Former EVA Airways Corp (長榮航空) chairman Chang Kuo-wei (張國煒) returned to Taiwan on Saturday, one day after he was removed from the chairmanship in an escalating war of succession for the control of the massive Evergreen Group (長榮集團) founded by the late billionaire Chang Yung-fa (張榮發).
Chang Kuo-wei piloted an EVA airplane to Singapore on Friday, but returned to Taiwan on Saturday as a passenger.
“I’m a working person and there is nothing to be sorry for,” he told the media on his arrival at the Taiwan Taoyuan International Airport. “Anyway, I am tired. I want to take a break.”
On the question of whether he would continue to work with his step-brothers in the business, Chang Kuo-wei said, “we will see.”
At an extraordinary board meeting on Friday, EVA Airways removed Chang Kuo-wei from his chairman post and replaced him with Steve Lin (林寶水), an executive in the Evergreen Group.
The war of succession among the children of Chang Jung-fa has been raging since his death on Jan. 20. The Evergreen Group is a conglomerate of over a dozen shipping, transportation and associated service companies and is best known for its flagship Evergreen Marine Corp (長榮海運) and EVA Airways.
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
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