Bidding for pavilion starts
The Taiwan External Trade Development Council (TAITRA, 貿協) yesterday announced a floor price of NT$416.88 million (US$13 million) in the auction of the Taiwan Pavilion currently on exhibition at the World Expo in Shanghai.
The bidding started yesterday and ends on Sept. 15.
TAITRA said that high-potential bidders include Taipei County, Chiayi City and Yamay Recreation World (月眉娛樂世界).
The pavilion will be moved to Taiwan after the expo ends in October. It will then be reconstructed and the winning bidder will gain rights to use related software and hardware worth NT$186 million as a tourist attraction.
Susan Chang retained
The Ministry of Finance yesterday announced that Susan Chang (張秀蓮) will remain as chairwoman of Taiwan Financial Holding Co (臺灣金控) and appointed Huang Shou-tsao (黃壽佐), a former lecturer in business management, as her deputy.
Huang, 63, who has a doctorate in business management from Tamkang University, will replace Tsai Fu-chi (蔡富吉) as company president, the ministry said in a statement.
Tsai is due to retire. Huang is to be sworn in today.
CPC offers jet fuel cargo
CPC Corp, Taiwan (台灣中油), the local state oil refiner, offered to sell a cargo of jet fuel for October loading, the Taipei-based company said on its Web site yesterday.
Central bank issues CDs
The central bank yesterday issued NT$270 billion in certificates of deposit (CDs), less than the NT$298.55 billion that matured, the monetary authority said in a statement on its Web site.
The central bank sold 30-day certificates of deposit at an interest rate of 0.63 percent, 91-day certificates at 0.67 percent, and 182-day certificates at 0.77 percent, according to an official statement.
Tycoon’s conviction upheld
A Chinese retailing tycoon’s conviction and 14-year prison term for insider trading and other offenses was upheld yesterday as he struggles to retain control of his company.
Huang Guangyu (黃光裕), founder of GOME Electrical Appliances Holdings Ltd (國美電器), China’s biggest home appliance retailer, was convicted in May, making him the latest in a long line of Chinese businessmen who have run foul of the authorities.
Huang’s conviction for insider trading, illegal enrichment and paying bribes to officials was upheld by the Beijing High People’s Court, the prosecutor’s office announced.
His 14-year prison term and the imposition of a 800 million yuan (US$118 million) fine werealso upheld.
TWSE eyes new mechanism
The Taiwan Stock Exchange (TWSE) said yesterday it is studying the feasibility of a mechanism that would immediately suspend trading of a Hong Kong-listed company’s Taiwan depositary receipts if trading in that company’s shares are suspended in Hong Kong.
The plan was proposed after depositary receipts issued by Hong Kong-listed Kith Holdings Ltd continued to be traded for two days in Taiwan after the Hong Kong Exchange suspended trading of Kith’s shares.
NT dollar edges down
The New Taiwan dollar declined NT$0.03 against the US dollar yesterday to close at NT$32.060.
Turnover totaled US$564 million during the trading session.
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