Eastern Multimedia Group (
The banks lacked confidence in Eastern Multimedia, said Chen An-hsiung (
Chen said the banks were concerned about Eastern Multimedia's liquidity and had to engage in risk control to protect its assets, Chen said.
Eastern Multimedia had hoped the banks would partially finance the NT$15 billion required to build a headquarters in Guandu (關渡), Taipei.
Eastern Multimedia Chairman Gary Wang (
Chang Hwa Bank (彰化銀行) said they had opted out of the loan after evaluating the situation.
"We are conservative about Eastern Multimedia's financial situation," Chang Hwa spokesman Miles Chang (
Chang Hwa Bank and three other creditor banks will meet with Gary Wang this afternoon to negotiate the repayment of a NT$6.3 billion loan to Rebar affiliate Chia Hsin Food and Synthetic Fiber Co (
Gary Wang said he would not attempt to shirk responsibility for the debts. He also said in a statement released yesterday he had canceled business trips to Hong Kong, Japan and the US. over the next three months.
The Financial Supervisory Commission said yesterday that deals signed between Rebar Group and Eastern Multimedia over the last 10 years would be investigated.
“We will pass the cases on to the prosecutors if we find any evidence of
misconduct,” commission spokeswoman Susan Chang (張秀蓮) said.
The commission said it would work with market regulators such as the Taiwan
Stock Exchange to strengthen the monitoring of listed companies.
Chang also said the commission had requested that the courts immediately
inform it of any applications from publicly traded firms for restructuring
or bankruptcy protection so that it can protect investors' rights and
interests.
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
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],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained