Thu, May 06, 2010 page11

• [BUSINESS BRIEFS]

  • STAFF WRITER, WITH AGENCIES
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  Foreign exchange reserves rise

  Foreign exchange reserves amounted to US$357.56 billion at the end of last month, which represented an increase of US$2.52 billion from the previous month, the central bank said in a statement yesterday.

  The main factor responsible for last month’s increase in foreign exchange reserves was returns from foreign exchange reserves management, the central bank said.

  Bank sues N Korean lender

  A local lender said yesterday it was taking the rare step of suing a bank in North Korea to recoup millions of dollars in unpaid loans.

  Taipei-based Mega International Commercial Bank (兆豐國際商銀) said it had granted a two-year, US$5 million loan to North Korea’s Foreign Trade Bank in 2001 but had only been repaid US$462,000.

  It filed the lawsuit at a New York court in January after the North Korean bank failed to pay the remaining money plus interest. The first hearing is scheduled for May 17, Mega said.

  New York was chosen as it is the usual venue for court hearings into international banking disputes, Mega said.

  UMC board approves share sale

  United Microelectronics Corp (UMC, 聯電), the world’s No. 2 contract chipmaker, yesterday said its board had approved a proposal to sell as many as 1.3 billion shares, or 10 percent of its total outstanding shares, via private placement.

  UMC intends to seek semiconductor technological cooperation, or strategic alliance with local or overseas companies via the share sale, according to a filing to the Taiwan Stock Exchange.

  The share sale could be in form of common shares, global depositary, or corporate bonds, it said.

  The proposal will be put up to discussion during the annual shareholder’s meeting scheduled for June 15.

  Citigroup hiring hundreds

  Citigroup Inc plans to add a “few hundred” employees at its Taiwan unit this year, said Victor Kuan (管國霖), president of the bank’s local operations.

  Kuan, speaking in Taipei yesterday, also said Citigroup is “focused” on integrating the 2007 acquisition of Bank of Overseas Chinese (華僑銀行) and how to build the Citigroup Taiwan franchise this year, responding to a question about whether the bank is planning any acquisitions in Taiwan.

  Citigroup is targeting “double digit” growth in revenue and pretax profit in Taiwan this year, Morris Li (利明献), chairman of the company’s local operations, said at the same event.

  Tracfone sues 20 LCD makers

  Tracfone Wireless Inc, the US prepaid phone service division of America Movil SAB, sued 20 LCD makers, including AU Optronics Corp (友達光電), LG Display Co and Sharp Corp, for price fixing.

  Tracfone alleges the LCD makers conspired to fix, raise and stabilize prices of panels from 1996 through 2006, according to a filing to the US District Court of the Southern District of Florida (Miami).

  Tracfone is seeking a US federal injunction and damages under state laws, according to the filing.

  Shipbuilder cancels IPO

  A Chinese shipbuilder has abruptly canceled a S$666.4 million (US$482 million) initial public offering (IPO) that would have been the biggest share offer in Singapore this year.

  In a statement issued late on Tuesday, New Century Shipbuilding Ltd (新世紀造船) did not give a reason for its surprise decision, which came as equities markets reeled from fears of contagion over Greece’s debt crisis.
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