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Simultaneously with Anti-drug Week, 1,257 kg of various kinds of drugs were destroyed in a ceremony in Esfahan today. [Shahmohammadi, acting head of the provincial coordination council to combat drugs] On the occasion of Anti-drug Week, 300 kg of hashish, over 700 kg of crack and chemical materials and 123 kg of different types of [...]
Archive for June, 2011
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China, Taiwan banks sign agreement to boost cross-strait trade ties
Posted by gary on June 29th, 2011
Beijing, 29 June – China Development Bank (CDB), one of the country’s three policy Banks, signed a memorandum with Taiwan Cooperative Bank on Wednesday [29 June] to further strengthen cross-border trade and investment. According to the memorandum, the two Banks will cooperate in program financing, joint lending, corporation credit, risk management and personnel training. The [...]
China May Insurance Premium Income Touched CNY105.9bn
Posted by gary on June 29th, 2011
China’s insurance premium income came to CNY 676.76 billion from January to May, according to data issued by the China Insurance Regulatory Commission on June 27 (CIRC). Earlier data released by the CIRC showed that insurance premium income got at CNY 570.8 billion in the first four months and CNY 105.9 billion in May. Original [...]
PBC: CNY 690.87 bn of Bonds Issued in May
Posted by gary on June 29th, 2011
According to official report from People’s Bank of China, CNY 690.87 billion of bonds were issued in the inter-bank bond market in May, decreasing 10.2% compared to April. In the first five months of 2011, totally inssued CNY 3.2 trillion of bonds were issued in the inter-bank bond market, down 19.6% compared to the same [...]
Ping An Property Insurance OKed to Add Capital to CNY17bn
Posted by gary on June 27th, 2011
Ping An Insurance (Group) Company of China (SHSE: 601318, SEHK: 2318) states that its property insurance unit won a regulatory approval to increase registered capital from CNY 5 billion to CNY 17 billion. While ensuring rapid growth of Ping An property insurance business, the capital expansion will meet requirements on insurance capacity and maintain solvency [...]
Insurers Banned to Buy Controller’s Bonds
Posted by gary on June 27th, 2011
China Insurance Regulatory Commission (CIRC) recently released a draft of administrative rules on insurance company’s controlling shareholder and actual controller. The draft asks an insurer should not buy its controlling shareholder or actual controller’s bonds nor commission them to make investment. The controlling shareholder and actual controller should not introduce investment from the insurer. When [...]
PICC Sees Pressure to Meet 2011 Profit Target
Posted by gary on June 27th, 2011
People’s Insurance Company (Group) of China (PICC), one of the insurance conglomerates in the country, may find it a little bit difficult to meet the target of reporting over CNY 10 billion in profit this year due to a capital market depression together with possible natural disasters in the second half. Nevertheless, PICC sees its [...]
Infrastructure spend gives boost to captives (Qatar)
Posted by gary on June 17th, 2011
The Qatar financial Centre (QFC) Authority said the local captive insurance market is expected to grow rapidly during the next few years, spurred by the expectation of over US$140 billion on infrastructure spending in the country through to 2015. Another factor driving the market is improvement in corporate risk management standards which favour increased risk [...]
Listed insurers’ 1Q net profit down 56% y-o-y
Posted by gary on June 17th, 2011
The two listed insurance companies’ aggregate net profit for the first quarter of 2011 stood at OMR1.69 million (US$4.4 million), down 56.4% y-o-y, as regional unrest and domestic political and economic instability took a heavy toll on the Omani market, said Kuwait-based Global Investment House in a report. According to the report, “Oman Corporate Profitability [...]
UAE residents least reliant on state pension – HSBC
Posted by gary on June 17th, 2011
Only 2% of the UAE residents rely on the state pension – the lowest in the world – compared with the global average of 16%, according to a survey conducted by HSBC. The survey, based on interviews with over 17,000 respondents in 17 countries, also shows that nearly 43% of UAE residents do not have [...]
Managers say Florida Retirement System doing well
Posted by gary on June 17th, 2011
Despite forecasts of looming trouble in government-employee pensions, and a sluggish national economy, managers of the state’s investments got an encouraging report Thursday on the Florida Retirement System’s investments. Ash Williams, director of the State Board of Administration, said the fund’s assets have a net value of $126.7 billion. That’s up by about $17 billion [...]
Best’s Rating Notification – CNL/Insurance America Inc
Posted by gary on June 16th, 2011
AMBest A.M. Best Company has made the following rating update: Company: CNL/Insurance America Inc AMB Number: 183 Current Rating: A- Previous Rating: A- To obtain more information about this company, please visit: http://www3.ambest.com/frames/fs.asp?site=ratings&RefNum=183&tab=4 For Definitions of Best’s Ratings and Not Rated Categories (NR) visit: http://www.ambest.com/ratings/definition.html
