Fubon to take over rivals
Fubon Insurance Co (富邦產險), the nation's biggest non-life insurer, will acquire the assets, liabilities and customers in the island of Royal & Sun Alliance Insurance Group Plc and Hartford Fire Insurance Co.
Royal & Sun of the UK and Hartford of the US, which are quitting Taiwan's insurance market due to losses stemming from natural disasters in the nation in recent years, will transfer to Fubon their local businesses, which are focused on corporate clients, Fubon spokesman Jerry Kao said.
"These companies don't have many customers," he said.
Tumbling stock markets and declining interest rates have hurt the investment returns of insurers, prompting worries in Taiwan and globally whether they have sufficient reserves to pay claims and underwrite new policies.
LG.Philips sues Chunghwa
LG.Philips LCD Co, the world's second-largest maker of liquid-crystal displays, said it filed a suit against Chunghwa Picture Tubes Ltd (中華映管) and its affiliate companies for violating six of its technology patents. LG.Philips asked a federal court in Los Angeles to halt monitor sales by Chunghwa Picture Tubes, Tatung Co (大同), Chunghwa's parent, and Tatung's US subsidiary because they use technology patented by LG.Philips, the company said. Tatung, a maker of personal computers, uses displays made by Chunghwa Picture Tubes. "This action is to protect our valuable intellectual property after Chunghwa Picture Tubes refused to cease its infringing activities or negotiate an amicable resolution to the dispute," LG.Philips said in a statement sent via e-mail. South Korean liquid-crystal display makers are trying to fend off Taiwanese rivals, which are extending their market share by offering lower prices. Both Tatung and Chunghwa Picture Tubes yesterday said in a statement to the Taiwan stock exchange that they haven't received any notification from the US court authorities regarding the lawsuit.
Taichung to get industrial park
The Council for Economic Planning and Development approved on Monday a project to establish the Taichung Science-based Industrial Park. Vice Premier Lin Hsin-yi (林信義), who also doubles as the council's chairman, said the 304-hectare park will begin operation late next year if planning and construction proceed smoothly. The project is estimated to cost about NT$30.596 billion and will create 51,000 job opportunities upon completion, he said.
CAL improves its cargo ranking
China Airlines Co (華航) was the world's eighth-largest cargo carrier last year increasing from 10th position in 2000, according to a survey by the International Air Transport Association. China Airlines recorded 4,031 million FTK (freight ton kilometers) last year. In addition to 41 passenger jets, China Airlines now operates a cargo fleet of 13 freighters, including 11 Boeing 747-400s and two Boeing 747-200s, serving 40 cargo destinations. The carrier will introduce one more B747-400F this month.
NT dollar remains unchanged
The New Taiwan dollar yesterday remained unchanged against the US dollar, closing at NT$34.325 on Taipei foreign exchange market. The turnover was US$444.5 million, up from the previous day's US$341 million. The local currency opened at NT$34.340 against the greenback and traded in a range between NT$34.295 and NT$34.363 throughout the session.
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