Stressing that privatization of state-run enterprises is an international trend, Ray Dawn (
"I don't think the government should run any business. The state should exit from the market so that [state-owned] companies can better compete with their private rivals," he said at a ceremony during which he took over leadership of the company from Morgan Hwang (
Hwang will assume the chairmanship of the state-owned Taiwan Power Co (Taipower, 台電) next week.
During his 989-day tenure at TTL, Hwang injected his marketing expertise into the century-old company and successfully led it to retake its market share at a time when foreign imports were threatening TTL's leading position.
TTL posted NT$8.65 billion (US$280 million) in pre-tax income last year, up from NT$8.54 billion in 2003.
However, the privatization process has been thwarted by union objections.
The company's labor union is pleading with lawmakers to ensure that the 7,000 employees will be able to keep their jobs.
According to the Ministry of Finance's timetable, TTL should have been privatized last year.
Dawn, 47, a former director of Kaohsiung City's Bureau of Finance, said that the key to privatization was engaging in comprehensive communication with labor representatives, in addition ot devising complementary measures to offset the possible impact on employees.
"The interests of our customers, employees and shareholders must be safeguarded during the privatization process," he said.
In response to demands from anti-tobacco groups that TTL rename its leading cigarette brand, "Long Life" (
As Long Life is a well-known brand name that has been popular for more than a decade, further discussion is needed to decide whether it should be given up, Dawn said.
Chan Shih-chu (
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to