Business Briefs

■ ProMOS inks Hynix pact
ProMOS Technologies Inc (茂德科技), which became the nation's second largest memory-chip maker in the first quarter, said it has signed an agreement with South Korea's Hynix Semiconduc-tor Inc to cooperate in technology development. The companies will work together to develop technology to make chips with gaps between transistors that are as small as 0.07 microns, ProMOS said in a statement to the Taiwan Stock Exchange. ProMOS earlier said it is making chips with 0.12 micron technology. Chipmakers can cut costs by shrinking the size of their semiconductors and fitting more on a single silicon wafer. ProMOS needed a partner after its parent, Infineon Technologies AG of Germany, canceled a pact to provide technology to the Taiwan company. Hynix, the world's second largest memory-chip maker, has 771 billion won (US$670 million) in debt coming due this year.

■ E.Sun sells shares overseas
E.Sun Financial Holdings Co (玉山金控), which took over the failed Kaohsiung Business Bank (高雄企銀) in May, said it sold overseas US$98.6 million of shares held by its banking arm. The Taipei-based financial group sold 170 million shares in the form of global depositary receipts, it said in a statement to the Taiwan Stock Exchange. One GDR is equal to 25 shares. The selling price of US$0.58 per share (NT$19.63), represents a discount of 3.8 percent over the stock's Sept. 24 closing price of NT$20.40, Morgan Stanley said.

■ Angkor Wat charters start
Far East Air Transport Corp (遠東航空) opened its Kaohsiung-Ang-kor Wat charter service yesterday, carrying 148 passengers aboard a Boeing-757 for the maiden flight. To serve residents in the south of the country, Far East Air Transport has cooperated with a travel agency to open the charter service. Far East Air Transport officials said the service from Kaohsiung to Angkor Wat will operate every four days. Flights between Taipei and Angkor Wat will also be once every four days starting next month.

■ EU extends herbicide tariffs
The EU will extend tariffs on a herbicide from China, Taiwan and Malaysia for five years to protect producers in the EU including Monsanto Co and Syngenta AG from cheaper imports. The EU will also cut the ``anti-dumping'' duty on glyphosate, used to remove weeds before crop planting, to 29.9 percent from 48 percent as it targets exporters including China's Zhejiang Xinan Chemical Industrial Group Co Ltd The EU will exempt Taiwan's Sinon Corp (興農) and Malaysia's Crop Protection (M) Sdn Bhd from the measures.

■ Securities backed by bonds
Cathay Life Insurance Co (國泰人 壽) and Shin Kong Life Insurance Co (新光人壽) are ready to issue securities backed by NT$900 billion (US$26 billion) of bonds, a Chinese-language newspaper reported, citing unidentified government officials. The Financial Supervisory Commission recently decided to expand the securitization business by allowing products backed by rated bonds to help companies raise funds, the paper said, citing unidentified commission officials. The government previously allowed securities to be backed only by mortgages, auto loans and credit-card debt, the paper said.

■ NT dollar trades lower
The New Taiwan dollar yesterday traded lower against its US counterpart, declining NT$0.017 to close at NT$33.998 on the Taipei foreign exchange market. Turnover was US$646 million.