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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 [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
China, Taiwan banks sign agreement to boost cross-strait trade ties
June 29th, 2011 
gary 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
June 29th, 2011 gary 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
June 29th, 2011 gary 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
June 27th, 2011 gary 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
June 27th, 2011 gary 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
June 27th, 2011 gary 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)
June 17th, 2011 gary 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 [...]
