Word: cathay
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Dates: during 1980-1989
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Another setback for the government came in February with the collapse of the Tenth Credit Cooperative, a major Taiwan savings and loan institution, and the Cathay Investment & Trust Co., linchpin of the mighty Cathay group (estimated 1984 assets: $2.5 billion). The cooperative's chairman, Tsai Chen-chou, had funneled more than $190 million from Tenth Credit to fund his own shaky business schemes. Many citizens feel that members of the ruling Kuomintang (K.M.T.) knew of the scandal but looked the other way. Indeed, Tsai and his half brother Tsai Chen-nan, chairman of the Cathay Investment & Trust Co., had been...
...number of Taiwan officials have lost their jobs as a result of the Cathay affair, but President Chiang denies that it has soiled Taiwan's good name. "I do not see any wavering of public confidence as a result of (the Cathay scandal)," he said in an interview with TIME (see box). "Actually the government benefits by taking measures to overhaul the financial system." An investigative committee of the Control Yuan, the government's watchdog agency, ! assigned blame for the scandal last month to Finance Minister J.K. Loh, who resigned within hours, and to Hsu Li-teh, who quit...
...Cathay scandal came at a particularly inauspicious time for the Taiwanese economy. After a muscular 10.9% growth rate in 1984, economic activity in the first half of this year rose less than 6%. Productivity has risen almost 9% annually over the past decade, but that has not been nearly enough to keep pace with the average 16% increase in wages. "From these figures, you can see we really are in danger," says one of Taiwan's leading economic policymakers...
...recent Pennsylvania Opera Theater production of Orlando Paladino, a work that alternates buffa elements with more serious moments, showed the best reason for giving Haydn's operas a hearing: their scores. To the lovesick knight Orlando (Tenor John Gilmore), crazed by a passion for Angelica, the Queen of Cathay, Haydn gave a stirring entrance that suggests the depths of the mad paladin's emotion. On Angelica (Soprano Randi Marrazzo), he lavished arias in each act that shimmer with dazzling coloratura and touching pathos. And for the finale, he composed a high-spirited, catchy septet that reconciles the conflicting...
...Aegean. Herodotus describes a caravan route that united the salt oases of the Libyan desert. Venice's glittering wealth was attributable not so much to exotic spices as to commonplace salt, which Venetians exchanged in Constantinople for the spices of Asia. In 1295, when he first returned from Cathay, Marco Polo delighted the Doge with tales of the prodigious value of salt coins bearing the seal of the great Khan...