[ BUSINESS BRIEFS ]

Staff writer, with agencies

Wed, Apr 03, 2013 - Page 14

TAIEX edges up 0.2 percent

The TAIEX closed slightly higher yesterday after moving in a narrow range amid cautious sentiment toward the global economy, following reports showing US manufacturing growth slowed last month, dealers said.

The financial sector came under pressure as investors unloaded their holdings despite new measures to boost cross-strait financial exchanges announced after a meeting between Taiwanese and Chinese financial regulators, the dealers said.

The weighted index closed up 13.94 points, or 0.18 percent at 7,913.18, on turnover of NT$57.46 billion (US$1.93 billion).

Fuh Hwa to launch yuan funds

Fuh Hwa Securities Investment Trust Co (復華投信) yesterday said it would pioneer the launch of yuan-denominated mutual funds in Taiwan after yuan transactions were allowed in early February.

Fuh Hwa said it is scheduled to raise funds for two planned mutual funds — the Fuh Hwa RMB (renminbi) Money Fund and the Fuh Hwa Emerging Market RMB Fixed Income Fund — between May 6 and May 17.

Fuh Hwa president Steven Chou (周輝啟) said the two funds would provide local investors with alternative investment instruments.

AT&T to sell latest HTC model

AT&T Inc, the US’ second-largest wireless carrier, will be the sole telecoms operator to sell HTC Corp’s (宏達電) flagship HTC One with 64-gigabyte storage capacity in the US.

AT&T will offer two versions of the new HTC One — the 64GB model, on which it has exclusive distribution rights among telecoms operators, and a 32GB model — the carrier said in a commercial video uploaded to YouTube on Friday.

It offered no details on the retail launch date and pricing for the new phones.

Next Media buyers pull out: FTC

The Fair Trade Commission (FTC) yesterday said it had received notice from the potential buyers of Next Media (壹傳媒) indicating their wish to withdraw from the deal.

The notice was submitted by attorneys representing the consortium of buyers, the commission said, adding that it would hold an internal meeting today to discuss the matter.

The deal fell through last month and Next Media said it would retain its print business in Taiwan.

Tax evasion clause moves up

The legislature’s Finance Committee on Monday approved on first reading a clause to prevent income tax evasion.

Once the clause passes its third reading in the legislature, starting in 2015, companies registered in some tax havens will still have to pay income taxes if their “place of effective management (PEM)” is in Taiwan.

The clause will also require controlled foreign corporations, or CFCs, to pay tax in Taiwan.

Energy lamps drive growth

Retail sales of light bulbs grew substantially last year, driven by increasing demand for energy-saving products, the local branch of market research firm GfK Group said recently.

Taiwanese consumers spent NT$5.5 billion to buy 57.9 million light bulbs and tubes last year, representing a 3 percent drop in volume, but a 20 percent increase in revenue from a year earlier, GfK Taiwan said in a research note.

Energy-saving lighting options, such as LED lights and T5 fluorescent tubes, were the main contributors to the sales growth, the company said.

NT dollar advances

The New Taiwan dollar closed higher against the US dollar yesterday, rising NT$0.008 to NT$29.920 on turnover of US$556 million.