■ TAIEX edges down 0.4 percent
Shares fell yesterday as investors exhibited caution ahead of local elections over the weekend. The TAIEX dropped 23.65 points, or 0.4 percent, to 6,179.82, on turnover of NT$80.47 billion (US$2.39 billion). The New Taiwan dollar slid NT$0.047 to close at NT$33.563 against its US counterpart on the Taipei foreign exchange market. Lower steel prices in the face of oversupply also played a part in yesterday's stock market drop, traders said. China Steel Corp (中鋼), the nation's largest steel producer by revenue, led decliners and was the heaviest traded stock on the mainboard. China Steel's shares fell 3 percent to close at NT$24.35.
■ Ya Hsin to borrow US$97M
Ya Hsin Industrial Co (雅新), the world's third biggest printed circuit board manufacturer, is borrowing US$97 million to expand production in Suzhou, China. Ya Hsin hired Japan's Mizuho Corporate Bank's Taiwanese subsidiary, to arrange the loan, which will be marketed mainly to Chinese lenders, bankers involved in the deal said. The five-year revolving credit will be signed today in Suzhou, the bankers said.
■ Nokia expanding in China
Finnish mobile telephone giant Nokia Oyj will increase its production of mobile telephones in China to meet growing demand, the company said yesterday. The expansion was aimed at providing "more capacity and flexibility to meet the growing market demand worldwide, especially China and Asia," Nokia said. The production will be located at Nokia's facility in Dongguan, China. The expansion will begin during third quarter 2006.
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