Mon, Jan 12, 2004 page12

• World Business Quick Take

  • AGENCIES
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  ■ Electronics

  Flat-screen sales up 35%

  Shipment of Taiwan's large-size thin-film-transistor liquid-crystal-display (TFT-LCD) panels exceeded 38 million last year, bringing in NT$273.7 billion (US$8.05 billion) in sales revenues, an increase of 35 percent over the previous year, according to statistics released by the makers. Taiwan is one of the major producers of TFT-LCD panels in the world. Production of large-size TFT-LCD panels in Taiwan is expected to reach 50 million to 55 million this year. AU Optronics (友達光電), Taiwan's largest TFT-LCD maker, sold 11.85 million large-size panels last year, followed by Chi Mei Optoelectronics (奇美電子) with 10.21 million, and Chunghwa Picture Tubes (中華映管) with 7.32 million, according to the statistics.

  ■ Automobiles

  Hyundai boosts production

  Hyundai Motor Co and other South Korean carmakers plan to boost production at overseas plants this year to a record 1 million units, Yonhap News reported, without citing anyone. Hyundai, its Kia Motors Corp affiliate, GM Daewoo Auto & Technology Co and Ssangyong Motor Co all plan to increase their combined overseas production by 40 percent from last year to about 1 million units, the report said. Last year, they produced 746,855 vehicles outside South Korea, Yonhap said. Hyundai Motor aims to boost overseas sales by 55.3 percent to 503,000 units this year, the report said. The carmaker aims to produce 190,000 units in India and 130,000 units in China. Korean carmakers are expanding production and sales in China, India, Turkey, Russia and Vietnam to cut costs, the report said.

  ■ Automobiles

  Toyota moves into Russia

  Toyota Motor Corp, which may surpass Ford Motor Co in global car sales this year, will start making vehicles in Russia when its annual sales in the country double to 50,000 units, Kyodo News said. Toyota is considering setting up a production center in Russia after sales in the country tripled last year to 26,472 last year, Kyodo said, citing officials it didn't identify. The company has informally told Russian government officials about its plan to build a plant in the country, Kyodo said. The carmaker plans to raise total sales in Russia to 30,000 units this year by selling more of its Lexus luxury sedans, the report said. The Corolla was the company's best-selling brand in Russia last year having sold 8,772 units, the report said. The next bestseller was the Camry with 6,404 units sold, it said.

  ■ Insurance

  Beef ban hits insurers

  Japan's ban on imports of US beef following the discovery of the first case of mad cow disease in the US may cost local insurance companies as much as ?1 billion (US$9.4 million) in payouts against losses suffered by importers, Nikkei English News reported. Some Japanese trading houses and retailers who import US beef had taken out insurance policies that provide compensation against expenses on unloading or disposing of beef during shipping if the government imposes an import ban, Nikkei said, citing unidentified people close to the matter. Top non-life insurers may have to make payouts totaling several hundred million yen each on this account, Nikkei said. Combined payouts by all insurers are unlikely to significantly exceed ?1 billion because policies containing the condition about import bans are rare, the report said.
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