SPIKE: The TAIEX rose 5.3 percent to close at 8,515.60, its biggest gain since May 2004, after dropping 9.4 percent last week, its worst decline since March 2004
Stocks rose the most in more than three years yesterday as Cathay Financial Holding Co (國泰金控) led all gainers after the US Federal Reserve Bank cut its discount loan rate to contain instability in financial markets caused by the collapse of some US subprime mortgage-backed investments.

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By Jason Tan
The nation's cellphone contract manufacturers are expected to face a bleaker outlook as consumers may curtail spending in the wake of US subprime mortgage problems, Citigroup said in a report released yesterday.

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By Jason Tan
Flat-panel TV shipments continued to gain ground in the second quarter as consumers were more willing to forgo their traditional TVs as prices fell, market researcher DisplaySearch report said in the report released yesterday.

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High vegetable and fruit prices in Taipei City caused by Typhoon Sepat's heavy rain are expected to continue for three weeks, a spokesman for the Taipei Agricultural Products Marketing Co said yesterday.

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MERGER MISFIRE: In an abrupt about-face, NASDAQ said it is seeking to offload its share in the London Stock Exchange after a failed takeover bid in March
The NASDAQ Stock Market Inc said yesterday it is looking at ways to offload its 31 percent stake in the London Stock Exchange Group PLC, reversing its earlier position that it did not intend to sell the shares.

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Yuan forwards traders raised bets that the currency will rise faster after China's central bank said it will start swaps trading in the interbank foreign exchange market.

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Samsung Electronics Co of South Korea expects third-quarter operating profit in its memory chip business to double or triple from the previous quarter, a company executive said yesterday.

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China Air ratings unchanged

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