HypoVereinsbank, Germany's second-biggest bank, said yesterday it would cut another 2,200 jobs as it blamed worsening economic conditions for a slump in third-quarter profit.
The job losses in retail banking, which will take effect by 2004, come on top of 7,500 cuts that the bank already has announced. It plans to close 170 branches of its branches in 2002 and 2003.
HypoVereinsbank's latest job reductions follow a series of similar announcements from other major German banks, which also have been struggling with high costs and a slowing economy.
Last week, Commerzbank said it would drop 3,400 jobs, while Deutsche Bank, the country's largest, has said it will shed 2,600 jobs by 2003 and Dresdner Bank says it will cut 7,800.
HypoVereinsbank said Thursday its net profit fell 48 percent in the third quarter from the previous quarter, to 68 million euros (US$60.5 million) from 131 million euros. Still, the figure beat analysts' expectations, which ranged from 27 million to 45 million euros (US$24 million to US$40.5 million).
"The difficult market environment in the first half has worsened in the third quarter. The negative capital market trend accelerated," CEO Albrecht Schmidt said.
NATIONAL SECURITY THREAT: An official said that Guan Guan’s comments had gone beyond the threshold of free speech, as she advocated for the destruction of the ROC China-born media influencer Guan Guan’s (關關) residency permit has been revoked for repeatedly posting pro-China content that threatens national security, the National Immigration Agency said yesterday. Guan Guan has said many controversial things in her videos posted to Douyin (抖音), including “the red flag will soon be painted all over Taiwan” and “Taiwan is an inseparable part of China,” while expressing hope for expedited “reunification.” The agency received multiple reports alleging that Guan Guan had advocated for armed reunification last year. After investigating, the agency last month issued a notice requiring her to appear and account for her actions. Guan Guan appeared as required,
Japan and the Philippines yesterday signed a defense pact that would allow the tax-free provision of ammunition, fuel, food and other necessities when their forces stage joint training to boost deterrence against China’s growing aggression in the region and to bolster their preparation for natural disasters. Japan has faced increasing political, trade and security tensions with China, which was angered by Japanese Prime Minister Sanae Takaichi’s remark that a Chinese attack on Taiwan would be a survival-threatening situation for Japan, triggering a military response. Japan and the Philippines have also had separate territorial conflicts with Beijing in the East and South China
A strong cold air mass is expected to arrive tonight, bringing a change in weather and a drop in temperature, the Central Weather Administration (CWA) said. The coldest time would be early on Thursday morning, with temperatures in some areas dipping as low as 8°C, it said. Daytime highs yesterday were 22°C to 24°C in northern and eastern Taiwan, and about 25°C to 28°C in the central and southern regions, it said. However, nighttime lows would dip to about 15°C to 16°C in central and northern Taiwan as well as the northeast, and 17°C to 19°C elsewhere, it said. Tropical Storm Nokaen, currently
PAPERS, PLEASE: The gang exploited the high value of the passports, selling them at inflated prices to Chinese buyers, who would treat them as ‘invisibility cloaks’ The Yilan District Court has handed four members of a syndicate prison terms ranging from one year and two months to two years and two months for their involvement in a scheme to purchase Taiwanese passports and resell them abroad at a massive markup. A Chinese human smuggling syndicate purchased Taiwanese passports through local criminal networks, exploiting the passports’ visa-free travel privileges to turn a profit of more than 20 times the original price, the court said. Such criminal organizations enable people to impersonate Taiwanese when entering and exiting Taiwan and other countries, undermining social order and the credibility of the nation’s
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