Thursday, 29 June, 2017

Chinese insurer reportedly detained amid financial probe

Reuters Reuters
Mae Harvey | 15 June, 2017, 02:21

Shares in China Merchants Bank and China Minsheng Banking were trading lower in Hong Kong on Wednesday following reports that Wu Xiaohui, chairman of China's Anbang Insurance Group, the banks' largest shareholder, has been detained by the authorities.

The Caijing report, which cited multiple unidentified sources, was later deleted from the magazine's website without explanation. In 2016, Anbang paid private equity firm Blackstone $6.5 billion for the ownership of Strategic Hotels & Resorts, which include the Waldorf Astoria hotel in NY, as well as the Ritz-Carlton Half Moon Bay in California and the Four Seasons hotels in Silicon Valley and Washington.

At the end of April, financial publisher Caixin Media released an extensive report on Anbang, describing "complicated transactions that form a maze of capital flow involving more than 100 companies, all linked to the company's mysterious Chairman Wu Xiaohui".

More recently, the company has suffered a series of setbacks including failing to complete several foreign takeovers, including the proposed purchase of US -based Fidelity & Guaranty Life for $1.6 billion.

On May 5, Anbang Life was prohibited from issuing new products for a period of three months, after the CIRC found one of its annuity products had "violated the regulator's rules and disturbed market order".

The industry has faced heightened scrutiny since late previous year following complaints of reckless speculation by insurers in stocks and real estate. The Financial Times said earlier that the 50-year-old chairman was barred from travelling outside the country. Rising Chinese debt levels have prompted concern about the stability of the country's financial system.

Oil Prices Fall After IEA Says Global Stockpiles Up
OPEC and non-OPEC countries chose to extend oil output cuts for nine months in Vienna on May 25. Both contracts hit their lowest since May 5, driving them into technically oversold territory.

Hyundai premieres all-new Kona
Rear suspension has also been arranged so rear seating can be lower, resulting in easier access and more headroom for passengers. Offered with a choice of two turbocharged, small-capacity petrol engines, the Kona should be economical as well as fun to drive.

Freddie Woodman reveals his next steps at Newcastle after World Cup joy
England goalkeeper Freddie Woodman made two vital saves in the second half. England's players celebrate with the trophy after defeating Venezuela .

But the talks broke off in March after critics of the Trump administration warned of a potential conflict of interest.

A year later, it held talks with Mr Jared Kushner, son-in-law of US President Donald Trump, to develop a NY office tower. They would have been attempting to keep the situation stable by keeping Wu's case out of the public realm, said an insurance analyst with a state-owned fund company, who didn't wish to be named because of the sensitivity of the issue. It said officials of the insurance regulator announced the action the following day at a company meeting but gave no details.

The head of the China Insurance Regulatory Commission was detained in April for graft, in a sign that President Xi Jinping's wide-ranging anti-corruption campaign has turned its focus to the financial industry.

After a spate of successful deal-making worth over $30 billion, Anbang ran into recent roadblocks, failing to close on a handful of investments, and facing criticism over the firm's opaque shareholding structure.

Stay on topic - This helps keep the thread focused on the discussion at hand.

Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts.

Recommended

  • British inflation rate rises to 4-year high as Brexit bites

    British inflation rate rises to 4-year high as Brexit bites

    Meanwhile the euro briefly reached its strongest spot exchange rate against the pound since early November, at €0.8867. Inflation unexpectedly hit 2.9% in May, which was the highest level since June 2013.

    Senior Cabinet minister offer support to UK prime minister

    Talks with the DUP broke up on Tuesday night without an agreement, but Mrs May said the discussions had been "productive". Arlene Foster and DUP deputy leader Nigel Dodds entered Downing Street at around 12:40 p.m. (1140 GMT, 7:40 a.m.

    US Defense Secretary Mattis praises China on North Korea

    Ambassador to the UN Nikki Haley (r.) vote on a UN Security Council resolution to expand its North Korean blacklist. . Russian Federation has denounced North Korea's nuclear ambitions as a "direct threat" to the country.
  • Man United face West Ham & Swans in opening matches

    Man United face West Ham & Swans in opening matches

    Arsene Wenger's Gunners have a chance to show their top-four credentials in week three when they visit Liverpool . Rafael Benitez's men beat Spurs 5-1 at St James' Park the last time they played a Premier League game.
    Starc hoping to rattle England ahead of Ashes

    Starc hoping to rattle England ahead of Ashes

    The fact that one more defeat will nearly block Bangladesh's road to semi-finals, the "Tigers" are anticipated to perform well.
    DUP agrees principles to back UK Conservatives

    DUP agrees principles to back UK Conservatives

    German Chancellor Angela Merkel said she assumed Britain still wanted to leave the European Union and talks should start quickly. Parliament reconvenes following the national election to elect a speaker for the lower house, the House of Commons .
  • England 'weren't good enough' in defeat to 10-man France - Kane

    England 'weren't good enough' in defeat to 10-man France - Kane

    The Real Madrid defender somewhat harshly saw red for the incident, but only after the referee had used his video assistant. England actually started pretty well, crafting a lovely goal for Harry Kane on nine minutes.
    Pentagon gets authority to set troop levels in Afghanistan

    Pentagon gets authority to set troop levels in Afghanistan

    Now about 8,400 United States troops are in Afghanistan along with another 5,000 or so North Atlantic Treaty Organisation forces. However, Mattis also revealed that he hasn't yet decided whether to send in more troops.
    Here's video of the shooting at the congressional baseball practice

    Here's video of the shooting at the congressional baseball practice

    A gunman, hiding behind the base dugout at the baseball field in Alexandria, VA., fired about 50 shots before being stopped. Filous said she saw the shooter hit a uniformed law enforcement officer, who she said was later evacuated by helicopter.
  • Minnesota Reps. Tim Walz, Erik Paulsen On Congressional Baseball

    Minnesota Reps. Tim Walz, Erik Paulsen On Congressional Baseball

    Williams said Republican Rep. "[Sen.] Jeff Flake took his belt off and made a tourniquet around Zack's leg to stop the bleeding". Steve Scalise was "badly injured" in a shooting at a congressional baseball game but says he will "fully recover".

