Fri, Oct 28, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

Shares extend their gains

Shares on the Taiwan Stock Exchange extended their gains yesterday from the previous session after a summit of European leaders reached an agreement on dealing with the debt problems in the eurozone, dealers said.

However, the gains on the local bourse were capped by the nearest technical resistance level, after the TAIEX moved close to the 7,600-point mark, dealers said.

The benchmark index closed up 29.39 points, or 0.39 percent, at 7,565.21, after moving between 7,504.96 and 7,590.88 on turnover of NT$115.23 billion (US$3.82 billion).

LED firms’ shares plunge

Shares of LED firms plunged yesterday after investors were shocked by an announcement by Everlight Electronics Co (億光電子), a leading LED tester and packager, that it would implement a policy of unpaid leave from next month to counter slowing global demand, dealers said.

The Everlight move prompted investors to dump their shares in LED firms as they have become more pessimistic about the outlook for the world’s LED industry, which has been haunted by a production glut, they said.

Everlight shares fell 5.7 percent to NT$56.2, while other LED stocks also suffered heavy losses, with Unity Opto Technology Co (東貝光電) down 3.44 percent at NT$25.25 and Formosa Epitaxy Inc (璨圓光電) closing 6.38 percent lower at NT$20.55.

Patent award causes concern

The government will provide legal assistance to local touchscreen device producers to counter the decision by the US Patent and Trademark Office to award Apple a patent for its “slide-to-unlock” feature, Premier Wu Den-yih (吳敦義) said yesterday.

Wu told a Cabinet meeting that the office’s decision would deal a heavy blow to local producers and instructed the Ministry of Economic Affairs and the Industrial Technology Research Institute (工研院) to look into the case thoroughly.

The office granted Apple the patent it has been seeking since 2005. The patent details a method to unlock a smartphone by using a horizontal sliding motion on a touchscreen.

Wu said the government would stand by local businesses to help them safeguard their interests.

Chinatrust approves investment

Chinatrust Venture Capital Co’s (中信創投) board approved a plan to invest as much as US$2 million in an investment management company in Shanghai, parent Chinatrust Financial Holding Co (中信金控) said in a statement yesterday.

Separately, First Financial Holding Co (第一金控) said it had been given approval by Financial Supervisory Commission to open a second leasing company in Chengdu, Sichuan Province, China, by the end of the year. The company, which currently operates a leasing company in Suzhou, said in as statement that it would invest US$30 million in the Chengdu unit.

Banks eye cross-strait market

The Financial Supervisory Commission has accepted applications from two Chinese lenders, Bank of China (中國銀行) and the Bank of Communications (交通銀行), to upgrade their representative offices to branches, according to a statement on the commission’s Web site yesterday

Meanwhile, China will review applications from four Taiwanese banks for their plans to set up branches and yuan and foreign currency businesses in the country, China Banking Regulatory Commission said in a statement.

NT dollar edges higher

The New Taiwan dollar rose against its US counterpart yesterday, adding NT$0.062 to close at NT$30.063. Turnover totaled US$800 million during the trading session.

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