Bank of China (BOC) has denied accusations made in a US lawsuit that it helped transfer millions of dollars to terrorist groups in the Middle East, AP reported. The lawsuit was filed in Los Angeles by victims of terrorism in Israel, including the family of a 4-year-old boy killed in 2004. BOC called the accusations […]
Category: Banking & Finance
Continuing its overseas expansion, Bank of Communications will set up a branch in San Francisco, its second US branch, AFP reported. The bank, China’s fifth-largest, will submit its plan for regulatory approval. Bank of Communications said its first-half earnings grew 81.2% from a year earlier to US$2.3 billion. The bank’s other US branch is in […]
China’s insurers will be given more freedom to invest in real estate under the terms of a new draft revision of the country’s insurance law, the Wall Street Journal reported. The move would help China’s insurers diversify their holdings while bringing in new sources of capital for the country’s battered property markets. The revised insurance […]
China’s securities regulator is considering allowing shareholders to sell bonds that can be exchanged for stocks they hold in order to bring stability to the country’s struggling equities market, Bloomberg reported. Such a scheme would be aimed at alleviating the burden on the US$1.3 trillion in state-owned shares that will become tradable as lockup periods […]
Shares in China’s largest train maker, China South Locomotive, rose a disappointing 1% in their Hong Kong debut, Reuters said. Despite raising a healthy US$1.5 billion in its dual initial public offering in Shanghai and Hong Kong, China South Locomotive could not overcome Thursday’s 2.6% drop in the Hang Seng Index. The stock rose as […]