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Chinese Groups Renew Interest in Greek Insurance Sale

Two Chinese groups have renewed their interest in buying a majority stake in National Insurance, Greece’s largest insurer, after a €718m sale agreed with Calamos-Exin, a US-Dutch partnership, collapsed last month, the Financial Times reported. Fosun ...

Daily Headline - global.abi.org - 04/18/2018 - 22:58 - 0 comments

Fired Chinese Insurance Regulator Charged With Bribery, Abuse of Power

Chinese prosecutors indicted the country’s former chief insurance regulator on charges of abusing his power and taking bribes, a year after he was fired amid concerns the industry’s sizzling expansion had saddled the financial system with risk, The Wal ...

Daily Headline - global.abi.org - 04/16/2018 - 22:39 - 0 comments

China's $26 Trillion State-Asset Watchdog Says More M&As to Come

China will further overhaul its bloated state enterprises and push for mergers in sectors such as power and coal, which are plagued by zombie firms, bankruptcy and debt defaults, according to the head of the agency that oversees state assets valued at $2 ...

Daily Headline - global.abi.org - 04/11/2018 - 23:40 - 0 comments

China $134 Billion Maturity Wave Could Trigger More Defaults

Investors in local-currency Chinese corporate bonds need to be on alert this year, with record maturities and a government crackdown on debt increasing the risk of more defaults, Bloomberg News reported. There were six defaults on bonds in the first quar ...

Daily Headline - global.abi.org - 04/03/2018 - 23:52 - 0 comments

Anbang to Receive $10 Billion Bailout from Industry Rescue Fund

Chinese conglomerate Anbang Insurance Group, whose former chairman and top shareholder faced trial for fraud last week, will receive a Rmb61bn ($9.7bn) capital injection from an insurance-industry rescue fund, as a transitional arrangement until the comp ...

Daily Headline - global.abi.org - 04/03/2018 - 23:53 - 0 comments

China’s Anbang Insurance Boss Seeks Leniency in Fraud Case

Wu Xiaohui, the former chairman of China’s giant insurer Anbang, has expressed remorse and sought leniency at the end of his trial for alleged fraud of $10.4 billion (€8.45 billion) in Shanghai, the Irish Times reported. Mr Wu is one of the country’s ...

Daily Headline - global.abi.org - 03/29/2018 - 22:39 - 0 comments

Anbang Was Seized by China. Now, It Has a Deal for You.

Less than a month after it was seized by the Chinese government, Anbang Insurance Group, the giant conglomerate, is once again offering small investors “you snooze, you lose” investment opportunities — your money back, guaranteed. Sold like stocks or bon ...

Daily Headline - global.abi.org - 03/29/2018 - 00:32 - 0 comments

China Default Risks Flare on Scrutiny of Public Works Accounting

As China’s President Xi Jinping steps up efforts to rein in excessive borrowing, the nation’s corporate bond market faces rising default risks as weaker firms and local borrowers struggle to roll over obligations, Bloomberg News reported. The latest salv ...

Daily Headline - global.abi.org - 03/21/2018 - 18:34 - 0 comments

China Stays on the Sidelines as Venezuela Spirals Downward

China is likely to extend an agreement providing crisis-stricken Venezuela with favourable loans repayment terms but will not lend fresh funds to President Nicolas Maduro's government, according to sources in Caracas and Beijing familiar with the si ...

Daily Headline - global.abi.org - 03/21/2018 - 18:58 - 0 comments

A $31 Billion Trading Halt Has Left HNA Investors Trapped

HNA Group Co., the poster child for runaway corporate debt in China, is increasingly drawing attention to another of the nation’s financial ills: trading halts that leave stock investors trapped for weeks on end. Seven listed units of HNA have halted the ...

Daily Headline - global.abi.org - 03/13/2018 - 23:06 - 0 comments

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