■ TSMC, UMC ok buybacks
The board of directors at the world's two largest makers of made-to-order chips Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and United Microelectronics Corp (UMC, 聯電) approved share buyback plans yesterday, the companies said. TSMC plans to buy back 300 million common shares traded on the TAIEX at price ranging between NT$38.5 and NT$95 a share. The shares repurchased will be cancelled and deducted from TSMC's current outstanding shares. "Due to the recent plunge of TAIEX after the election, TSMC decided to buy back shares for the in interests of shareholders," company spokesperson Lora Ho (何麗梅) said in a statement released yesterday. It is the first time the TSMC has launched such buyback plan. UMC plans to buy back 360 million common shares, or 2.23 percent of total shares, traded on the TAIEX at price between NT$19.6 and NT$47.5 in next two months ending May 23. UMC plans to spend up to NT$17.1 billion for its share buyback.
■ CAL posts NT$1.7bn profit
China Airlines (華航) officially announced its financial figures for last year after they were reviewed and approved by its board at a meeting yesterday. The carrier reported operating revenue worth at NT$75.859 billion (US$2.2 billion) last year and after-tax profit amounting to NT$1.779 billion. Passenger revenue, which was seriously affected by the outbreak of SARS in the first half of last year, reached NT$ 36.565 billion. Cargo revenue, accounting for 46 percent of the carrier's annual turnover last year, totalled NT$ 34.891 billion. The airlines have generated operating revenue at NT$14.38 billion in the first two months this year, an increase of 12.6 percent year-on-year. The annual operating revenue and net profit this year are estimated at NT$ 89 billion and NT$3.1 billion, respectively. The carrier said it would continue its fleet simplification program and cost-control policies as well as introducing seven new aircraft, including three A300-300 passenger jets, two B747-400 passenger jets and two B747-400F freighters.
■ Firms delay conferences
Taiwanese high-tech companies including International Semicon-ductor Technology Ltd (飛信半導體), Episil Technologies Inc (漢磊科技) and TXC Corp (台灣晶技) suspended their investors' press conferences to prevent stock prices from tumbling on political instability, the firms announced yesterday. International Semiconductor, a chip-testing and packaging arm of Compal Electronics Inc (仁寶電腦), rescheduled its meeting to April 8.
■ Shin Kong raises bank stake
Shin Kong Group (新光集團) increased its stake in International Bank of Taipei (台北商銀), a Chinese-language newspaper reported yesterday, without saying where it obtained the information. Shin Kong Securities Co (新光証券) and Taiwan Securities Co (台證証券), units of Shin Kong Group, yesterday bought 9.6 million shares of International Bank of Taipei. The brokerages' transactions accounted for almost nine-tenths of the trading in the lender's shares, the newspaper said.
■ New cargo service to start
Cargo airline Air Hong Kong Ltd said yesterday that it will launch services between Hong Kong and Taipei beginning Sunday. The Hong Kong-based company said it will operate the new route five times a week, mainly serving DHL Worldwide Express Inc, which owns 40 percent of the firm. Cathay Pacific Airways owns the remaining stake.
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