Fubon denies asset transfer
Fubon Financial Holding Co (富邦金控), Taiwan's second-largest financial services provider, said it has no plan to transfer business or assets into International Bank of Asia after its takes over the Hong Kong lender.
The statement was made to clarify an article in the South China Morning Post on Sept. 10, said Fubon, which did not elaborate. Fubon signed an agreement on Sept. 8 to buy Arab Banking Corp's 55 percent stake in International Bank and will make a general offer for its remaining shares, paving the way for a full takeover.
"Fubon does not have any intention to inject any material assets or business into International Bank or its subsidiaries, or to make any significant changes to the existing businesses of International Bank and its subsidiaries after the completion of the offer," the Taiwan lender said in a statement to the Hong Kong Stock Exchange on Sept. 15.
Microchip makers to slow down
The head of the world's leading contract microchip maker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) expects a semiconductor-industry slowdown in 2005 as Chinese producers come onstream and over-supply again becomes a problem.
"Our chairman [Morris Chang (張忠謀)] is basically restating his earlier assertion that the semiconductor industry tends to experience a cycle of `boom and bust' every five years. 2005 appears to be a year of `bust,'" TSMC spokesman Tseng Jin-hao (曾晉皓) said.
The expected 2005 slowdown would follow growth in revenue terms of 11 percent for the semiconductor industry this year and 17 percent next year, according to Chang.
Co-brand credit card issued
Taishin Commercial Bank (台新銀行), the nation's second-largest credit-card issuer, yesterday launched a co-brand card with the National Cultural and Arts Foundation, aiming to sponsor the nation's art programs.
Taishin will donate NT$2 to the foundation for every NT$1,000 spending charged to the bank's co-brand card, said Taishin senior vice president Daniel Tsai (蔡孟峰) at a press conference yesterday.
Tsai added that discounts, ranging between 5 percent to 50 percent, will be offered to cardholders who attend art programs presented by over 20 artistic groups.
Taishin has issued a total of 3.9 million credit cards and hopes to raise the figure to over 4 million by the year's end.
Recruitment campaign launched
Six of China's biggest state-owned enterprises have jointly launched an ambitious recruitment campaign for senior managers with residents in Hong Kong and Taiwan as their targets.
China's Assets Supervision and Administration Commission (SASAC), which was set up in April, has a total of seven ranking posts that need to be filled, the official China Daily reported on Tuesday.
The posts are being offered by the China United Telecommunications Corp, the China General Technology (Group) Holding Ltd, the China Aluminum Corporation, the China National Foreign Trade Transportation (Group) Corp, the China Energy Conservation Investment Corp as well as the State Development and Investment Corp.
The new recruitment campaign is said to be an attempt by Chinese authorities to reform the personnel system in state-run companies and introduce fresh blood from overseas.
NT dollar trades higher
The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.044 to close at NT$34.103 on the Taipei foreign exchange market.
Turnover was US$655 million.
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