Thu, Aug 16, 2007 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

Care network to be established

The government will invest up to NT$81.7 billion (US$2.475 billion) over the next 10 years establishing a comprehensive care and service network for disabled elderly people, an official with the Council for Economic Planning and Development said yesterday.

The official said the nation has an estimated 210,000 people aged 65 or over with physical limitations, and the number of people in this group is estimated to increase to 301,000 by 2015.

An Organization for Economic Cooperation and Development study recently said the ratio of such spending to a country's annual GDP could increase from 1.1 percent in 2005 to 2.3 percent by 2050.

FTA could impact on textiles

The signing of a free trade agreement (FTA) between the US and South Korea might have a serious impact on the textile industry of Changhua County, Changhua County Commissioner Cho Po-yuan (卓伯源) said yesterday.

The county has 975 registered textile firms and is a stronghold of Taiwan's textile business.

The county's textile industry had been in decline for the past decade because of competition from China's low-priced products, Cho said, adding that the industry has seen some improvement in export orders since the US set limitations on import quotas for Chinese textile products earlier this year.

However, he added, the impact of the FTA might become evident from the end of this year, with more and more orders being transferred to South Korea.

Government plans bond auction

The government will sell NT$20 billion of bonds later this month to help with a treasury funds adjustment in the government debt operation, the Ministry of Finance announced yesterday on its Web site.

The Finance ministry's National Treasury Department plans to auction the NT$20 billion 20-year bonds on Aug. 27, the statement said.

On June 23, the ministry said it planned to sell between NT$80 billion and NT$90 billion of government bonds in the three months to Sept. 30, compared to NT$110 billion it sold in the same period last year.

Central bank sells debt

The central bank yesterday sold NT$100 billion in negotiable certificate of deposits (NCD) and certificate of deposits (CD) in an open market operation.

The central bank sold NT$86 billion 30-day CDs and NCDs at a fixed rate of 1.92 percentage points, the bank said in a release on its Web site.

The central bank also offered NT$13 billion 91-day CDs and NCDs at 1.99 percent, in addition to an offer of NT$1.3 billion 182-day CDs and NCDs at 2.07 percent, the release showed.

The central bank said a total of NT$787 billion in CDs had matured between Aug. 1 and Aug. 15, which it has replaced with NT$723 billion of new short-term debt in order to drain excess funds from the nation's money market.

Foreign outflows hit NT dollar

The New Taiwan dollar lost ground against its US counterpart yesterday, falling to its lowest close in two months due to foreign capital outflows amid stumbling stocks.

The NT dollar trade NT$0.042 lower to close at NT$33.010 against the US dollar on the Taipei Forex Inc, on turnover of US$946 million.

Foreign institutional investors yesterday sold a net NT$23.27 billion in Taiwanese shares, the Taiwan Stock Exchange's data showed. Foreign investors have unloaded a total of NT$118.3 billion in local shares so far this year, the exchange's data showed.

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