APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

The risk of cyberattacks is slowing the implementation of Asia-Pacific financial institutions’ digital transformation plans, according to new research. A report based on a survey carried out by Microsoft and research firm Frost & Sullivan, Understanding the Cybersecurity Threat Landscape in Asia-Pacific: Securing the Modern Enterprise in a Digital World, reveals that almost two thirds (63%) of financial institutions have…

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to create an insurance holding company in China. The German insurer said that the company – Allianz (China) Insurance Holding Company Limited – will be the first-ever holding company in China to be wholly owned by a foreign insurer. The insurer said the Shanghai-based holding structure will…

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Barely more than half (53%) of business leaders in Asia-Pacific have any confidence that their companies can grow and prosper, ranking the region as the second-least confident behind only Britain where fears over Brexit continue to erode business confidence, according to new research from CNA Hardy. Asia-Pacific also ranked high in terms of risk perception, with 82% of respondents stating…

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Carlos Ghosn, one of the most powerful men in the global car industry, has been arrested for allegedly understating his income and engaging in other financial irregularities. The chairman of Japan-based car manufacturer Nissan, and also chief executive and chairman of Renault and Mitsubishi, is to be dismissed over the charges, bringing a likely end to a glittering career in…

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

A Japanese cybersecurity minister has been forced to contradict his own comments that he has never used a computer. There was widespread astonishment in Japan when Yoshitaka Sakurada, the deputy chief of the government’s cybersecurity strategy office, told a parliamentary committee meeting that computers had never featured in his professional life. “Since the age of 25, I have instructed my…

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong law firms are advising companies active in the territory to take a close look at new Adminsitered Arbitration Rules (2018 Rules) introduced by the Hong Kong International Arbitration Centre (HKIAC) at the start of November. Baker McKenzie states that the 2018 Rules introduce a raft of important and useful amendments including rules facilitating complex arbitrations, a procedure for…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Lego wins big copyright case in China

Lego wins big copyright case in China

Lego wins big copyright case in China

Danish toymaker Lego is celebrating the successful outcome of a copyright court case in China that could have repercussions for other international manufacturers that have struggled to protect their intellectual property (IP) from Chinese imitators. The decision, from a district court in Guangzhou Yuexiu, found that the four Chinese defendants had infringed Lego’s IP rights by copying the 3D artworks…

Parima pushes sustainability at Tokyo conference

Parima pushes sustainability at Tokyo conference

Parima pushes sustainability at Tokyo conference

Delegates at the recent Pan-Asia Risk and Insurance Management Association (Parima) conference in Tokyo heard from the high priest of a Buddhist temple, as part of the risk management association’s drive to promote corporate sustainability. Mr Kojo Morimoto, high priest of the Todai-ji Temple in the Japanese city of Nara, addressed how the temple, which has stood for more than…