Ping'An Faces RMB15.7 bn Write Down
China's second largest insurance company Ping An has been reportedly hit to the tune of RMB15.7 bn after the collapse of Belgian-Dutch bank Fortis. "The extent of the impact will be announced to investors in a timely manner once the preparation of the Group's third quarterly financial statement is basically completed. It is expected that this accounting treatment will only affect the profit of the Group for 2008 and will not impact on the net asset value per share and the cash flow position of the Group," Ping An revealed in a statement filed to the Hong Kong Stock Exchange.
Covance And WuXi Pharma Drop JV Plans
U.S.-based drug development company Covance has dropped plans to enter into a joint venture with WuXi Pharmatech, the company said in a statement. Covance will build its own research facility in China. It has been widely reported that the two companies disagreed about the speed and development of joint operations. Covance originally agreed to create a Suzhou-based JV with New York-listed WuXi Pharmatech, and agreed to invest USD30m.
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