TAIEX ends higher
Share prices closed 1.65 percent higher yesterday after US Federal Reserve Chairman Ben Bernanke's comments bolstered hopes that US borrowing costs would fall next month.
The weighted index closed up 139.37 points at 8,586.40 on turnover of NT$131.92 billion (US$4.08 billion).
Risers led decliners 1,525 to 581, with 358 stocks unchanged. A total of 47 stocks closed limit-up, while 30 were limit-down.
The transport sector was up 3.9 percent, the food sector jumped 3.68 percent, construction gained 3.58 percent and electronics rose 1.64 percent.
"Hopes of a rate cut helped ease worries over the US economy and consumption," Oliver Fang (方元及) of Yuanta Securities (元大證券) said.
"Given Taiwan's trade ties with US and the mainland [China], developments there will be crucial to our stocks going forward," he said.
Chipmaker Taiwan Semiconductor Manufacturing Co (台積電) gained NT$0.60 to close at NT$60.60, while smaller rival United Microelectronics Corp. (聯電) added NT$0.15 to NT$19.30.
China wants more expats
China needs 150,000 foreign professionals in areas from energy to agriculture by 2010 to boost economic development, the China Daily said yesterday.
The world's most populous country is "in dire need of talented people from abroad to help with development and innovation," the report said.
"We will announce more laws and regulations, as well as preferential policies, to better protect foreign experts' rights and interests by working together with government departments," the daily quoted Ji Yunshi (季允石), head of the State Administration of Foreign Experts Affairs, as saying.
New rules would help foreigners deal with problems such as medical insurance and education for their children, Ji said.
Far Eastern appoints new chair
The board of Far Eastern Air Transport Inc (遠東航空) yesterday approved the promotion of vice chairman Lin Bao-chang (林寶漳) to chairman, replacing incumbent Michael Lo (樂大信), a company statement said.
Lo, who was in the dark about the board's decision, told reporters that he had not submitted his resignation and had not been informed of the reshuffle.
The company's board said that Lo, who took office in July, was replaced because of differences in management, the statement said, without giving details.
The board also approved a motion to liquidate its ownership in Xiamen Air Cargo Terminal for approximately NT$300 million.
Far Eastern reported losses in the first three quarters. The company said it hoped to break even in the fourth quarter and post a profit next year.
Chunghwa buys Siemens gear
Chunghwa Telecom Co (中華電信), Taiwan's biggest phone company, said yesterday it bought a batch of telecom equipment from Siemens AG's local unit for NT$1.02 billion (US$30 million), aiming to upgrade its broadband network.
In a filing to the Taiwan Stock Exchange, Chunghwa Telecom said the equipment from Siemens Telecommunication Systems Ltd (台灣吉悌電信) will be used to build next-generation networks (NGN).
Chunghwa Telecom also said it would release information about buying Research In Motion's (RIM) Blackberry phones at a proper time, in response to a Commercial Times report that it would start selling 3G Blackberry phones by the end of this year.
NT dollar up for the week
The New Taiwan dollar advanced 0.2 percent in the past five days to close at NT$32.268 against the greenback yesterday.
Turnover totaled US$1.193 billion yesterday.
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