Fri, Feb 18, 2005 - Page 11 News List

Business Briefs 


Stake in Chinese bank

A Taiwan business association in the Chinese city of Tianjin plans to raise 500 million yuan (US$60 million) to take a 10 percent stake in the city's planned Bohai Bank (渤海銀行), the Economic Daily News said, citing union chief Ting Kun-hua (丁鯤華).

The association's union hopes the shareholding will lead to the bank providing more financing services to Taiwanese businessmen in China, the Taipei-based paper said, citing Ting.

China's State Council has approved the formation of Bohai Bank, the first national lender to be set up since 1996, the Tianjin municipal government said on Jan. 18. London-based Standard Chartered Plc, signed an agreement last year to buy 19.9 percent of the bank.

FPC to invest NT$1bn

Formosa Plastics Corp (台塑) plans to invest NT$1 billion (US$31.6 million) to boost its carbon fiber capacity at a local plant in Mailiao, Yunlin County, the Commercial Times reported, citing company officials.

The investment would increase the plant's annual carbon fiber production capacity to 3,000 tonnes from the current 1,850 tonnes, the newspaper said, adding that expansion at the plant is scheduled to be completed in October 2006.

Formosa Plastics has forecast 10 percent annual growth for the material.

NT dollar rises

The New Taiwan dollar advanced against its US counterpart yesterday on the Taiwan Foreign Exchange, gaining NT$0.006 to NT$31.563. The turnover was US$701 million.

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