Ports handle more containers
The nation's ports handled 11.3 percent more containers in 2002 from the year before, helped by more demand for the islands products from China and the US.
Domestic ports handled 11.6 million 20-foot containers last year, according to figures provided by the Directorate-General of Budget, Accounting and Statistics.
Kaohsiung handled 8.49 million containers, 12.6 percent more than a year ago, making it the world's fifth busiest container port, the agency said.
Rising exports helped the nation's economy grow 3.54 percent last year as Taiwanese companies shipped more electronics components and raw materials to Chinese factories as they set up assembly lines there.
The world's three busiest ports are still Hong Kong, having handled 18.6 million containers last year, followed by Singapore with 16.8 million containers and South Korea's Busan with 9.44 million.
Shanghai, the fourth busiest port, handled 8.61 million containers last year, up 36 percent from a year earlier.
Salomon hired by First Financial
First Financial Holding Co (第一金控), the owner of the nation's No. 4 bank by assets, hired Salomon Smith Barney Inc to help raise about US$600 million by selling new shares overseas.
"We plan to sell 1 billion new shares, raising about US$600 million," First Financial's finance and investment department head, Lih Lee, said.
"Salomon Smith Barney will be the global coordinator and the road show will take place in May," he said.
The lender, which has a market value of NT$82 billion (US$2.36 billion) and forecasts net income of NT$5.8 billion, will sell the shares in the form of global depositary receipts, it said in a statement to the Taiwan Stock Exchange last month.
About US$500 million will be
invested in the company's First Commercial Bank (第一銀行) unit while the rest of the money raised will be invested in other subsidiaries, Lee said. "We hope to complete everything by the end of June."
Formosa Plastics to raise sales
Formosa Plastics Group (台塑) will increase spending this year, mainly to expand a naphtha cracker complex and a computer memory-chip making unit, a local newspaper reported, citing Vice Chairman Wang Yung-tsai (王永在).
Group sales are expected to exceed NT$700 billion (US$20 billion) this year, the paper reported, without giving comparative figures.
The group plans to invest NT$72.2 billion in the third phase of its No. 6 naphtha cracker project and is evaluating a fourth-stage of expansion, the paper said. Formosa isn't planning to invest in oil fields, the paper reported.
A naphtha cracker turns naphtha, made from crude oil, into ethylene and propylene.
Chi Mei is lifting output
Chi Mei Optoelectronics Corp (奇美電子), the country's No. 2 maker of flat-panel computer displays, is increasing production because it has more orders than it can meet, a local newspaper said, citing company officials.
The company will spend an undisclosed amount of money to boost capacity in three existing factories by about 70 percent, the report said, citing Chi Mei vice president Jeff Hsu (許庭禎).
Chi Mei will increase production from two factories in Taiwan and one in Japan starting in the second half, the report said.
NT dollar rises
The New Taiwan dollar yesterday turned stronger against its US counterpart, rising NT$0.032 to close at NT$34.707 on the Taipei foreign exchange market.
Turnover was US$380 million.
Agencies
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