FSC to keep fund going
In a bid to bail out failed financial institutions, the Financial Supervisory Commission (FSC) said Wednesday that the government's collection of financial business taxes will be prolonged until the end of 2010 to help top up the Financial Restructuring Fund. This will generate an estimated NT$125 billion over the next five to six years, for injection into the fund, Gary Tseng (曾國烈), head of the commission's banking bureau, said at a press briefing. The NT$140 billion-restructuring fund was established in June 2002 and has been used to bail out 46 problem banks. But the fund's capital had dwindled to NT$11 billion as of last October, Tseng said.
Bargain-hunting boosts TAIEX
Shares ended flat yesterday but rebounded from their worst low since January after suspected government fund buying and bargain hunting, dealers said. The TAIEX finished 0.70 points higher, or 0.01 percent, at 6,019.49 in dealings valued at NT$62.86 billion (US$2 billion). During trading, the bourse dropped to 5,970.20, its worst performance since it fell to 5,900.37 Jan. 31. But brisk buying in technology sector lifted the main index, dealers said.
NT dollar ends losing streak
The New Taiwan dollar gained, snapping an eight-day slide. The NT dollar advanced NT$0.021 to NT$31.369 against its US counterpart, after trading as low as NT$31.491, the weakest since Feb. 22, according to Taipei Forex Inc. The currency also rose after central bank Governor Perng Fai-nan (
RSS