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International News

Mukesh Ambani, Asia’s wealthiest man, joins club of world’s 10 richest

The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has jumped to $64.5 billion, making him the only Asian tycoon in the exclusive club of the world’s top 10 richest people, according to the Bloomberg Billionaires Index. He overtook Larry Ellison of Oracle Corp. and France’s Francoise Bettencourt Meyers, the wealthiest woman, to reach the No. 9 spot.mbani, who owns 42% of Reliance, has benefited from a flurry of investment into the company’s digital unit, Jio Platforms Ltd., that Reliance said has made it net-debt free ahead of a March 2021 target. The shares of the Indian conglomerate have doubled from a low in March, just as other billionaires on the list have been hit by the impact of the coronavirus pandemic.

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AIA receives nod for China’s first wholly foreign owned life insurance company

China removed foreign shareholding restrictions on life insurers in January to further open up the financial market
AIA Company Limited has received approval from the China Banking and Insurance Regulatory Commission to convert its Shanghai Branch into a wholly-owned subsidiary of AIA Co. This new subsidiary will be incorporated in Shanghai and is the first wholly foreign owned life insurance company approved for incorporation in Mainland China,said AIA .

AIA will now begin the application process for separate regulatory approvals to establish branches of the newly incorporated subsidiary in additional territories in Mainland China.

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Coronavirus pandemic accelerating with Americas worst, warns WHO

With many nations easing restrictions but fearful of a second wave of infections, WHO emergencies expert Mike Ryan urged a gradual and scientific approach.“Exiting lockdowns must be done carefully, in a step-wise manner, and must be driven by the data,” he said. “If don’t know where it is the chances are the virus will surprise you.”

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Swiss Re appoints Thierry Léger as Group Chief Underwriting Officer, announces changes to Life Capital Business Unit

Swiss Re’s Group Chief Executive Officer Christian Mumenthaler said: “The changes announced today will position Swiss Re well for the next chapter of the Group’s strategic development. Having grown dynamically over the past years, iptiQ is on track to becoming a leading player in its field. And being part of Corporate Solutions will open further growth opportunities for elipsLife. In underwriting, we will continue to evolve our capabilities through cutting-edge research, access to more and better data and advanced analytics.“

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China says one-fifth of Belt and Road projects ‘seriously affected’ by pandemic

Over 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure. According to a Refinitiv database, over 2,600 projects at a cost of $3.7 trillion are linked to the initiative.
The challenge of the pandemic to BRI projects follows a pushback in 2018, when officials in Indonesia, Malaysia, Sri Lanka and elsewhere criticized projects there as costly and unnecessary.

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