China News

ACE Appoints Molnar VP-International Government Affairs

The ACE Group announced that it has appointed Yancy J. Molnar as Vice President for International Government Affairs. His role consists of assisting in “developing and implementing government affairs activities to support ACE’s global insurance and reinsurance operations,” said the …

Zurich to Sponsor Inaugural 2009 Asian Amateur Golf Championship

Zurich Financial Services Group has signed up as one of five exclusive partners of the inaugural Asian Amateur Championship, scheduled to be held at the Mission Hills Golf Club’s World Cup Course in Shenzhen, China, from October 29 to November …

China to Consider Climate Change Resolution

China’s top legislature will consider a draft resolution on climate change next week, state media said, after a report by the country’s policy experts said the government should take action so the country’s carbon dioxide emissions peak around 2030. China …

AIG to Sell Hong Kong Consumer Finance, India IT Units

American International Group, seeking to raise cash to repay around $180 billion in bail-out loans, has agreed to sell its Hong Kong consumer finance and India-based IT services units. China Construction Bank (CCB) Asia, the country’s second-biggest lender will buy …

Two Typhoons Slam into Eastern Asia; Powerful Earthquake Strikes Japan

Typhoon Morakot wreaked havoc in Taiwan over the weekend, making landfall late on Friday in Taiwan’s Hualien County with sustained winds of 148 km/h (92 mph). “As of Friday, Morakot had generated only 100 mm (4 in) of precipitation in …

2nd ‘Stanford’ Suit Targets Willis; Terrorist Bombs Kill 9 in Indonesia; Insurance Fraud on the Rise in UK; Lloyd’s ‘Fli

Willis has been named in a second lawsuit stemming from its relation with indicted financier Allen Stanford. A Venezuelan investor, Reinaldo Ranni, filed a class action in U.S. federal court in Miami on July 17, accusing Willis of fraud, negligence, …

U.S. and China Sign Memorandum on Climate Change

The United States and China, the world’s largest emitters of greenhouse gases, signed an agreement Tuesday that promises more cooperation on climate change, energy and the environment without setting firm goals. Chinese and U.S. officials signed the memorandum of understanding …

New York Regulator Signs Cooperation Agreement with China

The New York State Insurance Department has signed a cooperation agreement with regulators in China calling for closer cooperation between the two agencies in overseeing insurance issues. Acting Superintendent Kermitt Brooks and Jiang Bo, deputy director general of the International …

Willis Appointed Broker for Hong Kong’s ‘Largest-Ever’ Rail Project

Willis Group Holdings announced that it has been appointed as the broker for the” largest rail construction project ever undertaken in Hong Kong by client MTR Corporation Limited (MTR), the operator of Hong Kong’s rapid transit railway system.” The Hong …

Report Finds People the ‘Weak Link’ in Cybersecurity

The popularity of Facebook and other popular social networking sites has given hackers new ways to steal both money and information, the security company Sophos said in a report released Wednesday. About half of all companies block some or all …