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nBiotech budget to increase
The government attaches great importance to the development of agricultural biotechnology and the annual budget earmarked by the Council of Agriculture for relevant research has increased to NT$500 million (US$14.3 million) last year from NT$30 million in 1987, Vice Chairman Huang Chin-jung (黃欽榮) said yesterday at a seminar on the future of the domestic agricultural industry held at National Chung Hsing University in Taichung City.

Although the figure has jumped by more than 16-fold, Huang noted that the level is still much lower than the amounts earmarked by many developed countries.

Stressing that local farmers and the domestic agricultural sector have been hit hard by Taiwan's entry into the World Trade Organization, Huang said future agricultural development should be biotechnology-oriented, and knowledge-based with recreational functions and traits.

According to Huang, non-productive farmland should be reserved for the development of recreational farms in line with local culture and natural resources.

DHL launches logistics center
German shipper DHL yesterday officially launched a new service center at the Taisugar Logistics Park in the southern port city of Kaohsiung. The new NT$30 million service center will bring faster, more efficient and integrated air express and logistics solutions to businesses in Southern Taiwan, the company said in a statement.

The center covers an area of 1,589m2 compared to 660m2 in the old center. Maximum throughput at the center is now 360 parcels per hour, as opposed to the previous number of 55 per hour.

Taishin raises US$200 million
Taishin Financial Holdings Co (台新金控), the owner of Taiwan's second-largest credit-card issuer, said it raised US$200 million to fund acquisitions by selling bonds convertible in to its stock.

The bonds mature in 2008 and give holders a yield to maturity of 2.4 percent, the company said.

Taishin, Mega Financial Holdings Co (兆豐金控) and other card issuers are keen to raise funds to take advantage of record low interest rates and to become more competitive.

Taishin said in March last year it would sell US$250 million of convertible bonds. The sale was scrapped after its stock fell to a low for the year on Oct. 11 of NT$12.65 apiece, down 12 percent from March.

UMC to sell NT$15 bln of debt
United Microelectronics Corp (UMC, 聯電), the world's No. 2 supplier of made-to-order chips, said it plans to raise NT$15 billion (US$431.1 million) selling debt to help pay bonds and buy raw materials.

Credit rating company Standard & Poor's has rated the chipmaker's long-term foreign issuer debt BBB, the second-lowest level of 10 investment grades.

Agricultural opening needs talks
Taiwan market to agricultural and farm products from China must be made through bilateral negotiations because of the special relations between the two sides of the Taiwan Strait, Council of Agriculture Chairman Lee Chin-lung (李金龍) said Thursday while attending a seminar sponsored by the Importers and Exporters Association of Taipei.
Lee said more than 1,000 items of mainland agricultural products are already allowed into Taiwan.

NT dollar falls
The New Taiwan dollar yesterday traded lower against its US counterpart, declining NT$0.029 to close at NT$34.796 on the Taipei foreign exchange market.

Turnover was US$272 million.
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