Chunghwa Post Co (中華郵政) yesterday said that it lost approximately NT$700 million (US$22.03 million) after Mega International Commercial Bank’s (兆豐銀行) stock price tumbled 6.3 percent on Monday following reports the bank was ordered to pay a huge fine for breaching US money-laundering laws.
Chunghwa Post has a 3.5 percent stake in the bank and is one of its major investors. Mega was estimated to have lost NT$20 billion after Monday’s stock price fall.
Chunghwa Post chairman Philip Ong (翁文祺) said that the fine highlights the importance of complying with foreign regulations, while failure to do so can often bring added costs.
The fine should serve as a wake-up call to the Taiwanese banking system, Ong said.
In other news, Ong said Chunghwa Post is to erect two buildings on a plot of land behind the Taipei Beimen Post Office, close to Taipei Railway Station.
The two buildings, which are to have 50 floors and 30 floors respectively, are to become landmarks at the main thoroughfare to the west of Taipei, he said.
Ong said that the project was inspired by a visit to Tokyo in 2013, when he saw the JP Tower, which is right behind the historic Tokyo Central Post Office.
Like the Tokyo post office, the Beimen post office — built in 1930 and Taipei’s oldest — is historic, Ong said, adding that there is 13,223m2 of unused land behind it.
Ong said that the Beimen post office is in a historic district that includes the city’s old North Gate.
As such, Chunghwa Post is working with the Taipei City Government to deliver a zoning plan to allow construction of the new buildings, Ong added.
Based on a preliminary proposal, Chunghwa Post will keep the Beimen post office building and turn it into a postal museum. The smaller new building will house a hotel, as well as a campus for National Chiao Tung University, which has partial ownership over the land. The taller building is to house start-ups for innovative products and services, as well as a shopping center.
The company said that investment in the project could top NT$27 billion, which would be the postal company’s largest investment in recent years.
TYPHOON: The storm’s path indicates a high possibility of Krathon making landfall in Pingtung County, depending on when the storm turns north, the CWA said Typhoon Krathon is strengthening and is more likely to make landfall in Taiwan, the Central Weather Administration (CWA) said in a forecast released yesterday afternoon. As of 2pm yesterday, the CWA’s updated sea warning for Krathon showed that the storm was about 430km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point. It was moving in west-northwest at 9kph, with maximum sustained winds of 119kph and gusts of up to 155kph, CWA data showed. Krathon is expected to move further west before turning north tomorrow, CWA forecaster Wu Wan-hua (伍婉華) said. The CWA’s latest forecast and other countries’ projections of the storm’s path indicate a higher
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
TYPHOON DAY: Taitung, Pingtung, Tainan, Chiayi, Hualien and Kaohsiung canceled work and classes today. The storm is to start moving north this afternoon The outer rim of Typhoon Krathon made landfall in Taitung County and the Hengchun Peninsula (恆春半島) at about noon yesterday, the Central Weather Administration (CWA) said, adding that the eye of the storm was expected to hit land tomorrow. The CWA at 2:30pm yesterday issued a land alert for Krathon after issuing a sea alert on Sunday. It also expanded the scope of the sea alert to include waters north of Taiwan Strait, in addition to its south, from the Bashi Channel to the Pratas Islands (Dongsha Islands, 東沙群島). As of 6pm yesterday, the typhoon’s center was 160km south of
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
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