AmEx claim called `untruthful'
American Express yesterday was rapped by local trade officials who protested that the company's pledge to replace lost traveler's cheques within 24 hours was "untruthful."
The Fair Trade Commission said it would warn the financial services giant after finding only 27 percent of cheques lost or stolen locally between January and June last year were reissued within 24 hours.
American Express had promised that Taiwanese clients "usually are able to get replacement within 24 hours" in a series of television, newspaper, magazine and Internet advertisements since June 2001.
"We have decided to serve a warning to the American Express over the advertisements, which could violate the Fair Trade Law," a commission official said.
"The advertisement is untruthful and misleading," the commission added.
An American Express spokeswoman here said the adverts in question had ended late last year.
"We respect the commission's ruling and will put it in consideration in future advertisements," the spokeswoman said.
During the investigation, American Express argued the 24-hour period referred to the maximum time needed to confirm the loss and decide whether a replacement would be made, according to the commission.
Chinatrust plans to bid on bank
Chinatrust Financial Holding Co (中信銀金控) plans to bid for Kaohsiung Business Bank (高雄企銀), a Chinese-language newspaper reported yesterday, citing unidentified Chinatrust officials.
The success of the offer for Kaohsiung Bank, under the control of Ministry of Finance since it was seized in January last year, will depend on the government, the newspaper said.
The purchase of the smaller lender will increase Chinatrust's bank branches nationwide to 118 from 58, the paper said.
Kaohsiung Bank wasn't profitable between 1996 and 2000.
Mosel denies ProMOS rumor
Mosel Vitelic Inc (茂矽電子), the computer memory-chip maker, denied a report it may merge with its 35 percent-owned ProMOS Technologies Inc (茂德科技) after German partner Infineon Technologies Inc started selling its ProMOS stake.
"There is no discussion," said Thomas Chang (張東隆), a Mosel Vitelic vice president, responding to a local newspaper report.
"We're not involved in Infineon's share disposition."
Infineon, the world's third-largest memory-chip maker, said it planned to sell its entire 30 percent stake in the Taiwanese venture after three Infineon officials were removed from the ProMOS board on Jan. 10.
A proposed Mosel-ProMOS merger, possibly including Mosel chip-packaging unit ChipMOS Technologies (Bermuda) Ltd, would create the world's fifth-largest computer memory-chip maker, the paper said.
Stanley to make LCD lamps
Stanley Electric Co, a Japanese maker of lighting equipment, will start making lamps for liquid-crystal displays locally in November, targeting sales of ¥3.6 billion (US$31 million) in the year starting April 2004.
Taiwan Stanley Electric Co, a wholly-owned unit, will produce 1 million lamps a month to meet Taiwanese manufacturers' demand, Stanley Electric said in a statement. The unit targets sales of ¥500 million from the lamps in the year starting next month.
NT dollar weakens
The New Taiwan dollar yesterday continued its weakness against the US dollar, dropping NT$0.018 to close at NT$34.739 on the Taipei foreign exchange market.
Turnover was US$598 million.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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