Sat, Feb 26, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

Officials approve investments

AU Optronics Corp (友達光電) won regulatory approval to invest US$230 million in Japan’s M.Setek Co for production of polysilicon and solar wafers, the Investment Commission said in a statement on its Web site yesterday.

Hon Hai Precision Industry Co (鴻海精密) won regulatory approval to invest US$50 million to form a new company for production of calculators and components in China, the commission said.

The commission also approved other China-bound investments, including US$57.5 million by Formosa Plastics Corp (台塑), US$60 million by Advanced Semiconductor Engineering Inc (日月光半導體) and US$65 million by Chimei Innolux Corp (奇美電子), it said

Banks approve China deals

The boards of three Taiwanese financial firms yesterday approved plans to sign cooperation agreement with their Chinese peers on business expansion and personnel exchange.

According to their respective filings to Taiwan Stock Exchange yesterday, Chinatrust Financial Holding Co (中信金控) said it planned to ink a business pact with China Development Bank (國家開發銀行), while Hua Nan Commercial Bank (華南銀行) and First Commercial Bank (第一銀行) would cooperate with Fujian Haixia Bank (福建海峽銀行) and Farmers’ Bank of China (中國農民銀行) respectively.

DBS Bank invests in Taiwan

Singapore’s DBS Bank Ltd won regulatory approval to invest NT$10 billion (US$336.1 million) in Taiwan, the Investment Commission said yesterday.

Furukawa Electric Co from Japan also won approval to invest NT$450 million, it said.

Renewable energy use to rise

Taiwan aims to have total installed electricity capacity of 6,390 megawatts from renewable sources by 2020, from 3,060 megawatts in 2009, the Bureau of Energy said in a statement yesterday.

The nation may get 6 percent of its electricity output from renewable energy in 2020, the bureau said, without giving comparative figures.

Kinpo expanding in China

Rock Hsu (許勝雄), chairman of Kinpo Group (金仁寶集團), is expanding his business into Chinese department stores.

He’s investing NT$1 billion in a department store in Dalian, China, along with Taipei’s Breeze Center (微風廣場), the Chinese-language Apple Daily reported yesterday.

The Breeze Center is searching for the ideal plot of land for the development.

Hsu is upbeat on China’s consumption demand because Beijing will launch its 12th five-year economic plan in the second half of this year, the paper said.

Asustek launches China phones

Asustek Computer Inc (華碩電腦) teamed up on Thursday with China Mobile (中國移動), the world’s biggest telecom carrier, to launch five smartphones that run on China’s homegrown 3G network.

The phones are designed to run on China Mobile’s TD-SCDMA network, and use China Mobile’s Ophone operating system, Asustek said in a statement.

Two of the new smartphones — T10 and T20 series — are powered by a new integrated chip, the PXA920, which is manufactured by Marvell, a US-based chipmaker. The T10 and T20 will go on sale next month.

NT dollar gains slightly

The New Taiwan dollar gained 0.2 percent yesterday to NT$29.754 against its US counterpart, according to Taipei Forex Inc.

For the week the NT dollar fell 1.2 percent, its biggest weekly decline since May last year on concern surging oil prices will slow the global economy, sapping demand for riskier -emerging--market assets.

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