Sat, Jan 19, 2013 - Page 14 News List

[ BUSINESS BRIEFS ]

Staff writer, with Agencies

China’s growth improves TAIEX

The TAIEX rebounded yesterday from a slump a day earlier on better-than-expected GDP growth in China in the fourth quarter of last year, dealers said.

However, turnover was thin as investors remained wary of corporate earnings reports due later on Wall Street after US-based chip supplier Intel Corp on Thursday reported a 27 percent decline in net profit in the fourth quarter, they said.

The weighted index closed up 116.23 points, or 1.53 percent, at 7,732.87, on turnover of NT$69.92 billion (US$2.41 billion).

Shares fall for Innolux

Shares of Innolux Corp (群創光電), Taiwan’s largest flat-panel maker, fell 1.77 percent to close at NT$13.90 yesterday after the final price for its global depositary receipts (GDRs) sold a day earlier was set at roughly 8 percent below the company’s share price.

Innolux on Thursday announced that the GDRs were priced at US$4.481 per unit, equal to NT$12.98 for each Innolux common share. That represented a discount of about 8.3 percent off Thursday’s closing price of NT$14.15.

The company raised US$504 million from the GDR sale a fundraising effort to meet its obligations under a debt restructuring agreement with its creditor banks.

TSMC sells corporate bonds

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has raised NT$21.4 billion from selling corporate bonds to investors, including KGI Securities Co (凱基證券) Grand Cathay Securities Corp (大華證券), and Chinatrust Commercial Bank (中信銀行), according to the company’s term sheet and separate stock exchange filings by various financial institutions.

TSMC priced NT$6.2 billion of five-year bonds at a yield of 1.23 percent, NT$11.6 billion of seven-year bonds at a yield of 1.38 percent, and NT$3.6 billion of 10-year bonds at a yield of 1.50 percent, according to the term sheet.

Hon Hai raises NT$11.05bn

Hon Hai Precision Industry Co (鴻海精密) yesterday said it raised NT$11.05 billion from a bond sale, according to the company’s filing to the Taiwan Stock Exchange.

The company said it sold NT$7.45 billion five-year bonds at a yield of 1.33 percent and NT$3.6 billion seven-year bonds at a yield of 1.45 percent, the filing showed.

Former minister joins agency

Former Council for Economic Planning and Development minister Christina Liu (劉憶如) has been appointed a member of Hong Kong’s newly established Economic Development Commission.

Liu is among 22 non-official members of the agency.

The agency, headed by Hong Kong Chief Executive Leung Chun-ying (梁振英), is responsible for advising the territory’s government on strategy and policy to promote economic growth and development of the special administrative region.

Treasury bills yield rises

The yield of the government’s 182-day Treasury bills reached 0.63 percent in an auction yesterday, higher than the 0.618 percent recorded in the previous sale of 182-day bills on Dec. 14, the central bank said in a statement.

Yesterday’s sale attracted bids for 2.62 times the NT$25 billion bonds on offer, more than 2.6 times recorded last time, the statement said. The banking sector was the biggest buyer of the bills, buying 96 percent of the issuance, it said.

NT dollar up against greenback

The New Taiwan dollar closed higher against the US dollar yesterday, adding NT$0.025 to close at NT$29.060.

Turnover totaled US$579 million during the trading session.

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