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Consumer confidence grows
Taiwan consumer confidence grew a little bit stronger this month from the previous month as SARS is getting under control and economic growth in the US appeared to pick up, the Taiwan Research Institute (台綜院) said in a report released yesterday.

The private think tank put its Consumer Confidence Index at 73.13 for this month, up from last month's 72.34.

That compares with 76.14 in June of last year.

The institute said fears about SARS have eased, and this has prompted stores, restaurants and travel agencies to offer discounts to try and lure customers out to push up domestic consumption, although deflationary pressure and uncertainties about the presidential election in March remain risk factors.

The institute's similar indexes gauging expectations for the next six months include consumer prices, disposable income, employment and financial investment.

The institute said the indexes showed mixed information, signaling that the momentum of economic recovery is not very strong.

The report was based on a telephone poll of 1,132 people in Taiwan conducted by the institute between June 14 and June 16.

First Financial to buy insurer
First Financial Holding Co (第一金控), the nation's fourth-largest lender by assets, will buy a life-insurance joint venture between Mass MassMutual Financial Group and Mercuries & Associates Ltd (三商行), the Chinese-language cnYES.com Web site reported.

The lender will pay for Taipei-based MassMutual Mercuries Life Ltd (三商美邦人壽) in stock, the agency reported. First Financial signed a memorandum of understanding with Mercuries & Associates today, it said. The value of the transaction wasn't disclosed.

First Financial said earlier this onth it's in talks to buy China Bills Finance Corp (華票) and a life insurer as it tries to reduce its dependence on its banking business.

Taiwan, Panama to hold talks
Taiwan and Panama are set to hold a fifth round of negotiations on a free trade agreement on August 1-10 in Taipei, the Central News Agency reported yesterday, citing Vice Minister of Economic Affairs Steve Chen (陳瑞隆).

In the report, Chen said the two sides have discussed tariff reductions on about 1,500 agricultural imports during a recent meeting held in Los Angeles, California last week.

Chen, a key negotiator in the talks, said the next round of negotiations will focus on market access of industrial goods, rules of origin and services.

If the negotiations go smoothly, a deal of signing a free-trade agreement may happen sometime within the year, the report said.

Financial group to hold exam
The Financial Planner Association of Taiwan (理財顧問認證協會) is scheduled to hold a first-ever certification examination by the end of the year, chairman Chang Chang-pang (張昌邦) said at an inauguration ceremony Monday.

Chang, a KMT deputy secretary-general, said the association was formed to elevate the professional level of the nation's financial planners, as well as to protect the interests of domestic investors.

Chang said that about five percent, or 20,000, of some 400,000 financial professionals are expected to gain certified financial planner (CFP) status over the next 10 years.

NT dollar rises
The New Taiwan dollar maintained its strength against its US counterpart, rising NT$0.011 to close at NT$34.580 on the Taipei foreign exchange market.

Turnover was US$332 million.
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