■ FSC revises rules
The Financial Supervisory Commission has revised rules to allow foreign financial holding companies to buy 100 percent of domestic lenders. The revised rules will allow a foreign holding company, or its fully-owned subsidiaries, to directly acquire more than a 25 percent stake of a bank without first setting up a local financial holding company, the commission said in a statement issued late Thursday on its Web site. "This should help speed up acquisitions," the statement said. Previously, only domestic financial holding companies and the government could hold more than a 25 percent stake in a local lender.
■ Via challenges Intel
Via Technologies Inc (威盛電子) is introducing computer chips that may challenge Intel Corp in the mobile computer market, the Wall Street Journal said. Via says its chips perform about as well as mid-range models in Intel's Pentium M line, which are used in laptops, the newspaper reported. Via says the chips use up to 40 percent less power, which is important to users of battery-powered laptops, the newspaper reported. Such new products, along with some by US-based Advanced Micro Devices Inc, could attract some manufacturers looking for Intel alternatives, the newspaper said.
■ LG.Philips overtakes Samsung
LG.Philips LCD Co overtook Samsung Electronics Co as the world's largest maker of liquid-crystal displays used in monitors and televisions during the first quarter, market researcher DisplaySearch said. First-quarter shipments of LCDs measuring at least 10 inches diagonally at LG.Philips rose 13 percent from the fourth quarter to 9.5 million units, DisplaySearch said today in a press release. Samsung shipped 9 million units, the researcher said. AU Optronics Corp (友達光電), the third-largest LCD producer, narrowed its lead over Chi Mei Optoelectronics Corp (奇美電子), which had the fastest shipment growth among the top five manufacturers during the first quarter, DisplaySearch said.
■ Kuo Kuang venture approved
The Fair Trade Commission Friday gave a green light to the establishment of a new petrochemical venture backed by state-run Chinese Petroleum Corp (CPC, 中油) and seven other companies, the commission said in a statement. The new company, Kuo Kuang Petrochemical Technology (國光石化科技), is set up to resolve the supply shortage after CPC closes its Fifth Naphtha Cracker in Kaohsiung in 2015, which is estimated will cut CPC's oil output by 270,000 barrels per day and result in shortage of ethylene to downstream companies. "The establishment of the company will efficiently integrate the middle and downstream petrochemical industries and thus enhance competitiveness," the statement said. CPC will be the largest shareholder with a 43 percent-stake in Kuo Kuang. Other major shareholders are Oriental Union Chemical Corp (東聯化學) and Chang Chun Group (長春), owning 20 percent of stake each, followed by China Man-Made Fiber Corp's (中國人造纖維) 10 percent and Ho Tung Holding Corp (和桐投控) with 5 percent of the stake.
■ NT dollar gains
The New Taiwan dollar gained for the first day in three on optimism demand for the nation's exports from the US will increase, traders said. The NT dollar rose NT$0.042 to close at NT$31.361 against the US dollar on the Taipei foreign exchange market. Turnover was US$550 million, down from US$711 million the previous day.
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