Costly year for investors
The TAIEX dropped 1,911.66 points, or 20.9 percent, in the year of the Rabbit, while overall market capitalization reduced to NT$19.66 trillion from NT$24.23 trillion in 2010, Taiwan Stock Exchange data showed.
If calculated on a per-head basis of the nearly 8.9 million investors, each saw his or her wealth shrink by almost NT$500,000.
Investors were happier during 2009 and 2010, when share prices rose by 75 percent and 20 percent respectively, the exchange’s data showed.
The exchange will resume trading on Jan. 30 after the Lunar New Year holidays.
NT dollar up on holiday demand
The New Taiwan dollar rose against its US counterpart yesterday, adding NT$0.037 to close at NT$29.941, as demand for the local currency was boosted by the need for funds ahead of the Lunar New Year holiday, dealers said.
Sentiment toward the financial situation in Europe improved in the wake of a plan by the IMF to boost its bailout fund to contain the eurozone debt crisis, they said.
Turnover totaled US$662 million during the trading session.
Laundering rules tightened
The Financial Supervisory Commission yesterday announced plans to include insurance brokers and agents under financial institutions that are obligated to comply with rules to prevent money laundering.
The commission said the use of a broader definition falls in line with international practices, as recommended by the Asia-Pacific Group on Money Laundering, and that it would help strengthen the nation’s crime prevention network.
Students eyeing part-time jobs
More than 90 percent of college students plan to find part-time jobs during the winter vacation, a poll released by 1111 Job Bank showed yesterday.
The online job bank said 91.6 percent of the 1,128 college students it surveyed were seeking part-time work.
The restaurant business is the favorite among college students, according to the poll, which showed that 34.39 percent of them are looking for part-time jobs in that sector. About 30 percent said they were seeking work in hypermarkets, such as Carrefour, while 29.1 percent said they were eyeing jobs in cram schools.
The survey, conducted between Dec. 29 and Jan. 10, had a 2.9 percentage points margin of error and a 95 percent confidence level.
IT firms bearish on economy
Computer and information industry suppliers have a bearish outlook on the nation’s economy for the first three months because of the global economic slowdown, according to a survey released yesterday.
The survey, conducted by the Taipei Computer Association (TCA, 台北市電腦公會), found that 22 percent of respondents were optimistic about the January-to-March period, while 55 percent were pessimistic and 23 percent had no opinion.
The business climate index, which is compiled by the TCA, fell 0.12 points to 1.26 in the first quarter from 1.38 in the previous quarter, marking a record low since the survey was first conducted in the fourth quarter of 2010.
The survey, conducted between Dec. 13 and Dec. 28, questioned 1,140 local suppliers planning to attend this year’s Computex Taipei in June, with 367 valid responses.
China Steel to build India plant
A subsidiary of China Steel Corp (中鋼) announced on Wednesday that it is to spend US$178 million to set up a plant in Gujarat, India.
In the deal, the company agreed to allocate 58 hectares of land for the plant.