■ New head for First Financial
Chao Yuan-chi (趙元旗), president of the state-controlled First Financial Holding Co (第一金控), was appointed as the company's acting chairman on Sunday after former chairman Steve Shieh's (謝壽夫) resignation was approved by the Cabinet on Friday. The latest personnel reshuffle was announced following a meeting between Premier Frank Hsieh (謝長廷) and Minister of Finance Lin Chuan (林全) on Sunday morning. Hsieh said the decision was made in the hope that Chao, a seasoned banker with rich experience from several private banks, would continue with the reforms Shieh had initiated in the nation's fourth-largest financial services provider. The personnel change was approved during First Financial's provisional board meeting yesterday, according to the company statement.
■ Export zones performing well
Export processing zones attracted some NT$6.4 billion (US$202.3 million) in new and expanded investments during the first three months of this year, an official from the Kaohsiung-based Export Processing Zone Administration under the Ministry of Economic Affairs said yesterday. The good record was due to several measures initiated by the administration encouraging foreign and local manufacturers to set up or expand operational lines in the zones, the official said. These included improving the investment environment; instituting campaigns to attract foreign and local investment; and improving the professional standards of employees. The facilities had been successfully upgraded into capital- and technology-intensive industrial zones, he added. The five processing zones are located in Kaohsiung and Taichung. From January to last month, nine new investment applications amounting to NT$1.54 billion were approved, while the number of expanded investments reached 16 for a total of NT$4.86 billion.
■ Reserves still favor US dollar
The central bank has retained 50 to 60 percent of its foreign-currency reserves in US dollars, a Chinese-language newspaper said. The central bank hasn't adjusted the allocation because of the Chinese yuan's peg to the US currency, the Taipei-based newspaper said. The nation's foreign-currency reserves, the third-highest in the world, rose last month to a record US$251 billion, boosted by "substantial" foreign capital inflows and investment returns, the central bank said on April 4. The reserves, which trail those of Japan and China, rose for a 45th month from US$247 billion in February, the bank said.
■ Microsoft talks to local firms
Microsoft Corp is exploring possible ties with Quanta Computer Inc (廣達電腦) and other Taiwanese companies to manufacture advanced automotive electronics, a Chinese-language business daily reported, without saying where it obtained the information. Microsoft recently sent a team to visit Quanta, Asustek Computer Inc (華碩電腦) and other local companies to discuss deals, the Taipei-based newspaper said. Microsoft is promoting features that may eventually include letting cars make automatic payments or providing automobile-usage information to insurance companies. Quanta Computer, the world's biggest maker of notebook computers, on March 16 said it plans to make automotive-electronics products in the second half, expanding into new lines as growth in its personal-computer market slows.
■ NT dollar rises
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