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Taiwanese businessman misled by Chinese bank

A Taiwanese businessman investing in China was shocked when he found that a 50 million yuan (US$8 million) loan he applied for from the China Construction Bank (CCB) more than a year ago actually went into a unrelated business in China and was used as collateral for another 90 million yuan loan.

The 73-year-old Chen Hsi-so (陳細鎖) said that on the recommendation of a friend, he opened a lime absorbent plant in Wuping District, Longyan, in China’s Fujian Province last year, and applied for a 50 million yuan loan from CCB’s branch in Wuping.

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Politicians urge Ma to reflect on criticism

After an article in the latest edition of the Economist magazine called President Ma Ying-jeou (馬英九) a bumbler, politicians across party lines yesterday said that Ma should thoroughly reflect on his leadership and governance practices.

In the piece entitled “Ma the Bumbler,” the global publication said that in addition to the dismal international economy, “Mr. Ma’s leadership is also to blame” for some of Taiwan’s problems.

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Newsflash

Exiled Tibetan leader the Dalai Lama shares his thoughts at a ceremony to comfort victims of Typhoon Morakot in Kaohsiung yesterday.
PHOTO: PATRICK LIN, AFP

More than 17,000 people from across the country packed the Kaohsiung Arena yesterday morning as the Dalai Lama held a two-hour prayer ceremony for the victims of Typhoon Morakot.

Although the ceremony officially started at 9:30am, many people began lining up on Monday night and by 9am the stadium was packed.