Under-fire Prudential chief executive Tidjane Thiam apologised to shareholders on Monday for the failed takeover of US insurance giant AIG’s Asian unit AIA and vowed to work to regain their trust. Thiam told the British insurance company’s annual general meeting that the collapse of the ambitious 35.5-billion-dollar (30-billion-euro) bid last week had caused “significant strains” for shareholders.”I deeply regret this,” he said. “I will have the task to restore your confidence.” Thiam and chairman...  Lire la suite

Swiss insurer Zurich Financial Services said on Monday it had gained a foothold in Indonesia’s fast growing life insurance market with an agreement to buy 80 percent of Indonesian firm PT Mayapada Life The Swiss group said the acquisition would mark the first step in its expansion plans in Indonesia — one of the world’s most populous nations with some 240 million inhabitants — and a building block for business growth in Asia. Mayapada’s eponymous parent group will continue to hold 20 percent of the company, Zurich said...  Lire la suite

moneysupermarket.com, Britain’s number one comparison site, has conducted analysis into the wide range of transactions treated as a cash withdrawal by credit card providers. The analysis shows that all of the UK’s major credit card providers treat any form of gambling activity on a credit card as a cash withdrawal. This means that when using their card for gambling, credit card users may face higher APRs than they expect. Consumers may find themselves charged around 11 per cent higher than their advertised APR when using their credit...  Lire la suite

Nigeria and a Chinese state firm have signed a 23-billion-dollar deal to build three refineries and a petrochemical complex in Nigeria, a world’s major oil exporter, an official statement said Friday. The Nigerian National Petroleum Corporation (NNPC) and China State Construction Engineering Corporation Limited (CSCEC) sealed the deal Thursday. The two will jointly seek the financing and credits from the China Export & Credit Insurance Corporation and a consortium of Chinese banks for the projects. “NNPC aims to accelerate the construction...  Lire la suite

Aon Consulting, the global benefits and human capital consulting business of Aon Corporation, today announced it has signed a definitive agreement to acquire J.P. Morgan Compensation and Benefit Strategies, a division of J.P. Morgan Retirement Plan Services, LLC. J.P. Morgan Compensation and Benefit Strategies is a leading provider of compensation, retirement and health care actuarial services, with significant expertise in compliance, financial modeling and other key actuarial-based solutions related to employee benefits plan designs. “Aon...  Lire la suite