TPK to lay off workers
Local touch-panel maker TPK Holdings (宸鴻) has confirmed that it plans to streamline its workforce in Taiwan and China to better cope with a reduction in orders. TPK spokesman Freddie Liu (劉詩亮) said the job cuts would be implemented by the end of the year. Liu declined to reveal how many workers would be laid off. Liu’s comments came after the Chinese-language Apple Daily reported that TPK was involved in a labor dispute after it shut down a plant in China’s Xiamen, Fujian Province, without paying the workers severance fees. Liu dismissed any wrongdoing, saying the firm followed Chinese labor laws.
Hontai, Farglory censured
The Financial Supervisory Commission yesterday banned Hontai Life Insurance Co (宏泰人壽) and Farglory Life Insurance Co (遠雄人壽) from new real-estate investments after the two life insurers failed to meet the minimum capital adequacy requirements. All insurers are required to maintain a 200 percent capital adequacy ratio and the regulator ordered the two companies to increase their capital by the end of this year so that they would pass the requirement. Prior to that, the two insurers must not make new property investments, although they are allowed to invest in existing projects, the commission said. A day earlier, the regulator gave its go-ahead to plans by Taipei Fubon Commercial Bank (台北富邦銀行) to set up a branch in Singapore.