International News

China State-Owned Firm Managers Held Personally Liable for Bad M&A Deals

Business development managers at Chinese state-owned firms have been put on notice: mess up on M&A deals and you can be held personally liable – for life. Under new rules unveiled by China’s State Council, or cabinet, last month, managers …

Sit Down for This One: Self-Driving Chair Takes Stress Out of Waiting in Line

Japanese car maker Nissan has designed a self-driving chair for those who can’t stand standing in line waiting to get into their favorite restaurant, concert, motor vehicle office or other popular venue. The autonomous chair automatically advances as the line …

Deutsche Bank Sells Insurance Unit to Britain’s Phoenix Group

Deutsche Bank AG has sold its British insurance business Abbey Life to Phoenix Group Holdings as it sheds non-core assets and reduces its balance sheet in an effort to reassure anxious investors and meet regulators’ demands. Phoenix, Britain’s largest owner …

Merlin Admits Liability; British Court Levies Fine in Rollercoaster Accident

A British court fined Merlin Entertainments 5 million pounds ($6.5 million) on Tuesday over a rollercoaster crash at its Alton Towers theme park in June last year that seriously injured five people. Merlin, the world’s second-biggest visitor attractions group behind …

Investors Urge Food Giants to Lessen Meat Reliance to Lower Risk

A group of 40 investors managing $1.25 trillion in assets have launched a campaign to encourage 16 global food companies to change the way they source protein for their products to help to reduce environmental and health risks. The investors, …

XL Catlin Appoints Chambers as Country Manager, Hong Kong – Insurance

XL Catlin’s insurance operations announced the appointment of Jamie Chambers as country manager for Hong Kong. In his new role, Chambers will be responsible for driving XL Catlin’s insurance business and market presence in Hong Kong. He takes on this …

Global Risk Partners Buys Marshall Wooldridge, a UK Broker with Growth Plans

Global Risk Partners Limited (GRP), the acquisitive insurance broking and managing general agent investment vehicle, has acquired Marshall Wooldridge, a UK commercial insurance broker which controls in excess of £20 million ($25.2 million) GWP. Marshall Wooldridge has served the business …

UK Financial Sector’s Optimism Plunges in Wake of Brexit Vote

Optimism about the outlook for Britain’s financial services sector is at its lowest point since the financial crisis, a survey of finance firms showed on Monday. The latest survey of 115 financial services firms by business lobby CBI [Confederation of …

Typhoon Megi Hits Taiwan, Bringing 20 Foot Waves, Power Cuts; RMS Comments

Typhoon Megi lashed Taiwan with wind and rain on Tuesday, bringing 20-foot-high waves and knocking pedestrians off their feet in Taipei. More than 280,000 households lost electricity, state-owned utility Taiwan Power said on its website. About 5,000 people were evacuated, …

SWIFT Expects Cyber Attacks on Banks to Increase

SWIFT, whose messaging network is used by banks to send payment instructions worth trillions of dollars each day, said three clients were hacked over the summer and cyber attacks on banks are set to increase. The theft of $81 million …

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