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MOEA mulls PRC capital for IC sector

By Lauly Li

Minister of Economic Affairs John Deng (鄧振中) yesterday said the ministry is drafting new regulations to allow Chinese investment in Taiwan’s IC design industry. “I hope it would not take too long to ease the restrictions on Chinese investments ... but the ban will notFULL STORY

CSC to cut steel prices amid economic slowdown

By Lisa Wang

China Steel Corp (CSC, 中鋼), the nation’s largest steelmaker, yesterday said it would cut product prices by 4.8 percent per tonne on average for deliveries in January and February as the industry is facing the severest slump since the global financial crisis of 2008. The decisionFULL STORY

E.Sun records net income growth off credit card fees

By Ted Chen

E.Sun Financial Holding Co (玉山金控) yesterday said that it led its domestic peers in net income growth in the first three quarters, propelled by strong gains in income generated by credit card and wealth management fees. The company said that net income in the firstFULL STORY

Recycled water bill passes first reading in legislature

By Lauly Li

A draft recycled water bill (再生水資源資源管理條例), which aims to help stabilize water supply for industrial and household use, yesterday passed its first reading at a meeting of the legislature’s Economics Committee. One of the key advantages of the bill is allowing manufacturers to reclaim effluentFULL STORY

FX Hotels to finish year with losses

By Crystal Hsu

FX Hotels Group Inc (富驛酒店集團), which manages more than 50 directly operated and franchise hotels in Taiwan and China, is to report losses this year after closing unprofitable businesses and recognizing bad debts from operations in China, chairman Alvin Ho (侯尊中) said yesterday. The group incurredFULL STORY

Volatile equity markets sting Fubon Financial

By Ted Chen

Volatile global equity markets during the second and third quarters dragged down Fubon Financial Holding Co’s (富邦金控) book value per share and caused its insurance unit to report an unrealized loss on its financial assets, according to the latest company statistics released on Wednesday. Book valueFULL STORY

NT$8.2 million buys a parking space in Taipei

As well as Taipei’s sky-high property prices, buying a parking space in the capital is also a very costly endeavor, with the most expensive space priced at NT$8.2 million (US$250,757), according to surveys conducted by local realtors. The most expensive parking spaces were those at aFULL STORY

Firms’ pre-tax income up 7.75%, despite revenue dip

By Ted Chen

In the first three quarters of the year, aggregate pre-tax income reported by firms listed on the nation’s main bourse rose 7.75 percent year-on-year to NT$1.42 trillion (US$43.42 billion), despite a 0.14 percent dip in total revenue to NT$19.2 trillion, Financial Supervisory Commission data showedFULL STORY

Taiwan Business Quick Take

STEELMAKERS Yieh United to sell shares Yieh United Steel Corp (燁聯鋼鐵) yesterday said it plans to raise funds through a private placement in order to strengthen its financial structure. The Kaohsiung-based steelmaker plans to sell up to 300 million shares to several existing shareholders, including Wei ChiaoFULL STORY

South Korea fines VW US$12.3 million

South Korea yesterday said that it fined Volkswagen US$12.3 million and ordered recalls of 125,522 diesel vehicles after the government found their emissions tests were rigged. Hong Dong-gon, a director at the Ministry of Environment, said in a live television broadcast that the ministry would continueFULL STORY

Brazil senator and banker held in graft scandal

A broad investigation into corruption at Petrobras, Brazil’s state-owned oil company, widened substantially on Wednesday with the arrests of a sitting senator and a billionaire investment banker who is one of the nation’s top financial executives. The federal prosecutor’s office said in a statement that BrazilianFULL STORY

Philippines grows 6 percent in Q3

The Philippine economy expanded 6 percent in the third quarter as officials yesterday forecast at least the same growth rate for the full year, but warned of risks from the El Nino dry spell and presidential elections next year. Service industries, which include real estate andFULL STORY

UK scraps US$1.5 billion carbon capture program

The UK has scrapped plans to spend up to £1 billion (US$1.5 billion) to help commercialize the technology for capturing carbon dioxide emissions from power plants and storing them underground, the government said on Wednesday, putting two major projects at risk of being canceled. The announcementFULL STORY

US charges ex-Goldman staff with insider trading

US securities regulators have filed charges against a former Goldman Sachs information technology employee who allegedly made more than US$460,000 in illegal insider trades before fleeing to China, officials announced on Wednesday. Yue Han (韓悅), 30, pocketed the money after trading stock options on four companiesFULL STORY

World Business Quick Take

AVIATION AA snubs Argentine peso American Airlines (AA) on Wednesday said that it has stopped taking Argentine pesos as payment for tickets because of limits on its ability to convert the money into US dollars. Airline spokeswoman Martha Thomas said American would try to resolve the issueFULL STORY

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