Tue, Jul 08, 2003 - Page 11 News List

Business briefs 

STAFF WRITER WITH AGENCIES

Consumer prices fall

Consumer prices last month drop-ped 0.42 percent from the year before due to the falling cost of fruit and apparel, official data showed yesterday.

The consumer price index (CPI) fell a seasonally adjusted 0.64 percent from the previous month, the Directorate General of Budget, Accounting and Statistics said.

In the six months to June, the CPI fell 0.13 percent.

The wholesale price in June rose 1.43 percent from a year earlier, but was up 3.25 percent in the first half of this year, it said.

Formosa cuts diesel price

Formosa Petrochemical Corp (台塑石化), the nation's second-largest oil refiner, announced yesterday that it will cut the retail price of diesel by NT$1.2 per liter, effective today, the company said in a statement.

The superior-grade diesel will be NT$12.83 per liter, the company said.

State-run Chinese Petroleum Corp (中油) yesterday said it would follow suit by cutting the retail prices of diesel by NT$1.0 per liter, because of lower crude-oil costs. Price of superior-grade diesel will be NT$14.4 per liter and that of normal-grade diesel will be NT$13.9, the refiner said in a statement.

Hon Hai set for debt sale

Hon Hai Precision Industry Co (鴻海精密), the country's biggest electronics manufacturer by sales, may sell as much as NT$600 million (US$17 million) in debt to help fund expansion of a factory in the Hungarian capital Budapest, a Chinese-language newspaper reported, citing chairman Terry Kuo (郭台銘).

The company will also decide this year on a location in Mexico for a new plant as part of a strategy to set up manufacturing in Europe, China and North America, the report said.

The company will probably scrap plans to sell as many as 250 million new shares overseas because terms for selling debt are more favorable, the newspaper said.

Hon Hai shareholders on June 9 approved a plan to sell about 206 million shares overseas, raising up to NT$26.1 billion based on Friday's closing price.

CKS airport numbers rise

The number of travelers passing through the CKS airport totaled 39,803 on Sunday, a record high since the outbreak of SARS in mid-March.

An airport official said yesterday that the airport had 20,471 arriving passengers and 19,432 departing passengers on Sunday.

The airport had 242 arriving and departing flights on Sunday, carrying an average of 164.47 passengers each.

President ups 7-Eleven stake

Philippine Seven Corp, the Manila-based franchisee of 7-Eleven stores, said President Chain Store Corp (統一超商) boosted its stake in the company to 56.59 percent.

President Chain Store (Labuan) Holdings Ltd, a unit of President Chain, paid 41 million pesos (US$767,934) to raise its holding from 50.4 percent, Philippine Seven counsel Evelyn Enriquez said in a statement.

It bought ought 14.7 million shares, or 6.19 percent of the stock outstanding, at 2.80 pesos a share.

President Chain invested in Philippine Seven three years ago after the Philippines lifted a ban on foreign ownership of domestic retailers and allowed overseas investors to hold 100 percent stake in the companies.

NT dollar pares gains

The NT dollar pared gains from a 10-month high on trader speculation the central bank sold the currency to curb gains that may sap exporter earnings.

The local currency yesterday dropped NT$0.015 against its US counterpart to close at NT$34.405 on the Taipei foreign exchange market.

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