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■ FSC discusses eligibility
The Cabinet-level Financial Supervisory Commission said yesterday that companies are required to have independent board directors in order to be eligible to make public offerings on the nation's planned offshore bourse in the future. Since the offshore bourse is to be established to attract global tech companies and overseas Taiwanese companies, the independent board directors do not have to be Taiwanese, said Sam Chang (張振山), assistant director of the commission's Securities and Futures Bureau. There is currently no limitation on the minimum number a company must be established before it can be be publicly traded on the offshore bourse but companies would have their operations examined before permission was given, Chang said. The regulator is expected to start the offshore bourse early next year as scheduled, beginning with the trading of bonds and futures, the commission's secretary general William Tseng (曾銘宗) said.

■ Yang Ming profits up
Yang Ming Marine Transport Corp(陽明海運), Taiwan's second-biggest shipping line by value, reported an increase in profits over the last six quarters, as growing US and European demand for Asian products increased shipments. Net income rose 23 percent to NT$2.99 billion (US$93 million).

■ NT dollar falls
The New Taiwan dollar lost NT$0.011 against the US dollar on the Taipei Foreign Exchange yesterday, to close at NT$32.129. A total of US$665 million changed hands.

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