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Can China’s ‘Greater Bay Area’ really rival the likes of Tokyo, New York and San Francisco?

About fours years after China’s top economic planners coined the term “Greater Bay Area”, details about the initiative were finally be unveiled on Monday. First mentioned in a 2015 blueprint of Beijing’s Belt and Road Initiative, the term has become a buzzword among business communities in southern China and beyond.The initiative aims to connect the former European colonies of Hong Kong and Macau with nine cities in China’s southern Guangdong province. Officials from the three jurisdictions… Source link

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Hong Kong watchdog issues record HK$15.2 million fine to Chinese broker over failure to report money laundering

The Securities and Futures Commission, Hong Kong’s securities watchdog, has fined mainland Chinese state-owned firm Guosen Securities (HK) Brokerage a record HK$15.2 million (US$1.9 million) for failure to report money-laundering activity, it said on Monday.An investigation found the Hong Kong unit of Shenzhen-based Guosen had processed 10,000 third-party deposits amounting to HK$5 billion for more than 3,500 clients during a 14-month period until December 2015.Hong Kong markets watchdog to sue… Source link

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Global car giants are the Nokia of today, rolling towards commercial extinction

Think of the smartphone in your pocket. Now compare it with the mobile phone you might have carried 20, or even 30, years ago.They are hardly comparable. They are different sizes, different shapes, and worlds apart in what they can do.That brick from 20 years ago could make telephone calls and send short text messages – if you were lucky enough to have cellular coverage.With today’s smartphones you can not only watch movies, you can make them. They can monitor your health and fitness, tell you… Source link

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HNA mulls sale of Swiss aircraft maintenance firm SR Technics, potentially raising US$1 billion

HNA Group, the embattled Chinese conglomerate, is exploring options for Swiss aircraft-maintenance firm SR Technics including a potential sale, people familiar with the matter said.The Chinese group, which grew out of an airline on tropical Hainan island, is working with an adviser on the potential disposal, the people said. HNA’s 80 per cent stake in SR Technics could be valued at US$700 million to US$1 billion, said the people, who asked not to be identified because the matter is private… Source link

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Brexit apart, Spain’s political uncertainty is a microcosm of the euro zone’s deepening troubles

Political parties in Spain will enter campaign mode this week after Prime Minister Pedro Sánchez on Friday called for an early general election, the third such ballot in as many years. However, far from being an exception, the latest political uncertainty in the euro zone’s fourth-largest economy comes as there are mounting signs of political instability and stagnating growth in other large European economies like Germany, France and Italy. With the euro zone “celebrating” its 20th anniversary… Source link

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Huawei to deploy ultra-fast 5G telecom network coverage at Shanghai’s railway hub in world-first

Huawei Technologies, the world’s largest telecom equipment vendor, said it will deploy ultra-fast 5G network coverage at Shanghai’s Hongqiao Railway Station by the end of the year, making it the first railway station in the world that will allow passengers to experience data speeds up to 100 times faster than what is currently available.The station will be built upon the 5G digital indoor system (DIS) co-developed by Huawei and China Mobile Shanghai, with the aim of achieving comprehensive… Source link

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China crackdown on fraudulent P2P platforms results in 62 overseas arrests, US$1.5 billion of assets frozen

Chinese police have investigated more than 380 peer-to-peer (P2P) platforms on suspicion of illegal fundraising and frozen assets worth 10 billion yuan (US$1.5 billion), following the dramatic implosion of the once-booming shadow banking sector.China’s Ministry of Public Security said it had arrested 62 suspects who were operators of fraudulent P2P platforms from 16 foreign countries including Thailand and Cambodia, the state-run news agency Xinhua reported on Sunday.This was a rare public… Source link

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Hemp-related stocks surge after third Chinese province expected to legalise cultivation

The industrial hemp sector posted a big jump Monday morning on the Chinese stock market, as funds flew into the sector after local government media reported that northeastern Jilin province is expected to legalise its cultivation.Jilin would be the third province to cultivate the plant in China, which is the world’s largest hemp producing country. Yunnan and Heilongjiang provinces grow it already.Marijuana growth and consumption is illegal in China, but hemp – also part of the cannabis family –… Source link

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How much is enough to retire in Hong Kong – HK$19,000 a month sounds about right, survey finds

How much will you need each month to retire in Hong Kong and elsewhere in the Greater Bay Area?Hongkongers think HK$19,000 (US$2,420) is about right. That’s roughly double than what workers in Guangdong and Macau think they need, according to a retirement survey by insurer FWD Hong Kong released on Monday.Workers in the nine municipalities of southern Guangdong Province aim to have 8,700 yuan (US$1,285) per month while those in Macau want MOP11,700 (US$1,452) each month for retirement,… Source link

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How Huawei went from small-time trader in Shenzhen to world’s biggest telecoms equipment supplier

Before 2004, few mobile network operators in Europe had heard of Huawei Technologies, much less considered it a potential supplier. But that changed after Richard Yu Chengdong, who now heads Huawei’s consumer business, proved to a small Dutch operator the lengths to which the Chinese company was willing to go to serve its customers.Back then, Telfort was the smallest of four cellular communications providers in the Netherlands. Daunted by the prevailing market prices to deploy a 3G network, the… Source link

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