MOF targets insurance fraud
The Ministry of Finance will set up an insurance-crime prevention center to cope with the growing number of fraudulent insurance claims, a senior official said yesterday.
Vice Minister of Finance Susan Chang (張秀蓮) made the remarks at a meeting of the legislature's Budget and Final Accounts Committee.
Chang said the ministry has decided to earmark money from its NT$3.5 billion Insurance Industry Development Fund to form an insurance-crime-prevention center.
The center will collaborate with insurers and law enforcement authorities to intercept fraudulent claims, Chang said.
CAL, Alitalia ink pact
China Airlines Co (華航), and Italy's flagship airline, Alitalia, can sell seats on each other's flights on the Taipei-Bangkok-Rome route under a code-sharing agreement the began Monday, China Airlines said yesterday in a statement.
The service will be offered on three weekly flights and might increase to four flights per week beginning Nov. 17 pending government approval, the airline said.
Code-sharing agreements are part of a trend toward greater cooperation among airlines in the last decade. The alliances allow airlines to reach more places without flying more planes and to offer reciprocal benefits.
``Through the cooperation, Alitalia can expand its network and enter the Taiwanese market,'' the statement said. ``At the same time, China Airlines can increase its traffic of European passengers to Taiwan and Southeast Asia."
Failed bank's assets to be sold
The government will auction off the remaining operations, assets and liabilities of the failed Kaohsiung Business Bank (高雄企銀), after selling its bad loans for NT$8.23 (US$238 million).
Interested bidders should submit offers with a NT$100 million deposit on or before Dec. 19, the Ministry of Finance's Central Deposit Insurance Corp (中央存保) said in an announcement posted on its Web site.
The assets include 60 branches and subsidiaries.
The Texas-based Lone Star Funds bought the bank's bad loans in June, paying less than two-fifths of the face value of the loans.
MediaTek profits expected
MediaTek Inc (聯發科技), the world's largest maker of chips for DVD players, may say third-quarter profit rose by 54 percent after it gained market share from rivals.
The company will likely say net income rose to NT$4 billion (US$118 million) from NT$2.6 billion a year ago, based on the median estimate of five analysts surveyed by Bloomberg.
Sales rose 58 percent to NT$10.6 billion from NT$6.7 billion. MediaTek will post results on Thursday.
Law symposium opens
A two-day symposium on competition policy and law opens in Taipei today with 200 academics and experts from Taiwan, Japan, Russia, France, the US and nine other countries.
Taiwan became an observer of the Organization for Economic Cooperation and Development's (OECD) competition committee on Jan. 1, 2002.
Discussions at the meeting will center on the future development of competition framework, especially in the fields of globalization, technological innovation and financial reform.
NT dollar gains ground
The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.028 to close at NT$33.992 on the Taipei foreign exchange market.
Turnover was US$273 million.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion