Fri, Jan 04, 2013 - Page 14 News List

[ BUSINESS BRIEFS ]

Staff writer, with agencies

TAIEX passes 7,800 points

The TAIEX closed above the 7,800 points yesterday on the back of further fund inflows with foreign investors more willing to take risks after the US escaped the “fiscal cliff,” dealers said.

Select large-cap stocks, in particular Taiwan Semiconductor Manufacturing Co (台積電), remained spotlighted in buying and boosted daily turnover as foreign institutional investors rushed to build up their holdings, the dealers said.

TSMC closed 1.41 percent higher at NT$101.00, the first time the stock had breached the NT$100.00 mark in almost 12 years.

The benchmark TAIEX ended up 57.62 points, or 0.74 percent, at 7,836.84 on turnover of NT$104.91 billion (US$3.62 billion).

FTC to discuss Next Media deal

Fair Trade Commission Chairman Wu Shiow-ming (吳秀明) said yesterday at the Legislative Yuan that the commission is likely to hold a meeting by next week to discuss, whether Next Media Group (壹傳媒集團) buyers other than Formosa Plastics Group (台塑集團) chairman William Wong (王文淵) have to submit the buyout deal, whether further documents are needed and whether the Next TV buyout contract has to be filed for review of the Next Media buyout.

Wu said the commission would demand that related parties provide the required documents in two to four weeks. However, he said it is unlikely that the review would be completed by the end of this month and new commissioners will take over the review next month.

Taiwanese invest big in Fujian

Taiwanese companies made new investments worth a total of US$1.69 billion in China’s Fujian Province between January and November last year, up 28.8 percent from a year earlier, according to a Chinese media report.

So far, accumulated Taiwanese investment in Fujian has exceeded US$20 billion and there are 763 Taiwanese companies with capitalization of over US$10 million in the province, the Xinhua news agency said, citing statistics compiled by the province’s Department of Foreign Trade and Economic Cooperation.

CPC forecasts revenue

State-run CPC Corp, Taiwan (CPC, 台灣中油) is expected to generate revenues of up to NT$1.2 trillion this year, with a net profit of NT$17.58 billion, chairman Lin Sheng-chung (林聖忠) forecast on Wednesday.

Of the NT$17.58 billion, net profit from natural gas will account for NT$5.4 billion, he said. The company will seek breakthroughs in its refinery business, operation expansion, sales of oil products, research and innovation, industrial safety, and major investment planning, Lin said.

He said he hopes CPC’s third naphtha cracker in Greater Kaohsiung, which is being upgraded, will be operational by June.

Bad loan ratio falls

The non-performing loan ratio dropped to 0.47 percent at the end of November, down from 0.49 percent one month earlier, the Financial Supervisory Commission said yesterday.

That translates into a NT$4.6 billion decline in total bad loans, which stood at NT$104.2 billion for 38 domestic lenders at the end of November.

Meanwhile, outstanding loans amounted to NT$22.15 trillion, down NT$44.3 billion from a month earlier, the commission said.

All lenders reported a bad loan ratio of less than 2 percent, with the coverage ratio climbing to 232.46 percent, up 9.45 percentage points from a month earlier.

NT dollar sheds NT$0.001

The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.001 to close at NT$29.091.

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