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.
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
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