Finance sector boosts TAIEX
Taiwan Stock Exchange Corp (TWSE, 台灣證交所) said yesterday that as of Wednesday, the market’s capitalization totaled NT$22.22 trillion (US$751 billion), up NT$139.17 billion or 0.64 percent from the end of last week (Feb. 1). This week, the bourse’s final session was held on Wednesday ahead of the upcoming Lunar New Year holiday.
The TAIEX closed up 0.65 percent in the shortened trading week to close at 7,906.65. The financial and insurance sub-index posted the largest gains by any sector for the week at 4.13 percent, while the electronics distribution sub-index fell 3.23 percent for the week to mark the steepest decline of any sector.
Intervention boosts greenback
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.12 to close at NT$29.750 as traders took cues from a dive in the South Korean won to boost their holdings in the local currency, dealers said.
The local central bank continued its intervention efforts in late trading to further boost the greenback in an attempt to keep the Taiwan dollar even cheaper and protect the country’s global export standing, they said.
China Airlines revenue drops
China Airlines Ltd (CAL, 中華航空), the nation’s largest carrier, said yesterday that consolidated revenue dropped 8.21 percent to NT$10.56 billion (US$354.96 million) last month from a year ago.
The company attributed the decline to a low base, as the Lunar New Year holidays in January last year raised demand for passanger air travel.
CAL president Sun Hung-hsiang (孫洪祥) said last month that the company’s passenger business would remain strong this year, while the worst appeared to be over for its cargo business. For the whole of last year, revenue inched up 0.28 percent to NT$132.61 billion, company data showed.
Audit committees set up
The Financial Supervisory Commission on Thursday required financial services providers and non-financial companies with capital of NT$50 billion (US$1.68 billion) or more to set up audit committees to strengthen their corporate governance.
A total of 116 publicly traded firms meet the threshold and have to set up audit committees accordingly, the commission said, adding that the requirement was part of efforts to progressively introduce international corporate governance standards.
Companies whose independent directors are due to step down at the end of this year may postpone the establishment of audit committees until after the elections of new board members, the commission said.
TSMC to pay NT$3 dividend
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said on Tuesday that its board approved a management proposal to distribute a NT$3.0 cash dividend per share to shareholders on the back of last year’s profits.
Last year, the company reported consolidated revenue of NT$506.25 billion and a net income of NT$166.16 billion, with earnings per share of NT$6.41.
The board also agreed to distribute a total of NT$22.23 billion in cash bonuses and profit sharing to employees. The proposed cash dividend of NT$3 per share and other proposals will be voted on at the company’s annual general meeting on June 11 this year.
New BlackBerry released
The latest smartphone made by Canadian handset maker BlackBerry, previously known as Research In Motion Inc, will go on sale in Taiwan later this year through Taiwan Mobile Co (台灣大哥大), the country’s second-largest telecoms operator.