No gas price hike yet
The Ministry of Economic Affairs has not considered immediately raising domestic gasoline prices, Minister of Economic Affairs Lin Yi-fu (林義夫) said yesterday.
Lin said Chinese Petroleum Corp (中油) faces strong pressure to raise its petroleum product prices as the average international price of crude oil has surged to US$35 per barrel, a new high in nearly two years, amid a looming war in Iraq.
"The ministry will take into account the burden of individual consumers and the nation's overall economic situation while weighing whether to raise the domestic gasoline prices," Lin said.
Cabinet plans bank share sale
The government is planning to sell stakes in state-owned banks to foreign investors, a Cabinet official said yesterday, citing Vice Premier Lin Hsin-yi (林信義).
The Ministry of Finance was working on the stake disposal plan, which would allow foreign banks to wholly own state-controlled banks, the official added.
The relaxation of foreign investment rules in banks is aimed at upgrading the operations and management of local banks with international expertise, the official said.
Citigroup has bought a 10.16 percent stake in the privately-run Fubon Financial Holding Co (富邦金控) but there has so far been no foreign investment in state-run banks.
Local media had reported that the Bank of Taiwan (台灣銀行), Land Bank of Taiwan (土銀), Taiwan Cooperative Bank (合作金庫) and Central Trust of China (中央信託局) are seeking foreign investors.
China Steel to boost output
China Steel Corp (中鋼) may build a steel furnace to help fill an annual gap of as much as 6 million tonnes of steel slab in the country, a company official said.
China Steel may build a NT$13 billion (US$372 million) steel furnace in Taichung, a local newspaper reported, citing chairman Lin Wen-yuan (林文淵).
"Taiwan faces an annual shortage of 5 million tonnes to 6 million tonnes of steel slab, which needs to be imported," vice president of finance Chung Lo-min (鍾樂民) said. "Meeting that gap is what our chairman is concerned with."
Chung declined to elaborate on the value and the feasibility study for the plant.
CAL starts Vietnam cargo trips
China Airlines Co (華航) said yesterday it is scheduled to launch the country's first ever all-cargo service to Ho Chi Minh city to cater for strong demand.
Beginning Sunday, the airlines will provide two cargo flights weekly to Vietnam, which is viewed a booming market with great potential for air cargo transportation, the carrier said.
China Airlines has a fleet of 41 passenger jets and 14 freighters, and operates flights to 20 countries.
High Tech gets HP order
High Tech Computer Corp (宏達國際), which makes hand-held computers for the mobile-phone unit of France Telecom SA, has an order from Hewlett-Packard Co for similar products that can form wireless connections to the Internet, a local newspaper said, citing unidentified officials.
High Tech Computer will start shipments to Hewlett-Packard in the second half this year, after South Korea's LG Electronics Inc had difficulty meeting Hewlett-Packard's demand for the hand-held computers, the report said.
NT dollar dips slightly
The New Taiwan dollar yesterday traded weaker against its US counterpart, dropping NT$0.022 to close at NT$34.779 dollar on the foreign exchange market.
Turnover was US$459 million, unchanged from last Friday's recorded figure.
Agencies
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