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■ Banks raise interest rates
One day after the largest state-run bank, Bank of Taiwan (台銀), raised its interest rates, two major state-run counterparts -- Land Bank of Taiwan (土銀) and Taiwan Cooperative Bank (合作金庫) -- followed suit yesterday. The Land Bank raised its interest rates by between 0.075 of a percentage point and 0.125 of a percentage point. Taiwan Cooperative Bank also raised its interest rates by between 0.05 of a percentage point and 0.125 of a percentage point.

■ CPC seeks foreign oil supplier
Chinese Petroleum Corp (中油) said it's seeking to buy 270,000 barrels of Indonesia's Duri crude oil or China's Qinghuangdao crude oil for loading or delivery in November. Chinese Petroleum wants potential suppliers to submit offers by today, the company said in an e-mail. Offers should be valid until tomorrow. Suppliers should offer to sell the cargo based on the Indonesian Crude Price of Duri crude oil, the company said. Duri and Qinghuangdao are low-sulfur crude oil with less than 0.5 percent sulfur by weight.

■ Oil production to be boosted
The nation's second largest oil refiner Formosa Petrochemical Corp (台塑石化) plans to invest NT$10 billion (US$290 million) to boost oil refinery capacity at its Miaoli County plants, it was reported yesterday. Formosa Petrochemical, a subsidiary of Formosa Plastics Group (台塑集團), operates three refineries in Miaoli with daily production of 450,000 barrels. This would be increased to 600,000 barrels in 2006 after the expansion project is completed, a Chinese-language newspaper quoted company president Wang Wen-chao (王文潮) as saying. The company has projected 2004 sales at NT$283.8 billion and net profit at NT$27.5 billion, the report said.

■ FSC touts competitiveness
The Financial Supervisory Commission (FSC) will do everything it can to maintain the nation's financial stability and competitiveness, commission Chairman Kong Jaw-sheng (龔照勝) said yesterday. At a meeting of the Legislative Yuan's Finance Committee, Kong gave an outline of the commission's work in the future, which includes the establishment of a regional financial service center, encouraging mergers among financial institutions, reinforcing financial supervision and promoting international cooperation in financial supervision. With regards to mergers among banks, Kong said the commission will limit the establishment of financial institutions and give high marks to those mergers that operate well.

■ Business forum gains steam
California Lieutenant-Governor Cruz Bustamante confirmed Tuesday that a California-Taiwan business forum organized by private businesses will soon begin operations in Taipei. Bustamante, who concurrently serves as chairman of the California Commission for Economic Development, noted that there was formerly a California trade office in the Taipei World Trade Center, but it closed due to an insufficient budget during the tenure of former governor Gray Davis. He pointed out that the business forum will help California businessmen solicit business opportunities in Taiwan, attend major exhibitions and provide services to Taiwan businessmen interested in opportunities in California.

■ NT dollar declines
The New Taiwan dollar declined against the US dollar on the Taipei Foreign Exchange yesterday, losing NT$0.001 to close at NT$33.919. A total of US$730 million changed hands during the day's trading.

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