■ Lin Yi-fu vows to resign
Minister of Economic Affairs Lin Yi-fu (林義夫) said yesterday that he is determined to quit his post since he has completed his mission by helping to improve the economy. Lin claimed that he had twice offered to resign to Premier Yu Shyi-kun as of the end of March and added that he is waiting for the premier to arrange for a new post for him. Lin is to resign along with the other Cabinet members ahead of President Chen Shui-bian's (陳水扁) May 20 inauguration now that "Taiwan's economy has noticeably taken a turn for the better." Lin took over the post from Christine Tsung (宗才怡) in the spring of 2002 amid strong public expectations for an improved domestic economy, which at the time was mired in a persistent recession that had lasted from 2000.
■ New shares for bank buy
Shin Kong Financial Holdings Co (新光金控), the nation's seventh-biggest financial services provider, said it will pay about NT$4.4 billion (US$132 million) in new shares to take over the privately owned United-Credit Commercial Bank (聯信銀行). Shin Kong said it will swap one of its shares for every 2.34 United-Credit shares. Shin Kong will issue 156.4 million new shares for the purchase, based on preliminary estimates, the company said in a statement to the Taiwan Stock Exchange. Shin Kong in March announced the plan to buy United-Credit in an all-stock transaction as it expands into banking. The share swap plan has to be approved by shareholders at a meeting on June 11, and is expected to be completed on Sept. 30, the statement said. United-Credit formed in July 2000 after a merger of two credit cooperatives -- Taichung Sixth Credit Cooperative (台中六信) and Pingtung First Credit Co-operative (屏東一信). It boasts 28 branches around the country.
■ IBM starts education network
IBM yesterday said it has teamed up with the Taiwan National Center for High-performance Computing to deploy one of the largest research and education grid networks in the Asia-Pacific region. The grid network, named the Taiwan Advanced Research and Education Network, connects 11 major research institutes and universities nationwide, IBM said in a statement. Jason Hsu (許朱勝), general manager of IBM Taiwan Corp, said the project supports the government's Challenge 2008 plan, a six-year national development and investment initiative. The project will also influence a number of the nation's industries such as healthcare, education, and information technology, said Joe Juang (莊哲男), director of National Center for High-performance Computing.
■ UMC gains from AU sale
United Microelectronics Corp (聯電), the world's second-largest supplier of made-to-order semiconductors, said it made a gain of NT$439 million (US$13 million) from selling some of its shares in AU Optronics Corp (友達光電).
UMC sold 10.8 million shares of AU Optronics, the country's largest maker of flat-panel displays used in computers and televisions, for a total of NT$591 million, or NT$54.91 apiece, according to a statement to the Taiwan Stock Exchange. The stake sales took place from April 30 to yesterday. AU Optronics last week reported first-quarter profits soared to a record NT$11.7 billion, or NT$2.69 per share.
■ NT dollar rises
The NT dollar rose against its US counterpart, up NT$0.041 to close at NT$33.328 on the Taipei foreign exchange market. Turnover was US$536 million.
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