Former EVA Airways Corp (長榮航空) chairman Chang Kuo-wei (張國煒) returned to Taiwan on Saturday, one day after he was removed from the chairmanship in an escalating war of succession for the control of the massive Evergreen Group (長榮集團) founded by the late billionaire Chang Yung-fa (張榮發).
Chang Kuo-wei piloted an EVA airplane to Singapore on Friday, but returned to Taiwan on Saturday as a passenger.
“I’m a working person and there is nothing to be sorry for,” he told the media on his arrival at the Taiwan Taoyuan International Airport. “Anyway, I am tired. I want to take a break.”
On the question of whether he would continue to work with his step-brothers in the business, Chang Kuo-wei said, “we will see.”
At an extraordinary board meeting on Friday, EVA Airways removed Chang Kuo-wei from his chairman post and replaced him with Steve Lin (林寶水), an executive in the Evergreen Group.
The war of succession among the children of Chang Jung-fa has been raging since his death on Jan. 20. The Evergreen Group is a conglomerate of over a dozen shipping, transportation and associated service companies and is best known for its flagship Evergreen Marine Corp (長榮海運) and EVA Airways.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
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The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to
PRESSURE EXPECTED: The appreciation of the NT dollar reflected expectations that Washington would press Taiwan to boost its currency against the US dollar, dealers said Taiwan’s export-oriented semiconductor and auto part manufacturers are expecting their margins to be affected by large foreign exchange losses as the New Taiwan dollar continued to appreciate sharply against the US dollar yesterday. Among major semiconductor manufacturers, ASE Technology Holding Co (日月光), the world’s largest integrated circuit (IC) packaging and testing services provider, said that whenever the NT dollar rises NT$1 against the greenback, its gross margin is cut by about 1.5 percent. The NT dollar traded as strong as NT$29.59 per US dollar before trimming gains to close NT$0.919, or 2.96 percent, higher at NT$30.145 yesterday in Taipei trading
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