Shares climb 1.01%
Taiwanese shares closed 1.01 percent higher yesterday as world markets remained stable and the local currency gathered strength, dealers said.
The weighted index rose 46.79 points to 4,694.81 on turnover of NT$62.11 billion (US$1.90 billion).
Gainers outnumbered losers 880 to 573, while 287 stocks remained unchanged.
Analysts said that the rebound — nearly the highest in a month and a half — was attributable to the stabilization of Wall Street and the continued appreciation of the New Taiwan dollar against the US dollar.
“Records indicated foreign institutional buyers and investment funds showed interest in building up portfolio as the Taiwan dollar kept rallying against the greenback,” said Allen Lin of Concord Securities (康和證券).
A plan to save gold
The state-run Bank of Taiwan (臺灣銀行) yesterday launched a gold saving plan under which customers may save at least NT$3,000 (US$92) a month to purchase gold as an investment option.
Bank chairwoman Susan Chang (張秀蓮) told reporters that the product promised a stable investment choice amid global financial market turmoil that is dragging down stock, currency and oil prices across the world.
“Gold prices appear relatively stable and resistant to inflation,” Chang said, adding that the number of gold savings accounts at her bank jumped from 30,000 on July 1 last year to 150,000 this month.
Zurich International launches
Zurich International Life Ltd (蘇黎世國際人壽), a subsidiary of Zurich Financial Services Group, launched its Taipei office yesterday, touting wealth management services that target the nation’s wealthier clients.
A survey by the firm found that Taiwan has the “second-largest population of high net worth,” lagging only behind China, company general manager Tom Tang (湯維華) told a launch ceremony.
He didn’t give an exact figure but said that the company was committed to the local market after allocating initial capital of NT$200 million (US$6 million) here, four times the statutory amount required.
With four members of staff, Zurich International plans to expand its management team, which is expected to be “larger than [its] Singapore office’s 18-staff team” to serve local clients, said Andy Robinson, the company’s head in Asia.
Microsoft ends Primax stoush
Microsoft Corp, the world’s biggest software maker, ended a patent-infringement fight against Taiwan’s Primax Electronics Ltd (致伸電子) after the Asian company agreed to pay royalties on computer-mouse technology.
Microsoft had filed a complaint in July at the US International Trade Commission in Washington seeking to prevent Primax from selling its mice in the US, as well as a civil suit in federal court seeking cash.
The Redmond, Washington-based company said it acted after the two sides failed to reach a licensing agreement.
Trinity can merge with GTV
The Fair Trade Commission yesterday gave the green light to the Netherlands-based Trinity NL BV’s application to merge with local cable TV broadcaster Gala Television Corp (GTV, 八大電視) by acquiring a 100 percent stake in GTV through its local subsidiary.
But because Trinity NL BV’s local investment arm MBK Partners (安博凱基金) has already merged with 10 other local cable TV companies — whose market shares exceed 38 percent in their operating areas, with some even reaching 100 percent — the commission ruled that MBK Partners needed to report to the commission if any more mergers take place.