The Ministry of Economic Affairs (MOEA) said yesterday that state-run Chinese Petroleum Corp (CPC, 中國石油) and China Shipbuilding Corp (CSBC, 中國造船) would soon be renamed to include "Taiwan" in their company titles in accordance with government policy.
"Changing the names of state-run enterprises will help avoid confusion and increase Taiwan's international presence," Minister of Economic Affairs Steve Chen (陳瑞隆) said.
The nation's largest oil refiner plans to change its name to "CPC, Taiwan" (台灣中油). The company will hold a board meeting on Friday to discuss the issue, said Liao Tsang-long (廖滄龍), deputy director of CPC's public relations division.
After the name change, instead of immediately removing signs and trademarks bearing the old name from gas stations and equipment, CPC will replace the signs and equipment when they become too old or are damaged, the company said.
Costly scheme
The replacement scheme will cost the company NT$70 million (US$2.13 million), CPC said, without giving the figure incurred from other issues related to the change, such as renewing contracts with domestic and overseas customers, reprinting business cards and company documents and redesigning its trademark.
The costs will put a heavy burden on CPC, as the company already saw losses of NT$18.7 billion last year because of high oil prices.
CSBC would also be renamed Taiwan International Shipbuilding Corp (台灣國際造船), CSBC president Fan Kuang-nan (范光男) said in a telephone interview yesterday. The company is also scheduled to hold a board meeting on Friday to discuss the issue.
It was difficult to estimate how much it would cost CSBC to complete the name change, especially in contract renewals, as its clients, suppliers and business partners may have different requirements when carrying out the procedure, Fan said.
CSBC has built a considerable reputation internationally in the shipbuilding industry and was ranked No. 17 in the receiving and delivery of orders last year, Fan said.
Long history
With a long history of doing business internationally, the name CSBC has hardly ever caused confusion among customers, he said.
"But in Taiwan, political concerns are always put ahead of business," he said.
Another company that has been targeted in the name change campaign is China Airlines Ltd (CAL, 中華航空), but Chen did not address this yesterday.
CAL said earlier that its name was valuable in the greater China market.
Although previously well-known in the international community and with a large number of overseas branches, the state-controlled International Commercial Bank of China (ICBC, 中國國際商銀), is now called Mega International Commercial Bank (兆豐國際商銀) after merging with another state-run entity, Chiao Tung Bank (交通銀行).
"A company's title is a valuable asset that takes a lot of time and effort to establish ? any name change is bound to influence a company's reputation," Tung Shu-chi (董樹杞), assistant vice president of Mega's Ho Chi Minh City branch told the Taipei Times.
The issue of changing the name of state-run enterprises is part of the government's "name-rectification" policy, aimed at avoiding Taiwanese companies being mistaken for Chinese ones. The economics ministry is expected to announce other name changes next week.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS