Sat, Mar 03, 2012 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, With AV

TAIEX up on US employment

The TAIEX regained momentum and closed higher in reflection of rising prices on Wall Street overnight, after Washington reported better-than-expected initial unemployment data, dealers said.

However, strong technical resistance ahead of 8,200 points compromised early gains and kept trade in a narrow range throughout the session, they said.

The TAIEX ended up 25.70 points, or 0.32 percent, at 8,144.04, after moving between 8,114.14 and 8170.72, on turnover of NT$131.73 billion (US$4.48 billion).

The market will open today, to make up for the lost trading session at the beginning of the week.

Myanmar ‘has much potential’

The future of the world economy will be in Asia, with Myanmar being a potential market for Taiwanese businesses, Thai-Taiwan Business Association President Norman Chang (張峰豪) said on Thursday in Bangkok, Thailand.

At the 19th Asia Taiwanese Chambers of Commerce meeting, with about 300 representatives of Taiwanese business groups from 13 Asian countries or regions in attendance, Chang stressed the importance of the Burmese market to Taiwanese businesses based in Thailand, citing benefits such as proximity, ease of land acquisition and a less pronounced language barrier.

Rising salary costs in Thailand and cheaper real estate in Myanmar also contributed to the rising interest in the Burmese market, he said.

Cathay’s Hubei branch gets nod

Cathay Century Insurance Co (國泰產險), the non-life arm of Cathay Financial Holding Co (國泰金控), yesterday won approval from China to open a branch in Hubei Province, the parent company said in a statement.

Cathay Century will be the first Taiwanese non-life insurer to enter the Chinese province to serve Taiwanese companies with operations there, the statement said. Tingyi (Cayman Islands) Holding Corp (康師傅控股), Foxconn Technology Group (富士康科技集團), Far Eastern Group (遠東集團) and others have a presence in the province.

EVA plans NT$6bn bond sale

EVA Airways Corp (長榮航空), the nation’s second-largest air carrier, plans to sell NT$6 billion (US$204 million) of secured five-year bonds via a Dutch auction, according to three people familiar with the matter.

The notes may be sold as early as this month, the people said, asking not to be identified.

Foreign funds at US$159bn

Total foreign funds in Taiwan stood at US$159.92 billion (NT$4.71 trillion) for the past two months, a 0.6 percent rise from the same period last year, the Financial Supervisory Commission said yesterday.

Foreign institutional investors were net buyers of NT$117.36 billion worth of shares on the Taiwan Stock Exchange in the past month, the commission said, helping push the TAIEX above the 8,000-point mark.

NT dollar follows TAIEX up

The New Taiwan dollar gained momentum against the US dollar yesterday, rising NT$0.026 to close at NT$29.461, as investors moved funds out of the greenback to the equity market, dealers said.

The growing appetite among investors to take risks in the equity market boosted demand for the local currency after Wall Street posted gains overnight.

The appreciation of the NT dollar was slowed at the end of the session, however, after Taiwan’s central bank intervened.

Turnover totaled US$840 million.

The local foreign exchange market will open today to make up for Monday’s closure.

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