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Shares close flat

Shares closed flat yesterday as the early-session rise driven by a rebound in the NT dollar gave way to profit-taking, ending a three-day run-up, dealers said.

The TAIEX closed down 5.38 points or 0.07 percent at 8,216.41, on turnover of NT$103.78 billion (US$3.14 billion).

The NT dollar rose to a two-week high on speculation the nation's central bank bought the currency to stem losses after it fell to the lowest in 17 months. The currency gained NT$0.1 to close at NT$33.298, on turnover of US$1.47 billion at the Taipei Forex Inc.

Telecoms discuss market

Far EasTone Telecommunications Co (遠傳電信), the nation's second-biggest mobile operator, said its chairman Douglas Hsu (徐旭東) met Motorola Inc CEO Edward Zander yesterday and shared their views extensively on the current status of Taiwan's telecom market, wireless communications services, future prospects and consumer handset trends, a press release said.

Motorola is a key strategic partner to Far EasTone's expansion into wireless communications services, and Zander's visit has further strengthened cooperation between the two, it said.

FSC seeks financial adviser

The financial regulator will select a financial advisory agency on June 4 to help proceed with the public auction of troubled China United Trust and Investment Corp (中聯信託), Johnson Chen (陳戰勝), president of Central Deposit Insurance Corp (中央存保), told reporters yesterday.

The Financial Supervisory Commission is also slated to open the bidding for the Enterprise Bank of Hualien (花蓮企銀) next Thursday, Taitung Business Bank (台東企銀) on June 7, and The Chinese Bank (中華銀行) on July 31.

These banks had been taken over by the government.

Meanwhile, one foreign investor is doing due diligence at troubled Bowa Bank (寶華銀行), the commission said yesterday. The commission earlier demanded Bowa seek an injection of NT$5 billion by the end of this month.

China Steel ups prices

China Steel Corp (中鋼), the nation's largest steelmaker, will increase prices for a sixth straight quarter because of rising demand for the metal.

The company will raise prices by an average 2.4 percent for local customers in the three months starting July, the steelmaker said in an e-mailed statement today. The gain follows a 3.24 percent increase in the second quarter.

GDP rises year-on-year

The nation's GDP rose 4.15 percent year-on-year in the first quarter on the back of stronger-than-expected exports, the government's statistics bureau said yesterday.

The Directorate General of Budget, Accounting and Statistics (DGBAS) also raised its forecast for the growth of GDP this year to 4.38 percent from the February estimate of 4.30 percent.

Exports will increase 6.8 percent this year, while imports will rise 5.4 percent, the DGBAS said. Private consumption is predicted to grow 3 percent this year and consumer prices will rise 1.46 percent, it said.

Bank merger approved

The Fair Trade Commission yesterday approved a merger application from Citigroup Inc and the Bank of Overseas Chinese (華僑銀行) in accordance with Article 12 of the Fair Trade Act (公平交易法). The commission said the nation's financial sector is highly competitive, with a great number of banks vying for customers. Following the merger, the new entity will still be subject to market competition, it said in a press release.


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