Sat, Jun 30, 2012 page14

• [ BUSINESS BRIEFS ]

  • Staff writer, with Agencies
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  TAIEX rallies on EU accord

  The TAIEX rallied yesterday to close at the day’s high on improved sentiment after EU leaders hammered out an agreement on a 120 billion euro (US$150 billion) stimulus package to boost the region’s economy, dealers said.

  Investors were also encouraged by an EU consensus to ease repayment rules for emergency loans to ailing Spanish banks, they said.

  The weighted index closed up 126.67 points, or 1.77 percent, at 7,296.28, off an early low of 7,177.59, on turnover of NT$65.47 billion (US$2.19 billion).

  TWSE aims for transparency

  The Taiwan Stock Exchange (TWSE) yesterday said it would launch an information disclosure platform for domestic warrant trading next month in a bid to strengthen market transparency.

  The TWSE said it had entrusted academics to develop a model that can be used to calculate a wide range of trading information on warrants. The platform will also offer information on the implied volatility of a warrant and its future volatility, which is calculated based on the latest closing price, to help investors make transaction decisions, it said.

  Last year, domestic warrant trading attracted an average of 35,165 investors per month, up from the 25,639 recorded in 2010. In the first five months of this year, the monthly average was 29,995.

  Food show posts record deals

  The annual Taipei International Food Show has generated record business through procurement meetings, despite a gloomy global economy, organizers said yesterday.

  The show, which opened on Wednesday, hosted 876 procurement meetings during its first two days for 76 international buyers from 22 countries, the Taiwan External Trade Development Council (TAITRA) said.

  The business generated from those meetings reached US$46.89 million, up 26.7 percent from US$37 million a year ago, TAITRA said.

  The exhibition at the Taipei World Trade Center Nangang Exhibition Hall and at Exhibition Hall 1 ends today.

  FSC chairman reappointed

  The Executive Yuan has reappointed Financial Supervisory Commission Chairman Chen Yuh-chang (陳裕璋) and Vice Chairwoman Lee Jih-chu (李紀珠) to continue in their posts, spokesperson Hu Yu-wei (胡幼偉) said yesterday.

  Chen and Lee are due to complete their term of office tomorrow.

  ANZ to set up subsidiary

  Australia and New Zealand Banking Group Ltd (ANZ) has gained approval to set up a subsidiary in Taiwan — the fifth to be owned by a foreign bank, the Financial Supervisory Commission said yesterday.

  The ANZ subsidiary will be fully responsible for all assets and liabilities of the 18 existing branches, which employ about 1,600 people, the commission said.

  ANZ opened its first branch in Taiwan in 1980 and acquired ABN AMRO Bank’s business in Taiwan in 2010.

  Besides the Australia-based banking group, four other subsidiaries of foreign banks — Standard Chartered Bank, Citibank, HSBC, and DBS — have been operating in Taiwan.

  NT dollar advances

  The New Taiwan dollar gained ground against the US dollar yesterday, adding NT$0.056 to close at NT$29.90.

  The greenback opened at the day’s high of NT$29.98 and moved to an early low of NT$29.848 before rebounding. Turnover totaled US$784 million.
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