minister of Finance Lee Sush-der (李述德) confirmed on Wednesday a newspaper report that the treasury will receive higher-than-targeted tax revenues this year.
The excess is mainly the result of increased collection of corporate income tax thanks to a gradual recovery in the market, he said.
The Chinese-language Economic Daily News said on Thursday last week that tax revenues were expected to surpass their target for this year by at least NT$50 billion because revenues for the first nine months had already reached NT$1.38 trillion.
The nine-month figure represented a growth of NT$127.2 billion, or more than 10 percent, compared with the same period of last year, the paper said.
The targeted tax figure for this year stands at NT$1.695 trillion. As of the end of last month, 81.5 percent of the goal had been reached, the ministry said.
NT dollar closes lower
The New Taiwan dollar lost ground against its US counterpart yesterday, declining NT$0.169 to close at NT$30.269 in reflection of a weakening euro amid renewed concerns over the debt problems in the eurozone, dealers said.
Large selling by foreign institutional investors in the TAIEX also added downward pressure on the NT dollar, they said.
Turnover totaled US$1.235 billion during the trading session.
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