Singapore News

Australia Floods Cause ‘Catastrophic Damage’

Australia’s record floods are causing catastrophic damage to infrastructure in the state of Queensland and have forced 75 percent of its coal mines, which fuel Asia’s steel mills, to grind to a halt, Queensland’s premier said on Wednesday. The worst …

Carlyle Group Sells $860 Million Stake in China Pacific -Sources

Carlyle Group has sold a 2.5 percent stake worth around $860 million in China Pacific Insurance (Group) Co Ltd, sources said, helping the buyout fund recoup its investment in what could be one of its best Asian deals to date. …

FACTBOX: 25 Ships and Crews Still Held by Somali Pirates

Somali pirates have released the Marida Marguerite, a German-operated chemical tanker after receiving a $5.5 million ransom, the Kenya-based East African Seafarers Assistance Program said on Tuesday. The tanker was seized in May and released on Monday. Here are details …

Lloyd’s Appoints Chaplin as New Head of Asia Pacific Region

Lloyd’s has appointed Kent Chaplin as the new head of its Asia Pacific operations based in Singapore, replacing Keith Stern who is now Lloyd’s regional manager for the UK and Ireland. From January 2011, Chaplin will manage Lloyd’s operations across …

Lloyd’s Names Lang to Replace Chaplin as Head of Claims

Lloyd’s has appointed David Lang, former chairman of the market’s Claims Service Review Board, as the new head of claims. He replaces Kent Chaplin who is moving to Singapore to become the new head of Lloyd’s Asia Pacific operations (see …

Ratings Roundup: NIPPONKOA (Asia), Aspen (Notes), Asia Capital

A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Hong Kong-based NIPPONKOA Insurance Company (Asia) Limited, both with stable outlooks. The rating affirmations reflect NIPPONKOA Asia’s “sound risk-based capitalization, high …

Aon Benfield Names Jing Ping Zhang to Head China Facultative Operations

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation announced the appointment of Jing Ping Zhang as Head of Facultative for the firm’s China operations. He will be responsible for “building the facultative team, driving strategy and …

Droughts, Floods, Snow and Cold Hit Global Commodities

Droughts and deluges in Australia, snow in Europe and cold snaps in the United States are pushing up prices of a range of commodities from sugar to heating oil and soybeans. Australia typically ranks as second in the league of …

Pirates Hijack Cargo Ship with 25 People aboard off India

Suspected Somali pirates hijacked a Bangladeshi ship carrying nickel ore in the Arabian Sea and appear headed to the lawless East African nation, officials said Monday. The Bangladesh-flagged M.V. Jahan Moni appears to have been hijacked Sunday off the Indian …

Qantas Moves to Take Rolls-Royce to Court over Engine Failure

Qantas stepped up pressure on Thursday on engine maker Rolls-Royce to settle damages related to an engine failure on one of its giant Airbus A380 aircraft, but said it would keep the door open for an out-of-court settlement. Qantas said …