The Legislative Yuan approved an amendment to the Corporation Act (公司法) yesterday, obliging companies participating in the government’s bailout projects to propose plans to save themselves from going bankrupt.
The bill, proposed and endorsed by lawmakers across party lines, stipulates that corporations that are included in a bailout plan that will cost more than NT$1 billion (US$30 million) should report their reconstruction plans to the Legislative Yuan.
The amendment also includes a new “fat cat article” that authorizes the government to limit the compensation for company managers and board members.
The amendment also allows the companies receiving aid to issue new shares to the government in compensation for the government’s financial support.
Besides passing the amendment, legislators also reached a resolution banning companies from making investments overseas while they are included in the government’s bailout projects.
Meanwhile, the legislature failed to vote on an amendment to the Offshore Islands Development Act (離島建設條例) that would legalize casinos on Taiwan’s outlying islands.
Restaurants in New Taipei City, Hsinchu City and Hsinchu County are to be included in the Michelin Guide’s review for the first time this year, alongside existing entries from Taipei, Taichung, Tainan and Kaohsiung, the France-based culinary publication said yesterday. This year’s edition of the Michelin Guide Taiwan is to be unveiled on Aug. 19 in Taipei. In addition to the coveted star ratings, Michelin Taiwan would announce its “Bib Gourmand” selections — a distinction awarded to establishments offering high-quality food at moderate prices — on Aug. 12. This year’s Bib Gourmand list would also feature restaurants in New Taipei City, Hsinchu
A firefighter yesterday died after falling into New Taipei City's Xindian River when a rescue dinghy capsized during a search mission for a man who was later found dead. The New Taipei City Fire Department said that it received a report at 4:12pm that a 50-year-old man, surnamed Chen (陳), had fallen into the river. A 32-year-old firefighter, surnamed Wu (吳), was among the rescuers deployed to look for Chen, the fire department said, adding that he and five other rescue personnel were in the dinghy when it capsized. Wu had no vital signs after being pulled from the water to the
Organizing one national referendum and 26 recall elections targeting Chinese Nationalist Party (KMT) legislators could cost NT$1.62 billion (US$55.38 million), the Central Election Commission said yesterday. The cost of each recall vote ranges from NT$16 million to NT$20 million, while that of a national referendum is NT$1.1 billion, the commission said. Based on the higher estimate of NT$20 million per recall vote, if all 26 confirmed recall votes against KMT legislators are taken into consideration, along with the national referendum on restarting the Ma-anshan Nuclear Power Plant, the total could be as much as NT$1.62 billion, it said. The commission previously announced
The Ministry of Foreign Affairs (MOFA) yesterday welcomed NATO Secretary-General Mark Rutte’s remarks that the organization’s cooperation with Indo-Pacific partners must be deepened to deter potential threats from China and Russia. Rutte on Wednesday in Berlin met German Chancellor Friedrich Merz ahead of a ceremony marking the 70th anniversary of Germany’s accession to NATO. He told a post-meeting news conference that China is rapidly building up its armed forces, and the number of vessels in its navy outnumbers those of the US Navy. “They will have another 100 ships sailing by 2030. They now have 1,000 nuclear warheads,” Rutte said, adding that such
RSS