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24.10.26 - 01:06
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Good morning Vietnam: Chinese brokers eye neighbouring springboard for overseas expansion (SCMP)
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When Wang Junhong was helping Chinese brokerage Guotai Junan International establish a foothold in Vietnam, he had to knock on the door of a familiar Chinese bank.
As part of the Hong Kong-based firm's expansion into Southeast Asia, it had acquired a controlling stake of a small Vietnamese securities company in 2019, but it still needed financing to expand its operation.
Wang, now chairman of Guotai Haitong Securities (Vietnam), turned to China Construction Bank's branch in Ho Chi Minh City,......
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23.10.26 - 23:06
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Notice to Market: Nu Holdings Ltd. (Business Wire)
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GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--Nu Holdings Ltd. (NYSE: NU) (“Nu” or the “Company”), one of the world's largest digital banking platforms, announced that Eric Young, its Chief Technology Officer, has decided to resign to pursue a new professional opportunity. Mr. Young is expected to remain with the Company until November 12, 2026 to support an orderly transition.David Vélez, Founder, Chairman and Chief Executive Officer, will directly oversee Global Platforms on an interim basis, working alongside John Walton, the Company's Chief Information Security Officer, who will serve as interim co-lead. The Company has initiated a search for a permanent Chief Technology Officer.David Vélez says, “I am very appreciative of the leadership Eric has provided for Nubank's technology function, including the significant progress we have had in integrating Artificial Intelligence across all of our operations. We wish him all the very best in his new opportunity.”This transition does not cha...
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23.10.26 - 15:45
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AM Best Affirms Credit Ratings of Bank of China Group Insurance Company Limited (Business Wire)
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HONG KONG--(BUSINESS WIRE)--#insurance--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Bank of China Group Insurance Company Limited (BOCG Insurance) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.The ratings reflect BOCG Insurance's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.BOCG Insurance's risk-adjusted capitalisation remained at the strongest level at year-end 2025, as measured by Best's Capital Adequacy Ratio (BCAR). The company's capital and surplus grew organically in 2025, supported by favourable investment income and positive underwriting results. Its solvency ratio remained robust and is expected to enhance further under the Hong Kong's Risk-Based Capital Regime. Its illiquid investment in associated companies accounts for approximately one-third of ...
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23.10.26 - 14:12
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"Those Times Are Gone": Volvo Crashes As China Sales Collapse, BofA Recommends Default Protection (ZeroHedge)
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"Those Times Are Gone": Volvo Crashes As China Sales Collapse, BofA Recommends Default Protection
Volvo Cars shares in Stockholm crashed the most since the company's October 2021 listing. The Swedish automaker announced another 2,500 job cuts and warned that its Chinese sales are under severe pressure.
Third-quarter deliveries in China plunged 40% as domestic brands gained ground with cheaper electric vehicles.
"Nobody will be successful with the old recipe where you had global cars developed in Europe and sold them at a premium price" in China, CEO Hakan Samuelsson told analysts on the earnings call earlier today.
Samuelsson emphasized, "Those times are gone." In other words, Volvo is no longer competitive in overseas markets.
The 2,500 job cuts represent about 6% of Volvo's workforce and will primarily affect Sweden. They form part of a turnaround strategy to save an additional 5 billion kronor, following 3,000 job cuts announced last year.
Bank of America a...
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23.10.26 - 11:12
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China party meeting, stocks slump, HSBC leads earnings (SCMP)
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A key Communist Party meeting next week in Beijing is likely to be dominated by two themes – the renewal of President Xi Jinping's long-standing anti-corruption drive and the hunt for clues about a looming leadership reshuffle.
“Major issues related to advancing full and rigorous party self-governance” will top the agenda at the fifth plenum of the party's Central Committee, which runs from Monday to Wednesday. Plenums, which usually take place once a year, draw about 300 delegates and......
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23.10.26 - 10:30
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Citigroup gets Beijing′s approval for wholly owned securities firm in China (SCMP)
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US bank Citigroup has received approval to set up a wholly foreign-owned securities firm in mainland China, allowing the lender to pursue more opportunities in one of the world's largest capital markets.
The long-awaited green light was given by the China Securities Regulatory Commission on Friday, and ahead of an expected meeting between President Xi Jinping and US President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation (Apec) summit in Shenzhen next month.
The nod also......
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