TAIEX sinks below 7,000
Taiwan’s benchmark index yesterday fell below the critical support level of 7,000 as concern over the debt problems in the eurozone continued to weigh on market sentiment, dealers said.
Turnover shrank further as investors stayed on the sidelines amid concern over the global financial turmoil, they said.
The TAIEX closed down 58.72 points, or 0.83 percent, at the day’s low of 6,989.15, off a high of 7,091.01, on turnover of NT$71.60 billion (US$2.33 billion).
UMC buys back, cancels bonds
United Microelectronics Corp (UMC, 聯電), the world’s second-largest chip contract manufacturer, bought back and canceled US$30 million in zero-coupon convertible bonds due 2016 during the third quarter, the company said in an exchange filing yesterday.
Hung Sheng to buy back shares
Hung Sheng Construction Co (宏盛建設) plans to buy back 20 million common shares, or 3.27 percent of its outstanding stock, the company said in a statement to the stock exchange yesterday.
The company plans to buy back shares at between NT$8.37 and NT$20.24 each from today through Dec. 5 from the open market, it said.
Taiwan Glass, Teco team up
Taiwan Glass Industrial Corp (台灣玻璃) yesterday said it was setting up a NT$300 million joint venture with Teco Group (東元集團), an industrial motors and household electronics maker, to produce vacuum glass at the Changhua Coastal Industrial Park (彰濱工業區).
Taiwan Glass will hold 65 percent of the venture, while Teco will hold the remainder. The facility is expected to commence mass production in the fourth quarter of next year, it said.
Vacuum glasses are energy saving and are used in building construction.
Taipower solar plant starts run
Taiwan Power Co (Taipower, 台電) has completed and started operating a 4.6-megawatt solar plant, the nation’s biggest, Roger Lee (李鴻洲), spokesman for the state utility, said by telephone yesterday.
The new plant has almost doubled the company’s installed solar capacity to about 10 megawatts, Lee said.
No timetable for tax change
The government has not set a timetable for changing the real-estate tax system to one based on transaction prices instead of government reference values, Minister of Finance Lee Sush-der (李述德) said in the legislature yesterday.
Lee’s remark came after Minister of the Interior Jiang Yi-huah (江宜樺) said on Monday that real-estate taxes based on transaction prices could be implemented in three to five years.
McDonald’s sells pearl guavas
The pearl guava, a specialty of Changhua County, will be among a new selection of fruit bags offered locally by McDonald’s Corp, the world’s largest fast-food chain, a county government official said yesterday.
Changhua County Commissioner Cho Po-yuan (卓伯源) said annual production of the high-quality fruit had reached more than 43,000 tonnes, enough to supply the restaurant chain and meet domestic demand.
McDonald’s used to offer only apple slices in its fruit bags, so the addition of pearl guavas will help improve the diversity of its menu, a company official said.
The official said the chain would replace seasonal fruit for the time being to introduce more local produce.
NT dollar advances
The New Taiwan dollar rose NT$0.048 to close at NT$30.632 against the US dollar yesterday on turnover of US$619 million.
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