Credit Suisse seeks more banking and insurance partnerships: SonntagsZeitung

August 10, 2020.
Switzerland-based investment bank Credit Suisse wants to further its connection and finalize more partnerships with Swiss insurers as COVID-19 progresses, partly to better reach a younger demographic.

AIG leads reinsurance underwriting for Indian plane crash: Local news reports

August 10, 2020.
American International Group will be covering most of the reinsurance costs associated with the Air India Express plane that crashed at an Indian airport and killed 18 people, according to local media reports.

Fitch puts Aviva France on negative ratings watch amid renewed focus on UK business

August 10, 2020.
Fitch Ratings put two French subsidiaries of Aviva on negative ratings watch, citing the U.K. parent company’s strategic direction, which appears to involve pulling back from doing business in some markets abroad.

China’s central bank pledges to continue opening finance sector despite political tensions

August 10, 2020.
Despite escalating tensions between China and the U.S., China’s central bank head pledged Sunday to “resolutely deepen” integration between the world’s two largest economies by continuing to eliminate ownership restrictions for foreign financial firms.

TikTok owner ByteDance makes moves to enter Hong Kong, Singapore finance sectors: press report

August 10, 2020.
Chinese technology company ByteDance is applying for licenses to operate financial services in Hong Kong and Singapore, which would make it the latest company of its kind to enter the finance sector, according to Chinese newspaper 21st Century Business Herald.

Everbright to pay RMB 3.5B over acquisition of failed British media company

August 10, 2020.
The Shanghai Financial Court ruled that state-owned Everbright Capital Investment must pay a total of around RMB 3.5 billion ($502.7 million) to two partner investors over losses they incurred from the acquisition of a British sports media company that went bust.

Regional Chinese banks to benefit from return of equity approvals, Moody’s says

August 10, 2020.
Non-listed regional Chinese banks will benefit from the recent resumption of equity private placement approvals, which function as an important source of capital, Moody’s Investors Service said in a new report released Monday.

Commercial insurance prices jump 19% in Q2 as they continue upward climb

August 10, 2020.
Prices in the global commercial insurance market showed a record surge over the past three months, following 10 consecutive quarters of increases, as rates continued to rise in property and financial and professional lines.

China retaliates as U.S. sanctions put banks in a bind

August 10, 2020.
China retaliated Monday by levying its own sanctions against U.S. officials in response to U.S. sanctions introduced last week that left banks in Hong Kong to grapple with how to operate without running afoul of the local government.

Facebook creates financial unit to support payments ambitions

August 10, 2020.
Facebook has formed a new group to steward all things payment-related at the technology company, putting David Marcus, co-creator of the Libra cryptocurrency project, in charge.

Chinese financial industry sees 9.4% decline in profit

August 10, 2020.
Chinese regulators say they see positive signals of economic recovery coming out of the first half of the year, bolstered by the country’s banking and insurance industries even as profits in the financial industry fell to CNY 1 trillion ($143.7 billion) in the second quarter.

Australian financial regulator to resume issuing new licenses after pausing for pandemic

August 10, 2020.
Australia’s financial regulator on Monday said it will resume issuing new licenses and reopen public consultations for high priority policy reforms after suspending both activities because of the uncertainty created by the coronavirus pandemic.

Bank of Japan releases roadmap to transition bonds, loans away from LIBOR benchmark

August 7, 2020.
A Bank of Japan committee released a six-quarter timeline on Friday depicting how it will move Japanese financial contracts off a widely used interest rate benchmark before its discontinuation at the end of 2021.

Huawei releases cloud-based product for mobile payment providers

August 7, 2020.
Chinese technology company Huawei unveiled a cloud-based product that aims to help merchants integrate digital payment services onto “super apps” as mobile payments expand rapidly worldwide.

QBE Australia Pacific division CEO to step down as H1 earnings release looms

August 7, 2020.
QBE Insurance on Friday said the CEO of its Australia-Pacific unit will resign his post at the company, taking up a new position at pension administrator Link Group in a decision made days ahead of the insurer’s half-yearly earnings release.

Daniel Loeb’s Third Point Re to buy Sirius Group in focus on underwriting

Last modified August 7, 2020. Published August 7, 2020.
Third Point Reinsurance said Friday that it will buy Sirius International Insurance Group, a fellow reinsurer, in a deal that its leadership said will be coupled with more focus on underwriting and diversified offerings.

MUFG Bank partners with Israeli fintech to launch debt financing company for startups

August 7, 2020.
MUFG Bank said on Friday that it is partnering with Liquidity Capital, an Israeli fintech, to launch a new joint-venture company that will offer debt financing for startups.

Singapore police bring charges of falsifying documents in Wirecard-linked case

August 7, 2020.
Singapore police have reportedly charged a local businessman with falsifying documents related to the Wirecard scandal, marking the first charges the city-state has brought in connection with the alleged accounting fraud that has sparked criminal inquiries across the globe.

Australian central bank says rates not likely to turn negative despite prolonged slump

August 7, 2020.
The Australian central bank said it will stay the course on its coronavirus economic relief measures, despite a prolonged slump that could keep unemployment above pre-pandemic levels through 2022.

IAG CEO warns of industry-wide insolvency as profit drops nearly 60%

August 7, 2020.
The outgoing head of Insurance Australia Group on Friday urged the local government to cover the rising tide of claims related to the COVID-19 pandemic, warning that insurers won’t have enough capital to absorb those shocks.