The Ministry of Finance is attempting to pave the way for KGI Securities Co (中信證券) president Angelo Koo (辜仲瑩) to take up the chairmanship of China Development Financial Holding Corp (中華開發金控) in three years, local Chinese-language media reported yesterday.
The Commercial Times reported that the finance ministry, KGI and former chairwoman Diana Chen (
The report also said the ministry and KGI may each snatch three seats on the standing committee, while Chen will be given the remaining seat.
The ministry also struck a deal with KGI to allow its proxy-solicitation partner to shoulder more management responsibilities by nominating Koo to take up both presidencies at China Development and its subsidiary China Development Industrial Bank (
"If KGI increases its stake and Koo does a good job over the next three years, he may have the chance to take over the helm of China Development Financial in three years," the paper quoted an unidentified top-ranking finance official as saying.
On Tuesday, the ministry and KGI jointly recommended Chen Mu-tsai (
Should Koo take up China Development's presidency, a management reshuffle is likely to follow to introduce KGI-affiliated managers.
Domestic media yesterday mentioned possible replacements for Chen Mu-tsai to head the Bank of Taiwan. Possible candidates include vice ministers of finance Yang Tze-kiang (楊子江) and Susan Chang (張秀蓮), and former Taiwan Sugar Co (台糖) chairman Wu Nai-jen (吳乃仁).
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,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
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
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