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.
STRONG INTEREST: Analysts have pointed to optimism in TSMC’s growth prospects in the artificial intelligence era as the cause of the rising number of shareholders The number of people holding shares of chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) hit a new high last week despite a decline in its stock price, the Taiwan Depository and Clearing Corp (TDCC, 台灣集保) said. The number of TSMC shareholders rose to 2.46 million as of Friday, up 75,536 from a week earlier, TDCC data showed. The stock price fell 1.34 percent during the same week to close at NT$1,840 (US$57.55). The decline in TSMC’s share price resulted from volatility in global tech stocks, driven by rising international crude oil prices as the war against Iran continues. Dealers said
PRICE HIKES: The war in the Middle East would not significantly disrupt supply in the short term, but semiconductor companies are facing price surges for materials Taiwan’s semiconductor companies are not facing imminent supply disruptions of essential chemicals or raw materials due to the war in the Middle East, but surges in material costs loom large, industry association SEMI Taiwan said yesterday. The association’s comments came amid growing concerns that supplies of helium and other key raw materials used in semiconductor production could become a choke point after Qatar shut down its liquefied natural gas (LNG) production and helium output earlier this month due to the conflict. Qatar is the second-largest LNG supplier in the world and accounts for about 33 percent of global helium output. Helium is
Taiwan’s natural gas supply remains stable through the end of May, despite rising concerns about potential disruptions to Qatari liquefied natural gas (LNG) supplies due to escalating conflicts in the Middle East, the Ministry of Economic Affairs said yesterday. The ministry in a statement said that Taiwan has completed preparations for natural gas supply and shipping schedules through the end of May. It has also made plans to increase natural gas imports from regions outside the Middle East in June to ensure a stable supply, it added. Taiwan sources natural gas from 14 countries and is not solely dependent on the Middle East,
China is clamping down on fertilizer exports to protect its domestic market, industry sources said, putting an additional strain on global markets that were already grappling with shortages caused by the US-Israeli war on Iran. China is among the largest fertilizer exporters — shipping more than US$13 billion of it last year — and it has a history of controlling exports to keep prices low for farmers. Shipments through the war-blocked Strait of Hormuz account for about one-third of the sea-borne supply. This month, Beijing banned exports of nitrogen-potassium fertilizer blends and certain phosphate varieties, sources said. The ban, which has not
RSS