Economic indicators improving
The nation's economy showed signs of growth with the index of leading indicators for last month at 110.4 points, up 0.2 percent from May, the government said yesterday.
In May, the index of leading indicators registered a revised 0.2 percent month-on-month increase, the Council for Economic Planning and Development said.
The index is used as a gauge to forecast economic developments three months ahead.
Last month's index of coincident indicators, reflecting the current pace of economic activity, rose 0.4 percent month-on-month to 111.5 points, after posting a 1.3 percent gain in May, it said.
The total score of monitored indicators for last month was 25 points, up from 20 points in May.
Last month's monitoring indicators showed a "green light," which signals steady growth, reversing the "yellow-blue light" of the previous two months, which represents a slowdown.
Idee Taichung to close
Idee Department Store (衣蝶百貨), which is affiliated with the debt-ridden Rebar Asia Pacific Group (力霸亞太企業集團), will close its Taichung branch in October, CNA reported yesterday, citing a statement by Idee president Wang Lin-mei (王令楣).
The branch is scheduled to hold a two-month sale between Aug. 10 and Oct. 15 before the store closes, the statement said.
Earlier this year, Idee saw business slow and its financial situation deteriorate because of weak consumer confidence in light of the snowballing Rebar Group scandal.
Bank's buyout plan fails
Taiwan Cooperative Bank (合作金庫銀行), the nation's second-largest lender by assets, said its plan with BNP Paribas SA to jointly buy Sunrise Asset Management Co (台陽投信) for NT$318 million (US$9.7 million) failed after an agreement wasn't reached.
Instead, they will continue to seek an appropriate acquisition target, Taiwan Cooperative said in a statement to the Taiwan Stock Exchange today.
Taiwan Cooperative said on June 2 the two would buy Sunrise Asset, six months after agreeing to set up a joint venture.
Taiwan Cooperative agreed to pay NT$162 million for a 51 percent stake in Sunrise and Paris-based BNP was to invest NT$156 million for a 49 percent stake, the companies said at that time.
Solar energy has potential
Taiwan has great potential to develop solar energy and biofuels given the nation's well-established semiconductor manufacturing industry and fermentation technology, a local research institute said on Thursday.
The Topology Research Institute (拓墣產業研究) said Taiwan should not fall behind at a time when developing alternative fuels has become a necessity.
Fortunately, the researchers said, the nation's strong semiconductor industry provides it with a ready means to develop solar energy.
NT dollar closes down
The New Taiwan dollar slipped NT$0.021 to close at NT$32.861 against the US dollar, according to Taipei Forex Inc.
The currency completed its second weekly decline. Turnover was US$1.42 billion.
The NT dollar "continues to be a carry trade currency for funding," said Steve Rowles, an analyst at CFC Seymour Ltd in Hong Kong. "You get more money when you're investing out of Taiwan than when you're investing in it."
The local currency has lost 0.6 percent this year, the second-worst performing currency among the 10 most-active in Asia, according to data compiled by Bloomberg. Only the Indonesian rupiah has fallen more.
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