Anbang Insurance Group Co., the Chinese owner of New York’s Waldorf Astoria hotel, has asked banks to pitch for role on a planned Hong Kong initial public offering next year, according to people with knowledge of the matter. The Beijing-based …
Ping An Insurance (Group) Co., China’s second-largest insurer, said first-half profit rose 18 percent as growth in premiums and banking revenue helped offset the impact of stock-market declines that have hit rivals. Net income climbed to 40.8 billion yuan ($6.2 …
Liberty Mutual Insurance and Sanpower Group Co. Ltd., one of China’s leading private enterprises, announced they have agreed to create a joint venture from Liberty Mutual’s current Chinese property/casualty insurance operations. Sanpower will hold a 51 percent controlling interest in …
Tesla said last week that one of its cars had crashed in Beijing while in ‘autopilot’ mode, with the driver contending sales staff sold the function as ‘self-driving’, overplaying its actual capabilities. Tesla said it had reviewed data to confirm …
In a letter addressed to Chinese Premier Li Keqiang, 46 global business groups spanning finance, information technology, insurance and manufacturing urged Beijing to revise its draft cyber rules which they said would hamper trade. The signatories include industry associations from …
The China Insurance Regulatory Commission (CIRC) has asked insurers to thoroughly assess business risks and strengthen their risk controls, the online financial magazine Caixin reported Wednesday, citing anonymous industry sources. China’s insurers have rapidly moved into risky investments in recent …
AXA, Alibaba and Ant Financial Services have formed a global strategic partnership to explore opportunities to distribute AXA’s insurance products and services through Alibaba’s global e-commerce platforms. The companies plan to work together to develop products and services, while developing …
Shadow banking activity in China has expanded further and now accounts for nearly a third of the total banking sector assets, raising financial risks in the world’s second-largest economy, rating agency Moody’s Investor Service said on Wednesday. Shadow banking assets …
Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing’s claims across large swathes of the South China Sea, fueling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands, found …
Weeks of torrential rain across central and southern China have caused the country’s worst flooding since 1998, killing 173 people, ruining farms and cutting major transportation arteries — and creating potential headwinds to economy growth. A swollen Yangtze and other …
