Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



TRADE WARS
China orders Anbang to sell Waldorf Astoria, other foreign assets: report
by Staff Writers
Beijing (AFP) July 31, 2017


China has ordered Anbang Insurance Group, the conglomerate which owns New York's historic Waldorf Astoria hotel, to sell its overseas assets, Bloomberg News reported Monday.

The financial news agency, which cited unidentified people familiar with the matter, said Chinese authorities have told Anbang to bring the proceeds back to China after disposing of holdings abroad.

The company denied the claims, telling Bloomberg in a statement: "Anbang at present has no plans to sell its overseas assets."

"Currently, Anbang's various businesses and operations are all normal, and the company has ample cash and sufficient solvency capabilities."

The news comes less than two months after the departure in June of the firm's president Wu Xiaohui, who was also reported to have been detained.

Chinese magazine Caijing said at the time that regulators may be investigating Anbang's compliance with insurance products or insurance fund investments.

In May the Insurance Regulatory Commission accused Anbang of violating certain provisions and banned the group from filing applications for new insurance products for three months.

Beijing began last year to roll out restrictions to curb capital flight overseas. Regulators are now investigating potentially risky loans to large companies such as the Wanda, HNA and Fosun conglomerates.

The clampdown follows several overseas "shopping sprees" last year which raised concerns about reckless spending abroad.

Financial watchdogs are now focused on managing what are termed "grey rhinos" -- risky financial practices that have long been visible but ignored.

Anbang, established just 13 years ago, has grown from a domestic seller of property insurance into a financial services powerhouse, making a name for itself abroad by buying the Waldorf Astoria for a record $1.95 billion in 2014.

Anbang also made a $14 billion dollar bid for Starwood Hotels & Resorts Worldwide, but pulled out of a bidding war with Marriott, which ended up buying Starwood last year.

The company was also in aborted talks with Jared Kushner, a White House adviser and US President Donald Trump's son-in-law, to redevelop a Manhattan office tower, Bloomberg reported this March.

yan/sm

MARRIOTT INTERNATIONAL

STARWOOD HOTELS & RESORTS WORLDWIDE

HAINAN AIRLINES - HNA GROUP

FOSUN INTERNATIONAL

TRADE WARS
Starbucks takes full control of China stores in $1.3 bn deal
Shanghai (AFP) July 28, 2017
US coffee chain Starbucks has announced it will take full control of its mainland China outlets in a $1.3 billion deal, the largest single acquisition in the company's history. It will buy the remaining 50 percent of its East China joint venture from Taiwan's food and beverage giant Uni-President, according to a company statement issued Thursday. Starbucks will gain full control of 1,300 ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
India must rethink infrastructure needs for 100 new 'smart' cities to be sustainable

Allowable 'carbon budget' most likely overestimated

Sparkling springs aid quest for underground heat energy sources

Google's 'moonshot' factory spins off geothermal unit

TRADE WARS
Scientists map ways forward for lithium-ion batteries for extreme environments

High-temperature superconductivity in B-doped Q-carbon

UMD engineers invent the first bio-compatible, ion current battery

First basic physics simulation of impact of neutrals on turbulence

TRADE WARS
Shale-rich Oklahoma to host mega-wind farm

U.S. wind power momentum up 40 percent from last year

ABB wins $30 million order to support integration of offshore wind energy in the UK

GE's renewables not enough to boost overall revenue

TRADE WARS
A new picture emerges on the origins of photosynthesis in a sun-loving bacteria

India facing renewable energy challenges

Schneider Electric India commissions 720 kWp solar plant at its manufacturing facility in Vadodara

World Bank tries to make Pacific solar power decisions easier

TRADE WARS
Construction of two nuclear power plants in US halted

Areva signs MOX fuel fabrication contract with Japan

Nuclear contaminates earnings of France's EDF

Underwater robot probes inside Fukushima reactor

TRADE WARS
New light-activated catalyst grabs CO2 to make ingredients for fuel

Biochar could clear the air in more ways than one

Algae cultivation technique could advance biofuels

Fungi that evolved to eat wood offer new biomass conversion tool

TRADE WARS
U.S. insists all options are on the table with Venezuela

Canadian oil struggling for world position

U.S. gas prices for August could be the highest for the year

Japan protests Chinese gasfield activity in East China Sea

TRADE WARS
Could a geoengineering cocktail control the climate

Could spraying particles into marine clouds help cool the planet

Al Gore: I've given up on climate 'catastrophe' Trump

New carbon-capturing membranes may reduce greenhouse gas emissions




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement