■ UBS hires Felice Chen
UBS AG hired the deputy chief executive of Taiwan's Development Fund (開發基金), Felice Chen (陳嫦芬), as co-head of Taiwanese investment banking to help it win more business from companies operating here and in China. Chen, who is trained as a lawyer and has worked at HSBC Holdings Plc, Lehman Brothers Holdings Inc and ING Groep NV, will start on Friday, reporting to Peter Burnett and Robert Rankin, the bank's co-heads of investment banking in Asia. Chen was also an adviser to the Cabinet on finance, banking and investment and a committee member of the national corporate governance policy task force, UBS said in a statement. Chen will also become a vice chairwoman in UBS's Asia investment bank, the statement said. UBS helped the government sell a 12 percent stake in Chunghwa Telecom Co (中華電信) for US$1.6 billion last July.
■ Gigabyte Tech cuts costs
Gigabyte Technology Co (技嘉科技), the nation's fourth-largest motherboard maker, will contract out part of its production to Hon Hai Precision Industry Co (鴻海精密), the country's second-largest motherboard maker, in order to cut costs, Chinese-language newspapers reported yesterday, citing Gigabyte spokesman Tony Liao (廖期立). The partnership between Gigabyte and Hon Hai Precision is expected to lift their competitiveness in this field of business and extend extra pressure to bigger rival Asustek Computer Inc (華碩電腦), the reports said. Asustek, the world's largest motherboard maker, produced nearly 30 million boards last year and is targeting 45 million boards this year. Hon Hai manufactured some 26 million boards last year and is expecting at least 30 percent increase in output for this year, the reports said. Taiwan plays an important role in motherboard manufacturing in the world, shipping 103.5 million mainboards last year, almost 20 percent more than in the previous year, according to figures from the technology researcher Market Intelligence Center (市場情報中心).
■ Direct flight to Angkor
Far East Air Transport Corp (遠東航空) yesterday launched its first direct flight to Angkor, Cambodia, with the plane filled to capacity with 145 passengers. Far East Air is cooperating with President Airline of Cambodia to operate flights on the route, using President's flight numbers but its own planes and crew. The direct flights are being offered twice a week, on Tuesdays and Saturdays. There will also be flights to Angkor via Da Nang, Vietnam, every Wednesday and Sunday.
■ Acer forecasts profit
Acer Inc forecast profit of NT$7.34 billion (US$221 million), or NT$3.48 a share, for this year, according to a statement to the Taiwan Stock Exchange. That's little changed from the NT$7.31 billion profit reported for last year. Acer on March 22 said it plans to buy back and cancel 50 million shares, paying anywhere from NT$34.20 to NT$79 for the stock from March 23 to May 22.
■ Metalworking seminar
A Metalworking seminar will be held in Taichung today. Steve Kosloff, regional vice president of US-based Gardner Publications and an international marketing specialist, will speak during the seminar, a press statement said. Local metalworking professionals interested in attending the seminar can call 04-23017318 to make a reservation.
■ NT dollar higher
The New Taiwan dollar yesterday maintained strength against its US counterpart, edging up NT$0.034 to close at NT$33.160 on the Taipei foreign exchange market. Turnover was US$622 million.
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