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China unveils new jet

China's first home-made passenger airliner rolled off a production line in Shanghai yesterday in an event hailed as a milestone in the nation's ambition to become a giant of the global aviation industry.

The mid-range ARJ-21, which stands for "Advance Regional Jetliner for the 21st Century," was unveiled at its assembly plant in a glitzy nationally televised ceremony which was as much an advertisement for potential customers around the world as a boost to national pride.

The new jet has been dubbed the Xiangfeng (翔鳳), or "Flying Phoenix."

Built by the China Aviation Industry Corp, the country's biggest military aircraft maker, the planes have a capacity of 70 to 90 seats.

The ARJ-21 is expected to make its first test flight in March and enter commercial operation by late 2009, when mass production of the aircraft is set to begin.

Deutsche Bank buys stake

Deutsche Bank AG, Germany's largest bank, announced that it bought a 60 percent stake in Taiwan's Far Eastern Alliance Asset Management Co (遠東大聯合投信).

The investment-management company will be jointly owned by the Frankfurt-based bank with Far Eastern International Bank (遠東銀行), which holds the remaining 40 percent, Deutsche Bank said on its Web site on Wednesday.

The firm will be renamed Deutsche Far Eastern Asset Management Co. The price of the purchase, which needs regulatory approval, wasn't disclosed.

"The transaction is in line with the objectives for our asset management division in Asia, namely, having leading platforms in core large and growing economies focused on global products and alternative investments," said James Wu (吳均龐), Deutsche Bank's chief country officer in Taiwan.

Jobless rate inches up

Taiwan's jobless rate rose from close to the lowest in a year as companies hired fewer workers amid concern a slowing global economy will cool export growth.

The seasonally adjusted rate rose to 3.93 percent last month from 3.89 percent in October, the statistics bureau said in Taipei yesterday.

The median estimate of 14 economists surveyed by Bloomberg News was 3.9 percent.

The jobless rate fell to a five-year low of 3.83 percent in October last year.

Economic expansion may slow to about 4.53 percent next year from a projected 5.46 percent this year, government forecasts say. Growth in exports, which account for half of the economy, slowed to 11.8 percent last month from 14.4 percent the previous month.

Without adjusting for seasonal factors, the jobless rate dropped to 3.87 percent from 3.92 percent in October, the Directorate General of Budget, Accounting and Statistics said. The number of people unemployed declined to 417,000 from 421,000 in the previous month.

Bank of Taiwan raises rates

State-run Bank of Taiwan (台灣銀行) yesterday raised interest rates by 0.06-0.08 percentage points for all deposits denominated in New Taiwan dollars following the central bank's 0.125 percentage point hike for its key interest rates. It was also the bank's 14th straight interest rate hike.

The move was aimed at matching the central bank's monetary policy as well as reflecting current money market trends. The new rates apply only to deposits and will take effect on Monday.

NT dollar rises

The New Taiwan dollar yesterday gained by NT$0.011 to close at NT$32.485 against the greenback in Taipei yesterday on turnover of US$771 million.
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