Shares rise slightly
Taiwanese shares closed 0.30 percent higher yesterday as bargain-hunting offset falls triggered by a decline on Wall Street over continuing anxiety at the health of the US economy, dealers said.
The local bourse managed to close in positive territory thanks to interest in technology stocks, with the buying spree fueled by a prolonged technical rebound, they said.
The TAIEX closed up 25.67 points at 8,676.95 on turnover of NT$117.35 billion (US$3.63 billion).
Risers led decliners 1,032 to 1,018, with 431 stocks unchanged.
The New Taiwan dollar ended the day's trading at NT$32.303 over the US dollar, up NT$0.002 from the previous close.
Forex reserves hit high
Taiwan's foreign exchange reserves reached a record high US$270.09 billion at the end of last month, up from US$265.92 billion the previous month, the central bank said yesterday.
Besides returns from foreign exchange reserves management, the increase in the reserves reflected the appreciation of the euro and other major currencies, it said.
Foreign exchange reserves denominated in these currencies were worth more in terms of the base currency, the US dollar, it said.
Hanoi factory for Foxconn
Foxconn International Holdings Ltd (富士康), the world's largest contract maker of mobile phones, plans to open its first factory in Vietnam next year to benefit from labor costs that are lower than China's.
Foxconn, based in Shenzhen, will join other members of the Hon Hai Precision Industry Co group to start production around Hanoi, company spokesman Vincent Tong (童文欣) said yesterday in a phone interview.
A Foxconn team is in Vietnam assessing the best way to expand there, with options including lease of a factory or construction of a new facility, Tong said.
Foxconn is also building plants in India.
"India is turning into one of our key sites," Tong said, declining to comment on an Economic Times report that Foxconn will spend US$1.5 billion to expand there.
Current capacity in India is "not even 10 percent" of future capacity, he said.
Tight monetary policy in PRC
China has decided to adopt tight monetary policies next year, marking the first change in its stance in a decade, state media said yesterday.
Prudent monetary polices have been in place for the past 10 years, Xinhua news agency reported, suggesting a profound change in Beijing's economic policies had taken place.
The decision to change to "tight monetary policies" was revealed at the end of the three-day Central Economic Work Conference, which brought together top decision-makers from the Communist Party and the government.
The meeting also concluded that it would be a priority next year to prevent overheating and curb inflation while controlling the volume and pace of loans, Xinhua said.
Northern Rock bailout approved
EU regulators yesterday approved Britain's bailout of troubled mortgage lender Northern Rock after finding that a package of loans and deposit guarantees were in line with European emergency aid rules.
"The [European] Commission has concluded that the measures comply with EU rules on rescue aid," it said after reviewing the measures.
Northern Rock was forced to seek an emergency loan from the Bank of England in September after struggling to meet its funding needs in the aftermath of the credit crunch on international financial markets.
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