TAIEX closes nearly flat
The TAIEX came off an early high yesterday, after a mild technical rebound from a 2.11 percent plunge a day earlier amid lingering concerns over the financial crisis in the eurozone, dealers said.
Worries remained about how the new French government would deal with Europe’s debt problems and whether Greece would form a coalition government to tackle its growing debt, following elections in the two countries over the weekend, dealers said.
The benchmark index closed up 7.63 points, or 0.1 percent, at 7,545.71, after moving between 7,522.29 and 7,572.31. Turnover was NT$66.79 billion (US$2.28 billion).
Food scored the highest gains among the market’s eight largest sectors, finishing up 3.6 percent.
Taiwan takes investment hit
Taiwan’s investment environment ranked fourth among 50 countries and second in Asia, the Ministry of Economic Affairs said on Monday, citing the results of a survey by a US ratings company.
The survey, conducted by the Washington-based Business Environment Risk Intelligence (BERI), showed Taiwan dropping one notch to the world’s fourth-best investment destination, behind Singapore, Switzerland and Norway, the ministry said in a statement.
Taiwan tied with Norway as the world’s third-best investment destination in BERI’s previous rating in January.
Foxconn to set up R&D center
Foxconn Technology Group (富士康), the world’s largest contract manufacturer of electronics, plans to build a research and development center in Shanghai’s Pudong District, the Taipei-based conglomerate said in an invitation to a groundbreaking ceremony for the site.
China sales, e-commerce and research teams will be housed in the new complex, which is expected to be completed in early 2015, according to Foxconn, known as Hon Hai Group (鴻海集團) in Taiwan.
Chairman and founder Terry Gou (郭台銘) plans to preside over the event tomorrow, the company said yesterday.
Dongfeng’s Taiwan auto plans
Dongfeng Motor Co (東風汽車), China’s second-biggest auto group, is expected to conclude a deal under which it will begin assembling vehicles in Taiwan by the end of this year, paving the way for more cooperation in the auto industry between the two sides of the Taiwan Strait, an industry leader said yesterday.
The move will mark a milestone in cross-strait collaboration in the auto industry, Taiwan Transportation Vehicle Manufacturers Association chairman Chen Kuo-rong (陳國榮) said at a public function.
It is seen as part of Chinese carmakers’ ambition to capitalize on Taiwan’s cutting-edge technology and extend their markets, said Chen, who is also president of Yulon Motor Co (裕隆汽車), which runs a joint venture with Dongfeng.
LNG imports and prices rise
Taiwan paid 12 percent more for liquefied natural gas (LNG) last month compared with a year earlier as imports rose, customs data showed.
Prices of the fuel rose to US$724 a tonne last month from US$644 a ton a year earlier, data shows. That’s equivalent to about US$13.90 per million British thermal units.
Imports of long-term supplies and cargoes shipped under contracts lasting less than one-year rose by 9.8 percent to 1.11 million tonnes last month, according to the data.
NT dollar advances
The New Taiwan dollar gained ground against the US dollar yesterday, adding NT$0.012 to close at NT$29.370 on turnover of US$846 million during the trading session.