Shares slip on euro concerns
The TAIEX took a hit yesterday as selling focused on market heavyweights, forcing the benchmark index down below the 7,200-point mark amid escalating fears that debt-ridden Greece would leave the eurozone, dealers said.
Although state-run funds stepped in at one point to prevent the bourse from further losses, the market kept falling in line with its regional counterparts, they said.
The TAIEX closed down 205.58 points, or 2.79 percent, at 7,151.19, after moving between 7,149.36 and 7,253.10 on turnover of NT$83.91 billion (US$2.83 billion).
At the end of the session, the machinery and electronics sector suffered the steepest decline among the eight largest sectors on the market, finishing down 3.4 percent, while the foodstuff sector closed up 0.1 percent.
Economist Kyu Eikan dies
Taiwan-born economic commentator Kyu Eikan (邱永漢) has died of heart failure at the age of 88, Japanese media reported yesterday.
Japanese daily Yomiuri Shimbun reported that only close relatives attended the funeral of the economic guru, who died two days earlier. A memorial service is to be held at a later date.
The report said that Kyu, who was born in Taiwan in 1924 to a Taiwanese father and a Japanese mother, took part in the Taiwanese independence movement after graduating from Tokyo University and later fled to Hong Kong.
He moved to Japan in 1954 with the ambition of becoming a writer and he used his experience in Hong Kong as the basis for a novel of the same name, which later won Japan’s prestigious Naoki Prize, a literary award that honors writers biennially. He obtained Japanese citizenship in 1980.
Kyu, whose business acumen in investment earned him the title of “the god of making money,” wrote more than 450 works.
Unpaid leave declines
The number of workers on unpaid leave has dropped by 73 people over the past two weeks, the Council of Labor Affairs said on Wednesday.
As of Tuesday, 24 companies had reached agreements with their employees on unpaid leave, with 2,207 workers currently on furlough, the latest statistics from the council showed.
The figure represented a decrease of workers on furlough from April 30, when 2,280 workers from 23 companies had agreed to take unpaid leave.
Software deal inked
The Institute for Information Industry on Thursday signed a memorandum of understanding (MOU) with two Japanese groups on the development of embedded software.
Feng Ming-hui (馮明惠), director general of the Smart Network System Institute under the Taiwanese organization, signed the agreement with representatives from Fujisoft Inc and the Open Embedded Software Foundation in Tokyo, the organization said in a statement.
The three sides will develop embedded software and are expected to jointly carry out tests on the Android system early next month, it said.
NT dollar follows bourse down
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.07 to close at NT$29.630 as traders moved more funds into the greenback as a safe haven amid rising concerns over the debt problems in Greece, dealers said.
A plunge in the local bourse also placed downward pressure on the NT dollar throughout the trading session amid gloomy sentiment toward the economic fundamentals at home and abroad, they said.
Turnover totaled US$914 million during the trading session.