Energized by the strong uptake of smartphones and tablet PCs, Taiwan's number two contract chip-maker UMC has spent US$110 million in Singapore to spearhead the company's R&D and manufacturing for advanced specialty process technologies.

The Financial Supervisory Commission (FSC, 金管會) yesterday defended its plan to impose margin requirements for day traders, during a Legislative Yuan session.

Former President Chen Shui-bian (陳水扁) would be exempted from the Democratic Progressive Party's (DPP) five-year probation if he wished to rejoin the party, said General Secretary Lin Hsi-yao (林錫耀) after the Central Standing Committee meeting yesterday.

Shares in Taiwan closed slightly higher Wednesday as investors locked in gains they posted earlier in the session before U.S. Federal Reserve Chairman Ben Bernanke testified before Congress, dealers said.

The Development Bank of Singapore Limited (DBS, 星展銀行) yesterday indicated its wish to continue the company's extensive efforts in serving the needs of Taiwan's small- to medium-sized enterprises (SMEs), during a recent press luncheon.

A new version of the stock gains tax is expected to go through a third reading next Friday at the earliest, however without help from the DPP on its passage and without the upward movement of large-cap stocks, the 8,500-point ceiling may remain an irremovable barrier.

Shares of Hermes Microvision Inc., one of Taiwan's leading semiconductor inspection tool and equipment suppliers, extended their gains Wednesday morning as they played catch-up with shares of Largan Precision Co., dealers said.

Taiwan's jobless rate fell 0.1 percentage points in April from a month earlier to 4.07 percent, the lowest level since July 2008 when unemployment stood at 4.06 percent, the government said Wednesday.

The U.S. dollar rose against the New Taiwan dollar Wednesday, gaining NT$0.018 to close at NT$29.960, as the greenback recouped early losses on the back of local central bank intervention, dealers said.

Taiwan's agricultural sector had suffered NT$126.7 million in losses as of Wednesday morning from heavy rains that have drenched the island over the past week, according to the Council of Agriculture.