The Ministry of Finance is attempting to pave the way for KGI Securities Co (中信證券) president Angelo Koo (辜仲瑩) to take up the chairmanship of China Development Financial Holding Corp (中華開發金控) in three years, local Chinese-language media reported yesterday.
The Commercial Times reported that the finance ministry, KGI and former chairwoman Diana Chen (
The report also said the ministry and KGI may each snatch three seats on the standing committee, while Chen will be given the remaining seat.
The ministry also struck a deal with KGI to allow its proxy-solicitation partner to shoulder more management responsibilities by nominating Koo to take up both presidencies at China Development and its subsidiary China Development Industrial Bank (
"If KGI increases its stake and Koo does a good job over the next three years, he may have the chance to take over the helm of China Development Financial in three years," the paper quoted an unidentified top-ranking finance official as saying.
On Tuesday, the ministry and KGI jointly recommended Chen Mu-tsai (
Should Koo take up China Development's presidency, a management reshuffle is likely to follow to introduce KGI-affiliated managers.
Domestic media yesterday mentioned possible replacements for Chen Mu-tsai to head the Bank of Taiwan. Possible candidates include vice ministers of finance Yang Tze-kiang (楊子江) and Susan Chang (張秀蓮), and former Taiwan Sugar Co (台糖) chairman Wu Nai-jen (吳乃仁).
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
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”