Thu, Oct 12, 2006 - Page 11 News List

Business Briefs

STAFF WRITER WITH AGENCIES

■ More investment for PSF

The Financial Supervisory Commission is considering allowing the nation's Postal Savings Fund (郵政儲金) to invest more abroad by adding investment items and raising the investment ceiling in order to better utilize the funds, the financial regulator said yesterday.

The commission planned to allow Postal Saving Fund (PSF) to invest in overseas securities, bonds and fixed-income products.

Approximately 10 percent of the over NT$3 trillion (US$90.2 billion) Postal Saving Fund is invested, while most of the remainder is saved in the central bank.

■ Cathay profits drop

Cathay Financial Holding Co (國泰金控) -- the nation's biggest financial services company by assets -- registered a 75 percent decline in third-quarter profits, as Taiwanese banks continue to digest bad credit-card debt.

Net income fell to NT$4.1 billion (US$123 million) from NT$16.6 billion a year earlier.

Cathay Financial said nine-month profit fell 52 percent to NT$13.1 billion, based on unaudited figures.

■ Deutsche to sell debt in Taiwan

Deutsche Bank AG will sell US$230 million in three-year bonds in Taiwan at a yield of 4.85 percent, a spokeswoman for the Frankfurt-based lender said yesterday.

The bonds are the first foreign currency-denominated debt sold in Taiwan, according to the Financial Supervisory Commission. The securities will be offered to retail investors starting today, Deutsche Bank said in a statement.

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