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[BUSINESS BRIEFS]

Cash boost for Cathay Life

Cathay Financial Holding Co (國泰金控), the nation’s largest listed financial services company, is to inject NT$10 billion (US$307 million) into its Cathay Life Insurance Co (國泰人壽) unit to boost the insurer’s capital adequacy ratio, a stock exchange filing said yesterday.

Cathay Financial’s board also approved the company’s financial report for the first three quarters, with profit surging 107 percent to NT$7.84 billion, or NT$0.81 per share, during the first nine months.

Among its subsidiaries, Cathay Life saw net income of NT$1.19 billion, Cathay United Bank (國泰世華銀行) reported a profit of NT$6.57 billion and Cathay Century Insurance Co (國泰世紀產險) posted a profit of NT$560 million.

Bank bosses make top pay list

Four Taiwanese banking heads have been listed among the 50 most highly paid bank executives in the Asia-Pacific region, a report released on Wednesday by the Asian Banker Journal said.

Among the the top earners was Ta Chong Bank (大眾銀行) president Edmund Koh (�?w), who with a total remuneration package of between US$1.5 million and US$3.01 million was ranked the 16th-highest paid in the region.

EnTie Commercial Bank (安泰銀行) president Jesse Ding (丁予康) was ranked 32nd with a pay of US$480,000, Far Eastern International Bank (遠東商銀) president Eli Hong (洪信德) 39th with US$250,000 and Chang Hwa Commercial Bank (彰化銀行) chairman Julius Chen (陳淮舟) 43rd with a remuneration package of US$150,000 to US$300,000.

China Steel sees income fall

China Steel Corp (中鋼), the nation’s largest steelmaker, saw net income drop 17 percent to NT$10.4 billion (US$319 million) in the three months ended Sept. 30, from NT$12.6 billion a year earlier, figures from nine-month earnings released by the Kaohsiung-based mill yesterday showed.

China Steel raised domestic prices twice in the third quarter as an economic recovery bolstered steel demand. The company booked NT$11.2 billion in write backs for stockpiles and raw materials in the third quarter, it said on Wednesday.

Nine-month net income dropped to NT$3.92 billion, or NT$0.3 a share, from NT$39.5 billion, or NT$3.14 a share a year earlier, the company said in the statement. The mill posted an operating loss of NT$3.28 billion in the nine months.

Wistron to raise cash

Local contract PC maker Wistron Corp (緯創) said on Wednesday its board had approved a proposal to raise a total of US$149.1 million to expand capacity and boost working capital at its four Chinese units.

The company also planned to inject US$31 million into its Mexican unit and invest 12 million euros (US$17.7 million) in a new company in the Netherlands that develops display technologies, a stock exchange filing said.

NT dollar slumps again

The New Taiwan dollar fell for a third day on speculation the central bank would clamp down on property lending and that a faltering global economic recovery would curb exports.

The NT dollar fell 0.3 percent to NT$32.58 against its US counterpart as of the 4pm close, Taipei Forex Inc said. The currency had hit NT$32.65, its weakest level since Sept. 15.

The currency fell as the TAIEX index slumped 2.37 percent, its biggest loss since July.

“Taiwan’s dollar is being affected by short-term money flows,” said Tigr Cheng (程裕城), a strategist at Polaris Securities Co (寶來證券). “The US dollar is strong because investors are taking profit from selling assets with higher risk, such as stocks.”


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