The Ministry of Finance announced yesterday the appointment of Financial Supervisory Commission Vice Chairwoman Susan Chang (張秀蓮) as chairwoman of the state-run Taiwan Financial Holding Co (臺灣金控) and Bank of Taiwan (臺灣銀行).
With a master’s degree in economics, Chang, 60, will replace Tsai Jer-shyong (蔡哲雄) as head of the two 100 percent government-owned financial institutions, starting on Monday, the ministry said.
The government launched Taiwan Financial Holding on Jan. 2 after combining the Bank of Taiwan, the Land Bank of Taiwan (士地銀行), the Export-Import Bank of the Republic of China (中國輸出入銀行), the BankTaiwan Life Insurance Co (臺銀人壽保險) and a Bank of Taiwan brokerage unit to create the nation’s largest financial service provider by assets.
Last month, the government said it would maintain the independence of the Export-Import Bank and prevent it joining the holding company. Taiwan Financial is Asia’s 18th largest bank and the 91st biggest in the world, ministry figures showed.
The ministry said yesterday that Peter Lo (羅澤成), the Bank of Taiwan’s incumbent president, would retain his post and double as acting president of Taiwan Financial. Lo, 61, has a master’s degree in economics from Chinese Culture University. His appointment will also take effect on Monday, the ministry said.
Land Bank of Taiwan (士地銀行) chairman Wu Fan-chi (吳繁治) will leave his post as acting president at Taiwan Financial, the ministry said.
The ministry has approved the appointment of a central bank official to head the government-owned Central Deposit Insurance Corp (CDIC, 中央存保).
Fred Chen (陳上程), director general of the central bank’s department of financial inspection, has been appointed CDIC chairman, the ministry said.
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
FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six