Sat, Nov 23, 2002 - Page 11 News List

Business briefs

STAFF WRITER, WITH AGENCIES

Steel maker cries foul

Taiwan has launched an investigation into a complaint by Tung Ho Steel Enterprise Corp (東和鋼鐵) that Japanese steel makers are escalating the dumping of hot-rolled H-beam steel products here, a Customs Administration official said yesterday. Tung Ho is one of leading steel manufacturers in Taiwan.

Taiwan has imposed anti-dumping tariffs ranging between 10.24 percent and 24.42 percent on Japanese hot-rolled H-beam steel imports since December, 1999 following a previous dumping investigation.

"Based on the Tung Ho Steel complaint, the current anti-dumping tariffs are not high enough to deter Japan from engaging in unfair trading practices," the official said.

Accounting change dropped

Taiwan dropped plans to require companies to count employee bonuses paid in stock as an expense, on concern that many local technology companies will be forced to forfeit a recruitment tool.

The Securities and Futures Commission dumped the idea after technology companies complained the new accounting rule would discourage use of bonuses and weaken their competitiveness, a local newspaper reported earlier, citing commission Chairman Chu Jaw-chyuan (朱兆銓).

The regulator has no plan to implement such a proposal, said a senior commission official, who declined to be identified.

Using stock options to recruit top engineers and managers has been widespread in technology industries.

TSMC raises shipment forecast

Taiwan Semiconductor Manufac-turing Co (TSMC, 台積電), the world's largest made-to-order chipmaker, would revise upward its fourth quarter shipments forecast and factory utilization rate, the company said in a statement yesterday.

The company attributed the forecast adjustment to "the recent pick up in the PC demand and the increased demand for communication products for Christmas season," TSMC Spokesman Harvey Chang (張孝威) said in the statement.

TSMC's wafer shipment would approximately equal to that for the third quarter and utilization rate is expected to be close to 60 percent, Chang said.

Business council gets new chief

Former US defense secretary William Cohen will succeed Frank Carlucci as chairman of the board of the US-Taiwan Business Council, the organization said Thursday.

Cohen, who served in the Clinton administration, will take up his post January 1, the council said in a press statement.

"His expertise and experience in policy and economic matters make him a perfect choice for this position," said Carlucci, also a former secretary of defense.

Hilton changes management

Hilton International Co and Kuo Yu Development Corp (國裕建設), the owner of Hilton Taipei, yesterday announced a joint statement that Hilton's management of the hotel will come to an end on January 1, 2003 and the hotel will be renamed as Cesar Park Taipei Hotel.

Hilton Taipei has been operated by Hilton International on behalf of Kuo Yu since 1972. But, because both parties now have its own new goals and directions, they agree to end this partnership, Chiang Tsun-hsin (江淳信), a general manager with Hung Kuo Group which owns Kuo Yu, said yesterday at a press conference.

NT$ rises

The New Taiwan dollar yesterday continued to rise against its US counterpart, up NT$0.041 to close at NT$34.757 on the Taipei foreign exchange market.

Turnover was US$391 million, compared with the previous day's US$346 million.

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