Re <<platter of cold cuts and a bottle of a decent Reisling>>
... that is particularly inspiring right now, as the wife and i are on the last 2 days of a 7-days vegetarian regime
we have been eating mock-goose, -duck, -bbq meats, stir-fried veggies, and fruits (mango, coconut, grapes, etc). the mocks- all look and taste about right, but is not precisely right, and i quote the coconut when at 3 and half young, "dada, i want meat"
luckily the diet allows eggs, thank goodness. am famished for protein, though not starving for eats.
Re <<pre-open>>
understand your side of the peaceful ocean did a perhaps unstable but nevertheless up-turn overnight
hk market must digest the below piece of material news flow this day, and appears to be acting well, so far
i shall watch this development and anything to do w/ hna. believe it should all be 'taken-care of' for after all, relatively speaking, small change, for okay assets
suspect the jails shall experience a bit of overcrowding
bloomberg.com
China Regulators to Take Control of Anbang Insurance for One Year
February 23, 2018, 10:28 AM GMT+8
Bloomberg News
February 23, 2018, 9:35 AM GMT+8
Wu charged with ‘economic crimes,’ China’s regulators say
Anbang had made a splash with global acquisition spree
China’s government will take over Anbang Insurance Group Co. and prosecute founder Wu Xiaohui, cementing the downfall of a politically-connected dealmaker whose aggressive global expansion came to symbolize the financial overreach of China’s debt-laden conglomerates.
Regulators announced they would take over Anbang for a year, remove Wu and charge him with “economic crimes.” Wu, who was the company’s chairman, was detained by authorities in June.
Under Wu, Anbang came to epitomize the voracious Chinese appetite for overseas acquisitions that saw trophy assets snapped up around the world -- sometimes at prices that left observers scratching their heads. The full cost of that headlong spree started becoming clear last year as Chinese authorities, alarmed by mounting financial risks, slammed the breaks on Anbang and peers like HNA Group.
Wu’s links to the Chinese political elite became fodder for media scrutiny as his ambitions grew, with acquisitions ranging from New York’s glitzy Waldorf Astoria hotel to insurers in Korea and the Netherlands. Wu established ties with the family of reform leader Deng Xiaoping after marrying Deng’s granddaughter Zhuo Ran.
A team led by the China Insurance Regulatory Commission, along with members from the central bank, banking, securities and foreign-exchange regulators, is taking over the company starting Feb. 23, according to the statement Friday, which added that Anbang’s external liabilities won’t be affected and the insurer’s business will continue. Illegal operations at Anbang may “seriously endanger” the company’s solvency, prompting the government to take control, regulators said.
How Deal-Hungry Anbang Went From Waldorf to Woe: QuickTake
“Regulators want to solve Anbang’s problems without triggering systemic risks,” said Zhou Hao, an economist at Commerzbank AG in Singapore. "After weighing pros and cons, it’s the best way."
The Beijing-based company’s operations currently remain “stable,” the statement said. China will introduce private capital to restructure Anbang, which will remain private, the CIRC said.
President Xi Jinping and his top economic deputies have vowed to make controlling financial risks their priority, a pledge renewed at the Communist Party’s twice-a-decade leadership congress last year. China’s insurance regulator, along with the main banking watchdog, have announced a flurry of rules since last year to contain financial risks in the system.
Anbang has almost 2 trillion yuan ($316 billion) in assets and owns businesses spanning life and non-life insurance, asset management, financial leasing and banking, according to its website.
— With assistance by Dingmin Zhang |
