DUMPING EQUITIES: Oversea investors remained bearish, selling a net NT$29.36 billion in local shares yesterday and NT$98.17 billion over the past five trading sessions
By Lisa Wang
The Ministry of Finance yesterday said it was not considering injecting fresh capital to stabilize the jittery local stock market despite growing worries about the persistent subprime mortgage problem in the US.

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FINANCIAL GIANT: The government's plan to merge the three banks into one financial holding firm is part of its efforts to consolidate the industry
By Jessie Ho and Kevin Chen
The Land Bank of Taiwan (土地銀行), the nation's third-largest bank by assets, will push forward the establishment of a government-proposed financial holding firm and ensure employee interests in the process of merger, president Tsai Ching-nain (蔡慶年) said yesterday during a handover ceremony when he formally replaced Chang Yi-hsuing (張義雄) as the president of the state-run bank.

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BY Jason Tan
Gym operators yesterday said they are committed to the new rules governing refunds and the creation of reserves, saying that the regulations would have a minimal impact on their operations.

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An Australian envoy visited President Chen Shui-bian (陳水扁) at the Presidential Office yesterday to deliver an invitation for Taiwan to participate in the informal summit of the APEC forum to be held in Sydney on Sept. 8 and Sept. 9.

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The US Federal Reserve, declaring that increased economic uncertainty poses risks for US business growth, announced yesterday that it has approved a half-percentage point cut in its discount rate on loans to banks.

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INVESTIGATION: The report came amid a nationwide probe into whether alleged price-fixing by producers is to blame for a steep jump in food prices last month
Beijing slammed Chinese instant noodle makers yesterday as being partly to blame for a surge in inflation, saying they illegally colluded to boost prices by up to 40 percent in a scheme that prompted a public outcry.

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Taiwan will put forth a proposal during next month's APEC forum to publicize the nation's efforts to tackle global warming and climate change issues, the Environmental Protection Administration (EPA) minister said on Thursday.

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The G7 have begun discussing measures to cope with plunging stock markets and wild foreign exchange fluctuations caused by US credit turmoil, a press report said yesterday.

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MSCI announces index changes

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