    Donald Trump undercuts his own aides with travel ban tweets

    The narrower would temporarily halt entry to the US from Iran, Libya, Somalia, Sudan, Syria and Yemen. Trump needs five votes from the 9-judge court in his favor to put the ban into effect.

    Cambodia Says it Regrets 'Irresponsible' Trump Decision to Leave Paris Climate Accord

    The governors behind the alliance say states can meet the goals of the accord without hurting their economies. The United States is now among only three countries globally who have opted to not participate in the accord.

Fox News Dropping 'Fair & Balanced' Slogan Fox News Dropping 'Fair & Balanced' Slogan The right-leaning news network begun a raft of changes following Alies' departure. Ailes would also use "fair and balanced" as a measuring stick on whom to hire.

Court approves Marsh deals to sell 26 grocery stores Court approves Marsh deals to sell 26 grocery stores Marsh sold its pharmacy assets to CVS in April, and had agreed not to allow pharmacies in stores that had them for five years. Fresh Encounter now has 34 stores in OH and in , including Great Scot, Community Markets and Sack n' Save, to 44 stores.

How to make $80000 per month on the Apple App Store Meanwhile, it is important that you report such scam apps if you detect them and inform others too. To reach 200 paying subscribers, the app only needs to trick 0.4% of users, Lin reasons.

US consumer prices slipped 0.1 per cent in May Medical services such as the cost of doctor's visits dipped 0.1 percent in May but have risen 2.5 percent over the past 12 months. That has led some retailers, including Macy's M.N , Sears SHLD.O and Abercrombie & Fitch ANF.N to announce shop closures.

Police release photos of London attackers' fake bomb belts Police release photos of London attackers' fake bomb belts The attackers , identified as Khuram Butt, Rachid Redouane and Youssef Zaghba , were fatally shot by police. Police shot the attackers dead just eight minutes after the first call from the public.

Boris Johnson denies plot to topple UK PM Theresa May Boris Johnson denies plot to topple UK PM Theresa May Beleaguered May is appointing new members of her government after several. " Theresa May has been to the palace". Owen Paterson, a senior Conservative lawmaker, said "let's see how it pans out", when asked about May's future .

Farm loan waiver on, protests off Farm loan waiver on, protests off Group of Ministers will also hold discussions with various political parties for a broader consensus and inclusion. If they fail, we will again agitate from July 25, farmer leader Raju Shetti told ANI .

Backed forces in Syria begin offensive to capture ISIS-held Raqqa Backed forces in Syria begin offensive to capture ISIS-held Raqqa The Syrian Observatory of Human Rights also reported that the SDF had already seized a number of positions inside the city. But there are risks for civilians who try to escape the last cities under militant rule.

Democratic Unionists in Northern Ireland become election key Democratic Unionists in Northern Ireland become election key If all this uncertainty weren't enough, the Labour Party, which won 261 seats in the election, has its own divisions to deal with. Instead, the result has sown confusion and division in British ranks, just days before negotiations are due to start on June 19.

Virginia gubernatorial primary: Northam wins, awaits GOP victor Virginia gubernatorial primary: Northam wins, awaits GOP victor Associated Press reporters Ben Finley in Norfolk and Alanna Durkin Richer in Richmond contributed to this report. But Perriello, who sought to tout a progressive vision for the state, got more support from national Democrats .

Horizon Zero Dawn: The Frozen Wilds Story Expansion Announced Horizon Zero Dawn: The Frozen Wilds Story Expansion Announced Beyond the northern mountains, the borderlands of the Banuk tribe challenge all who dare enter to survive the extremes. In terms of gameplay the trailer is a little mysterious, but we do know that it'll be coming sometime this year.

Uncharted: The Lost Legacy story trailer, screenshots Uncharted: The Lost Legacy story trailer, screenshots Supporting characters from previous Uncharted games Chloe Frazer and Nadine Ross take center stage in the Uncharted series. Along the way, they'll learn to work together and leverage their unique skills to unearth the mystery of the Tusk.

Crown says employees detained in China have been charged Crown says employees detained in China have been charged The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. Cases of this sort can take up to two years to progress from police to prosecutors and the court, this has taken nine months.

Trump Not Planning to Invoke Executive Privilege for Comey Testimony — NY Times Trump Not Planning to Invoke Executive Privilege for Comey Testimony — NY Times Had Trump kept silent, "He would have had a stronger basis because of the ongoing Russian Federation investigation", Rozell added. Comey would not have told Trump he is not a potential target because he knows better than to disclose that kind of information.

US opts out of G7 pledge committing to Paris climate accord US opts out of G7 pledge committing to Paris climate accord However, if the US were to hew to its Paris commitment, emissions would need to drop far more. The federal Environment Minister says she has told the head of the U.S.