CKS link goes to BES
The Ministry of Transportation and Communications yesterday announced it would award the mass rapid transit link connecting CKS International Airport to Taipei City building project to BES Engineering Corp (中華工程).
The ministry made the decision after the Evertransit International Development Corp (長生國際開發), the original builder of the proposed 35km-transit link, failed to secure a syndicated loan of NT$50 billion from banks yesterday -- the last day as required by the ministry to honor the contract.
Evertransit won the tender for the build-to-operate project in 1998. BES Engineering was the runner-up for the project.
The ministry's Bureau of Taiwan High Speed Rail yesterday evening announced to award to the project to the No. 2 bidder.
Evertransit is a subsidiary of Ever Fortune Industrial Co (長億), a property developer based in Taichung. Shares of Ever Fortune, which has bounced more than NT$100 million of checks since Dec. 27, dropped NT$.02, or 6.1 percent, to NT$0.31 on the TAIEX.
Panama gains from two sides
China and Taiwan are competing for influence in Panama, seeking better economic ties with the nation that controls the Panama Canal and its global shipping potential, the Washington Times reported.
Chinese companies have invested US$200 million in the nation in recent years, the Times reported. China is the third largest user of the Panama Canal, the newspaper said.
Taiwan has put more than US$450 million in investment and foreign aid into Panama, one of 27 countries that recognize Taiwan formally as a nation, in the last five yeas, the newspaper reported.
Shanghai port beats Kaohsiung
Shanghai has replaced Kaohsiung as the world's fourth-largest container port, surpassing Kaohsiung by about 400,000 TEUs (Twenty-Foot Equivalent Unit), according to figures released on Tuesday.
Last year, Shanghai handled 8.5 million TEUs, up 35 percent from 2001, the Shanghai Port said.
"The exact figure and growth rate will be out next week, which may be even better than 8.5 million TEUs and 35 percent growth rate," a Shanghai Port spokesman said.
Kaohsiung handled an estimated 8.1 million TEUs last year, up 12.03 percent year-on-year. "Our target for 2002 was 8.1 million TEUs. I believe we have reached the goal," a Kaohsiung port official said.
The world's top five container ports are all in Asia. They are Hong Kong, Singapore, Busan, Shanghai and Kaohsiung.
MOF to scrap requirement
The government plans to relax limits on foreign investment by Cathay Life Insurance Co (國泰人壽) and other local insurers, giving the companies more leeway to look abroad to counter the nation's stock slump.
A rule requiring insurers to post three years of profit growth greater than 6 percent before they can increase foreign investments is to be scrapped, the Ministry of Finance said in a statement.
Life, property and casualty insurers also will be able to invest as much as 40 percent of assets overseas, instead of 20 percent, according to a proposal that still requires approval from the Legislature.
NT dollar strengthens
The New Taiwan dollar yesterday traded higher against its US counterpart in line with a stronger yen, rising NT$0.082 to close at NT$34.753 against the greenback on the Taipei foreign exchange market.
Turnover was US$359 million, compared with the previous day's US$366 million.
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