Business news with words accident+china. 11 news.

Chief financial officer of China's leading search engine dies over holiday.

The chief financial officer of Chinese search engine Baidu.com died after an accident while on vacation in China.

CHINA'S Internet search firm Baidu.com said yesterday that its chief financial officer, Shawn Wang, died in an accident while on vacation in China. Wang, who joined Baidu in 2004 and helped the company successfully list on the Nasdaq stock market in 2005, died on December 27 during a Christmas-New Year holiday. Company officials declined to give further details. The company said it plans to replace him but also gave no further details. "Under Wang's leadership, this year Baidu became one of the four biggest firms in the US by stock transaction volume and the first Chinese company to join the Nasdaq 100 index," Baidu chairman and CEO Robin Li said in an e-mail to employees. "Besides his contribution to financial affairs, he also led the company's legal and human resources departments to fruitful achievements," Li said. Baidu had a 60.5-percent share of China's search engine market in the third quarter, according to Beijing-based research firm Analysys

China's main internet search engine says its chief financial officer was killed while on vacation.

TEL AVIV (MarketWatch) - Baidu.com Inc., the Chinese operator of an Internet-search engine, said Chief Financial Officer Shawn Wang died in an accident while vacationing in China on Thursday.

The chief financial officer of China's dominant Internet search engine Baidu.com has died after an accident while on vacation in China, the company said. Shawn Wang, who joined the company in 2004, helped Baidu list on the Nasdaq stock exchange the...

The chief financial officer of China's dominant Internet search engine Baidu.com has died after an accident while on vacation in China, the company said.

CHINA National Petroleum Corp and Chevron Corp have agreed on terms of a 30-year production-sharing contract to develop a gas block in southwestern Sichuan Province, the US oil major announced yesterday. The Chuandongbei gas development area, covering nearly 2,000 square kilometers, has an estimated resource base of five trillion cubic feet of natural gas. Designed capacity at the proposed gas plants is expected to be 740 million cubic feet of natural gas per day, Chevron said in a statement, without giving an investment figure. CNPC will own a 51 percent in the project and Chevron will be the operator holding the balance. The Chuandongbei area includes the Tieshanpo, Dukouhe-Qilibei and Luojiazhai gas fields, containing high-sulfur gas. An accident has been reported in Luojiazhai in December 2003 when a toxic gas blow-out killed hundreds, and in March last year, thousands were evacuated after a leak there. CNPC has been looking for foreign expertise to extract such

CHINA is set to double the maximum coverage of mandatory vehicle insurance policies and cut the premium rates by an average 10 percent, the top insurance regulator told a hearing yesterday. The top limit for the mandatory vehicle policy is set to be doubled to 120,000 yuan (US$16,239), a hearing by the China Insurance Regulatory Commission was told yesterday in Beijing. The proposal came from the Insurance Association of China representing 24 car insurers. At the same time, insurance premiums will drop between five and 39 percent for 16 of the 42 types of motor vehicles covered by the proposal. About 64 percent of policy holders will enjoy an average rate cut of about 10 percent, according to the proposal. The under six seater home vehicle, one of the most popular vehicles in China, enjoys a 9.5-percent premium decrease in the proposal, cutting the premium to 950 yuan. Compensation for any death and injuries in a car accident will be limited to 110,000 yuan under the new

CHINA is set to double the maximum coverage of mandatory vehicle insurance policies to 120,000 yuan (US$16,239), the country's top insurance body said today. The proposal is being discussed at a hearing in Beijing, which was held by the the Insurance Association of China. The hearing agreed with the plan to double the mandatory vehicle insurance from the current 60,000 yuan to 120,000 yuan. At the same time, insurance premiums will drop between five and 39 percent for 16 of 42 types of motor vehicles under the coverage. Twenty-two delegates attended the hearing. Three were experts, four were from the public, 12 were policy holders and the remaining three were from the insurance association. Compensation for any death and injuries in a car accident will be limited to 110,000 yuan under the new plan while up to 8,000 yuan will offset medical treatment fees and the remaining 2,000 yuan will go for property loss compensation, Chen Donghui, representative of the association,

CHINA'S insurance watchdog will hold a hearing to discuss doubling maximum coverage of mandatory vehicle insurance to 120,000 yuan (US$16,239), an insurance spokesman said today. The Insurance Association of China is required to submit a scheme on coverage adjustments, said Yuan Li, spokesman of the China Insurance Regulatory Commission. China introduced a nationwide mandatory vehicle insurance policy in July 2006, forcing owners of the country's more than 130 million cars, motorcycles and tractors to buy policies. Except Shanghai, all other provinces opted for flat insurance rates. In the first 10 months of this year, the insurance made 930 million yuan in total profits, Yuan said. The premium is linked to a driver's accident record. Those at fault in a fatal traffic accident in the previous year must pay up to 30 percent more for their coverage. The nationwide premium for family car owners is 1,050 yuan annually. Shanghai drivers with good records pay a minimum of 735