The Central Daily News, the nation's oldest newspaper, announced yesterday that due to financial losses it would close its doors today after 78 years in business.
In its final issue, the newspaper said its 70 staff would stay on for one or two months while the company looks for a buyer.
"We are closing temporarily and hope to re-open soon. Please wait," the paper said in an announcement on its front page.
The newspaper is owned by the Chinese Nationalist Party (KMT).
The KMT, once one of the world's richest political parties with assets estimated at US$6.5 billion in the 1990s, has already sold its gleaming 12-story headquarters in central Taipei and will move into a modest building this month to try to shake off its corrupt image.
The party is no longer willing to absorb the Central Daily News' snowballing losses, which totaled NT$800 million (US$25 million) as of April, and has so far failed to find a buyer for the newspaper.
The KMT has been in the decline since President Chen Shui-bian (
But an insider trading scandal implicating Chen's son-in-law has been a godsend for the KMT, which has also sold its television and radio stations and a film company in recent years to fund elections.
"[The party] can survive only if it is pragmatic ... My heart is heavy and I hate to part with it," KMT Chairman Ma Ying-jeou (
The Central Daily News was launched in Shanghai in 1928 as the mouthpiece of the KMT, and moved to Taiwan in 1949 after the KMT lost the Chinese civil war to the Communists.
The High Prosecutors’ Office yesterday withdrew an appeal against the acquittal of a former bank manager 22 years after his death, marking Taiwan’s first instance of prosecutors rendering posthumous justice to a wrongfully convicted defendant. Chu Ching-en (諸慶恩) — formerly a manager at the Taipei branch of BNP Paribas — was in 1999 accused by Weng Mao-chung (翁茂鍾), then-president of Chia Her Industrial Co, of forging a request for a fixed deposit of US$10 million by I-Hwa Industrial Co, a subsidiary of Chia Her, which was used as collateral. Chu was ruled not guilty in the first trial, but was found guilty
DEADLOCK: As the commission is unable to forum a quorum to review license renewal applications, the channel operators are not at fault and can air past their license date The National Communications Commission (NCC) yesterday said that the Public Television Service (PTS) and 36 other television and radio broadcasters could continue airing, despite the commission’s inability to meet a quorum to review their license renewal applications. The licenses of PTS and the other channels are set to expire between this month and June. The National Communications Commission Organization Act (國家通訊傳播委員會組織法) stipulates that the commission must meet the mandated quorum of four to hold a valid meeting. The seven-member commission currently has only three commissioners. “We have informed the channel operators of the progress we have made in reviewing their license renewal applications, and
Taiwan People’s Party (TPP) Chairman Huang Kuo-chang (黃國昌) yesterday appealed to the authorities to release former Taipei mayor Ko Wen-je (柯文哲) from pretrial detention amid conflicting reports about his health. The TPP at a news conference on Thursday said that Ko should be released to a hospital for treatment, adding that he has blood in his urine and had spells of pain and nausea followed by vomiting over the past three months. Hsieh Yen-yau (謝炎堯), a retired professor of internal medicine and Ko’s former teacher, said that Ko’s symptoms aligned with gallstones, kidney inflammation and potentially dangerous heart conditions. Ko, charged with
Taiwan-based publisher Li Yanhe (李延賀) has been sentenced to three years in prison, fined 50,000 yuan (US$6,890) in personal assets and deprived political rights for one year for “inciting secession” in China, China's Taiwan Affairs Office spokesman Chen Binhua (陳斌華) said today. The Shanghai First Intermediate People’s Court announced the verdict on Feb. 17, Chen said. The trial was conducted lawfully, and in an open and fair manner, he said, adding that the verdict has since come into legal effect. The defendant reportedly admitted guilt and would appeal within the statutory appeal period, he said, adding that the defendant and his family have
RSS