■ M2 money supply grows
The nation's money supply grew last month at its fastest pace in almost four years as lending and investment picked up, according to the nation's central bank. M2, the broadest measure of the nation's money supply, expanded 7.9 percent, the central bank said in a statement. That's the biggest gain since April 2000 and follows a 6.8 percent expansion in February. The M1B money supply, which excludes time deposits and foreign-currency deposits included in M2, grew 24 percent last month after rising 20 percent in February. M1A, which tracks net currency in circulation plus checking accounts and passbook deposits, expanded 23 percent after growing 19 percent in February. The central bank in December forecast M2 would rise as much as 6.5 percent this year.
■ Powerchip forecasts profit
Powerchip Semiconductor Corp (力晶半導體), the nation's third-largest maker of memory chips, forecast that profit this year will soar as memory chip sales more than double. The company is forecasting profits of NT$20.4 billion (US$617 million), or NT$5.30 a share, compared with NT$169 million, or NT$0.05 a share, last year, Powerchip said in an e-mail statement. Sales are predicted to increase to NT$55.1 billion from NT$23 billion.
■ Fortune's ratings unchanged
Fortune Motors Co Ltd (匯豐汽車), a major car distributor for Mitsubishi Motors Corp in Taiwan, will find its corporate ratings unchanged as no immediate impact will come from DaimlerChrysler AG's decision not to join a new capital injection plan for the Japanese company, Taiwan Ratings Corp (中華信評), a local arm of Standard & Poor's, said yesterday. The decision is based on an initial assessment that DaimlerChrysler's announcement last Friday will not affect the launches of new car models by China Motors Corp (中華汽車). China Motors is a parent company of Fortune Motors and it manufactures Mitsubishi cars in the local market. Taiwan Ratings rates Fortune Motors as twA-/stable/twA-2. Separately, Taiwan Ratings yesterday kept Formosa Plastic Corp's (南亞塑膠) corporate ratings unchanged as the company will not suffer a reduction in revenues due to an explosion at its US plant over the weekend. Formosa Plastics, Taiwan's largest maker of PVC, or polyvinyl chloride, which is used in piping and floors, said an explosion at an affiliate in Illinois killed four workers and left four workers hospitalized. The US plant only accounted for 2 percent of Formosa Plastics' revenues last year and the loss will be covered by insurance, Taiwan Ratings said. The local rating agency rated Formosa Plastics as twAA-/stable/twA-1.
■ Hon Hai may sell shares in US
Hon Hai Precision Industry Co may sell shares worth NT$10 billion to US investors, a Chinese-language newspaper reported, without saying where it obtained the information. Hon Hai chairman Terry Gou (郭台銘) may take part in the sale by selling some of his shares to overseas investors to help pay his personal income tax and investments, the report said. Acer Inc may sell 10 million Hon Hai Precision shares in the form of American depositary receipts, the report said.
■ NT dollar rises
The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.031 to close at NT$33.062 on the Taipei foreign exchange market.
Turnover was US$394 million.
RSS