Taipei- Taiwan President Ma Ying-jeou said Friday that he would meet with Chinese negotiator Chen Yunlin when Chen visits Taipei next month to sign four pacts on expanding exchanges.

Ma told the Central News Agency (CNA) that while Taiwan and China do not recognize each other now, they should not deny each other's existence.

Chen, China's top negotiator on Taiwan, is to hold talks with his Taiwan counterpart, Chiang Ping-kun, starting November 3 in Taipei to discuss expanding exchanges that began after Ma took office on May 20.

Taipei - A Taiwan court Thursday sentenced a Singaporean businessman to two years and four months in prison over the embezzlement of 30 million US dollars intended to be used to persuade Papua New Guinea (PNG) to switch diplomatic recognition to from China Taipei.

"The court has found Wu Shih-tsai guilty of forgery of document(s) and defamation and thus sentenced him to two years and four months in prison," said the Taipei District Court in its verdict.

Taipei- Taiwan said Thursday it has set November 3 as the date for it and China to begin a second round of high-level talks in Taipei, despite a recent attack on a Chinese envoy by pro-independence activists during his Taiwan visit.

"After a series of discussions between our two sides, the Straits Exchange Foundation (SEF) has strongly suggested that the meeting held on November 3" in Taipei, said Lai Shin-yuan, chairwoman of the Mainland Affairs Council (MAC).

Taipei - Taiwan's stocks closed 2.72 per cent lower amid a bearish sentiment triggered by Wall Street's sharp overnight losses as well as a dismal global and local economic outlook, dealers said.

The TAIEX index opened nearly 4 per cent lower in response to the overnight fall of Wall Street. Government funds moved by mid-morning to buy strongly, helping to somewhat ease the slide.

The index closed at 4730.51 points, a drop of 132.08 points or 2.72 per cent.

Taipei - Taiwan Defence Minister Chen Chao-min on Wednesday ordered all warplanes grounded for three days for safety inspections after a second crash in as many days.

"With painful mind, I apologise to all compatriots in Taiwan, and the ministry has ordered that all war planes, except for those on routine surveillance or search missions, be grounded for three days for safety inspections," Chen told parliament.

His comments came after opposition parliamentarians questioned him over the crash of a submarine-hunting helicopter during night training Tuesday, a day after a self-developed Indigenous Defence Fighter (IDF) jet crashed.

Taipei - Taiwan's Fubon Financial Holding, the island's second-largest financial group, Monday said it would buy the Taiwanese life insurance unit of Dutch banking giant ING Life Insurance.

"The acquisition will cost 600 million US dollars and we all believe it is a great deal for both Fubon Financial and ING in terms of business strategy and financial decision," Fubon president Victor Kung said.