Fubon, Cathay expand in China
Cathay Financial Holding Co (國泰金控) and Fubon Financial Holding Co (富邦金控) received Beijing's approval to open more insurance offices in Asia's fastest-growing market.
Fubon's life insurance unit will set up a representative office in Beijing and its property insurance arm will open an office in Shanghai "as soon as possible," spokesman Jerry Kao said.
Cathay Financial said it received approval for an additional life insurance representative office in Chengdu and a property insurance office in Shanghai. Cathay's life insurance unit operates representative offices in Beijing and Hong Kong.
No word on new apple imports
US apple growers got welcome news this week when Taiwan reopened its market to the fruit.
American apple imports were banned on Nov. 7 after a lone codling moth larvae was found in a shipment of Washington apples and another was found in a shipment from California.
"It's very good news to be back in that market," said Jonathan DeVaney of the Northwest Horticultural Council in Yakima, Washington, which deals in foreign trade issues.
But it's unclear when US apples will again reach Taiwan, since warehouses must begin packing under the new restrictions, he said.
Chen Ruey-long at US seminar
Vice Minister of Economic Affairs Chen Ruey-long (陳瑞隆) is in Wash-ington to attend a seminar on the proposed signing of a Taiwan-US free-trade agreement.
Chen is expected to take the opportunity of the symposium, organized by the Brookings Institute, to lobby the US to start talks on the signing of a bilateral free trade agreement as early as possible.
Insider trading claim at KGI
KGI Securities Thailand Pcl, a brokerage unit of the Koos Group (和信集團), is being probed for possible insider trading after its share price surged ahead of a board meeting, the Krungthep Thurakit newspaper reported.
The stock exchange will investigate whether the company's executives used confidential information to manipulate the share price, the paper said, citing unidentified official at the Stock Exchange of Thailand.
Chunghwa cuts profit forecast
Chunghwa Telecom Co (中華電信) said rising competition will cause 2003 profit to drop as much as 22 percent, a disclosure investors said may spoil a fifth attempt by the government to sell a stake in the company.
Net income may drop from an estimated NT$49.5 billion this year to NT$38.6 billion (US$1.1 billion), Chunghwa said in a report presented to the legislature. Sales will probably drop 3.5 percent to NT$186 billion as the company loses customers in urban areas to Taiwan Cellular Corp (台灣大哥大) and other rivals.
UMC to supply Micronas
Micronas Semi-conductor Holding AG, a Zurich-based supplier of IC solutions for consumer and automotive electronics and United Microelectronics Corp (UMC, 聯電) will cooperate in the development of 0.13-micron mixed-mode technology, a UMC spokesman said yesterday.
Under a five-year agreement signed in June, UMC will be the principal supplier of mixed-mode ICs for Micronas, while Micronas will gain access to UMC's advanced technologies and foundry capacity, the spokesman said.
NT dollar rises slightly
The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.022 to close at NT$34.838 on the Taipei foreign exchange market. Turnover was US$319 million, compared with the previous day's US$345 million.
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