Electronics nudge TAIEX up
Share prices in Taiwan posted gains yesterday on the back of a technical rebound among electronics stocks as investors left behind concerns, at least for the moment, that the US might not resolve its debt crisis, dealers said.
The TAIEX index rose 110.73 points, or 1.28 percent, to close at the day’s high of 8,794.24, off a low of 8,689.15, on turnover of NT$111.01 billion (US$3.85 billion).
The machinery and electronics sector scored the highest gains, finishing up 1.8 percent, while cement stocks fell 2.2 percent on profit-taking from a recent strong showing.
Banks sign cooperation deal
Hua Nan Commercial Bank (華南銀行), the banking unit of the state-run Hua Nan Financial Holding Co (華南金控), yesterday signed a memorandum of understanding with China’s Bank of Communications (交通銀行) for cooperation in risk control, trade financing, corporate banking, personnel exchange and other areas, the local lender said.
The agreement reflected the local lender’s ongoing attempt to increase its presence in China after setting up a branch in Shenzhen, Hua Nan Bank said.
With 2,643 offices in 220 Chinese cities, Bank of Communications is expected to help facilitate the expansion, the local lender said.
CEO’s rumored move ‘normal’
The rumored move of former Acer Inc (宏碁) CEO Gianfranco Lanci to Samsung Electronics Co has made headlines, but company founder Stan Shih (施振榮) was not surprised, saying yesterday that the flow of high-tech executives should be seen as normal.
“The flow of talent is a quite normal phenomenon in the industry because people will by nature keep seeking better jobs,” Shih said.
According to local media reports, Samsung has agreed to pay all legal expenses should Acer sue Lanci for joining the South Korean company in direct violation of their one-year non-competition agreement.
Acer said on Monday that it would “keep an eye on the issue and will take necessary measures to protect the company’s interests.”
Yellow pages go cross-strait
Companies operating yellow-page businesses across the Taiwan Strait signed a memorandum of understanding (MOU) on Monday to start a yellow-page Web site that could provide 600,000 data entries when launched.
Chunghwa Yellow Pages Co (中華國際黃頁), Shanghai Bell Atlantic Yellow Pages Information Co (大西洋貝爾黃頁廣告), Hong-Kong based Pacific Century Cyber Works Ltd (電訊盈科) and Directly Macau Ltd (澳門利達通黃頁) signed the MOU and said they planned to launch a joint yellow-page Web site — yptrade.com — in the fourth quarter of this year.
Joy Hsu (徐祖詒), managing director of Chunghwa Yellow Pages, predicted that the Web site will have more than 1 million entries by next year and generate NT$4 billion (US$138.6 million) in business deals.
NT dollar rises again
The New Taiwan dollar rose against the US currency yesterday, adding NT$0.03 to close at NT$28.829 as Asian currencies regained steam because of the agreement stalemate between the Obama Administration and the US Congress to raise that country’s debt ceiling, dealers said.
However, the intervention of the local central bank in late trade slowed down the pace of the appreciation of the NT dollar in a bid to protect Taiwan’s global competitiveness, they said.
Turnover totaled US$687 million during the trading session, compared with US$610