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Raise taxes for the rich, leading businessman says (Jul 24)
One of Taiwan's most prominent business leaders reiterated his call on Wednesday for the government to raise taxes for the rich and cut taxes for the poor. Morris Chang (張忠謀) said at a business breakfast in Taipei that people making more than NT$3 million a year including capital gains should pay more income tax, because it would benefit them in the long term. Because the gap between rich and poor in Taiwan was growing gradually, there could be a major backlash if the government didn't make changes in income tax rates, Chang said. Chang is the founding chairman of the world's biggest contract chipmaker, Taiwan Semiconductor Manufacturing Co., and is widely admired as one of the symbols of the island's economic miracle. The businessman also called for tax cuts for people earning less than NT$3 million a year, pointing out that high oil prices and high inflation were eating up salaries. He estimated that oil prices were unlikely to fall below US$70 a barrel, while still staying below ...


Prices higher on Taipei futures market (Jul 24)
Taipei, July 24 (CNA) Prices on Taipei's stock futures market were higher Thursday as the Taiwan Stock Exchange Capitalization Weighted Index for August gained 120 points to close at 7,304, with 64,280 contracts changing hands.

TAIEX Index futures for September rose 117 points to finish at 7,268, with 385 contracts traded, while December futures moved up 106 points to close at 7,230, with 37 contract transactions.

March futures increased 83 points to finish at 7,202, with 28 contract transactions, while June futures moved up 73 points to close at 7,170, with three contracts traded.

Taiwan International Mercantile Exchange reference levels for TAIEX Index futures trading were set Thursday at 7,184 for August, 7,151 for September, 7,124 for December, 7,119 for March and 7,097 for June.

The Taiwan stock exchange's benchmark TAIEX index gained 58.25 points to finish at 7,368.08, on turnover of NT$121.57 billion (US$3.99 billion).

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Terry Guo to donate over NT$100b for philanthropic purpose (Jul 24)
In emulating the practice of wealthy individuals overseas, Terry Guo, chairman of Hon Hai Group, announced on Wednesday that he would donate 90% of his properties worth over NT$100 billion for philanthropic purposes.

The announcement was made during his engagement party at Grand Hyatt Hotel Taipei, in which Guo said that his fiancee Tseng Hsin-ying had signed a document supporting his decision.

The donation will top NT$100 billion, as Guo's properties are estimated to reach NT$180 billion in value, according to the June issue of Forbes. Guo owns 710,000,000 Hon Hai shares worth over NT$100 billion at the closing price of NT$150.5 per share yesterday.

Guo previously expressed that he will donate the bulk of his properties for philanthropic purpose in the three major sectors of sci-tech R&D, education and culture/art, and medicine/biotech.

After his late wife and a brother both died of cancer, Guo pledged last year to invest NT$100 billion in cancer research and has actually donated N...


Vastar places big order for STBs with D-Link and Alpha Networks (Jul 24)
Actively promoting cable TV services, Taiwanese Vastar Cable TV System Co., Ltd. has placed a big order for 200,000 STBs (set top boxes) with leading domestic network device makers D-Link Corp. and Alpha Networks Inc., according to company sources.

These STBs will be produced by Alpha Networks and marked with D-Link's own brand, and the shipment will kick off in October. At present, Alpha Networks ships between 30,000 and 40,000 STBs a month, and D-Link scores annual sales of NT$2 billion a year in Taiwan. However, the big order will hopefully infuse great growth momentum into the two firms' business operations this year.

On the other hand, Vastar is planning to further procure 300,000 second-generation IP (Internet protocol) STBs, with Alpha Networks and its Taiwanese counterpart Gemtek Technology Co. to vie for the order.

While the first-generation IP STB features HD (high definition) functions, the second-generation model incorporates more value-added functions, such as Flash and di...


Deutsche Bank to expand operations in Taiwan (Jul 24)
Although Taiwan has been awash in a bearish stock market that has slashed 2,000 points from the capitalization weighted stock index since the new government took over on May 20, foreign banks still show confidence in the local financial market and intend to launch more investments on the island.

Deutsche Bank, for one, expressed that it might expand operations in Taiwan in both banking and securities businesses, as well as planning to add more footholds and employees here. It has also decided to introduce more financial products to Taiwan and cooperate with Taiwan Stock Exchange (TSC) in ETF operations.

