Disney expands Shanghai Media partnership

    WALT Disney Co. plans to expand a partnership with Shanghai Media Group to include co-production of movies along with development, distribution and marketing of television shows.

    The alliance will boost local content creation for international markets and create new business models in digital and conventional media, Li Ruigang, Shanghai Media chairman, said Saturday in a joint statement with Disney. The companies extended their 15-year relationship in March to develop Disney-branded movies together for China, according to the statement.

    China Southern to sell insurance

    CHINA Southern Airlines Co. said Friday that it has entered into an agreement with an insurance broker and several Chinese insurance firms to sell insurance to passengers who purchase tickets on China Southern’s websites.

    The firm said in a statement that the contract is for three years and that China Southern will collect a fee of 5 yuan (82 U.S. cents) from each insurance policy sold. The fees will be capped each year, with the final cap at 24.72 million yuan for the first five months of 2017.

    Bank refutes rumors on fund shortage

    INDUSTRIAL Bank Co., a mid-sized lender listed on the Shanghai Stock Exchange, said it isn’t to blame for credit tightness in the country’s interbank market that delayed the market’s closing Thursday.

    China’s interbank market extended its trading hours by 30 minutes to 5 p.m. local time Thursday due to tight liquidity conditions, according to Shanghai Securities News. In response to rumors that Industrial Bank had fund shortage that led to market liquidity squeeze, the bank said in a statement Friday that it had ample liquidity, with 60 billion yuan (US$9.7 billion) excess reserves by 5 p.m. Thursday.

    Air China, Air New Zealand in alliance

    AIR China and Air New Zealand signed Friday a Statement of Intent, paving the way for a strategic alliance on services between the two airlines.

    The proposed alliance between the two national flag carriers will see Air China operate a new direct Beijing-Auckland route in addition to Air New Zealand’s existing Shanghai-Auckland service. The tie-up will benefit customers travelling in both directions, including better network connections in both countries and increased frequency of flights.