Employees of the government's bank clean-up fund are to get NT$10 million in accident insurance -- just in case they became the targets of mafia unhappy with the closure of their banks.
The infiltration of underworld figures in rural credit co-ops is believed to be behind the precautionary measure.
The Ministry of Finance held a third preparatory meeting for the financial reconstruction fund (
In yesterday's meeting, ministry officials decided to buy personal accident insurance in the amount of NT$10 million each for personnel involved in the process. The proposal will be submitted to the Executive Yuan for approval. Upon approval, government funds would be used to pay for the insurance.
Sean Chen (陳沖), political vice finance minister, said that the problematic institutions may be undertaken by state-controlled banks, Chen said.
Also in order to avoid interruption of the financial services provided by those problematic financial institutions, the ministry will try to avoid physically closing down those institutions, but rather have officials from state affiliated banks be made responsible for their debts, Chen said.
The Legislative Yuan passed a budget of NT$140 billion for the reconstruction fund last month. The fund will be used to take over dozens of credit cooperatives under farmer and fisherman associations across Taiwan. The finance ministry previously vowed to take action against the troubled grassroots banks in early August.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
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