Former minister-without-portfolio Joseph Lyu (
"With his financial expertise, Lyu is quite suited for the chairman's job," DPP caucus whip Ker Chien-ming (
Ker confirmed that Lyu is one of the DPP government's candidates for the post, but he refused to reveal names of other possible candidates.
After Lyu stepped down from his previous post as finance minister in 2006, rumor had it that he would take up an executive post at government-controlled Mega Financial, the nation's third-largest financial service provider by assets. But that never materialized and he quitted his minister-without-portfolio position shortly after.
Currently working as a university professor, Lyu, 52, also served as a board member at Mega Financial in 2004, chairman at the state-owned Bank of Taiwan (台銀), president at Land Bank of Taiwan (土銀) and vice president at the nation's top telecom operator Chunghwa Telecom Co (中華電信) before leaving his executive posts at Taipei-based foreign banks including KBC Bank, BNP Paribas and the Bank of New York Mellon.
Lyu, however, denied that he had been asked to replace Cheng on Monday when Cheng's sudden resignation was made public, his staff was quoted as saying.
Deputy Minister of Finance Liu Teng-cheng (
The board's remaining six seats are for representatives of the financial company's private shareholders, led by Cheng.
If no replacement is appointed by Jan. 15, when Cheng's resignation takes effect, Mega Financial president Mckinney Tsai (蔡友才) will step in and work as interim chairman, Liu said.
Tsai, who was appointed by the finance ministry, currently doubles as the chairman of subsidiary Mega International Commercial Bank (兆豐國際商銀).
Moreover, Tsai and former Mega Financial president Lin Tzong-yeong (林宗勇) were tapped as possible candidates for the chairman's position, local media reported yesterday.
Ker said yesterday that Cheng chose to step down because he felt he wasn't at the helm of Mega Financial as its chairman.
Local media, however, speculated Cheng's resignation had something to do with Cheng's relationship with the Evergreen Group founded by Cheng's father-in-law Chang Jung-fa (張榮發). The group is said to be distancing itself from the DPP administration.
Taiwan and China are to build more new high-volume semiconductor fabrication plants this year and next year than any other country, together contributing more than half of all new fabs in the world by constructing eight each, SEMI said in a quarterly report yesterday. Global chipmakers are to start building 19 new high-volume fabs by the end of this year and another 10 next year to meet accelerating demand for chips from the communications, computing, healthcare, online services and automotive sectors, SEMI, an association that represents the global semiconductor sector, said in its quarterly report. “Equipment spending for these 29 fabs is
Major PC vendors expect a shortage of key components to last another 12 months until the second quarter of next year, when PC demand wanes after two years of robust expansion, a UBS analyst said yesterday. Concern has risen among investors that PC demand could weaken as the US and European economies reopen from COVID-19 lockdowns and gradually return to in-person business activities. At the annual Taiwan Conference that began on Monday, UBS analysts said they had similar discussions with companies in PC supply chains, and the feedback from major PC vendors indicated that demand remained quite strong on the back of
QUICK CHANGE: After a prolonged drought, the Water Resources Agency said it is preparing for potential floods from intense rainfall this week The Ministry of Economic Affairs yesterday announced that it was easing water restrictions in several regions, thanks to rainfall over the past few days. The water supply alert level has been downgraded from “orange” to “yellow” for Taoyuan and Hsinchu and Miaoli counties, and from “orange” to “green” for Tainan and Chiayi County, the ministry said. Only Taichung remains under “orange” alert, with round-the-clock decreased water pressure, it said. A combination of water management measures and considerable plum rains and tropical showers has seen reservoirs significantly replenished across the nation, Minister of Economic Affairs Wang Mei-hua (王美花) said. Just weeks ago water levels
COUNTERWEIGHT: Investments from China dropped 61.66% annually to US$18.18m, while those from nations under the New Southbound Policy rose 66.01% to US$286m Foreign direct investment in Taiwan fell sharply in the first five months of the year in terms of the number of projects and the value of investment, the Investment Commission said in a report yesterday. From January to last month, the commission approved 1,080 foreign direct investment projects, a decline of 24.74 percent year-on-year, while the total value of those projects reached US$1.99 billion, a 41.92 percent plunge from a year earlier, the commission said. “The continued uncertainty due to the COVID-19 pandemic is affecting major international investments,” the report said. Last year also had a number of “jumbo” investments, which lifted