Articles by Lawrence Delevingne, Michelle Price and Koh Gui Qing

After Helping Shepherd Pandemic Loans, Banks Now Brace for Regulatory Risks

Banks that facilitated the U.S. government’s Paycheck Protection Program at first saw the effort as a small revenue booster with a patriotic bonus, shepherding $525 billion in loans to businesses slammed by the fallout of the COVID-19 pandemic. But as …

Chairman Wu of China’s Anbang Insurance ‘Unable to Fulfill Duties’

Anbang Insurance Group, one of China’s most aggressive buyers of overseas assets, said on Wednesday its chairman was temporarily unable to fulfill his duties, just over a week after denying reports he had been barred from leaving the country. The …

China’s Anbang to Abandon Attempt to Buy FGL: Sources

China’s Anbang Insurance Group will let its agreement to acquire U.S. annuities and life insurer Fidelity & Guaranty Life (FGL) for $1.6 billion lapse, after failing to secure all the necessary regulatory approvals, people familiar with the matter said on …

China’s Anbang Insurance Group Denies Report of Kushner Property Investment

China’s Anbang Insurance Group said it is not investing in a flagship Manhattan office tower owned by the family of Jared Kushner, U.S. President Donald Trump’s son-in-law and senior adviser. Anbang Insurance Group was named in a Bloomberg report on …

China Poultry Plant Workers Didn’t Question Locked Doors

Workers at a poultry slaughterhouse in northeastern China where 119 people died in a fire this week saw nothing odd in the plant’s doors being locked, even after a previous fire at the 4-year-old facility. One 36-year-old worker, who gave …

Sources Say China Revamps Anti-Money Laundering Rules for Banks Insurers

Chinese banks must rate their clients’ risk of criminal conduct on a scale of 1-5 as part of the central bank’s moves to curb money laundering and fraudulent transactions estimated at hundreds of billions of dollars a year. The new …

World Bank Says China Must Embrace Market Economy

China’s economy is near a turning point that demands that it relax its grip on industry and move towards free markets, the World Bank said on Monday as it forecast the country would become the world’s largest economy by 2030. …

China Mulls Creation of New Regulator for State Financial Sector

China is considering a proposal to create a ministerial-level body to manage its state-owned banks and non-bank financial enterprises, two sources with knowledge of the plan said, a move that would strengthen Beijing’s grip on its lenders. China’s motivations for …