TAIEX falls on selloff
The TAIEX closed down 0.61 percent yesterday as the selloff on Wednesday continued amid lingering fears that the global economic recovery would stall, dealers said.
The benchmark index closed down 47.24 points to 7,689.74, after moving between 7,666.51 and 7,758.14, on turnover of NT$119.44 billion (US$3.73 billion).
The market rose 6.14 points on opening after Wall Street’s slight rebound overnight, but selling emerged immediately, putting pressure on old economy stocks that had scored significant gains on warming cross-strait business ties, dealers said.
A total of 2,619 stocks closed down and 1,053 up, while 222 remained unchanged.
Bid for Taiwan Pavilion set
As the World Expo in Shanghai is drawing to an end in October, Taiwan External Trade Development Council (TAITRA, 貿協) yesterday said it would announce the minimum bidding price for the Taiwan Pavilion on Monday.
The pavilion will be moved back to Taiwan for reconstruction and the winning bidder will be able to rebuild the exhibit and gain rights to use related software and hardware worth NT$186 million as a means to boost tourism.
The auction briefing held by TAITRA attracted representatives from Keelung City, Taipei County, Hsinchu City, Miaoli County, Nantou County and Yamay Recreation World (月眉娛樂世界).
Media reports said the floor price would be set between NT$300 million and NT$500 million, with the bidding outcome to be announced on Sept. 16.
Electric bike subsidy extended
The government has extended its offer of subsidies to buyers of electric motorbikes for another year, the Industrial Development Bureau (IDB) said yesterday.
Last year, the ministry allocated a four-year NT$1.6 billion subsidy to encourage people to buy environmentally friendly electric motorbikes and scooters.
The program was due to expire at the end of 2012, but will be extended for another year and will be expanded to include bikes equipped with fixed lithium fuel cells, IDB officials said.
Currently, only bikes equipped with portable lithium ion battery packs are included in the program, which offers subsidies of NT$8,000 to NT$11,000 per vehicle.
Teco to invest in China venture
Teco Electric & Machinery Co (東元電機) plans to invest 13.5 million yuan (US$2 million) in a Chinese venture to make and sell wind power generators, the Taipei-based company said in a stock exchange filing yesterday.
Chao to lead Morgan Stanley
Morgan Stanley has hired Sean Chao (趙辛哲), a UBS AG veteran of almost 18 years, as chief executive officer of its Taiwan unit.
Chao, 55, will join the New York-based bank in early December and be based in Taipei, Morgan Stanley said in an e-mailed statement yesterday. He was head of UBS Taiwan’s operations.
Morgan Stanley ranks first in advising on mergers and acquisitions involving Taiwanese companies this year, while UBS is fourth, data compiled by Bloomberg show.
The Wall Street company is seeking to expand its fixed-income and private-banking businesses in Taiwan, according to the statement.
Chao will replace Gary Kuo (郭冠群), who quit last month to join Barclays PLC as co-head of investment banking for China, Hong Kong and Taiwan.
NT dollar rises on US dollar
The New Taiwan dollar gained NT$0.018 against the US dollar to close at NT$32.037 yesterday on turnover of US$834 million.
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