ChinaRealNews

Market performance of Hong Kong insurance industry for first quarter of 2007

2007-05-31 Hong Kong

The Office of the Commissioner of Insurance on May 30 released provisional statistics of the Hong Kong insurance industry for the first quarter of 2007. In the first quarter, gross premiums for general insurance business remained comparable to that for the corresponding period of 2006, amounting to HK$6,792 million whilst net premiums slightly increased by 0.5% to HK$4,904 million. The overall underwriting profit of general insurance business decreased from HK$637 million to HK$441 million. As regards the two major classes of compulsory insurance business, i.e. Motor Vehicle business and Employees' Compensation (EC) business, decline in premium rates led to a reduction in the underwriting profit of Motor Vehicle business from HK$82 million to HK$24 million whereas improvement in claims experience turned the underwriting result of EC business from a loss of HK$63 million to a profit of HK$3 million. Revenue premiums of Individual Life and Annuity (Non-Linked) business and Individual Life and Annuity (Linked) business grew by 16.2% to HK$18,450 million and 33.7% to HK$13,256 million respectively.

Lenovo’s 2007 annual Think partner meeting held in Beijing

2007-05-31 Beijing

Lenovo’s 2007 annual Think partner meeting was recently held in Beijing and leaders from Lenovo and more than 480 representatives from Think channels across China attended the meeting. At the meeting, Lenovo announced that the sales volume of its ThinkPad increased by 19 percent in the 2006 fiscal year mainly due to the successful implementation of its “Blue Wing Plan” for channel development.

Visit this year’s Shenzhen auto show, which features a larger scale and more brands

2007-05-31 Guangzhou

This year’s Shenzhen international auto show, which is a combination of two traditional auto shows of Shenzhen – The Shenzhen International Automobile Exhibition and the Shenzhen Motor Carnival, will open this Saturday. With an exhibition area of up to 60,000 square meters, the combined auto show features a record scale and more brands. The Top 3 high-end brands, including Mercedes-Benz, BMW and Audi, are expected to participate in the event as well. Most eye-catching models to be demonstrated at the show include all-new Mercedes-Benz S-Class/R-Class/E-Class/AMG, next-generation BMW X5, all-new hardtop BMW Z4, all-new MINI, Audi S8 and Audi Q7 SUV, among others.

World No Tobacco Day 2007 themed meeting held in Beijing

2007-05-31 Beijing

A World No Tobacco Day 2007 themed meeting was held by the Ministry of Health of the People’s Republic of China in Beijing on 29 May 2007. This year’s World No Tobacco Day will focus on Smoke-Free Environments. At the meeting, Vice Minister of Health Wang Longde called for all walks of life in the Chinese society to team up to create real smoke-free environments and enjoy healthy life.

Winding up of Sino Prosper Holdings temporarily banned by High Court of Hong Kong

2007-05-31 Hong Kong

Sino Prosper Holdings Limited last week applied and sought an injunction order from the High Court of the Hong Kong Special Administrative Region against Kan Che Kin, a substantial shareholder of the company, which among other things, restrains Kan from presenting, filing or advertising any petition or taking any step for the winding up of the company for the present. The High Court approved Sino Prosper Holdings Limited’s application for such an injunction order yesterday.

Passengers will be reported to Department of Health by Hong Kong airports immediately after finding any infectious disease symptoms

2007-05-31 Hong Kong

The Airport Authority Hong Kong recently said in a letter to Ming Pao Daily News that the authority has extensive plans and procedures to cope with infectious diseases. Any passengers onboard with symptoms of an infectious disease will be reported to the Department of Health of Hong Kong and sent to a designated quarantine place to receive physical examination immediately, according to the authority.

Macao’s GDP to maintain double-digit growth in second quarter

2007-05-31 Macao

Macao saw a satisfactory GDP growth of 25.6 percent in the first quarter of 2007 and some non-gambling factors will also drive the economic growth in the second half of this year, according to Francis Tam Pak Yuen, Secretary for Economy and Finance of Macao. Tam expects the local GDP to maintain double-digit growth in the second quarter.

Foreign banks fossick in China

2007-05-31 Beijing

A total of eight foreign banks have filed an application for renminbi business with the China Banking Regulatory Commission since the fully opening-up of the Chinese banking industry to foreign banks in December 2006. A
PriceWaterhouseCoopers survey which surveyed 40 of the 74 foreign banks operating in China shows that those banks have a very impressive anticipation for their renminbi business. Four of them expect their renminbi business volume to double this year while another 10 foreign banks believe their business volume will grow 50 percent, according to the survey.

Watchdog eyes 22.5pc New China Life stake Probe into alleged misuse of funds continues

2007-05-31 Beijing

The mainland China's insurance regulator is to buy a 22.53 per cent stake in New China Life Insurance, the country's fourth-largest life insurer, for 1.62 billion yuan, as an investigation continues into alleged misuse of funds by a former chairman of the company. The China Insurance Regulatory Commission will use the country's eight billion yuan insurance protection fund to buy a stake in an insurer for the first time since the fund was set up in 2005.

Macao records real GDP growth of 25.6 % in Q1

2007-05-31 Mcao

According to the latest statistics from The Statistics and Census Service (DSEC), Macao recorded a real GDP growth rate of 25.6 % in the first quarter, driven by significant rises in gaming revenue and visitors’ spending. In the first quarter of 2007, the gaming and tourism sector continued to perform well in the city. Gross gaming revenue (excluding gratuities) grew significantly 43.5% compared with the same quarter of 2006. Total visitor spending (excluding gaming expenses) rose 16.0% upon rises in the number of visitors and the visitors' per-capita spending. In addition, Macao is expected to maintain an annual growth of 10-20% in 2007.