Sat, Feb 25, 2012 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

Global economic data lift TAIEX

The TAIEX closed up yesterday as sentiment improved following better-than-expected economic data overnight from the US and Germany, dealers said.

However, trading volume shrank as many investors took to the sidelines ahead of an upcoming four-day national holiday, to avoid possible uncertainty over global financial markets during the period, they said.

The weighted index ended up 22.04 points, or 0.28 percent, at 7,959.34, on turnover of NT$107.73 billion (US$3.64 billion).

ARM, MediaTek extend tie-in

British chipset designer ARM Holdings PLC announced yesterday it would extend its partnership with Taiwan’s handset chipmaker MediaTek Inc (聯發科) to license its intellectual property used in smartphones, smart televisions and blue-ray players. The Taiwanese integrated circuit designer will also be extending its existing license with ARM for graphics processing units used in smartphones and smart TVs, according to a statement.

“We are excited to see the fruits of this agreement as MediaTek enables the next generation of consumer devices using advanced ARM IP,” said Mike Inglis, executive vice president and general manager of ARM’s processor division.

PFG borrows US$144 million

PFG Fiber Glass (Kunshan) Co (台灣必成公司) signed a US$144 million term loan due 2017, according to data compiled by Bloomberg.

Proceeds will be used for capital expenditure. First Commercial Bank Co (第一銀行), Chang Hwa Commercial Bank (彰化銀行), E Sun Commercial Bank (玉山銀行), Hua Nan Commercial Bank Ltd (華南銀行), Land Bank of Taiwan (土地銀行) and Taiwan Cooperative Bank (合作金庫銀行) helped to arrange the facility, the data showed.

AIDC had US$100mn GE order

Taiwan’s Aerospace Industrial Development Corp (AIDC, 漢翔航空) received over US$100 million in orders from General Electric (GE) Aviation last year, hitting an all-time high, AIDC said on Thursday.

AIDC, a state-run company since 1996, has since 1997 been an OEM supplier of aircraft engine parts to GE Aviation, the world’s leading producer of small and large jet engines for commercial and military aircraft, according to an AIDC corporate source.

GE Aviation, headquartered in Evendale, Ohio, is part of the General Electric conglomerate, which is one of the world’s largest corporations.

NT rises on US jobs data

The New Taiwan dollar snapped a three-day decline on optimism an economic recovery in the US will boost exports and spur growth. Government bonds were steady.

The currency climbed 0.1 percent today to erase losses earlier in the week. A report yesterday showed jobless claims in the world’s largest economy held at a four-year low. Overseas investors bought US$1.4 billion more in Taiwanese stocks than they sold this month through yesterday, exchange data showed.

Taiwan’s currency could gain as the nation’s “growth outlook appears brighter now,” Wai Ho Leong and Joey Chew, Singapore-based analysts at Barclays Capital, wrote in a research note. “The improvement in US economic indicators is finally filtering down to Taiwan.”

The NT dollar appreciated to NT$29.582 against its US counterpart, from NT$29.596 yesterday, according to Taipei Forex Inc. Turnover amounted to US$611 million.

The currency has appreciated 2.4 percent this year and Barclays said it may reach NT$27.50 in 12 months.

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