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Daily Dispatches – China’s ‘baby’ billionaires

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Your next billionaire

China has the youngest billionaires in the world, says Bloomberg’s Businessweek. 

According to the newly released 2013 Billionaire Census by Wealth-X and UBS, the average age of the country’s 157 billionaires is 53 years old — nine years younger than the world average. 

In China, 9 out of 10 billionaires are self-made, the highest percentage of any country.  The report says that Beijing is home to the country’s highest number of billionaires, with 26. That’s followed by Shanghai, with 19 billionaires, and Shenzhen with 16. The UBS study calculates the combined net worth of China’s billionaires to be $384 billion.

JPMorgan $13 billion settlement eats into compensation

Singapore’s Business Times reports that JP Morgan Chase & Co plans to keep overall compensation per employee roughly flat this year from last year due to the recent huge $13 billion legal settlement.

Bonuses were largely set early this week, though payouts could change in unusual situations or if there is an unexpected change in the company’s results during the last six weeks of the year.

Maybank making money out of Islamic finance

Malayan Banking Bhd, Malaysia’s biggest lender, said third-quarter profit rose 16%, joining Public Bank Bhd. in posting record earnings as economic growth spurred credit demand, Bloomberg reports. Fee income and Islamic banking boosted profit.

 

Internet insurers can make a mint in China

Foreign insurers in China can take advantage of the rapid digitisation of the consumer market to get straight to the consumer, bypassing those who traditionally dominate the market, says the head of insurance consulting at the international accounting firm, KPMG China in a report in Asia Insurance Review.

Commonwealth Bank of Australia expands in China

Banking Day reports that three years after opening an institutional banking branch in Shanghai, CBA has opened a branch in Beijing. Apart from these branches, CBA’s Chinese presence includes investments in Qilu Bank and Bank of Hangzhou, in a life insurance joint venture with Bank of Communications in Shanghai, and in a funds management joint venture with Cinda in Shenzhen. It also operates regional banking services in Henan and Hebei provinces. The Beijing branch will provide foreign currency services, such as deposits, lending, and trade finance.

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