Fri, May 11, 2012 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff writer, with Agencies

TAIEX stays mostly flat

The TAIEX moved marginally higher in thin trade yesterday amid continued worries over a possible capital gains tax on stock investments, which prevented many investors from entering the trading floor, dealers said.

A spike in the 10-year bond yield in Spain overnight further dampened investor confidence, as fears escalated that the debt situation in the eurozone would worsen, they said.

However, bargain hunting in select large-cap high stocks, such as Taiwan Semiconductor Manufacturing Co (台積電) and Hon Hai Precision Industry Co (鴻海精密), continued to fend off downward pressure on the broader market and kept the benchmark index in positive territory at the end of the session.

The TAIEX closed up 8.30 points, or 0.11 percent, at 7,484.01. Turnover during the session totaled NT$56.28 billion (US$1.92 billion), the second-lowest level so far this year, after turnover of NT$50.42 billion was recorded on Jan. 2.

Telecoms firms sell ‘new iPad’

Two months after its launch in the US, Apple’s newest iPad, the third generation of the popular tablet computer, will hit the local market today after the nation’s three major telecoms operators were authorized to sell the popular tablet.

This is the first time that local telecoms operators have been allowed to sell iPads since they were launched in 2010. In the past two years, iPads have only been available at authorized Apple distributors.

Taiwan Mobile Co (台灣大哥大), the nation’s No. 2 telecoms operator, will sell the new iPad at prices from NT$14,690 to NT$19,990, plus a monthly flat rate of NT$800, or a minimum monthly charge of NT$699 on a two-year or three-year service contract.

Far EasTone Telecommunications Co (遠傳電信), the nation’s third-largest telecoms operator, will sell the new iPad at prices of between NT$11,490 and NT$19,990, while bundling service contracts of one year, two years or three years. The flat rate will be NT$775 per month.

The nation’s biggest telecoms company, Chunghwa Telecom Co (中華電信), will also begin selling the new iPad today, but did not disclose retail prices.

Bank of Taiwan eyes India

The Financial Supervisory Commission yesterday approved plans by the government-owned Bank of Taiwan (台灣銀行) to set up a representative office in Mumbai, India.

The local lender aims to expand in India, which has seen a rapid increase in the number of Taiwanese firms operating there, to take advantage of its fast economic growth in recent years, the commission said.

Cathay Financial reports profit

Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider, yesterday posted NT$1.01 billion (US$34.35 million) in net profits for last month, down 43.58 percent from March because of weaker earnings at all subsidiaries, the company said in a statement.

Net income at Cathay Life Insurance Co (國泰人壽) fell from NT$510 million in March to NT$30 million last month, while net profit at Cathay United Bank (國泰世華銀行) dropped from NT$1.31 billion to NT$910 million, the statement said.

NT rises against greenback

The New Taiwan dollar rose against the US dollar yesterday, edging up NT$0.005 to close at NT$29.395 as traders took cues from the strength of most of the other currencies in the region — in particular the Australian dollar — to cut their holdings in the greenback, dealers said.

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