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HP commits to order
Computer giant Hewllet-Packard Co launched a NT$930 million (US$26.6 million) program yesterday to research and develop new designs over the next three years in Taiwan, a company spokeswoman said.

"The investment shows HP's commitment to Taiwan. Through new designs we will roll out new products," the spokeswoman said.

Premier Yu Shyi-kun was invited to cut the ribbon of the project center in Taipei which he said showed HP's confidence in Taiwan's economic development, adding that the program was a positive response to the government's push for advances in high-tech industry.

The HP spokeswoman said Taiwan's economic authorities had promised the company preferential tax status for the project, but declined to elaborate.

Factory closures up
Taiwan factory closures rose more than a quarter in September, suggesting a slowing recovery in demand for the nation's notebook computers and computer chips, according to government data.

Closures rose 27 percent from a year earlier to 255 last month after falling 13 percent in August, a government report showed. New factory registrations rose 68 percent to 326 last month.

In the first nine months of 2002, plant closures fell 37 percent to 2,460 and the number of new factories opened during the period rose 11 percent to 3,151 from a year earlier.

Rising factory closures suggests the number of new jobs may deflate hopes for an export recovery. Taiwan's exports rose a more-than-expected 27.4 percent in September.

Investment traffic takes turn
Taiwan approved US$2.36 billion worth of inbound investments in the nine months to September, down 43.3 percent from last year, officials said yesterday.

"The downward trend remained amid the dim outlook for the global economy and the concerns over a United States-Iraq war," the Investment Commission said in a statement.

In September, the commission approved 108 inbound investment applications worth US$221.20 million, up from US$214.05 million from a year earlier.

Meanwhile, the commission approved 995 China-bound investment applications worth US$2.68 billion dollars in the January-September period, up 26.38 percent from a year earlier.

China-bound investment approvals in the first three quarters accounted for 53.19 percent of total outbound investment approvals, showing closer cross-strait trade ties.

Fubon Financial sees gain
Fubon Financial Holding Co (富邦金控), 15 percent owned by Citigroup Inc, indicated third-quarter profit rose 31 percent compared with a year earlier, boosted by the sale of a bank stake, lower costs and higher fee income.

Net income rose to NT$3.53 billion (US$101 million) in the three months ended Sept. 30, from NT$2.69 billion a year earlier.

The profit was derived by subtracting first-half earnings posted earlier from detailed nine-month figures released today.

In the first nine months of the year, banking contributed about 42 percent of Fubon Financial's net income, its securities business accounted for 37 percent and insurance made up 21 percent, the company said.

NT dollar gains slightly
The New Taiwan dollar yesterday rose against its US counterpart, up NT$0.033 to close at NT$34.895 on the Taipei foreign exchange.

Turnover was a modest US$395 million, somewhat over one-half of the previous day's US$668 million.

Agencies
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