Tag: Worldwide

France's CNP Assurances to set up insurance JV with China's State Postal Bureau

Posted by | Oct 28, 2002 | |

France-based CNP Assurances SA signed an agreement with China’s State Postal Bureau (SPB) in Paris on September 23 to set up an insurance joint venture, scheduled to begin operations early next year, subject to approval by the China Insurance Regulatory Commission (CIRC), CNP said.

CNP said on its website the JV, to be located in a coastal city, will offer insurance policies through the SPB’s established sales network.

It said the life insurer has been in talks with the SPB on the proposed JV since September 2001, when it obtained a JV license from the CIRC.

China’s insurance sector has grown rapidly in recent years, with total insurance premiums rising 32.2 percent year-on-year to 210.9 billion yuan (US$25.41 billion) in 2001 and accounting for 2.2 percent of the country’s GDP.

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Pakistan Post Office lays off 15% of staff

Posted by | Oct 28, 2002 | |

The Pakistan state postal services has issued redundancy notices to 6,000 employees, the Postmaster General Ghulam Punjtan Rizvi said Monday, sparking the threat of a strike by the postal union.

Termination notices have been served on those employees who had completed 20 or 25 years of services, or to those who had been reprimanded for disciplinary violations several times during their tenure, Rizvi told AFP.

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China's State Post Bureau to seek Hong Kong listing for assets in 6 provinces

Posted by | Oct 27, 2002 | |

China’s State Post Bureau plans to seek a Hong Kong listing for a planned joint stock company to be set up with assets in six provinces and municipalities, the China Economic Times said.

The newspaper said the bureau plans to list its assets in Beijing, Shanghai, the eastern provinces of Jiangsu, Zhejiang and Fujian, as well as the southern province of Guangdong.

It said as of the end of 2000, the bureau had 66,740 post offices nationwide and total fixed assets of 75.7 billion yuan (US$9.12 billion).

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Stamps to rise to 50c next January, ACCC approves Aust Post move

Posted by | Oct 25, 2002 | |

The price of the basic postage stamp will rise by five cents to 50 cents next January – the first increase in 11 years.

The Australian Competition and Consumer Commission (ACCC) today cleared the way for the increase, saying that ordinary small letters are priced below cost.

Australia Post national spokesman Gary Highland said the price rise would happen from January 13, 2003. The price increase would also affect large letters, greeting cards and prepaid envelopes.

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