Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Embattled Chinese insurer Anbang Insurance Group has been forced to deny the disappearance of its chairman, amid reports that he has been detained by Chinese authorities as part of its continuing anti-corruption drive. A statement from the Beijing-based insurer said Wu Xiaohui “was unable to perform his duties for personal reasons”, adding that “operations were normal” and that he had personally…

India’s VAT reform raises corporate concerns

India’s VAT reform raises corporate concerns

India’s VAT reform raises corporate concerns

A highly anticipated reform of India’s tax regime has failed to impress local economists and manufacturers and is unlikely to produce the economic boost that was hoped, according to a report in the Financial Times. Furthermore, it is unlikely to make it any easier for companies to navigate the country’s convoluted tax regime. India’s prime minister, Narendra Modi, had pledged…

Cattle slaughter ban causes chaos in India

Cattle slaughter ban causes chaos in India

Cattle slaughter ban causes chaos in India

The Indian government’s ban on cattle slaughter could have grave economic implications for the country and a whole host of issues for local risk managers. The restriction, announced by the Ministry of Environment and Forests, bans the sale or purchase of cattle from animal markets for slaughter, stipulating that they can only be sold to farmers for agricultural purposes. The…

Japan readies legislation for drones and driverless cars

Japan readies legislation for drones and driverless cars

Japan readies legislation for drones and driverless cars

In an effort to ignite its flagging commercial sector, Japan is looking to introduce legislation for the commercial use of delivery drones and driverless cars and other fintech features. The new rules will enable the use of drones for delivering consumer goods by 2020 and driverless vehicles for commercial use by 2022. In addition, Japanese lawmakers are also looking to…

An introduction to China’s new cyber security law

An introduction to China’s new cyber security law

An introduction to China’s new cyber security law

On 7 November 2016, the Cybersecurity Law of the People’s Republic of China was enacted and widely heralded as the first comprehensive law dealing specifically and exclusively with cybersecurity issues in China. The law, which will take effect from 1 June 2017, was passed to promote two key objectives: 1) protect the state against cybersecurity attacks; and 2) protect the…

International business groups ramp up pressure on China over new cyber law

International business groups ramp up pressure on China over new cyber law

International business groups ramp up pressure on China over new cyber law

International business groups have requested that the Chinese government delay the introduction of its new cyber law planned for 1 June because they believe it could unfairly penalise foreign companies and limit the development of the country’s IT infrastructure in the long run. The new cyber law mandates strict data surveillance and storage for firms that work in China. In…

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

Indonesia sues Thai exploration company for $2bn over 2009 oil spill

  The Indonesian government is seeking more than $2bn in compensation from a Thailand-based exploration company over an oil spill in the Timor Sea that occurred back in 2009. A civil suit was filed on 3 May in a Jakarta court against PTTEP Australasia and its parent company, the state-owned PTT Exploration and Production. The spill resulted from a blowout…

Olympus awarded $529m damages from former execs over accounting scandal

Olympus awarded $529m damages from former execs over accounting scandal

Olympus awarded $529m damages from former execs over accounting scandal

Six former executives from Japanese camera manufacturer Olympus have been ordered to pay the company $529m in compensation for their part in a $1.7bn accounting fraud uncovered six years ago. The case became a high profile stain on Japan’s corporate reputation and triggered a serious questioning of the standard of corporate governance at some of the country’s biggest companies. It…

South Korea fines Novartis $49m amid corporate clampdown

South Korea fines Novartis $49m amid corporate clampdown

South Korea fines Novartis $49m amid corporate clampdown

Swiss drugmaker Novartis has been hit with a $48.8m fine by South Korean authorities for offering bribes to doctors who recommended the company’s drugs. In addition, the Ministry of Health and Welfare has suspended insurance coverage for several Novartis drugs, including Alzheimer’s drug Exelon, for a period of six months. Further penalties could yet be imposed, with the ministry set…

India’s regulator issues insurers with new guidelines for cyber security

India’s regulator issues insurers with new guidelines for cyber security

India’s regulator issues insurers with new guidelines for cyber security

The Insurance and Regulatory Development Authority of India (IRDAI) has proposed a new information and cyber security framework for the insurance sector, mandating the appointment of a chief information security officer (CISO) by the end of April. According to the new rules, which were issued on 7 April, insurers will have just over three weeks to appoint or designate a…

1 2 3 4