Employees of debt-ridden Chung Shing Bank (
They questioned if the Ministry of Finance and Central Deposit Insurance Corp (
A representative from Chung Shing's labor union, Athena Wu (
"The bank has become a victim of the Central Deposit's stewardship," Wu said at a public hearing in the legislature. She also voiced the union's opposition to the ministry's suggestion of assigning the Bank of Taiwan to take over Chung Shing, saying that "mergers of the two banks are not likely to work."
"The two banks will not be complementary to each other because their customer base and business scope are so similar," Wu said.
Denying the allegation, Gary Tseng (
"The government has followed due process in handling the bank's corruption issues," Tseng said.
Wu also urged Tseng and the ministry to safeguard bank employees' benefits while locating a buyer to write off the bank's bad loans.
A representative from the Bank of Taiwan's union, Tsou Kuei-jung (鄒桂蓉), said that employees are strongly opposed to the finance ministry's tack, saying the "Bank of Taiwan's performance will be dragged down if forced to take over Chung Shing."
Citing past experiences, Tsou said that the bank's capital-adequacy ratios have recently fallen from 25 percent to 16 percent.
Bank of Taiwan executive vice president Wang Kao-chin (
He said that taking over Tung-kang Credit Cooperative (
As a result, Wang said that it was difficult for him to feel optimistic about such a takeover.
Tsou urged the government to allow multinational investors to buy off Chung Shing because she said that she was informed that "the finance ministry has been secretly obstructing a European investor from having a hand in the bank's takeover for fear of injecting capital from China."
Tseng did not respond to Tsou's accusation, but said that the government hopes to close the deal and solve the bank's plight as soon as possible.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
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