■ FSC insists on Wu's dismissal
The Financial Supervisory Commission yesterday said that it would be overruling China Development Financial Holding Corp (中華開發金控) on all types of applications -- including business expansion or investment plans -- until the company follows the commission's previous ruling and dismisses Daniel Wu (吳春台) from its board of directors and the boards of its affiliates, China Development Industrial Bank & Partners Investment Holding Corp (開發國際), and as a board member at China Development Industrial Bank (中華開發工銀).
The commission demanded last month that China Development Financial strip Wu of his positions within one month, as he failed to avoid a conflict of interest during the company's hostile takeover bid for Taiwan International Securities Corp (金鼎證券).
■ Doraemon coming to 7-Eleven
In a bid to grab a bigger share of the summer boom season, two major convenience store chains yesterday launched their latest large-scale marketing campaigns. President Chain Store Corp (統一超商), operator of the world's third-largest 7-Eleven franchise, is offering three-dimensional Doraemon magnets as free giveaways for purchases of over NT$77 (US$2.4) mark.
President Chain hopes the revenue performances by Sept. 12, when the campaign ends, can reach the same level seen a year ago. Last summer, President Chain led the industry by launching its first Hello Kitty campaign, driving sales by 20-percent growth year-on-year.
The effects are expected to lessen as all its rivals have soon followed suit in offering gifts to encourage consumer visits.
Hi-Life International Co (萊爾富), the nation's third-largest convenience store chain, announced a new wave of promotions yesterday with photo frames featuring Maruko, also a Japanese cartoon figure, given with purchases over NT$88.
■ Taiwan main Vietnam investor
Taiwan tops the list of foreign investors in Vietnam with accumulated investment totaling US$7.8 billion, the Ministry of Economic Affairs said in a report yesterday.
The report said that although Taiwan is Vietnam's main investor, Vietnam is not the top destination of Taiwanese investment in Southeast Asia.
The biggest share of investment monies in Southeast Asia goes to Indonesia. Taiwan has poured in US$13.8 billion into Indonesia, ranking sixth among Indonesia's foreign investors.
■ Powerchip funds expansion
Memory chip maker Powerchip Semiconductor Corp (力晶半導體)raised US$303 million to fund expansion and acquisitions by selling convertible bonds and global depositary shares.
Proceeds of the transaction will be used to fund expansion of 12-inch silicon wafer facilities for a vacant plant Powerchip bought from Macronix International Co (旺宏電子).
■ Foxconn makes phones in India
Foxconn International Holdings Ltd (富士康控股), the Hong Kong-listed unit of Hon Hai Precision Industry Co (鴻海精密), said it will begin making cellphones in India in the second half of this year.
The company has already hired 100 Indian engineers, who are now training in China to be the ``seed'' workers at its factory in Chennai, said Edmund Ding (丁祈安), the spokesman for Hon Hai.
■ NT dollar closes higher
The New Taiwan dollar traded higher against its US counterpart yesterday, advancing NT$0.065 to close at NT$32.664 on the Taipei foreign exchange market.
Turnover was US$725 million.
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