Thu, Nov 18, 2004 - Page 11 News List

Business Briefs 

STAFF WRITER, WITH AGENCIES

Ratings Corp names new chief

Taiwan Ratings Corp (中華信評), a local arm of Standard & Poor's, said yesterday that it has appointed Eddy Jenn-long Yang (楊鎮龍) as its new president and chief executive officer, the company said in a statement.

The appointment of Yang to replace acting president Chris Irwin was approved at a board meeting held on Monday, Taiwan Ratings said. Before joining Taiwan Ratings, Yang served as vice president and head of Taiwan trade sales at JP Morgan Chase Bank in Taiwan.

S&P on Monday took up a majority 51 percent stake in Taiwan Ratings Corp, after acquiring an additional 1 percent of shares from the Taiwan Stock Exchange Corp.

Camera output increases

Taiwan's output of digital cameras continued to grow for the third quarter of this year, with models of four and five megapixels dominating production, according to the results of a recent investigation by the semi-official Institute for Information Industry.

The institute said that Taiwan manufactured 5.94 million digital cameras in the third quarter, up 12.4 percent from the previous quarter and up 19.2 percent from a year earlier. The sector's production value hit US$549 million in the third quarter, rising 25.1 percent year-on-year, but the average price quotation dropped to US$92.4 per unit, the institute said.

NT dollar increases

The New Taiwan dollar rose to its highest in almost four years amid strong buying by overseas investors of Taiwan's stocks. The local currency rose NT$0.16 to close at NT$32.659 against its US counterpart on the Taipei foreign exchange market.

Turnover was US$702 million.

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