China Steel may lift prices
China Steel Corp (中鋼), Taiwan's biggest steelmaker, will probably raise domestic prices by NT$300 to NT$500 a tonne in the fourth quarter, a Chinese-language newspaper said, citing unidentified institutional investors and people in the steel industry.
The company will announce domestic product prices for the fourth quarter on Aug. 26, the paper said. The steelmaker, based in Kaohsiung, increased domestic prices by NT$800 a tonne to NT$1,220 a tonne for the third quarter.
China Steel has raised prices every quarter since the second quarter of 2002 as demand from China drives up prices. The company sells more than a third of its exports to China and gets about a quarter of sales from overseas.
High-speed rail loan approved
Board of China Development Industrial Bank (中華開發工銀) yesterday approved to invest an additional NT$1 billion in Taiwan High Speed Rail Co (台灣高鐵) to facilitate the nation's first high-speed railway link between Taipei and Kaohsiung, China Development Financial Holding Corp (中華開發金控), parent company of the bank said in a statement submitted to Taiwan Stock Exchange Corp.
The industrial bank will join a rights issue arranged by Taiwan High Speed Rail, the statement said.
Taiwan High Speed Rail is scheduled to raise NT$10 billion by September and another NT$10.2 billion by November to finance the construction.
Sampo names new chairman
Sampo Corp (聲寶), one of the nation's leading home appliance makers, yesterday named Eric Chen (陳盛泉) to take over as chairman from his older brother Felix Chen (陳盛沺), in the first step of its restructuring plan, Sampo said in a statement.
Eric Chen, 54, said that speeding up channel deployment overseas, enhancing brand exposure and gearing up for an overseas listing will be his top priorities.
Felix Chen will help the new chairman integrate the company's resources, the statement said.
New listing rules planned
Financial authorities said yesterday they would establish concrete measures for China-based Taiwanese companies to list on the local bourse by the end of this year.
"We planned to formulate a more concrete policy for China-based Taiwanese firms ... to be listed in local stock market by the end of December," Jerry Huang (黃顯華), a member of the Financial Supervisory Commission, told a press conference yesterday.
Huang said the commission welcomes Taiwanese companies that are developing in China to issue and trade shares on Taiwan's stock market.
The commission plans to issue other measures, including a mechanism for companies to be de-listed from the bourse, at the same time, he said.
Mongolians promote trade
A group of officials from Mongolia are scheduled to be present at a workshop in Taipei tomorrow to woo Taiwan business people to invest and trade with Mongolia.
Mongolian officials in charge of investment, trade and petroleum affairs will make presentations about Mongolia's natural resources as well as the investment climate at the workshop, which is open to all Taiwan business people, said officials from the Taiwan External Trade Development Council, which is sponsoring the event.
NT dollar declines
The New Taiwan yesterday moved down against US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.003 to close at NT$34.195.
A total of US$356 million changed hands.
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