April 18, 2021


Great Wall Offloads Insurance Unit as Asset Managers Ordered to ‘Get Back to Basics’

As the crisis at scandal-hit state-owned China Huarong Asset Management Co. Ltd. deepens, the country’s other top national asset management companies (AMCs) are busy shedding non-core assets as they respond to regulators’ calls to return to their original mission of dealing with bad debts in the financial system.

China Great Wall Asset Management Co. Ltd. put its 70% stake in Great Wall Changsheng Life Insurance Co. Ltd. up for sale, according to an announcement (link in Chinese) published Wednesday on the Shanghai United Assets and Equity Exchange. The shareholding comprises a 51% stake owned by the AMC itself and 19%

Read More

GE Stock Rallies As Deal For Biggest Piece Of Finance Unit Expected Soon

General Electric (GE) is reportedly nearing a $30 billion deal to combine its aircraft-leasing business with Ireland’s AerCap Holdings (AER), as the coronavirus pandemic stress-tests its core aviation business. GE stock rose and AerCap stock jumped.


The industrial conglomerate could announce the merger as soon as Monday, sources told the Wall Street Journal. The move could speed up GE’s turnaround, improving its balance sheet and cash flow.

GE Capital Aviation Services (GECAS) is largest remnant of the company’s once mighty financial services unit, which dragged down GE stock during the 2007-2008 financial crisis.


Read More

Bringing New Money-Laundering Law Into Force Falls to Tiny Treasury Unit

Over the next year, a small, relatively obscure bureau of the U.S. Treasury Department will take a lead role in plugging what many experts consider the biggest hole in the U.S.’s anti-money-laundering protections.

It won’t be easy for the Financial Crimes Enforcement Network, say experts and almost a dozen former Treasury officials and veterans of the bureau. Sweeping anti-money-laundering legislation, approved this year, requires the agency to build a state-of-the-art corporate ownership registry meant to help authorities unmask the beneficial owners of anonymous shell companies and track the flow of illicit money.

FinCEN—whose roughly 300 employees account for less than

Read More