Oil prices drag TAIEX down
The TAIEX suffered an extended decline yesterday as investors remained cautious about the global economy after international crude oil prices fell below US$80 per barrel for the first time since early October last year on weakening demand, dealers said.
While large-cap petrochemical stocks encountered heavy selling amid concerns over their profitability on the falling oil prices, the financial sector came under pressure after Moody’s downgraded its credit ratings of 15 financial institutions around the world, they said.
The weighted index closed down 57 points, or 0.78 percent, at 7,222.05, on turnover of NT$56.17 billion (US$1.88 billion).
Income tax revenues rise
The government’s income tax revenues for last year amounted to NT$313.7 billion, marking a year-on-year increase of NT$42.2 billion or 15.5 percent, the Ministry of Finance reported on Thursday.
During the same period, individual income tax revenues rose to NT$89.2 billion, an increase of NT$43.6 billion or 95.6 percent from 2010, according to ministry statistics. The huge increase in personal income tax revenues could be attributed mainly to the recovery of the domestic economy, the ministry said.
However, on the corporate income tax front, the revenues registered NT$224.5 billion last year, a decrease of NT$1.4 billion or 0.6 percent from last year, the statistics showed.
Chimei seeks cooperation
Chimei Innolux Corp (奇美電子) chairman Tuan Hsing-chien (段行建) said the company was willing to work with Chinese TV brands to penetrate emerging markets outside China.
Tuan made the remark after a meeting on Thursday with Bai Weimin (白為民), deputy director of the China Video Industry Association, who is heading a delegation composed of representatives from major Chinese TV manufacturers.
Hotai vows to maintain lead
Hotai Motor Co (和泰汽車), a local agent of Japan-based Toyota Motor Corp, vowed on Thursday to maintain its leadership in Taiwan although the local market is showing signs of weakening.
In the company’s annual general meeting, Hotai Motor chairman Huang Nan-guang (黃南光) said he expects his company to expand its market share this year with the launch of new models, including a hybrid car.
Hotai Motor has set a goal of a 34 percent market share in Taiwan for this year, up from 31.6 percent last year, Huang said
Last year, the company sold 119,425 cars in Taiwan. The company expects overall auto sales nationwide to drop 4.7 percent this year to 360,000 units.
Uni-President Enterprises Corp (統一企業) yesterday said it was optimistic about the growth of the food industry in the next decade and will increase its investments on both sides of the Taiwan Strait.
Company president Alex Lo (羅智先) told a shareholders’ meeting that the expansion plan had been in effect since last year and is expected to peak over the next two years.
Uni-President will construct 17 new plants in China, which are expected to be completed over the next two years, and continue its expansion in Southeast Asia, Lo said.
Its unconsolidated revenue rose 5.9 percent to NT$51.8 billion last year, while net income fell 13.6 percent to NT$9.4 billion, with earnings per share of NT$2.08.
NT dollar slips
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.066 to close at NT$29.968. Turnover totaled US$768 million during the trading session.