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PRESS DIGEST - Taiwan - July 3

Wed Jul 2, 2008 9:53pm EDT

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TAIPEI, July 3 (Reuters) - Taiwan newspapers carried the following stories on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

China

CHINA TIMES

-- The government's four major funds bought T$2-3 billion ($66-$99 million) worth of stocks yesterday to support Taiwan's stock market , which has a near one and a half-year low.

UNITED DAILY NEWS

-- Taiwan's banks have already bought 10 million yuan ($1.5 million) after being granted permission to buy and sell China's currency on Monday.

LIBERTY TIMES

-- President Ma Ying-jeou said at a military graduation ceremony that mainland China is both an opportunity and a threat, and that the island's army must remain on guard.

COMMERCIAL TIMES

-- The cabinet will raise the percentage of assets that funds can invest in mainland Chinese stocks to 10 percent from the current 0.4 percent.

ECONOMIC DAILY NEWS

-- Formosa Plastics (1301.TW) is taking a number of energy-saving steps that it hopes will cut its energy costs by 3 percent.

-- China Motor Corp (2204.TW) has rolled out a voluntary retirement program to reduce costs, amid frigid auto sales as gas prices soar.

China


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