Sun, Nov 30, 2008 page11

• Business Quick Take

  • AGENCIES
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  ■Info tech

  Sales in Taiwan increase

  The local buying offices of foreign information and communication technology (ICT) companies procured US$86.8 billion worth of ICT and electronics goods in Taiwan this year, a 6.9 percent increase from a year earlier, the nonprofit Institute for Information Industry (III) reported on Friday. The foreign companies bought US$48 billion worth of notebook computers from local manufacturers this year, making it the backbone of foreign high-tech outsourcing in Taiwan. Nine foreign companies have each made over US$2.5 billion in purchases in Taiwan through their local buying offices this year, the III said. Ten foreign firms procured between US$400 million and US$2.5 billion this year, it said.

  ■labor

  Trade Unionists rally

  Some 30,000 workers protested yesterday against moves to revise protections for part-time and temporary employees, police and organizers said. Trade unionists gathered at a park in Seoul to rally against plans to re-draw a 2006 law forcing bosses of “irregular workers” to hire them as permanent staffers or fire them after two years. The ruling conservative Grand National Party and the labour ministry plan to extend the period to four years, sparking protests from opposition parties and labour unions. There were no immediate reports of any clashes during the rally.

  ■finance

  Capital flow under threat

  The global financial crisis risks causing a 50 percent slide in capital flows to developing nations in Africa, Asia and Latin America next year, according to the World Bank’s chief economist. “We must intensify our efforts to catalyze and leverage private capital in support of development,” including the use of public-private partnerships, World Bank Senior Vice President Justin Lin (林毅夫) said in a statement prepared for delivery yesterday to a UN development conference in Doha, Qatar. Lin’s statement said developing countries are entering a “danger zone” where economic growth could slow to 4.5 percent next year from an average of 7.8 percent in 2006 and last year. Every percentage point decline will push 20 million people into poverty, according to his statement.

  ■Banking

  Commission blocks plan

  The European Commission is blocking the French government’s plan to bail out its six largest banks by insisting that state funds can not be used for commercial lending, Britain’s Financial Times reported on Friday on its Web site. According to the report, EU Competition Commissioner Nellie Kroes has rejected pleas by French Finance Minister Christine Lagarde to approve the French 10.5 billion euro (US$13.3 billion) plan. In the French plan, the government would subscribe to subordinated five-year debt issued by the six banks. In exchange, the banks committed themselves to increasing their loans to individuals and companies by 3 percent to 4 percent next year.

  ■internet

  Icahn increases stake

  Corporate raider Carl Icahn increased his stake in Yahoo following the decision of co-founder Jerry Yang (楊致遠) to step down as head of the Internet firm, documents filed with the Securities and Exchange Commission (SEC) showed. Icahn acquired 6.77 million more shares of Yahoo stock from Monday to Wednesday for US$67 million, taking his stake in the firm to 5.4 percent, up from the 5 percent he owned previously, the documents filed with the SEC and dated on Wednesday showed.
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