Fubon Financial Holding Co, which this month will become the first company from Taiwan to operate in the mainland retail banking sector, is applying to enter the mainland insurance market as well, the Wall Street Journal reported. In May, Fubon was approved to buy a 20% stake in Xiamen City Commercial Bank in Fujian. An […]
Category: Banking & Finance
Shaanxi Yanchang Petroleum (Group), China’s fourth-largest oil company by domestic assets, has scaled back a planned US$1 billion initial public offering due to disputes with the mainland’s number-one oil firm, China National Petroleum Corp (CNPC), the South China Morning Post reported. Shaanxi Yanchang and CNPC hold adjacent oil fields in Shaanxi province and have disagreed […]
Bank of China (BOC) saw its net profit rise 43% to US$6.17 billion for the first six months of 2008, but bank President Li Lihui warned that operations will likely come under pressure in the second half of the year, the Wall Street Journal reported. BOC’s strong first-half performance was due to robust interest and […]
China Mobile’s Hong Kong-listed shares fell to a one-year low on Thursday after analysts cut their ratings on the stock, Bloomberg reported. Shares in the company closed down 6.3% at HK$90.45 (US$11.59), which dragged the Hang Seng Index down 2.3%. JPMorgan reduced its rating on China Mobile to "underweight" from "overweight" while DBS Vickers downgraded […]
Beijing has moved to limit the activities of foreign futures exchanges in China by issuing a ban on the establishment of warehouses for the physical delivery of contracted commodities, the South China Morning Post reported. The China Securities Regulatory Commission announced the ban through a statement, dated July 25 and posted on its website Thursday. […]