■ Electricity
Taipower proposes rate hike
Taiwan Power Co (Taipower, 台電) drafted a proposal to raise electricity prices for the first time in more than two decades amid increasing fuel costs, a Chinese-language newspaper reported, citing chairman Morgan Hwang (黃營杉). The proposal seeks government authorization for state-run Taipower to adjust prices when fuel costs increase or decrease by 1 percent to 1.5 percent, the newspaper said. Taipower expects recent increases in domestic fuel prices may widen its losses to NT$4.7 billion (US$14.7 million) this year, from an original estimate of NT$3.1 billion, the report said, citing Hwang.
■ Privatization
Land Bank to sell stakes
The government plans to sell a 20.5-percent stake in the state-run Land Bank of Taiwan (土地銀行) for listing on the Taiwan Stock Exchange by the end of the year, a Chinese-language business daily reported, citing an official at the bank. The initial public offering will be the first step in privatizing the 100 percent government-owned lender, the newspaper said, citing Land Bank president Chang Yi-hsiung (張義雄). The government may introduce foreign insurance companies as strategic investors of Land Bank by selling another stake in a second phrase of its disposal, the report said, citing Chang.
■ Investment
Vietnamese officials to visit
A delegation organized by Vietnam's Ministry of Planning and Investment (MPI) is scheduled to hold a one-day workshop on Thursday at the Taipei International Convention Center, officials of the Ministry of Economic Affairs said yesterday. The delegation, to be headed by Phan Huu Thang, chief of the MPI's Foreign Investment Agency, will be made up of MPI officials and ranking executives of two state-run companies -- Vietnam Steel Corp and Electricity of Vietnam Corp. The group will introduce the investment environment and relevant regulations on investing in Vietnam. For more details on the event, phone (02) 2516-6626, Ext. 18.
■ Semiconductors
IBM doubles chip's speed
International Business Machines Corp, the largest maker of semiconductors for game consoles, has doubled the speed of its Silicon Germanium chips used in mobile phones and other wireless and digital devices. The so-called SiGe chip combines communications and computing on one chip. The new chip will cut the cost of wireless devices and speed product development, the Armonk, New York-based company said in an e-mailed statement yesterday. The new SiGe chip will allow the development of automobile safety systems to help drivers avoid crashes.
■ Tourism
China approves six countries
Tourists from China will be allowed to visit six more nations starting Sept. 15, bringing to 76 the number of government-approved destinations, according to the China National Tourism Administration's Web site. The six are Brazil, Mexico, Peru, Barbados, Antigua and Barbuda, and Laos, according to the Web site. There are no direct flights from China to Latin America, so tourists would have to transfer via North America or Europe, Xinhua said. There are direct flights between Laos and China. The World Tourism Organization estimates 100 million Chinese tourists will travel annually within 15 years, and China will become the fourth-biggest source of world travelers, the London-based Times newspaper reported last month.
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