■ Rules eased on derivatives
The central bank said it eased rules on foreign-exchange derivative trading by banks as part of the nation's effort to open its financial markets. Lenders will no longer need central bank approval to trade the instruments. For New Taiwan dollar-related derivatives, banks are still required to get permission before doing any trades, said George Chou (周阿定), the bank's foreign-exchange chief. The bank will consider easing trading rules for local-currency derivatives in the future, he said.
■ Credit coop auction set
The Central Deposit Insurance Corp (中央存保) yesterday said that it will auction off the debt-ridden Fengshan Credit Cooperative (鳳山信合社) on July 5. Banks with a minimum NT$70 billion in assets, a minimum NT$6 billion in net worth and an over 8 percent capital-adequacy-ratio (BIS ratio) will be allowed to submit their applications to participate in the auction before June 28.
■ China Motor raises forecast
China Motor Corp (中華汽車) yesterday raised its earnings forecast for this year to about NT$7 billion, up 16.7 percent from previous estimate of NT$6 billion. The revised after-tax earnings per share will rise to NT$5.05, the company said in a statement. It said it exceeded its original projection for the first three months of the year by earning NT$1.95 billion.
■ NT dollar up
The New Taiwan dollar yesterday turned strong against its US counterpart, rising NT$0.058 to close at NT$33.561 on the Taipei foreign exchange market.
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