Sat, May 08, 2004 page11

• Business Briefs

  • STAFF WRITER, WITH AGENCIES
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  ■ Panels, chips boost TAIEX

  Shares ended higher for a second consecutive session yesterday, led by flat-panel and memory-chip stocks on attractive valuations after sharp falls recently, analysts said.

  The TAIEX closed up 130.47 points, or 2.2 percent, at 6,040.26. Gainers outnumbered decliners 672 to 173 with 126 stocks unchanged. Turnover slipped to NT$91.48 billion (US$2.75 billion), compared with NT$112.64 billion on Thursday.

  "The rally in flat-panel and chip stocks helped boost sentiment, as investors chased the previously red-hot stocks due to attractive valuations after their recent plunge," said Capital Securities (群益證券) vice president Alan Tseng (曾炎裕). Despite the gains, Tseng said the mood in the market remains cautious.

  ■ CAL orders planes from Boeing

  Boeing Co, the world's second-biggest maker of commercial aircraft, won a US$425 million order for two cargo airplanes from China Airlines (華航).

  The 747-400 planes are scheduled for delivery in 2006, Boeing said in a statement. The Chicago-based company has sold 40 planes worth US$2.74 billion this year compared with 37 worth US$2.17 billion in the same period last year.

  Boeing expects air-cargo traffic in Asia to rise 5.7 percent annually for the next 20 years and contribute to cargo-plane sales because of demand from export manufacturers there.

  ■ Kaohsiung port to expand

  Kaohsiung port is planning a NT$90 billion (US$2.7 billion) expansion to compete with regional rivals in the business of transshipping goods, the South China Morning Post reported, citing Harbor Bureau Director- General Huang Chin-tern (黃清藤).

  The expansion will add five container berths capable of handling 15,000 20-foot equivalent units of cargo, increasing the port's capacity 28 percent to 11.3 million 20-foot equivalent units, it said.

  Eight berths will be added for transshipment of petrochemicals. The plan follows a NT$9 billion expansion announced last year to build another four berths.

  Evergreen Marine Corp (長榮海運), Yang Ming Marine Transport (陽明海運), Maersk Sealand and a Japanese consortium have expressed interest in the project, Huang was quoted as saying.

  ■ New chief for Bay Taiwan

  Online auctioneer eBay Taiwan announced yesterday that Fang Yung-sheng (方勇升), former president of American Express China, will replace Jeffrey Noles as managing director, a company statement said. Fang's appointment will take effect on May 17.

  Fang, a native Taiwanese, received a bachelor's degree in finance and accounting from the University of California, Los Angeles, in 1988 and obtained a mas-ter's in business administration from New York University in 1992.

  Fang worked for American Express for the past six years as president of its China branch and vice chairman in the New York headquarters. Noles will become senior director of customer service and transaction security for Eachnet (易趣網), a Chinese online auctioneer acquired by eBay last year, the statement said.

  ■ NT dollar weakens

  The New Taiwan dollar yesterday turned weak against its US counterpart, after overseas investors dumped a net NT$6.69 billion worth of Taiwanese shares in stock market. The local currency dropped NT$0.119 to close at NT$33.314 against the greenback on the Taipei foreign exchange market. Turnover was US$512 million.
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