Fri, Mar 10, 2006 page11

• Business Briefs

  • STAFF WRITER WITH AGENCIES
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  ■ Bank fined for security lapses

  The Financial Supervisory Commission on Thursday fined Taiwan Business Bank (台灣企銀) NT$2 million (US$61,500) for the bank's failure to enforce internal security controls, the commission announced yesterday. The bank was penalized after an employee at its branch in Tai-ping (太平), Taichung County, stole NT$16 million from automatic teller machines (ATMs) during the Lunar New Year holiday. The culprit is still at large. The commission said that the bank had failed in several areas, including accurate control of the ATM codes and security monitoring systems, constituting a breach of Article 45-1 of the Banking Law (銀行法), which regulates banks' obligation to maintain proper internal controls.

  ■ Toll firm sues lawmaker

  Far Eastern Electronic Toll Collection Co (遠通電收) yesterday filed a lawsuit against People First Party Legislator Liu Wen-hsiung (劉文雄), accusing the lawmaker of libel and damaging the company's credibility, the company said in a statement. Liu on Wednesday said that licensing for the company's infrared system may have been faked, as the document bore the seal of a German company, while the system had actually been created by an Austrian firm. Far Eastern Electronic, contractor for the nation's first highway electronic toll collection system, said that the High Administrative Court had found the document to be in accordance with the relevant regulations.

  ■ Sharp to buy Quanta panels

  Sharp Corp will buy panels for TVs from Quanta Display Inc (廣輝電子) to meet rising demand before the World Cup soccer tournament and to maintain its lead as the world's largest liquid-crystal-display (LCD) television maker. Sharp will buy Quanta panels starting this month for 26-inch and 32-inch televisions sold outside of Japan, said Hiroshi Takenami, a spokesman based in Tokyo. Sharp lost market share to Sony Corp in the global LCD television market in the October-to-December quarter, as it failed to make enough television sets, a situation which Sharp president Katsuhiko Machida called the company's "biggest regret of 2005." Sharp also signed an agreement last month with Chi Mei Optoelectronics Corp (奇美電子) to share some LCD patents, and may buy LCD displays for smaller TVs and computer monitors from the Taiwanese manufacturer.

  ■ Chi Mei secures loans

  Chi Mei Optoelectronics Corp (奇美電子) has signed agreements with 30 banks for seven-year syndicated loans worth a total of NT$60 billion (US$1.85 billion), the company said yesterday. The funding will be used to build 7.5-generation production lines for liquid-crystal-display (LCD) panels and color filters, a company statement said. Chi Mei, the world's fourth-biggest flat-panel maker, plans capital expenditure for this year of about NT$100 billion (US$3.08 billion). The company delivered 5.6 million television panels last year, which came in better than its original projection of 5.5 million. Chi Mei president Ho Jau-yang (何昭陽) said last month that he expected shipments of all panels to grow 55 percent to 38 million panels this year, including combined shipments of 28 million computer-monitor panels.

  ■ Fund outflows cap forex gains

  The New Taiwan dollar turned strong against its US counterpart yesterday, but its gains were capped by foreign fund outflows, dealers said. The local currency rose NT$0.007 to close at NT$32.523 on the Taipei foreign exchange market, on turnover of US$767 million.
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