APPRECIATION: The head of the central bank told lawmakers that the primary aim in raising key interest rates was to avert higher inflation, not boost the local currency
By Lisa Wang
Central bank Governor Perng Fai-nan (彭淮南) said yesterday that the bank's recent interest rate hikes were not aimed at propping up the local currency or the stock market, as Taiwan's economic growth remained healthy.

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UPSCALE SECTOR: The Taiwanese market is recovering from the unsecured loans problem, the company said at the launch of a gold card co-branded with EVA Airways
By Kevin Chen
American Express Bank Ltd, the third-largest US credit card network, yesterday launched a co-branded gold card with a local air carrier, saying it remained confident about Taiwan's credit card market and would target the upscale segment in particular.

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Sony yesterday displayed the first television for the commercial market with an organic light-emitting diode (LED) display it said symbolized the revival of the faltering Japanese electronics maker.

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By Jessie Ho
Motech Industries Inc (茂迪), the nation's biggest manufacturer of solar cells, posted record sales for last month and is expecting growth momentum to continue based on a stable supply of raw materials.

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Citigroup Inc, the US' largest financial institution, yesterday warned that its third-quarter earnings were likely to decline by 60 percent as it takes more than US$3 billion in writedowns for securities backed by underperforming mortgages and loans tied to corporate buyouts.

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TIE-UP: The alliance came as the newspaper industry faces difficulties in Japan, one of the few developed nations where newspaper circulation is yet to suffer
Three of Japan's leading newspapers said yesterday they would cooperate in their online productions and distribution, joining hands to maintain clout in an industry under threat from the Internet.

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Qualcomm Inc, the world's second-largest maker of mobile phone chips, is being investigated by the EU over allegations it overcharges Nokia Oyj, Ericsson AB and other handset manufacturers.

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The commercial arm of the British Broadcasting Corp has bought a 75 percent stake in the Lonely Planet travel guides, the corporation announced yesterday.

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Shares closed up 0.13 percent yesterday as profit-taking trimmed stronger earlier gains, dealers said.

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Ta Chong posts net NT$20m

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