The board of state-run Taiwan Asset Management Corp (TAMC, 台灣金聯) yesterday approved the appointment of former vice premier Shih Jun-ji (施俊吉) as its chairman, a position that has been vacant for 18 months.
Shih said that he would give reasons for his latest change of position after he puts TAMC on the right track.
The company’s helm has been vacant since former minister of labor Lin Mei-chu (林美珠) resigned in December 2018.
Photo courtesy of Taiwan Asset Management Corp
Lin quit one day after she was sworn in, bowing to criticism about favoritism from opposition parties.
Lin is a cousin of President Tsai Ing-wen (蔡英文).
Shih, 65, was tapped by the Executive Yuan to head the company, of which the government controls a stake of more than 80 percent.
TAMC, the nation’s largest bad-loan operator, has been expanding into property management and real-estate construction as the nation’s pool of bad loans diminishes.
Shih expressed gratitude to TAMC president Kuo Wen-jin (郭文進), who had to double as acting chairman in the interim.
Shih, who holds a doctorate in economics, has served as chairman of the Taiwan Stock Exchange and a minister without portfolio, as well as a member of the Financial Supervisory Commission and the Fair Trade Commission.
“The local bourse rallied to more than 10,000 points under my stewardship, lending support to my credentials, Shih said, asking colleagues to wait and see his achievements.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) secured a record 70.2 percent share of the global foundry business in the second quarter, up from 67.6 percent the previous quarter, and continued widening its lead over second-placed Samsung Electronics Co, TrendForce Corp (集邦科技) said on Monday. TSMC posted US$30.24 billion in sales in the April-to-June period, up 18.5 percent from the previous quarter, driven by major smartphone customers entering their ramp-up cycle and robust demand for artificial intelligence chips, laptops and PCs, which boosted wafer shipments and average selling prices, TrendForce said in a report. Samsung’s sales also grew in the second quarter, up
On Tuesday, US President Donald Trump weighed in on a pressing national issue: The rebranding of a restaurant chain. Last week, Cracker Barrel, a Tennessee company whose nationwide locations lean heavily on a cozy, old-timey aesthetic — “rocking chairs on the porch, a warm fire in the hearth, peg games on the table” — announced it was updating its logo. Uncle Herschel, the man who once appeared next to the letters with a barrel, was gone. It sparked ire on the right, with Donald Trump Jr leading a charge against the rebranding: “WTF is wrong with Cracker Barrel?!” Later, Trump Sr weighed
HEADWINDS: Upfront investment is unavoidable in the merger, but cost savings would materialize over time, TS Financial Holding Co president Welch Lin said TS Financial Holding Co (台新新光金控) said it would take about two years before the benefits of its merger with Shin Kong Financial Holding Co (新光金控) become evident, as the group prioritizes the consolidation of its major subsidiaries. “The group’s priority is to complete the consolidation of different subsidiaries,” Welch Lin (林維俊), president of the nation’s fourth-largest financial conglomerate by assets, told reporters during its first earnings briefing since the merger took effect on July 24. The asset management units are scheduled to merge in November, followed by life insurance in January next year and securities operations in April, Lin said. Banking integration,
LOOPHOLES: The move is to end a break that was aiding foreign producers without any similar benefit for US manufacturers, the US Department of Commerce said US President Donald Trump’s administration would make it harder for Samsung Electronics Co and SK Hynix Inc to ship critical equipment to their chipmaking operations in China, dealing a potential blow to the companies’ production in the world’s largest semiconductor market. The US Department of Commerce in a notice published on Friday said that it was revoking waivers for Samsung and SK Hynix to use US technologies in their Chinese operations. The companies had been operating in China under regulations that allow them to import chipmaking equipment without applying for a new license each time. The move would revise what is known
RSS