Cathay Financial Holding Co (國泰金控) yesterday announced major leadership changes at its subsidiaries as part of plans to improve governance by separating ownership from management.
Group chairman Tsai Hong-tu (蔡宏圖) has vacated the chairmanship of Cathay Life Insurance Co (國泰人壽), the company’s flagship unit, with the post to be filled by Huang Diao-kuei (黃調貴), who had served as vice chairman at the nation’s largest insurer, Cathay Financial said after its shareholders’ meeting.
Cathay Financial also promoted new president and vice presidents from within its ranks of senior managers, while Cathay Century Insurance Co (國泰產險) also announced new chairman and president appointments.
Last year at a shareholders’ meeting Tsai said that Cathay Financial’s founding Tsai family would take a secondary role in managing day-to-day operations, which would be the responsibility of a management team of industry experts.
Tsai added that his children would not chair Cathay Financial’s subsidiaries.
Cathay Financial yesterday said that earnings per share performance this year could exceed last year’s NT$3.79 amid diminished concerns about foreign exchange losses from an appreciating New Taiwan dollar.
Separately, Fubon Financial Holding Co (富邦金控) shareholders yesterday approved plans to distribute a cash dividend of NT$2 per share.
At the company’s annual general meeting, shareholders also agreed to a proposal to expand the number of independent director seats from four to six to help improve corporate governance.
Including three board seats occupied by Taipei City Government appointees, the nine outside directors now have majority representation on the company’s 15-seat board, Fubon Financial said.
Meanwhile, Shin Kong Financial Holding Co’s (新光金控) general meeting proceeded smoothly, ending rumors of a proxy fight between majority owners dissatisfied with the company’s earnings slump.
Shin Kong Financial chairman Eugene Wu (吳東進) and allies received the bulk of the ballots in a board of directors election, with newly appointed president Lee Jih-chu (李紀珠) also securing a seat.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
RECORD LOW: Global firms’ increased inventories, tariff disputes not yet impacting Taiwan and new graduates not yet entering the market contributed to the decrease Taiwan’s unemployment rate last month dropped to 3.3 percent, the lowest for the month in 25 years, as strong exports and resilient domestic demand boosted hiring across various sectors, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. After seasonal adjustments, the jobless rate eased to 3.34 percent, the best performance in 24 years, suggesting a stable labor market, although a mild increase is expected with the graduation season from this month through August, the statistics agency said. “Potential shocks from tariff disputes between the US and China have yet to affect Taiwan’s job market,” Census Department Deputy Director Tan Wen-ling
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