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Chinese Airlines May Suspend Cargo Flights to India - Escalating pandemic creates problems delivering freight amid rising risks of disease transmission, driving up shipping costs
Third Former Chairman of Jilin Trust Convicted of Bribery Another chairman of troubled Jilin Province Trust Co. Ltd. was found guilty of corruption, extending the state-owned company’s streak of scandals involving every chairman since 2001. Gao Fubo, chairman of the Jilin-based trust company between 2007 and 2015, was convicted of corruption, bribery and embezzlement, a local court said Tuesday. The court handed Gao a 20-year jail term, a fine of 5.1 million yuan ($794,540) and confiscation of 500,000 yuan of personal assets. Gao is the third chairman of Jilin Trust to be convicted on corr...
China’s Banking Regulator Revamps Financial Licensing Online banks and insurance platforms are required to display licenses clearly on their web pages. China’s top banking regulator will implement a new licensing system July 1, consolidating a welter of licenses for financial institutions into three categories: financial, insurance and insurance intermediary. The proliferation of licenses under the China Banking and Insurance Regulatory Commission (CBIRC) involves different management requirements for various categories, creating administrative difficulties, an official at the commission ...
Sinopharm’s Vaccine Nears Emergency-Use Approval by WHO Workers package Covid-19 vaccines at Sinopharm affiliate Beijing Institute of Biological Products. World Health Organization experts said one of China’s Covid-19 vaccines is 78.1% effective in adults ages 18-59 years old but found that there is insufficient trial data to demonstrate effectiveness in protecting older people and people with underlying medical conditions. The United Nations organization’s Strategic Advisory Group of Experts on Immunization published the assessment in a report on BBIBP-CorV, the Covid-19 vaccine devel...
China Orders 13 Tech Companies to Overhaul Fintech Operations China’s financial regulators summoned 13 tech companies Thursday including Tencent Holdings Ltd. and ByteDance Ltd., imposing a raft of requirements on their financial businesses in an expanded effort to rein in the fast-growing fintech sector. Earlier this month, financial regulators met with Jack Ma’s Ant Group Co., outlining a rectification plan consisting of similar requirements for the company to follow, including correcting unfair competition practices in its payment business, breaking down the information monopoly and...