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World Business Quick Take

■ INVESTMENT

China-bound funds dwindle

A total of 117 applications for investment in China were approved during the first two months of this year, down 25 percent from the same period last year, with the total investment amount declining 5.51 percent to NT$1.15 billion (US$37.5 million), statistics released on Friday by Taiwan's Investment Commission showed. During the two-month period, the commission also handled registration of 50 small-amount China-bound investment cases that do not require prior approval, with each investment valued at less than US$200,000 and the total amount adding up to US$6.7 million. The nation's total outbound investment reached NT$760.28 million during those two months, up 183.92 percent year-on-year, the figures show.

■ BANKING

BOJ material leaked

Confidential Bank of Japan (BOJ) material on financial institutions was leaked by an employee and posted on Web sites, the central bank said. The material, leaked from a BOJ branch in Shimane Prefecture, included information related to financial institutions' earnings and dealings in Treasury bonds, a statement from the central bank said yesterday. The sites deleted the information at the bank's request, the statement said. The employee took home the materials without the consent of his superior, the statement said.

■ TRADE

Doha better for south: US

A White House economic affairs advisor said on Friday that developing countries have more to gain than the rich north from the lower tariffs the US is seeking in the Doha round of trade talks. "The Doha round is often incorrectly characterized as a North-South issue. In fact, developing countries have the most to gain from the cut in tariffs from other developing countries," Daniel Price told a trade meeting in Hanoi. "Around 70 percent of tariffs paid by developing countries are paid to other developing countries" he said, adding that trade between developing countries is increasing 50 percent faster than overall trade.

■ BANKING

SG challenges lawsuit

French bank Societe Generale (SG) vowed on Friday to mount a "vigorous" challenge to a New York lawsuit accusing it of misleading investors and failing to clamp down on a rogue trader who ran up massive losses. The bank said it "took note" of the class action law suit filed on March 12 in a federal court in New York. The class action lawsuit alleges that Societe Generale and its chairman Daniel Bouton "misled investors regarding its activities and exposure in the subprime mortgage markets," a statement from the law firm representing the plaintiffs said. SG was also accused of insufficient controls and failure to act on information regarding unauthorized trades by junior trader Jerome Kerviel.

■ AVIATION

Berlusconi against deal

Former Italian prime minister Silvio Berlusconi said on Friday he would veto Air France-KLM's deal to buy Alitalia if he won April's election and promised an imminent counterbid from a domestic company. The comments by the media tycoon, ahead in polls to become the next prime minister, are the latest blow to Air France-KLM's planned takeover, which has become a hot issue in election campaigning ahead of the April 13 to April 14 vote.