Vice Premier Paul Chiu (邱正雄) says the government will push for mergers between financial institutions, despite the scandals during the second phase of financial reform under the former government.
The banking system is fundamentally sound as the ratio of non-performing loans stood at 1.53 percent, the capital adequacy ratio was 11.45 percent and the coverage ratio stayed at 66.93 percent as of the end of September, Chiu said.
State-run banks have been an important stabilizing force as their deposits and loans accounted for more than 50 percent of the total deposits and loans of all financial institutions in the country, he said.
“But we need to continue with financial mergers and acquisitions,” Chiu said during a keynote speech on the government’s reaction to the recent financial tsunami at a forum hosted by the National Policy Foundation.
Although the global financial crisis has cast doubt on capitalism, maintaining a free-market economy is needed to boost growth, as the G20 meeting in Washington this month concluded, he said.
The G20 summit had pointed out several lessons that could be learned from the crisis and serve as a model for future financial reform, he said. These included enhancing international cooperation, strengthening supervision of financial commodities and derivatives, deepening transparency of financial markets and increasing the capital adequacy ratio.
Vice President Vincent Siew (蕭萬長) told the forum that the arrival of a recession before the root causes of financial crisis could be resolved had made it impossible to predict the twists and turns of the crisis or when it will end.
Siew, who leads an economic advisory task force mandated to provide recommendations on improving the economy to President Ma Ying-jeou (馬英九), applauded the Cabinet’s policies to provide unlimited guarantees for banking deposits, to write budgets to increase public construction works, to create job opportunities and to support the stock market.
Siew said that the economic stimulus plans would solve the unemployment problem and turn the negative growth resulting from the plunge in exports since September into positive growth from the second quarter of next year.
Just a few years ago, the millennial generation — generally defined as those born from the early 1980s through the mid-1990s — was synonymous with youthful rebellion. However, now, as the millennials ease into early middle age, they are finding their path out of their parents’ basement to be a lot harder than it was for earlier generations. The fundamental problem is that millennials are not building wealth. The wealth of the median US household headed by someone 35 or younger has actually shrunk in inflation-adjusted terms since the mid-2000s, even as the wealth of older Americans has continued to grow. An
Apple Inc’s decision to stop using Intel Corp processors in its Mac computers and switching to its own chips might benefit Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and boost Taiwan’s high-tech exports, Australia and New Zealand Banking Group (ANZ) said in a note on Tuesday. The US tech giant announced the “Apple silicon” initiative at its annual Worldwide Developers’ Conference, which started on Monday. The company said the first Mac powered by its own chips would debut by the end of this year and all product lines might shift to the new architecture in the next two years. TSMC is likely to
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price