The board of China Development Financial Holding Corp (中華開發金控) yesterday agreed to a management reshuffle at the company and its subsidiary, China Development Industrial Bank (中華開發工銀), as requested by the Financial Supervisory Commission last week.
The financial regulator on Friday ordered China Development Financial to remove Angelo Koo (辜仲瑩) as president. Koo has been indicted for breach of trust and insider trading over the company’s disputed takeover bid for Taiwan International Securities Corp (金鼎證券).
Koo issued a statement saying he was resigning immediately.
The board named Tung Chao-chin (童兆勤), currently vice chairman of China Development Financial, as the holding company’s president and the chairman of the subsidiary bank, a company statement said.
Tung, who earned his master’s degree in material science from the University of Rochester in the US, had worked for the Cabinet’s atomic energy council, the Hsinchu Science Park and other government posts.
After retiring, Tung joined venture capital firms that invested in technology start-ups. He was recruited by China Development Financial in 2004.
The board also named Hsu Dao-yih (許道義) and Yang Wen-jun (楊文鈞) as standing board member and vice president respectively for China Development Financial.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
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
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New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last