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Fubon Financial Holding Co (富邦金控) yesterday said that it would not accept rubles for interest payments for the Russian bonds it holds, as the terms of the bonds explicitly stipulate that the interest should be paid in US dollars. It would seek to minimize its losses by negotiating with custodian banks and “take action together,” the financial services provider told an investors’ conference. The comments came after Russia on March 5 said that it would pay sovereign and corporate debtors in rubles if they are from countries that have acted in an “unfriendly manner” to Russia after Moscow on Feb. 24 launched ....
The Financial Supervisory Commission (FSC) on Thursday penalized Shin Kong Financial Holding Co (新光金控) for poor corporate governance and lax internal controls, including a three-month suspension for company chairman Victor Hsu (許澎). The commission also fined subsidiary Shin Kong Life Insurance Co (新光人壽) NT$3 million (US$105,623), cut Shin Kong Life Insurance chairman Pan Po-cheng’s (潘柏錚) salary by 30 percent for three months and banned the insurer from making transactions with six affiliated companies for three years. Senior executives of Shin Kong Financial Holding and its subsidiaries, which also include Shin Kong Commercial Bank (新光銀行) and Master Link Securities Corp (元富證券), attended four ....
The official manufacturing purchasing managers’ index (PMI) last month gained 2.6 points to 58.8, as demand picked up for most sectors, despite a possible downward pull due to the Lunar New Year holiday, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. A spike in new orders for electronics, optical devices and machinery allowed the new business subindex to overcome unfavorable seasonality with a six-point increase to 58.6, the Taipei-based think tank said. “The latest survey showed that operating conditions remained healthy and should remain bright,” CIER president Chang Chuang-chang (張傳章) said. Economic gauges in countries where the Lunar New Year ....