■ ADB officials arrive in Taiwan
Two senior financial experts from the Asian Development Bank (ADB) arrived in Taiwan yesterday with the aim of attracting local financial institutions to participate in ADB syndicated loan projects aimed at helping boost regional financial exchanges. During their stay in Taipei, Werner Liepach, who is in charge of finance-related affairs, and senior expert Martin Endelman, will jointly preside over a seminar on a trade finance promotion plan initiated by the ADB in November last year. Under the plan, the Manila-based bank will earmark US$150 million during the period from this year to 2008 to confirm all letters of credit to be issued by opening banks in its developing member states. Since its establishment over 30 years ago, the ADB has only offered loans to member states' governments, Liepach said. By initiating the trade finance promotion plan, the regional banking organization now allows private enterprises wishing to participate in various major public construction projects to apply for loans, he added.
■ Sales of handsets up
Sales of mobile handsets in China hit 65.2 million units in the first quarter this year, up 64.2 percent from a year ago, driven by the record high shipments of low-powered personal handyphone system (PHS) handsets and increased shipments by Motorola Inc, the Market Intelligence Center (MIC, 市場情報中心) said in a release yesterday. With soaring shipments, PHS handsets have grabbed 15 percent of the market, MIC said. Shipments from southern China, where most PHS handsets are manufactured, also took 32.1 percent of total shipments in the January to March quarter, it added. Handset sales in the second quarter are expected to grow 40 percent year-on-year to 66 million units, bolstered by the continuing popularity of PHS handsets and peak season during holidays starting from May 1, the MIC forecast.
■ President to meet bankers
President Chen Shui-bian (陳水扁) will meet the top managers of Morgan Stanley and other overseas investment banks and brokerages in Taipei on May 31, a Chinese-language newspaper said, citing unidentified people who received invitations. Invitations for an afternoon meal at the presidential office were sent to banks including Goldman Sachs Group, UBS AG, JP Morgan Chase & Co, Merrill Lynch & Co, Deutsche Bank AG, the report said. Chen wants to reach out personally to persuade overseas investors to invest in the country, the newspaper said.
■ Memory-chip prices may fall
Spot prices of the most widely used computer memory chip may decline this week, extending a 5 percent drop in the previous seven days, on concern demand for the chips is ``sluggish,'' the Taiwan-based Dramexchange.com said in a weekly forecast. The 256-megabit, 333-megahertz double-data-rate (DDR) dynamic random access memory (DRAM) may trade between US$4.80 and US$5.05 until May 24, the exchange said. Prices declined 5.1 percent to US$5.01 in as of May 18 from US$5.28 on May 11. DRAM spot prices rose to a one- year high of US$6.53 on April 12.
■ NT dollar advances
The New Taiwan dollar climbed on speculation the central bank will buy the currency ahead of today's inauguration ceremony and as stocks gained. The NT dollar rose 0.5 percent to NT$33.516 against its US counterpart on the Taipei foreign exchange market, its biggest gain since Jan. 27. Today's close was the highest in a week. The currency has dropped 0.8 percent since President Chen Shui-bian (陳水扁) won re-election on March 20.
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