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■ TAIEX down on profit-taking
Shares closed 0.15 percent lower yesterday as late profit-taking eroded gains made on Wall Street's overnight rally and a positive response to United Microelectronics Corp's (聯電) capital reduction, dealers said.
The TAIEX fell 11.77 points to 7,923.77, on turnover of NT$116.12 billion (US$3.54 billion).
Decliners outnumbered gainers 769 to 421, with 196 stocks unchanged.
Beyond Asset Management Co president Michael On said investors were eager to pocket profits following early gains.
"Investors chose the safe approach after the index failed to breach the psychological resistance level of 8,000 points on the index during the early part of the session," On said.

■ APBT elects Wang Lin-mei
Asia Pacific Broadband Telecom Co (APBT, 亞太固網) yesterday held an extraordinary board meeting to elect Wang Lin-mei (王令楣) as the fixed-line telecom operator's temporary chairwoman.
Wang Lin-mei, president of insolvent China Rebar Co (中國力霸) and also president of Idee Department Store (衣蝶百貨), will take over the position left by her brother Wang Lin-tai (王令台) after the latter was detained by prosecutors on Tuesday over the Rebar Asia Pacific Group (力霸亞太企業集團) scandal.
APBT is an unit of the troubled Rebar Group.
The government last week sent a team composed of the Small Business Integrated Assistance Foundation (中小企業聯合輔導基金會) under the Ministry of Economic Affairs and the privately run KPMG International (安侯建業會計師事務所) to help audit the telecom firm's financial statements.

■ Five financial institutions fined
The Fair Trade Commission yesterday slapped fines of NT$5.3 million (US$161,300) on five financial institutions for attaching inappropriate loan clauses, a violation of Article 24 of the Fair Trade Act (公平交易法).
The commission meted out penalties of NT$1 million on the Hongkong and Shanghai Banking Corp (匯豐銀行), NT$1.2 million on Fubon Life Assurance Co (富邦 人壽), NT$1 million on Sunny Com-mercial Bank (陽信商銀), NT$1 million on Bank of Panhsin (板信銀行) and NT$1.1 million on Taishin International Bank (台新銀行).
The commission also fined the Non-life Insurance Association of the Republic of China (產險公會) NT$1 million for asking members not to follow Financial Supervisory Commission's plan to push for a flexible rate system.

■ Bank penalized for negligence
The Financial Supervisory Com-mission yesterday fined Shin Kong Bank (新光銀行) NT$3 million for negligence and lax internal controls after a staff member was found to be stealing clients' money last year. The theft started in May 2002 and went on for four years, resulting in the loss of NT$122.7 million (US$3.7 million) from more than 10 savings accounts.
The employee Chen Yi-hui (陳憶慧) has been punished by the bank, Deputy Director General of the commission's Banking Bureau Jong Huey-jen (鍾慧貞) said.

■ NT dollar weakens
The New Taiwan dollar yesterday turned weak against the greenback as a result of short-covering in the US dollar, traders said.
The local currency was also under pressure because of strong US dollar demand from oil firms, they added.
The NT dollar closed NT$0.042 lower to NT$32.849 against the US dollar on the Taipei Forex Inc. Turnover was US$1.109 billion.
The Taiwan Institute of Econ-omic Research (台經院), however, said yesterday that the NT dollar could still appreciate this year, as foreign fund inflows may continue given a positive regional economic outlook.

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