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■ CPC gas prices increase
State-run Chinese Petroleum Corp (中油) yesterday announced price hikes for its natural gas and liquefied petroleum gas (LPG) that take effect from midnight today, the company said in a statement.
These changes increase the price of natural gas by 2.99 percent and the price of LPG by 5 percent to 13.53 percent, depending on the usage. LPG for household use, for example, increases by NT$1.5 per kilogram, or 10.87 percent higher than previously.
The increases are a response to soaring costs, which have risen by US$80 per metric ton, or 30 percent, from March as of this month, the company said.
In line with Chinese Petroleum's move, Formosa Petrochemical Corp (台塑石化) said it would also raise the LPG prices by the same range.

■ Foreign reserves hit record
Taiwan's foreign currency reserves, the world's third-highest, rose for a 35th month to a record US$229 billion in May, the central bank said.
The reserves, which rank behind those of Japan and China, rose 0.6 percent from US$227.7 billion in April and US$22.37 billion from the end of 2003, the central bank said in a statement.
The increase reflects returns from foreign exchange reserves management as well as euro and yen appreciation, it said.

■ Chunghwa plans lawsuit
Chunghwa Picture Tubes Ltd (中華映管), Taiwan's third-largest maker of flat-display panels, plans to sue LG Philips LCD Co for violation of US antitrust laws and will request for US$1 billion in damages, a company statement said.
The action, to be filed in a US federal district court, stems from a patent infringement suit filed by LG Philips against Chunghwa Picture in August 2002, the statement said.
The Taiwanese flat-panel maker will contend that its bigger South Korean rival does not own the majority of the patents it has asserted against Chunghwa Picture, the company said.

■ Overseas selling balloons
Overseas investors sold a net NT$285 million (US$8.5 million) of Taiwan stocks Friday, taking total net selling to NT$11.4 billion over the past three sessions, according to the Taiwan Stock Exchange.
Today's net sales resulted from purchases of NT$9.55 billion and sales of NT$9.84 billion, exchange statistics showed.

■ UBS predicts currency gain
The New Taiwan dollar may extend this year's 1 percent gain on speculation the benchmark stock index's drop in the past month will push prices low enough to lure global investors, said UBS AG.
"The discount created by the recent selling of Asian equities has prompted our Asian equity strategy team to recommend overweight positions both on the Taiwanese market and technology and telecommunications sectors," said a report by Bhanu Baweja, a UBS currency strategist in Singapore.
UBS recommended investors buy Taiwan's stocks as the index, which yesterday closed at its lowest since May 18, is expected to rise, "thereby extending the Taiwan dollar's appreciation," Baweja wrote.
The currency may rise to NT$33 in a month and NT$32.90 in three months, he said.

■ NT dollar up as oil prices fall
The New Taiwan dollar yesterday turned strong against its US counterpart, as oil prices fell after OPEC opted to raise its output ceilings, dealers said.
The NT dollar rose NT$0.090 to close at NT$33.582 on the Taipei foreign exchange market, with a turnover of US$482 million.

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