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TSMC cushions stock fall

Shares closed 0.65 percent lower yesterday as sentiment was punished by the slide on Wall Street overnight after rising bond yields deflated hopes for a US interest rate cut, dealers said.

But the fall was cushioned by heavyweight Taiwan Semiconductor Manufacturing Co's (TSMC, 台積電) positive showing after going ex-dividend, they said.

The TAIEX closed down 54.55 points at 8,300.71 on turnover of NT$133.73 billion (US$4.05 billion).

TSMC closed up NT$0.70 at NT$65.40 after going ex-dividend for a cash dividend of NT$2.99 per share and a 0.49 percent stock dividend.

Tax take rises

The national coffers took in NT$283.8 billion (US$8.6 billion) in tax revenues last month, up 28.6 percent or an increase of NT$63.2 billion from a year earlier, the Ministry of Finance said yesterday.

The biggest boost came from income tax revenues, which rose by NT$62.1 billion year-on-year to NT$146.2 billion, posting an annual growth rate of 73.8 percent compared with other sources of tax.

In this category, business income tax reached NT$115 billion, up by 103.7 percent, and personal income tax totaled NT$31.2 billion, up by 12.8 percent from the same period last year.

Securities transaction taxes amounted to NT$8.4 billion last month, down by 17.9 percent year-on-year as the average daily turnover in May last year reached a new high of NT$133.1 billion, compared with the average figure of NT$96.6 billion last month.

In the period from January to last month, total tax revenues reached NT$676 billion, up 11.7 percent, or a jump of NT$70.9 billion, over last year's level.

Paper firms `dumping'

The activities of some Japanese and Chinese manufacturers of uncoated printing and writing paper were found to constitute dumping, with margins surpassing 20 percent, the Ministry of Finance said yesterday.

Indonesian paper firms were not involved in dumping as their margin was zero, the ministry said.

Japan's Nippon Paper Industries Co, Oji Paper Co, Hokuetsu Paper Mills Ltd and some other Japanese paper makers recorded a dumping margin of 20.27 percent.

While China's UPM-Kymmene Paper Industry Co (芬歐匯川紙業) and Gold Huasheng Paper Co (金華盛紙業) posted a zero dumping margin, other Chinese paper makers recorded a dumping margin of 21.36 percent.

The ministry will send its findings to the Ministry of Economic Affairs, which will complete its investigation within 40 days for the finance ministry to decide on whether to impose anti-dumping duties on offending companies.

Ford blocks infringing parts

Ford Motor Co was successful in barring imports to the US of copycat grilles, headlamps and other parts for its top-selling F-150 truck.

The US International Trade Commission issued an order on Thursday that blocks imports of Taiwanese parts that infringe seven Ford design patents, the agency said. The decision is subject to review by President George W. Bush.

Parts covered by the order include grilles, headlights, bumpers, side-view mirrors and taillights. The order lasts until the expiration of the design patents, which last 14 years.

The four parts-makers named in the ruling are Gordon Auto Body Parts Co (耿鼎), Y.C.C. Parts Manufacturing Co (昭輝), TYC Brother Industrial Co (堤維西) and Depo Auto Parts Ind Co (帝寶).

NT dollar makes up ground

The New Taiwan dollar gained ground against its US counterpart yesterday, advancing NT$0.042 to close at NT$32.990 on the Taipei Forex Inc. Turnover was US$1.024 billion.


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