TAIEX closes down 0.04%
The TAIEX closed little changed yesterday, as a result of technical resistance ahead of the 8,200 point mark after a rally the previous session, dealers said.
While many large-cap electronics stocks turned weaker on profit taking, buying rotated to the financial sector as a result of high hopes over increased cross-Taiwan Strait business exchanges, they said.
The bourse closed the day down 3.64 points, or 0.04 percent at 8,121.62, after moving between 8,088.10 and 8,142.98, on turnover of NT$99.53 billion (US$3.37 billion).
FSC passes Citibank Taiwan
Citibank Taiwan’s financial situation meets regulatory requirements, despite its parent company’s recent failure to pass a stress test in the US, the Financial Supervisory Commission (FSC) said yesterday.
Citigroup Inc was one of four US banks that flunked a stress test designed to show they could withstand a financial shock, according to results released on Tuesday by the US Federal Reserve.
During a legislative committee hearing yesterday, Banking Bureau Director-General Kuei Hsien-nung (桂先農) said as of the end of last year, Citibank Taiwan’s capital adequacy ratio and tier 1 capital ratio stood at 16.81 percent and 12.82 percent, respectively.
Taiwan currently requires banks to have a minimum 8 percent capital adequacy ratio, and uses the tier 1 common capital ratio as a factor in its review of banks’ applications for new business.
Asustek named in US case
A US-based patent holding company has accused personal computer vendor Asustek Computer Inc (華碩) and smartphone maker HTC Corp (宏達電) of patent infringement, according to the US International Trade Commission.
The commission said on Wednesday that Pragmatus AV, LLC, had filed a complaint with it, alleging Asustek and HTC infringed on technology asserted by the patent holding company relating to certain consumer electronics, such as mobile phones and tablet computers.
Asustek’s ASUS Computer International Inc, HTC’s subsidiary HTC America Inc, and Samsung Electronics Co and LG Electronics Inc of South Korea are also named as respondents in the complaint.
TTL increases cigarette prices
State-run Taiwan Tobacco and Liquor Corp (TTL, 台灣菸酒) raised cigarette prices on Wednesday to reflect the company’s rising costs, vice president Tseng Chun-kai (曾俊凱) said.
The company added NT$5 (US$0.17) to the price of packs of 31 tobacco products belonging to five brands to reflect the surging cost of tobacco leaves and cigarette filters, as well as Health and Welfare Surcharges that took effect in 2009, Tseng said.
In response to questions about the unexpected price hike, Tseng said that no advance notice was given in order to prevent hoarding. With the hikes, the prices of TTL cigarettes now range from NT$50 to NT$80.
AirAsia X to increase flights
Malaysian budget airline AirAsia X will increase its flights from Taipei to Kuala Lumpur to 11 a week from seven flights, beginning on June 22, the company said on Wednesday.
AirAsia X has operated the route for more than two years, with one flight a day.
The carrier also said it would increase flights between Kuala Lumpur and Perth from seven to nine a week from June 24.
NT dollar closes down
The New Taiwan dollar lost ground against the US dollar yesterday, falling NT$0.01 to close at NT$29.570.
Turnover totaled US$767 million during the trading session.
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