Cabinet offers loan program
The government yesterday approved a plan to offer an additional NT$200 billion in preferential loans for home-buyers, the Cabinet said in a statement.
The loan package will allow home-buyers to borrow at a rate of 2.8 percent annual interest, with each home-buyer borrowing up to NT$2.5 million for 20 years, it said.
The government has so far offered a total of NT$600 billion in preferential home loans since August 2000, which have facilitated 330,000 households to purchase their properties at lower interest rates, the Cabinet said.
The new loan is also expected to help boost the nation's construction industry and banking industry, it added.
According to the Cabinet's estimate, the loan package has contributed to the nation's GDP growth by 0.31 percent, 0.76 percent and 1.05 percent over the last three years, respectively.
Siemens wins Taiwan order
Siemens AG, Germany's largest electronics and engineering company, won a contract from Taiwan Cellular Corp (台灣大哥大) to build a network for faster wireless services.
Taiwan Cellular is part of Taiwan's largest phone company and has about 8 million customers, Siemens said in a statement.
The first deliveries of components, which are being produced in Durach, Germany, are taking place this quarter. The Munich-based company didn't give the value of the order.
China banks offer help
Citic International Financial Holdings Ltd, the Hong Kong arm of China's biggest state-owned investment company, said it agreed to help Bank Sinopac (建華銀行) and three other Taiwanese banks access their customers in China.
Citic International signed agreements with Sinopac, Chinatrust Commercial Bank (中國信託), Land Bank of Taiwan (土地銀行) and United World Chinese Commercial Bank (世華銀行), the Hong Kong lender said in a statement.
Teco wins Mexico sale
Taiwan's Teco Electric and Mach-inery Co (東元電機) is to form a strategic alliance with Mexico-based motor maker IEM, a local newspaper reported yesterday.
Under the alliance, Teco would sell its motors -- used in industrial machinery such as air and water pumps -- through IEM's network to the country whose annual motor sales totaled NT$10 billion (US$289 million), the report said.
Teco would also provide technical assistance to IEM, owned by Mexico's largest business group Condumex, for motor production, it said.
If the cooperation proceeds smoothly, Teco and IEM are likely to build a motor joint venture in Mexico in 2004, it added.
Teco, the world's sixth largest motor manufacturer, has set up overseas motor production facilities in China, India, the US, Spain and Germany.
It is expected to generate NT$19 billion in motor sales this year, up from the NT$15.2 billion for 2002, according to the report.
Acer expects sales to rise 28%
Acer Inc and units will probably increase sales 28 percent this year to NT$125.8 billion (US$3.7 billion), according to Stan Shih (施振榮), chairman of Taiwan's largest maker of desktop computers.
Acer's operating profit will probably be NT$3 billion in 2003, the company said in a statement. Acer will posted an audited profit forecast by April 30, the statement said.
NT dollar trades higher
The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.036 to close at NT$34.558. Turnover was US$443 million, compared with last Friday's US$418 million.
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