With Prime Advisors acquisition, Sun Life broadens asset management business + MORE Jul 1st

BEIJING, China – The World Bank has urged China to carry out fundamental reform of its state-dominated financial system to keep economic growth on track.
The bank said Wednesday that the communist government needs to address wasteful investment, over-indebtedness and weak regulation of its shadow banking system. It said failure to do that could “deflect the economic trajectory” of the country.
The recommendations echo those of private sector analysts who say Beijing needs to overhaul a government-run banking system that subsidizes state industry at the expense of savers and that provides little credit to entrepreneurs and emerging industries.
The World Bank said Beijing needs to separate its roles as owner of China’s banks, regulator and strategic planner and to construct a system that channels more lending to productive industries and manages risks better.
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The surprise bid to keep Greece’s lifelines open from the European Union came as Greece’s banks remained closed for the second day, with ATM withdrawals limited to €60.

BEIJING, China – Two surveys show China’s manufacturing was weak in June and employers cut more jobs in a new sign of weakness in the world’s second-largest economy.
HSBC Corp. said Wednesday its purchasing managers’ index stood at 49.4, largely unchanged from May’s 49.2 on a 100-point scale on which numbers below 50 show activity contracting. A separate index by an industry group, the Chinese Federation for Logistics & Purchasing, was unchanged from May’s 50.2 on a similar 100-point scale.
HSBC’s survey showed manufacturing employment declined at its fastest rate since February 2009 in the aftermath of the global financial crisis.
The Chinese government has cut interest rates four times since November and launched mini-stimulus efforts to shore up economic growth that slowed to 7 per cent in the first quarter.
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The acquisition is the latest in a series of deals that have formed a North American platform for Sun Life Investment Management

Tens of thousands of Canadians travel to Greece each year, but many are struggling to make sense of the uncertainty fuelling the financial crisis in their ancestral homeland.