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.
SETBACK: Apple’s India iPhone push has been disrupted after Foxconn recalled hundreds of Chinese engineers, amid Beijing’s attempts to curb tech transfers Apple Inc assembly partner Hon Hai Precision Industry Co (鴻海精密), also known internationally as Foxconn Technology Group (富士康科技集團), has recalled about 300 Chinese engineers from a factory in India, the latest setback for the iPhone maker’s push to rapidly expand in the country. The extraction of Chinese workers from the factory of Yuzhan Technology (India) Private Ltd, a Hon Hai component unit, in southern Tamil Nadu state, is the second such move in a few months. The company has started flying in Taiwanese engineers to replace staff leaving, people familiar with the matter said, asking not to be named, as the
The prices of gasoline and diesel at domestic fuel stations are to rise NT$0.1 and NT$0.4 per liter this week respectively, after international crude oil prices rose last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday. Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$27.3, NT$28.8 and NT$30.8 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements. The price of premium diesel is to rise to NT$26.2 per liter at CPC stations and NT$26 at Formosa pumps, they said. The announcements came after international crude oil prices
SinoPac Financial Holdings Co (永豐金控) is weighing whether to add a life insurance business to its portfolio, but would tread cautiously after completing three acquisitions in quick succession, president Stanley Chu (朱士廷) said yesterday. “We are carefully considering whether life insurance should play a role in SinoPac’s business map,” Chu told reporters ahead of an earnings conference. “Our priority is to ensure the success of the deals we have already made, even though we are tracking some possible targets.” Local media have reported that Mercuries Life Insurance Co (三商美邦人壽), which is seeking buyers amid financial strains, has invited three financial
CAUTION: Right now, artificial intelligence runs on faith, not productivity and eventually, the risk of a bubble will emerge,’ TIER economist Gordon Sun said Taiwanese manufacturers turned more optimistic last month, ending a five-month streak of declining sentiment as concerns over US tariffs, currency volatility and China’s overcapacity began to ease, the Taiwan Institute of Economic Research (TIER) said yesterday. The manufacturing business confidence index rose 1.17 points from June to 86.8, its first rebound since February. TIER economist Gordon Sun (孫明德) attributed the uptick to fading trade uncertainties, a steadier New Taiwan dollar and reduced competitive pressure from Chinese producers. Taiwan’s semiconductor industry is unlikely to face significant damage from Washington’s ongoing probe into semiconductors, given the US’ reliance on Taiwanese chips to power artificial
RSS