ProMOS loan rate cuts mulled
Banks involved in a syndicated loan to ProMOS Technologies Inc (茂德科技) are considering cutting the interest rate to 0.1 percent from the current 3.5 percent to help ease financial burdens on the lossmaking computer memory chipmaker, the Financial Supervisory Commission (FSC) confirmed yesterday.
The FSC said it has yet to see the final arrangement, which would lower interest payments from over NT$100 million (US$3.47 million) to a few million NT dollars.
The Hsinchu-based DRAM maker, which owes more than NT$50 billion in bank loans to more than 20 state-run and private lenders, will still have to pay the interest difference when it regains its financial health, the FSC said.
The banks may have to count ProMOS loans as non-performing lending if the arrangement fails to meet requirements.
Susan Chang (張秀蓮), chairwoman of state-run Bank of Taiwan (臺灣銀行) which leads the syndicated loan, was not available for comment.
Unpaid tax list published
The Ministry of Finance (MOF) said yesterday that a total of NT$126.4 billion (US$4.39 billion) in back-taxes owed by 1,416 taxpayers have not been collected thus far this year. The tax authorities are publicizing the detailed list this morning.
This is the second year the tax authorities have publicized the detailed annual list of individuals and businesses owing more than NT$100 million and NT$500 million in taxes respectively. Last year, the authorities publicized the list in May.
This year’s result showed an improvement compared with last year, with the amount of taxes owed falling by NT$4.4 billion and the number of taxpayers down by 142, the ministry said in a release.
As of the end of last year, the unpaid taxes totaled NT$277.7 billion, down NT$36.1 billion from the previous year, the ministry said.
New bank branches planned
The FSC yesterday approved plans by six domestic banks to open 10 new branches. Shanghai Commercial & Savings Bank (上海商銀) plans to establish three new branches while Land Bank of Taiwan (土地銀行) and Cathay United Bank (國泰世華銀行) plan to open two branches each, the FSC said.
Chinatrust Commercial Bank (中國信託商銀), Hua Nan Commercial Bank (華南銀行) and Taipei Fubon Commercial Bank Co (台北富邦銀行) plan to set up one branch each, the FSC said.
MSI to buy back shares
Micro-Star International Co (MSI, 微星科技), a leading Taiwanese maker of motherboards and notebook computers, said yesterday its board had approved plans to buy back 40 million shares, or 3.73 percent of those outstanding shares, according to a company filing to the Taiwan Stock Exchange.
China revokes computer rule
China has repealed a policy favoring Chinese producers in government purchases of computers and other technology that triggered complaints by foreign companies and governments that it violated free trade. China’s finance ministry said it would no longer enforce procurement rules that are part of a decade-old “indigenous innovation” campaign by the communist government.
Beijing said the policy was meant to support Chinese innovation, but foreign businesses complained it would hamper access to fast-growing markets.
NT dollar up against greenback
The New Taiwan dollar rose against the US currency yesterday, adding NT$0.118 to close at NT$28.802. Turnover totaled US$992 million during the trading session, up from US$785 million the previous session.
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