Confrontation between management and the union at the Bank of Overseas Chinese (華僑銀行) took a new twist yesterday as union leaders said they will launch a series of protests against two allegedly illegal layoffs.
"We did not do anything wrong but the bank fired me and another union leader without reason," Chen Hui-chih (
The Bank of Overseas Chinese fired Chen and another member of the union on Tuesday allegedly because they had incited employees to call a strike through illegitimate means and posed a risk to the company's image and reputation, which the bank said violated its code of conduct and related industrial policies.
"The bank is using improper layoffs to put fear into the employees," Chen said.
Chen said he raised the issue with the labor affairs authorities and will launch a series of protests against the bank and its owner, Polaris Group (
The National Federation of Bank Employees Unions (
The federation said in a statement yesterday that it would also ask the financial regulator not to approve the bank's sale to likely buyer Citibank.
The union has threatened in the past to take industrial action if management refused to sign an agreement guaranteeing job security for bank employees in the event of a Citibank takeover.
In response, the bank said a few union members had manipulated the union to oppose management, regardless of the fact that a survey showed that more than 95 percent of employees agreed with the bank's proposed compensation program.
Bank of Overseas Chinese spokesman Weng Chien (
"We have to do something to stop more damage to the bank as a whole or we will be letting our shareholders and customers down," Weng said.
The labor union's opposition has intensified since the fourth quarter of last year with extensive coverage in the press of drawn-out investment talks between Citibank and the Bank of Overseas Chinese.
"The deal is still in the pipe-line," Weng said.
The executive downplayed the union issue, saying that it was not a major problem that could disrupt the deal. He declined to comment further, citing a confidentiality agreement.
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