Despite some confrontations between demonstrators and police, the government has completed the takeover of 35 problem financial institutions, said Cabinet Secretary-General Chiou I-jen (邱義仁) over the weekend.
While lamenting that the government had to arrest a number of rumormongers who have interfered with the process, Chiou stressed that no change in the government's determination to take over these financial institutions with negative net assets.
Under the government's direction, late last week 10 major banks acted to take over the management of the 35 grassroots financial institutions, including 26 credit departments set up by farmers' associations, two credit departments of fishermen's associations and seven credit cooperatives.
Chiou said it's regrettable that some farmers were erroneously led to believe that the government was going to liquidate their assets. On the contrary, the action was to ensure farmers' savings through the use of taxpayer dollars, Chiou said.
The Legislative Yuan passed a law in late June for the establishment and management of a NT$140 billion (US$4 billion) financial reconstruction fund to clean up the troubled financial institutions.
As of yesterday evening, one of the 35 financial institutions -- the credit department of Changchih Township Farmers' Association (
According to Minister of Finance Yen Ching-chang (
The 10 banks were Taiwan Cooperative Bank (
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
RSS