Sun Life Financial Inc. and Malaysian state investor Khazanah will buy the Malaysian insurance joint venture of Britain’s No.2 insurer Aviva PLC and lender CIMB Group. This deal helps Sun Life, insurer to expand in Southeast Asia, because of its rapid growth, high savings rates, and young population with the population of 600 million people and most of them are middle class the insurers are interested in at a great rate. Aviva is quitting the markets throughout the world because of its low price shares. Each of Sun Life and Khazanah are going to buy 49 per cent share in CIMB Aviva Assurance Berhad and Islamic insurer CIMB Aviva Takaful Berhad for $586-million.
Sun Life is spreaded in seven Asian markets, which includes four in Southeast Asia. Khazanah’s managing director Azman Mokhtar said that this is an important investment for Khazanah. It marks not just an opportunity to invest into an asset in a growth sector, but also a unique commercial partnership among three strong parties of different areas. This Sunday Sun Life and Khazanah had agreed to buy Aviva’s Malaysian insurance joint venture.
Computer virus shuttered U.S power plant, Published on: Wednesday January 16, 2013.
The U.S power company was attacked by computer virus because one of the technicians had unknowingly inserted an infected USB computer drive into the network and this made the US plant offline for three weeks. The Department of Homeland Security found criminal software behind this incident which is used to conduct financial crimes. According to the agency, it was introduced by an employee of a third-party contractor that does business with the utility. DHS reported on its website as cyber experts have conducted at a high-profile security conference in Miami to review emerging threats against power plants, water utilities and other parts of the critical infrastructure.
It is stated by the agency’s... [continues]
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