Sat, Mar 10, 2012 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

TAIEX rallies past 8,000

The TAIEX moved higher and ended above the crucial 8,000-point level yesterday, as investors turned upbeat that Greece would strike a deal with its bondholders and avoid a default, dealers said.

While buying in select technology stocks, such as flat-panel manufacturers and PC suppliers, helped the broader market overcome the technical resistance at 8,000 points, sagging interest in financials slowed the index’s climb, they said.

The TAIEX closed up 31.45 points, or 0.39 percent, at 8,016.01, after moving between 7,965.68 and 8,027.08, on turnover of NT$104.90 billion (US$3.56 billion).

TSMC’s February sales up

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its unconsolidated revenue increased 5.8 percent to NT$33.58 billion last month from NT$31.75 billion a year ago.

Consolidated revenue was NT$33.86 billion, up 3.6 percent from NT$32.69 billion a year earlier, TSMC said in a statement.

Rexchip plans rights issue

Rexchip Electronics Corp (瑞晶), a Taiwan-based chip manufacturing arm of Japan’s Elpida Memory Inc, yesterday said it plans to raise about NT$6 billion in funds through a rights issue to repay its debts.

The company said it would assign part of the funds as working capital for its day-to-day operations.

Rexchip, a joint venture between Elpida and Taiwan’s Powerchip Technology Corp (力晶科技), is faced with the obligation to repay about NT$15.3 billion in debts by the end of this year.

Rexchip has only about NT$5.8 billion in cash and as much as NT$4 billion in accounts receivable from Elpida.

Rexchip said it had tentatively set the issue price at NT$10, but market analysts said the high price might turn investors away.

Rexchip closed at NT$7.90 yesterday on the emerging market.

China Life wins approval

Taipei-based China Life Insurance Co (中國人壽) on Thursday won approval from China to buy up to US$100 million in Chinese securities as a foreign institutional investor, it said in a stock exchange filing.

That quota is the same as that granted to Shin Kong Life Insurance (新光人壽), the life insurance unit of Shin Kong Financial Holding Co (新光金控), a week ago.

On Thursday, Hua Nan Financial Holdings Co (華南金控) also received approval from the Financial Supervisory Commission for its plans to open a branch in Shanghai to further tap into the Chinese market.

TAITRA to hold ‘MIT’ fair

The Taiwan External Trade Development Council (TAITRA) signed a memorandum of understanding on Thursday with Shanghai authorities on holding a trade fair featuring made-in-Taiwan (MIT) products from April 4 to 8.

More than 800 Taiwan-based companies have registered to participate in the four-day fair, which will feature about 40,000 MIT items, with a special focus on Taiwan’s mechanical industry, according to the state-funded TAITRA, the organizer of the fair.

The previous 13 Taiwanese trade fairs in China organized by TAITRA saw 4 million visitors in total.

NT dollar advances

The New Taiwan dollar rose NT$0.023 to close at NT$29.504 against the US dollar yesterday on turnover of US$536 million.

The greenback opened at NT$29.530 and moved to a high of NT$29.410 before retreating because of central bank intervention, dealers said.

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