Asia Pacific (APAC), Global Politics

Cross-Strait News Daily Round-Up for Dec. 1

Samsung Electronics CEO remains in place after executive reshuffle

Despite a punishing quarter-over-quarter and year-over-year decline in profitability, Reuters reports the co-chief executive of Samsung Electronics (KRX:005930), J.K Shin, will remain in his position despite widespread speculation that he would be turfed as punishment for the company’s declining fortune. Semiconductor division boss Kwon Oh-hyun, who’s division has faced delays with its 14nm process node, and consumer electronics leader Yoon Boo-keun also kept their positions with the company.

People’s Bank of China unveils deposit insurance scheme for the nation

China Economic Review reported on Dec. 1 that People’s Bank of China, the nation’s central bank, has unveiled a deposit protection scheme for Chinese bank depositors with a RMB500,000 maximum payout.
State Council’s Legislative Affairs Office proposed coverage ceiling would protect the deposits of 99.63% of mainland depositors, the central bank said.  It said that China had RMB49.9 trillion of personal deposits and RMB49.9 trillion of personal deposits and RMB53.8 trillion of corporate time and demand deposits in October.
The establishment of the scheme, meanwhile, is seen as a precursor to further financial reforms, including scrapping remaining controls on interest rates.

Premier Jiang Yi-huah resigns

Taiwan’s Premier Jiang Yi-huah (江宜樺) resigned after the ruling Kuomintang (KMT) was trounced after Saturday’s (Nov. 30) election.
Jiang’s resignation was immediately granted by President Ma Ying-jeou (馬英九), who is also the chairman for the KMT.
The elections, including wardens, mayors, and city councilors, were regarded as the “pre-battle” for the 2016 presidential election and were also the first elections that were organized after the Sunflower Movement back in March, when protesters petitioned to the government regarding their disappointment of the government’s performances.
In major cities such as Taipei, New Taipei City, Taoyuan, Keelung and Taichung, only KMT’s New Taipei City Mayor Eric Chu (朱立倫) won his re-election while Democratic Progressive Party candidates occupied most of these seats.
In addition to Jiang’s resignation, angry KMT members also requested Ma to quit his chairmanship but he did not clearly respond to it as of press time.