Debt fears rattle investors
The TAIEX closed down 1.43 percent yesterday on renewed worries over the global economy after the latest European debt problems surfaced in Ireland, dealers said.
The TAIEX fell 120.90 points to 8,316.05, after moving between 8,309.36 and 8,416.35, on turnover of NT$98.03 billion (US$3.25 billion).
The index opened down 0.39 percent after an overnight fall on Wall Street and selling accelerated as investors witnessed heavy losses in other regional markets, including Hong Kong and Tokyo, amid fears of a possible escalation of the European financial crisis, the dealers said.
A total of 3,197 stocks closed down and 783 were up, with 246 remaining unchanged.
Tainan Enterprises in Henan deal
Tainan Enterprises Co (台南企業), one of the nation’s leading textile firms, said yesterday that it would invest NT$152.5 million to set up a garment production plant in China’s Henan Province.
The company’s board of directors approved the investment project, eyeing the relatively low labor costs away from China’s coastal provinces.
The company said it expects to take advantage of the investment incentives offered by the Henan Provincial Government, such as preferential rental rates for foreign investors setting up footholds there.
The new Henan plant, which will occupy 23,000m2, is scheduled to begin operations in the first quarter of next year with an initial monthly production of 160,000 units, Tainan Spinning said.
The monthly production capa-city of the new facilities is expected to expand to 300,000 units by 2012, it said.
Delegation targets Mexico
A Taiwanese green energy delegation held a trade and investment promotion conference on Thursday in Mexico, seeking business opportunities in the Latin American country.
The Taiwan Trade Center in Mexico said about 250 people from the Mexican energy sector and related enterprises attended the conference and showed high interest in business exchanges with Taiwan.
Jaime Chen (陳新東), the nation’s representative to Mexico, said that with the Mexican government’s aggressive efforts to develop the country’s green energy businesses, such as solar energy, wind energy and geothermal heat, the Mexican market is expanding very fast and showing high potential for growth.
Ford Lio Ho to raise prices
Ford Lio Ho Motor Co (福特六和) yesterday announced that it would increase the price of selected vehicle models starting next year to reflect the rising value of the yen and the euro against the US dollar, as well as costlier raw materials.
In January, prices of the automaker’s i-Max, Escape, Mondeo, Focus and Fiesta models will be increased by between 3 percent and 5 percent, a company statement said.
The move is to reflect the stronger yen and euro, which rose 15 percent and 20 percent against the greenback respectively in the past six months. Rising costs of raw materials have also added to the costs of imported cars and vehicle components, it said.
NT dollar ends week lower
The New Taiwan dollar fell against the US dollar yesterday, dropping NT$0.23 to close at NT$30.762.
Turnover totaled US$1.12 billion during the trading session.
The greenback regained its strength in the global market amid renewed concerns over the European debt crisis, dealers said
In late trading, the central bank once again stepped in, taking advantage of a stronger greenback to prevent a rapid appreciation of the local currency, they said.
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