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■ Grassroots credit
Overdue ratio down 7.91%
The credit departments of Taiwan's farmers and fishermen's associations had an average overdue loan ratio of 7.91 percent at the end of February, down 0.1 percentage points from the previous month's level, official statistics released yesterday show. The overdue loan ratio peaked at 19.33 percent at the end of 2001. Non-performing loans totaled NT$52.7 billion (US$1.6 billion) at the end of February, down NT$500 million from the previous month's level, the figures compiled by the Bureau of Agricultural Finance indicate.

■ Petroleum
CPC to focus on exploration
State-owned CPC Corp, Taiwan (CPC, 台灣中油) will invest at least NT$16 billion (US$482.66 million) in overseas oil and gas exploration during the next five years, company chairman Pan Wenent (潘文炎) said. "An oil company's domain is incomplete without exploration," Pan said, adding that CPC's objective was to become an international energy conglomerate with businesses including exploration, oil and gas sales and petrochemistry. CPC now operates at nine foreign oil and gas fields in six countries including Ecuador, Indonesia, Venezuela, Australia, Chad and the US. It has also won the bid for a Libyan field last year. CPC said it aimed to acquire an additional two fields and the equivalent of 10 million barrels of oil per year.

■ Research
Japan draws most US money
US multinational corporations poured more money into research in Japan than any other Asian country, according to findings published in the Business Times. Japan drew US$1.74 billion in research and development in 2004 compared to US$1.52 billion in 1999. Singapore drew the second-most investment, with a US Department of Commerce survey saying US multinationals invested US$711 million on research and development in the city-state in 2004, up from US$426 million five years earlier. In China, the third biggest Asian beneficiary, the amount was US$622 million, up from US$319 million. Australia attracted US$471 million for fourth place, followed by Taiwan receiving US$363 million, Malaysia with US$301 million, South Korea with US$246 million, Hong Kong with US$220 million and India with US$163 million.

■ Aviation
Fraport eyes Xi'an airport
Germany's Fraport AG, operator of Frankfurt International Airport, will invest about 50 million euros (US$67 million) for a 24.5-percent share in an airport in northwestern China, the company said. The Frankfurt-based airport company signed an agreement on Friday for the stake in Xi'an Airport in Shaanxi Province, a statement on the company's Web site said. Fraport said it would take over the airport's commercial development and work on optimizing its operations.

■ Patent rights
Toshiba takes on Daewoo
Toshiba Corp filed a complaint on Friday against a US subsidiary of South Korea's Daewoo Electronics Corp and 16 other companies for allegedly infringing a patent related to DVD players and recorders. Toshiba, Japan's biggest chipmaker, and its Toshiba America Consumer Product unit asked the US International Trade Commission to investigate New Jersey-based Daewoo Electronics America Inc and 16 other companies in China, Hong Kong and the US, according to the document filed to the commission and reproduced on its Web site.

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