CLOSE WATCH: The bank's warning of punitive action against speculators and short- covering of US dollar non-deliverable forward contracts drove the local currency lower
By Kevin Chen
The New Taiwan dollar dropped nearly three-quarters of a percent against the greenback yesterday after the central bank showed its determination to prevent speculative attacks on the local currency, dealers said.

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By Joyce Huang
Local beer prices may rise by NT$2 to NT$3 per bottle due to higher barley prices, an executive of the state-controlled Taiwan Tobacco and Liquor Corp (台灣菸酒公司) said yesterday.

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ASIAN DEMAND: The top PVC maker benefited from its production expansion, higher product prices and electricity shortages that affected Chinese output
Formosa Plastics Corp (台塑), the nation's largest maker of polyvinyl chloride (PVC), posted a 55 percent gain in fourth-quarter profit after boosting production of the chemical.

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CHANGE OF TACTIC: After failing to reach an agreement with private bidders, the owner has decided to reopen a public auction and may raise the price to NT$10 billion
By Joyce Huang
The owner of Agora Garden (亞太會館) hotel is organizing a new auction of the property in Taipei's upscale Xinyi District, with a higher floor price, the hotel's real-estate consultant, DTZ (戴德梁行), said yesterday.

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Americans, jolted by a credit crisis, job cuts and soaring energy costs, turned in the weakest spending performance in 17 months last month, further evidence that the risks of a recession are increasing.

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The production value of Taiwan's free software industry is expected to reach NT$15 billion (US$494 million) this year, the Industrial Development Bureau said yesterday.

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ALL IN THE TIMING: The Chinese authorities are holding off on granting licenses for 3G service until they move a system into place that competes with global standards
China will launch a trial service of its homegrown next-generation mobile phone standard next week, news reports said yesterday, possibly moving its giant market closer to the long-anticipated rollout of new services.

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Samsung Electronics Co, the world's largest computer-memory chipmaker, forecast sales growth that missed analyst estimates amid falling semiconductor prices.

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National Semiconductor Corp chief executive officer Brian Halla said on Thursday that demand for mobile phones is holding up even as the economy slows.

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Shares rise on Hu comments
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