Print

Mail

wiki links

Business Briefs

Banks allowed to trade yuan
The government said it would allow nine banks to offer trading in Chinese yuan derivatives since it lifted restrictions last month, amid recent demands for the yuan revaluation.

The nine banks are Bank SinoPac (建華銀行), Chinatrust Commercial Bank (中國信託), First Commercial Bank Ltd (第一銀行), Chang Hwa Commercial Bank (彰化銀行), International Commercial Bank of China (中國商銀), Hua Nan Commercial Bank (華南銀行), BNP Paribas SA, Citibank NA and ABN Amro Bank NV, said Chang Ming-daw (張明道), deputy director general of the Bureau of Monetary Affairs, the banking regulator.

International Commercial Bank of China last Friday started offering the trading of non-deliverable forward contracts as well as non-deliverable options between the yuan and the US dollar.

Taiwan Salt in Breeze Center
The state-run Taiwan Salt Industrial Crop (台鹽) yesterday formally opened its first department store outlet at the Breeze Center (微風廣場) in Taipei. The company hopes the new outlet will help increase sales of and market share for its cosmetic products.

"By setting counters in major department stores, we hope to build an international image for our products to expand our market share," said Cheng Po-ching (鄭寶清), company chairman. "We plan to invest over NT$300 million on this project."

Taiwan Salt in recent years has been focusing on biochemical products, such as skincare products, which generate NT$300 million in annual revenues.

Besides the Breeze Center, Taiwan Salt is planning to open new outlets in Shin Kong Mitsukoshi Department Stores (新光三越百貨), Takashimaya Department Stores (大葉高島屋) and the Windance complex (風城購物中心) in Hsinchu in the near future, Cheng said.

Compal starts making flat-TVs
Compal Electronics Inc (仁寶電腦), the world's No. 2 maker of notebook computers, has started production of flat-panel televisions, a Chinese-language newspaper reported, citing company President Ray Chen (陳瑞聰).

The company will make about 9,000 flat TVs per month this year, with screens measuring 28 inches and 32 inches, the report said.

Compal lifted its target for production of notebook computers this year to 5.5 million units from 5 million on increased orders from Hewlett-Packard Co and Toshiba Corp, the paper reported.

The company had a 35 percent increase in second-quarter profit to NT$2.6 billion (US$76.2 million), or NT$0.90 a share, from NT$1.9 billion, or NT$0.69, a year ago after it cut costs by moving more production to China.

Philips outsources production
Royal Philips Electronics NV, Europe's largest consumer-electronics maker, will outsource half of its semiconductor production in an unspecified period, a Chinese-language newspaper reported, citing Scott McGregor, president of Philips' chipmaking unit.

Philips will increase orders with outside suppliers, currently accounting for less than a 10th of its output, to Taiwan Semiconductor Manufacturing Co (台積電) and Advanced Semiconductor Manufacturing Corp (先進) of Shanghai, the report said.

Most of Philips' outsourced production will be for chips made with advanced technology with circuit features measuring 0.25 micron and smaller, it said.

NT dollar strengthens
The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.020 to close at NT$34.095 on the Taipei foreign exchange market.

Turnover was US$899 million.

This story has been viewed 2624 times.