Wed, Jun 27, 2012 - Page 14 News List

[ BUSINESS BRIEFS ]

Staff writer, with Agencies

TAIEX closes down 0.4%

The TAIEX closed down 0.4 percent yesterday, led by losses among electronics stocks with a weak cash-flow momentum, dealers said.

The weighted index ranged between a high of 7,156.99 and a low of 7,117.17, before closing down 28.45 points at 7,137.93 on turnover of NT$62.67 billion (US$2.09 billion).

A total of 1,154 stocks closed up and 2,723 finished down, while 337 remained unchanged. Among the eight major stock categories, the cement sector scored the highest gains at 0.51 percent, while the construction sector suffered the heaviest losses at 0.98 percent.

GRETAI inks German deal

The GRETAI Securities Market has inked a cooperation agreement with Deutsche Boerse AG to facilitate the further development of both financial markets.

In a statement issued on Monday, GRETAI said it signed the memorandum of understanding with the German exchange operator, which would allow the two sides to share knowledge and information on various business areas and regulatory developments, as well as assess potential for cooperation in trading and listing.

“The GRETAI Securities Market is keen in seeking growth opportunities by joining international networks and building cooperative relationships with exchanges as well,” GRETAI chairman Gordon Chen (陳樹) said in the statement.

Game developers meet

The two-day Game Developers Conference (GDC) Taipei Summit opened yesterday at the Taipei International Convention Center, attracting about 550 professionals from home and abroad.

The GDC Taipei Summit features 26 informative lectures, focusing on the four major game topics — online games, mobile games, social games and console games.

The total value of Taiwan’s digital content industry last year reached NT$600.3 billion, an increase of 15 percent from 2010, the organizers said in a statement.

Within the digital content industry, the game industry achieved a total value of NT$43.6 billion, up 3.36 percent year-on-year, the statement said.

Fubon Bank leads in factoring

Taipei Fubon Bank (台北富邦銀行) has been named as the best factoring company in Taiwan last year for the fifth consecutive year by Factors Chain International (FCI), a global network of leading factoring companies.

The bank said yesterday it was also the only factoring company in Taiwan to be listed among the global top 10 in the field by the factoring network.

Factoring is the selling of accounts receivable in the future to a third party, usually at a discount, in exchange for cash. The service is used by businesses that want to reduce their exposure to the risk of not being paid all or part of their receivables.

Taipei Fubon Bank’s factoring volume was 680 million euros (US$849 million) last year for a 23 percent share of the domestic market, the highest in the industry. As of the end of last month, the bank had refinanced another 220 million euros in accounts receivable, it said.

NT dollar gains ground

The New Taiwan dollar ended a three-day losing streak on speculation that exporters are repatriating income before the end of the month.

The NT dollar closed at NT$29.990 against its US counterpart, little changed from Monday, according to Taipei Forex Inc. The NT dollar has dropped 1.5 percent this quarter, paring its this year’s gain to 1 percent.

One-month implied volatility, a measure of exchange-rate swings used to price options, was little changed yesterday at 4.55 percent.

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