Lin Huo-teng, president of TSC, indicated that Deutsche Bank seems upbeat about Taiwan's economic performance and believes that the new administration's efforts in improving the relationship with its counterpart in China may generate business opportunities and draw in more foreign investors.

Deutsche Bank is a major global bank with assets valued at US$818 billion at the end of the firs...


Biotechnology trade fair kicks off with medical innovations (Jul 24)
> Taipei, July 24 (CNA) Asia’s largest biotechnology trade fair, Bio Taiwan, kicked off Thursday, showcasing cutting-edge medical and healthcare products with the aim of tapping global biotech business opportunities.

This year, the trade fair is being held alongside a healthcare and biomedical cosmetology exposition.

The combined biotechnology shows from Thursday through Sunday feature nearly 430 manufacturers at 850 booths at the Taipei World Trade Center Exhibition Hall 1. The shows are expected to attract 80,000 domestics and overseas visitors.

Many pharmaceutical and biotech companies, including publicly listed ones, display their latest biotechnology products at the show in a bid to capture business and investment.

PhytoHealth Corporation, a Taiwanese company listed on the local stock market, is presenting PHNO12 (PG2) , a complementary and alternative medicine for treating advanced-stage cancer patients.

"This new botanic...


Prices up on Taipei bourse (Jul 24)


Taipei, July 24 (CNA) Taiwan's share prices closed higher Thursday, with the weighted index, the market's key barometer, increasing 58.25 points, or 0.79 percent, to close at 7,368.08.

Posting gains for the second consecutive day, the local bourse opened at 7,357.15 and fluctuated between 7,368.08 and 7,294.13. A total of 4.99 billion shares changed hands on market turnover of NT$121.57 billion (US$3.99 billion).

All eight major stock categories gained ground, with construction issues moving up the most at 3.9 percent. Textile stocks advanced 2.4 percent, cement stocks rose 1.9 percent, machinery and electronics shares increased 1.3 percent, paper and pulp issues gained 1.2 percent, foodstuff issues and plastics and chemicals shares were both up 0.8 percent, and banking and financial shares grew 0.1 percent.

Gainers outnumbered losers 1,292 to 856, with 446 stocks remaining unchanged.

Foreign investors were net buyers ...


U.S. dollar up on Taipei FOREX (Jul 24)
Taipei, July 24 (CNA) The U.S. dollar gained against the new Taiwan dollar on the Taipei Foreign Exchange Thursday, increasing NT$0.024 to close at NT$30.418.

A total of US$1.124 billion changed hands during the day's trading.

The U.S. currency opened at the day's high of NT$30.430 and closed at the day's low of NT$30.340. (By Nick Huang)


2009 technology research budget increased by 8.06 % (Jul 24)
Taipei, July 24 (CNA) Taiwan's national science/technology research and development budget for 2009 will be raised to NT$99.7 billion (US$3.28 billion) , up 8.06 percent year on year, but the deputy head of the National Science Council (NSC) said the increase is barely enough to meet President Ma Ying-jeou's expectations.

NSC Deputy Minister Chen Cheng-hong said the council hopes to see a higher annual increase in the budget to meet Ma's goals in this regard.

Ma said earlier this month at a meeting with Academia Sinica academicians that he hopes the country's annual science/technology research and development funds can be raised from the current 2.6 percent to 3 percent of the gross domestic product by 2012.

To attain this target, Ma said, Taiwan must increase its annual R&D budget by 8 to 10 percent from now on.

Chen said that in a bid to gradually increase the budget over the next four years instead of struggling in the last coupl...


2008 Taipei Computer Applications Show to open July 31 (Jul 24)
Taipei, July 24 (CNA) The 2008 Taipei Computer Applications Show -- the most well-known computer exhibition in Taiwan aimed at the domestic market -- will open July 31 for a five-day run.

The annual exhibition, now in its 18th year, will take place at the Taipei World Trade Center's Exhibition Hall 1. Entry to the show is free. The show is jointly organized by the Taiwan External Trade Development Council and the Taipei Computer Association.

More than 200 exhibitors will operate some 1,300 booths to display a wide rage of computer and peripheral products.

Coming on the heels of Intel's presentation of its fifth-generation Centrino 2 platform -- codenamed Montevina -- the exhibition will feature new notebook computers by brand-name companies making use of the latest technology.

New products on display will include Hewlett-Packard's Pavilion laptops, Lenovo's IdeaPad notebooks, and Acer's Acer Aspire notebook computers, w...