Shin Kong Life Insurance Co (新光人壽) yesterday announced that Victor Hsu (許澎) would be its new chairman after Eugene Wu (吳東進) was suspended by the Financial Supervisory Commission and barred from the firm’s board until his term ends in June 2023.
It is to be the second time that Hsu has taken over a Wu post as chairman after he assumed the role at Shin Kong Financial Holding Co (新光金控) after Wu retired from that company in June.
“We would review Hsu’s qualifications and then decide whether to interview him in person,” Insurance Bureau Deputy Director-General Wang Li- hui (王麗惠) told a news conference in New Taipei City.
Meanwhile, the commission has rejected Jko Asset Management Co’s (街口投信) appointment of Kevin Hu (胡亦嘉) as chairman, citing insufficient documents, Securities and Futures Bureau Chief Secretary Kuo Chia-chun (郭佳君) told the news conference.
“The firm did not answer our request to submit Hu’s certificates of graduation, which are necessary documents to review Hu’s qualifications,” Kuo said. “This indicates that the firm is non-compliant.”
Hu said that the commission on Friday last week had harassed his employees by interrogating staff and searching its offices.
The commission conducted an on-site inspection that day, as Jko Asset Management failed to clearly explain its Tuofu Bao (託付寶) investment service, Kuo said.
“We intended to check whether the asset management company has good internal controls after its affiliates Jkopay Co Ltd (街口支付) and Jko Fintech Co (街口金融科技) launched a controversial service,” Kuo said, adding that the inspection was normal practice.
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
Handset camera lens maker Largan Precision Co (大立光) on Sunday reported a 6.71 percent year-on-year decline in revenue for the third quarter, despite revenue last month hitting the highest level in 11 months. Third-quarter revenue was NT$17.68 billion (US$581.2 million), compared with NT$18.95 billion a year earlier, the company said in a statement. The figure was in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$17.9 billion, but missed the market consensus estimate of NT$18.97 billion. The third-quarter revenue was a 51.44 percent increase from NT$11.67 billion in the second quarter, as the quarter is usually the peak
The US government on Wednesday sanctioned more than two dozen companies in China, Turkey and the United Arab Emirates, including offshoots of a US chip firm, accusing the businesses of providing illicit support to Iran’s military or proxies. The US Department of Commerce included two subsidiaries of US-based chip distributor Arrow Electronics Inc (艾睿電子) on its so-called entity list published on the federal register for facilitating purchases by Iran’s proxies of US tech. Arrow spokesman John Hourigan said that the subsidiaries have been operating in full compliance with US export control regulations and his company is discussing with the US Bureau of
Pegatron Corp (和碩), a key assembler of Apple Inc’s iPhones, on Thursday reported a 12.3 percent year-on-year decline in revenue for last quarter to NT$257.86 billion (US$8.44 billion), but it expects revenue to improve in the second half on traditional holiday demand. The fourth quarter is usually the peak season for its communications products, a company official said on condition of anonymity. As Apple released its new iPhone 17 series early last month, sales in the communications segment rose sequentially last month, the official said. Shipments to Apple have been stable and in line with earlier expectations, they said. Pegatron shipped 2.4 million notebook
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