TAIEX rallies on tech growth
The TAIEX staged a rally in expanded trade yesterday as investors were cheered by sales growth last month reported by select high-tech firms, in particular those in the Apple Inc’s supply chain, dealers said. Buying also spread to the financial sector on hopes of increasing cross-Taiwan Strait financial exchanges ahead of the signing of an investment protection agreement between Taiwan and China scheduled for later in the day, they said.
The weighted index closed up 113.90 points, or 1.56 percent, at 7,433.70, on turnover of NT$107.77 billion (US$3.60 billion). The turnover hit the highest level since May 2, when trading volume stood at NT$130.44 billion.
Government mulls ATM cards
The government is considering the possibility of allowing the use of locally issued automated teller machine (ATM) cards to make withdrawals in Chinese yuan in China, Financial Supervisory Commission Vice Chairwoman Lee Jih-chu (李紀珠) said Thursday.
The commission is in talks with Chinese financial authorities to set up a fund flow platform to pave the way for yuan withdrawals, as the two sides are aiming to establish a currency settlement mechanism to facilitate fund flows across the Taiwan Strait, Lee said on the sidelines of a forum on cross-strait banking exchanges.
Taipower predicts higher losses
State-run Taiwan Power Co (Taipower, 台電) said on Wednesday its losses for the second half of the year will be NT$5.25 billion (US$175.21 million) higher than it forecast earlier this year prior to fuel price hikes.
As state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) raised its natural gas and fuel prices 3.03 percent and 4.25 percent respectively for this month, the utility company has estimated that its accumulated losses will have increased to NT$206.9 billion by the end of the year, Taipower spokesman Roger Lee (李鴻洲) said.
Taipower’s losses improved markedly in June after the government implemented the first in a series of phased hikes in electricity rates. Its May losses reached NT$16.5 billion, while the figure plummeted to just NT$9.74 billion for June.
Manufacturers join trade show
Taiwanese bicycle manufacturers will display their products at the upcoming Eurobike 2012, the world’s biggest bicycle trade show, in Friedrichshafen, Germany, the organizer said yesterday.
A total of 232 Taiwanese exhibitors among 1,200 participants from 50 countries will exhibit their latest bicycles and related products at this year’s event, which runs from Aug. 29 to Sept. 1, said Messe Friedrichshafen, the organizing body.
Acer sticks to Windows 8
Acer Inc (宏碁) chairman Wang Jeng-tang (王振堂) yesterday said the company is still planning to launch new tablet computers running on Microsoft Corp’s Windows 8 system, despite direct competition from the software giant’s “Surface” tablet, which will go on sale in October.
“I feel that they [Microsoft] are also figuring out ways to reduce the negative impact,” Wang told reporters on the sidelines of a conference in Taipei held by the Asian Productivity Organization.
“We’ve kept an eye on their pricing and channel strategies,” he said. “The impact will be great if their tablet is priced as low as US$199, like the Kindle Fire. The impact will be smaller if it is priced at US$599 or US$499.”
NT dollar rises
The New Taiwan dollar rose against the US dollar yesterday, adding NT$0.047 to close at NT$29.940. Turnover totaled US$729 million during the trading session.