Minister of Finance Yen Chin-chang (顏慶章) said yesterday that there was no planned "second wave" to the takeover of grass-roots financial institutions over the weekend.
"Rumors that certain financial institutions with positive net worth but with capital adequacy ratio lower than 8 percent will be listed as the second wave target are incorrect," the finance ministry said in a statement on Sunday.
Yen said that the ministry would, on a regular basis, request financial institutions with weak financial situations to improve.
Local media reported over the weekend that some financial institutions with a positive net worth but with a capital adequacy ratio lower than 8 percent will become the target of a second wave of raids by the ministry. The finance ministry immediately denied the report.
"The financial reconstruction fund regulations stipulate that the target for the fund is those financial institutions with negative net worth, after adjustment by financial examination. All 36 grassroots financial institutions with negative net worth had been included [in the recent raid]."
The capital adequency ratio is a benchmark used by the financial sector to evaluate the soundness of a financial institution.
Despite the financial and social instability that they have created over the years, Chen Hsi-huang (
The 314 credit departments of the farmers' and fishermen's associations have been providing the agricultural community with services considered too trivial for banks to handle, Chen said.
The accumulated deposits at all credit cooperatives exceed NT$1.2 trillion, and the small loans extended by them amount to some NT$800 billion, Chen said.
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RECORD LOW: Global firms’ increased inventories, tariff disputes not yet impacting Taiwan and new graduates not yet entering the market contributed to the decrease Taiwan’s unemployment rate last month dropped to 3.3 percent, the lowest for the month in 25 years, as strong exports and resilient domestic demand boosted hiring across various sectors, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. After seasonal adjustments, the jobless rate eased to 3.34 percent, the best performance in 24 years, suggesting a stable labor market, although a mild increase is expected with the graduation season from this month through August, the statistics agency said. “Potential shocks from tariff disputes between the US and China have yet to affect Taiwan’s job market,” Census Department Deputy Director Tan Wen-ling
As they zigzagged from one machine to another in the searing African sun, the workers were covered in black soot. However, the charcoal they were making is known as “green,” and backers hope it can save impoverished Chad from rampant deforestation. Chad, a vast, landlocked country of 19 million people perched at the crossroads of north and central Africa, is steadily turning to desert. It has lost more than 90 percent of its forest cover since the 1970s, hit by climate change and overexploitation of trees for household uses such as cooking, officials say. “Green charcoal” aims to protect what
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