The debt-ridden Chung Shing Commercial Bank (
But a Ministry of Finance official denied the report, telling the Taipei Times yesterday that, "The ministry has not made any decision on how to resolve the Chung Shing situation."
The Bank of Taiwan, which has a capital-adequacy ratio of 16.49 percent and a net worth of almost NT$150 billion, has the capacity to take over Chung Shing Commercial. The Bank of Taiwan's assets total NT$2.3 trillion, the report said.
"The Bank of Taiwan is best qualified to take over Chung Shing, because its strong balance sheet can easily absorb Chung Shing's bad assets," Chung Shing spokesman Pai Ching-chung said.
The financial reconstruction Fund (
One pundit said the move didn't make sense.
"It would be an unwise decision to chose the Bank of Taiwan to take over Chung Shing Commercial," said Lee Tong-how (李桐豪), a finance professor at National Chengchi University.
"The most efficient way to resolve the Chung Shing situation is to set up a bridge bank, which would run the problematic bank for three to five years, then sell it to anyone who is qualified and interested in it."
The ministry has promised to use state-run Resolution Trust Corp's funds to bridge Chung Shing's cash shortfall before a buyer can be found.
"The government has promised to polish Chung Shing to attract buyers," Pai said.
"For Chung Shing Bank to be taken over by another state-owned bank is the worst possible choice," Lee said.
"The government can either shut down the bank or sell the bank to anyone who is qualified. The worst choice is to leave the problem to a state-run bank. The move would simply errode the Bank of Taiwan's finances."
The finance ministry took over Chung Shing Commercial's management in August 2000.
Popular vape brands such as Geek Bar might get more expensive in the US — if you can find them at all. Shipments of vapes from China to the US ground to a near halt last month from a year ago, official data showed, hit by US President Donald Trump’s tariffs and a crackdown on unauthorized e-cigarettes in the world’s biggest market for smoking alternatives. That includes Geek Bar, a brand of flavored vapes that is not authorized to sell in the US, but which had been widely available due to porous import controls. One retailer, who asked not to be named, because
Real estate agent and property developer JSL Construction & Development Co (愛山林) led the average compensation rankings among companies listed on the Taiwan Stock Exchange (TWSE) last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) finished 14th. JSL Construction paid its employees total average compensation of NT$4.78 million (US$159,701), down 13.5 percent from a year earlier, but still ahead of the most profitable listed tech giants, including TSMC, TWSE data showed. Last year, the average compensation (which includes salary, overtime, bonuses and allowances) paid by TSMC rose 21.6 percent to reach about NT$3.33 million, lifting its ranking by 10 notches
CHIP DUTIES: TSMC said it voiced its concerns to Washington about tariffs, telling the US commerce department that it wants ‘fair treatment’ to protect its competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reiterated robust business prospects for this year as strong artificial intelligence (AI) chip demand from Nvidia Corp and other customers would absorb the impacts of US tariffs. “The impact of tariffs would be indirect, as the custom tax is the importers’ responsibility, not the exporters,” TSMC chairman and chief executive officer C.C. Wei (魏哲家) said at the chipmaker’s annual shareholders’ meeting in Hsinchu City. TSMC’s business could be affected if people become reluctant to buy electronics due to inflated prices, Wei said. In addition, the chipmaker has voiced its concern to the US Department of Commerce
STILL LOADED: Last year’s richest person, Quanta Computer Inc chairman Barry Lam, dropped to second place despite an 8 percent increase in his wealth to US$12.6 billion Staff writer, with CNA Daniel Tsai (蔡明忠) and Richard Tsai (蔡明興), the brothers who run Fubon Group (富邦集團), topped the Forbes list of Taiwan’s 50 richest people this year, released on Wednesday in New York. The magazine said that a stronger New Taiwan dollar pushed the combined wealth of Taiwan’s 50 richest people up 13 percent, from US$174 billion to US$197 billion, with 36 of the people on the list seeing their wealth increase. That came as Taiwan’s economy grew 4.6 percent last year, its fastest pace in three years, driven by the strong performance of the semiconductor industry, the magazine said. The Tsai
RSS