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■ Yang Ming to invest in China
Yang Ming Marine Transport Corp (陽明海運) plans to invest US$33 million to set up a wholly owned logistics company in Shanghai, the company said in a filing to the Taiwan Stock Exchange yesterday.
The money will be used for rent and development expenses, said David Liu (劉吉雄), spokesman for the nation's second-largest container shipping firm by revenue.
Yang Ming Marine plans to lease land development rights from the Shanghai city government for 50 years, but the investment is still pending approval from the Taiwanese government, Liu said.
``This would be the first time we would invest in China directly,'' he said.
The new company, called Ming-Jiang (Shanghai) International Logistics Ltd (明江上海國際物流), will provide warehousing and other logistics services. Yang Ming Marine chose the area because of its proximity to Shanghai's airport and the sea, Liu said.

■ Hon Hai drops libel claim
Hon Hai Precision Industry Co (鴻海精密), a maker of iPods for Apple Computer Inc, dropped a libel claim against two Chinese journalists and their newspaper out of respect for their journalistic responsibility of performing investigations of companies, Hon Hai and China Business News said in a joint statement to the Taiwan stock exchange on Sunday.
The company, run by Terry Gou (郭台銘), Taiwan's second-richest man, pledged earlier this month to hire more workers and build dormitories in China after Apple said some labor practices at Hon Hai's factories violated its code of conduct.
Apple "has been working behind the scenes to help resolve the dispute" between Hon Hai and China Business News and its journalists, said Jill Tan, a spokeswoman for the Cupertino, California-based company.
Last month, Hongfujin Precision Industry Co (鴻富錦精密工業), a unit of Hon Hai, cut its libel claim against China Business News reporters Wang You and Weng Bao to 1 yuan (US$0.13), down from 30 million yuan in July. The lawsuit was originally filed with the Shenzhen Intermediate People's Court over an article about working conditions at one of the unit's factories in Shenzhen.

■ China Steel sales climb
China Steel Corp (中鋼), Taiwan's largest steelmaker, said sales rose 5.5 percent last month from the level a year earlier.
Revenue rose to NT$16 billion (US$487 million), the Kaohsiung-based company said in a statement to the Taiwan Stock Exchange yesterday. That also compares with NT$15.1 billion in July. Pretax profit last month increased 8.1 percent from a year earlier to NT$5.16 billion, the company said.

■ CAL starts Houston cargo flights
China Airlines (華航), Taiwan's largest carrier, is scheduled to open an all-cargo flight service between Taipei and Houston, Texas in the US on Sept. 30, the company said yesterday.
Boeing 747-400F aircraft will be commissioned to fly from Taipei two times per week, China Airlines said, noting that Houston will be the 11th destination in the North America market for China Airlines' "fixed point" all-cargo flight services.
Houston is the fourth-largest US city and has seen a recent boom in the development of industrial sectors like petroleum, medical treatment and pharmaceuticals, aviation and information technology.
China Airlines will be the first Asian air company opening direct cargo flights to Houston.

■ NT dollar gains ground
The New Taiwan dollar gained against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.135 to close at NT$32.749. Turnover reached US$667 million.

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