The Pacific republic of Kiribati has refused to disclose details of its agreement with China concerning a Chinese base on Tarawa atoll, Agence France-Presse reported. The base was established in 1997 and is located 1,600km southeast of Kwajalein in the Marshall Islands, which are used by the US as a target for missile tests and […]
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The China joint venture of Manulife Financial has been granted approval to sell life insurance products in Guangzhou, reported South China Morning Post. According to the Canadian company, this is the first time that a foreign-invested life insurance joint venture has set up a branch office in the country. The wholly-owned American International Assurance has […]
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Car finance companies to be allowed
China is to allow the establishment of car finance companies, according to a draft proposal published by the People's Bank of China. Companies with at least Yn8bn in total assets and with profits for three consecutive years would be allowed to set up car finance ventures, providing they have capital of at least Yn500m. General […]
Beijing Yanjing Brewery, China's second largest brewer, announced that it planned to issue Yn700m of bonds to raise funds for business development and acquisition, South China Morning Post said. The issue is being underwritten by Citic Securities, a unit of China's largest trust company, China International Trust and Investment Corp. The five-year bonds would be […]
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Former bank official sentenced
Zhu Xiaohua, the former head of China Everbright Group, was sentenced to 15 years in prison for corruption, Xinhua reported. Zhu's personal assets will also be seized. The sentence was awarded after he had been convicted for accepting bribes worth Yn4m between 1997 and 1999 while at the head of China Everbright. He received a […]