China Invests in London Blue Chips
The State Administration of Foreign Exchange (SAFE), which is owned by the People's Bank of China, has invested GBP9 bn in multinational companies listed in London, The Sunday Telegraph reports. The Chinese have bought stakes in a portfolio of blue-chip companies, including HSBC, Tesco, Unilever, Aviva, British Energy, Cadbury, the London Stock Exchange and, as reported, the Drax Group.
Lockton Granted Insurance License
Insurance broker Lockton has received approval from the regulator to
operate in China. The U.S.-based firm will start business later this
month from its office in Shanghai, and will provide both insurance and
reinsurance broking services nationally throughout China. Lockton is
only the second foreign insurance broker to set up a wholly foreign
owned enterprise (WFOE) in China, after Marsh was awarded a license in
2007.
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