TAIEX falls over euro woes
The TAIEX pulled back yesterday from a rally a day earlier amid renewed concerns over Europe’s debt problems after Spain’s 10-year bond yield hit its highest level since the launch of the euro in 1999, dealers said.
Many investors also stayed on the sidelines ahead of a two-day US Federal Reserve policymaking meeting set to open later yesterday, waiting to see whether the US central bank would further ease monetary policy to boost the economy, they said.
The weighted index edged down 8.37 points, or 0.11 percent, to close at 7,273.13, after moving between 7,239.42 and 7,288.98, on turnover of NT$58.08 billion (US$1.94 billion).
In trading yesterday, the paper and pulp sector suffered the heaviest losses among the eight major sectors of the market, finishing down 1.03 percent.
FPCC raises cash in bond sale
Formosa Petrochemical Corp (台塑石化) said yesterday it had raised NT$10.5 billion (US$351.5 million) by selling bonds.
The company said in a stock exchange filing that it sold NT$6 billion worth of five-year debt at a yield of 1.35 percent and NT$4.5 billion in seven-year debt at a yield of 1.44 percent.
The company said it would use the proceeds to repay debt, the filing said.
Meanwhile, the company had plans yesterday to close its No. 1 naphtha cracker for maintenance, Lin Keh-yen (林克彥), a company spokesman, said by telephone. The No. 3 naphtha cracker was restarted last week, he said.
HTC teams with Chinese giants
Taiwanese smartphone vendor HTC Corp (宏達電) signed letters of intent yesterday with Chinese Web giants Tencent Inc (騰訊) and Sina Corp (新浪) to build greater awareness of its brand among hundreds of millions of Chinese Internet users.
HTC will partner with Tencent on an application store, video communications and security, while collaborating with Sina on account activation, cloud computing services and customized smartphones.
Tencent currently has 700 million users in China, while Sina has 400 million users, which covers more than 80 percent of China’s population of 1.35 billion, according to Terence Lam (林袓榮), vice president and head of product marketing at HTC’s China operations.
Last month, HTC climbed to third place in the market for smartphones over 1,500 Chinese yuan, trailing only South Korean giant Samsung Electronics Co and iPhone maker Apple Inc, Lam said.
Yang Ming wins shipping award
Yang Ming Marine Transport Corp (陽明海運) said on Monday it had been awarded the Best Intra-Asia Shipping Line title for this year by Cargonews Asia.
The Taiwanese shipper said the award is a result of its intensive efforts to penetrate the Asia shipping market and improve services through market expansion.
So far, Yang Ming Marine has assigned 35 vessels out of its fleet of 86 ships to serve 32 shipping routes in Asia, covering East Asia, Southeast Asia, South Asia, the Middle East and Australia.
NT drops on intervention
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.004 to close at NT$29.890 as the central bank intervened to reverse early losses suffered by the greenback, dealers said.
However, turnover remained thin as many traders stayed on the sidelines, watching closely how the debt crisis in the eurozone would evolve after the 10-year bond yield in Spain hit its highest level since the launch of the euro in 1999, they said.