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Ping An posts biggest jump in interim net profit since 2015, helped by a one-time tax benefit and a stock market rally in China

Ping An Insurance (Group), China’s largest insurer by value, posted the biggest jump in interim net profit since 2015, bolstered by a one-time tax benefit, a stock market rally and growth in its new business units.Net income soared 68 per cent to 97.7 billion yuan in the six months ended June 30, beating the 19 per cent increased expected in a Bloomberg survey of analysts. Revenue rose 17 per cent to 690.25 billion yuan (US$98 billion), while basic earnings per share rose 23.7 per cent to 4.12… Source link

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Singapore 

Ler Teck Siang, doctor in HIV-data leak case, allegedly helped abusers inject illegal drugs, Singapore News

SINGAPORE – The Singaporean doctor involved in the HIV Registry data leak scandal allegedly used his medical skills to inject drug abusers, the court heard on Thursday (May 30). Ler Teck Siang, who is 38 this year, is accused of providing “slamming” services, street slang for administering illegal substances by injection. Deputy Public Prosecutor (DPP) Nicholas Wuan said Ler was so proficient at it that the word spread and reached the ears of a Sim Eng Chee who engaged his services. “This is a case of a medical practitioner who…

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Singapore 

Baby monkey lying on road saved by passers-by who helped divert traffic, Singapore News

SINGAPORE – A baby monkey was found lying on a road in Bukit Panjang on Sunday (May 19), but it was saved by kind passers-by. One of the passers-by, who wanted to be identified only as Mrs Lo, told The Straits Times that she and her husband were driving along Petir Road at around 3pm on Sunday when they saw a woman dressed in black directing traffic along the two-lane road. The area is near the Bukit Timah Nature Reserve, where monkeys such as the long-tailed macaques are frequently sighted.…

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How 9/11 and China’s plan for blanket surveillance helped Hikvision and Dahua dominate the global CCTV camera market

China is famous for its one-industry towns. Gurao in southern Guangdong province is known for making bras. Qiaotou in Zhejiang province produces most of the world’s buttons. The city of Tianjin to the north is a major manufacturer of bicycles.Then there is Hangzhou’s Binjiang district, east of the Qiantang River that winds through the city, about 10 kilometres from the famed West Lake, a Unesco World Heritage Site. Once mostly farmland, the Binjiang district is now home to many manufacturers,… Source link

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The bull market is a monster the central banks helped create. What can they do now to keep it under control?

Have we really entered a new age of a perpetual bull market for stocks? The current rally in the S&P 500 is the longest on record, with another high notched up last week. Will the central banks finally spoil the party or will they continue to lead the rally as they have since the darkest days of the 2008 crash? With global monetary policy becoming blurred, investors can probably count on the central banks to extend their blessings a while longer.It’s a far cry from 1996 when then United States……

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Booming e-commerce helped parcel delivery giant DHL Express weather the US-China trade war, says chief executive

The movement of goods in the US-China trade corridor remained “very strong” for DHL Express in 2018 even as the trade war between the world’s two largest economies escalated, according to John Pearson, the logistics company’s chief executive.Pearson, who became CEO in January after more than three decades at the firm, said e-commerce activity made up for what “would otherwise be a subdued trading” environment between China and the US.“When you are all things to all people, all industries, all… Source link

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Money 

Chinese-Australian billionaire Chau Chak Wing wins defamation case against Sydney newspaper which alleged he helped bribe UN official

A Chinese-Australian billionaire businessman on Friday won a high-profile defamation case against a newspaper that alleged he was co-conspirator in a plot to bribe a top United Nations official, amid fears of Beijing meddling in domestic politics.Fairfax Media, publisher of The Sydney Morning Herald, was ordered to pay Chau Chak Wing A$280,000 (US$199,000) in damages after a judge at the Federal Court of Australia ruled that the 2015 article was defamatory.“The natural and ordinary meaning of… Source link

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How excessive CEO pay helped fuel the rise of Donald Trump, Brexit and an anti-capitalist movement

Plato apparently insisted 2,000 years ago that no one in the ancient Greek economy should earn more than five times the average therking person. George Orwell argued in 1941 that there was “no reason that 10 to one should not be the maximum normal variation”. Jump forward to the early 1970s and management guru Peter Drucker said that 20 to one from top to average was the right range between average workers and the CEO. I wonder what view they would take of today’s average American CEO, earning US$13.1 million…

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Now locked in head-on rivalry, the US once helped China kick-start its science and technology ambitions

One of the darkest eras in China’s modern history, the decade-long Cultural Revolution, was a living nightmare for millions of Chinese, including three intellectuals from Beijing who later went on to study in the US as part of a programme that resulted from normalisation of Sino-US ties in 1979. Yan Dachun recalls being beaten around the lower body with iron batons that broke one fibula. Liu Baicheng had to move to a different city and live separately from his wife when he was forced into hard labour in a state-owned…

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Singapore 

First person jailed over $40m SkillsFuture scam; helped sister hide $6.7m at home, Singapore News

SINGAPORE – A jobless man who helped his sister and brother-in-law launder and hide part of the proceeds of their $40 million SkillsFuture scam – the largest case of a government agency being defrauded – was sentenced to five years and eight months’ jail on Tuesday (Nov 27). Lee Chi Wai, 30, had helped squirrel away $6.7 million in cash and 11kg of gold valued at $626,500 at his Sengkang flat. He also used $282,500 to buy 5kg of gold and asked his sister for a $30,000 loan to buy a car…

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