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Huawei launches New Zealand charm offensive, appealing to the country’s love of rugby

China’s Huawei has taken out full-page ads in major New Zealand newspapers in which they equate the idea of a ban on the company to a rugby tournament without the All Blacks. The advertisement reads: “5G without Huawei is like rugby without New Zealand”, referring to the upcoming nationwide roll-out of the mobile technology. National telco Spark has been temporarily banned from using Huawei equipment in the roll-out after the New Zealand’s spy agency the Government Communications Security Bureau (GCSB) warned it would pose “significant national security risks”. The advertisement,…

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Banned Chinese billionaire donor Huang Xiangmo says Australia is a ‘giant baby’

The billionaire and major political donor Huang Xiangmo has likened Australia to a “giant baby” with “simple folk customs” while hitting out at a decision to cancel his visa. Huang also criticised Australia’s domestic spy agency for acting contrary to Australian support for the “One China” policy, and urged it to instead investigate journalists who he said may be “serving foreign intelligence agencies” and had stolen “classified information to gain attention and a spotlight”. The Chinese tycoon was effectively blocked from re-entering Australia when his permanent residency visa was revoked…

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China’s wealth gap widens as more than half of its provinces missed growth targets

China’s economic development gap is widening with tougher times looming after more than half of its provinces missed their economic growth targets last year and the effects of the trade war with the US taking a toll on the domestic economy. Seventeen of 31 Chinese provincial-level divisions failed to meet their gross domestic product growth rate goals in a year where the national economy expanded at 6.6 per cent, its slowest pace in 28 years, according to a review of local annual economic reports by the South China Morning Post.…

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Chinese billionaire Huang Xiangmo stripped of Australian residency and banned from returning over ‘political interference’ concerns

A prominent Chinese billionaire political donor has been stripped of his Australian residency and barred from returning to the country after scrutiny of his Communist Party ties, local media reported on Wednesday. Huang Xiangmo – a property developer who has donated millions to Australia’s two main political parties – has been at the centre of a spate of political interference concerns. On Wednesday, he was left stranded outside the country after the Home Affairs office cancelled his permanent residency and turned down his application for Australian citizenship, The Sydney Morning…

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What do China’s reassignment of Liu Shiyu and Yi Human say about Xi Jinping’s policy priorities for the next few years?

China’s government made two significant appointments over the weekend, assigning two former bankers to key positions that underscore President Xi Jinping’s policy priorities for the next few years, as the nation’s economic growth loses its breakneck pace, while the financial markets must prepare for greater foreign competition and liberalisation. The government promoted Yi Huiman, chairman of the Industrial and Commercial Bank of China (ICBC), to head the China Securities Regulatory Commission (CSRC), the financial industry watchdog. Incumbent regulator Liu Shiyu, after helping to stabilise China’s 5 trillion yuan (US$742 billion)…

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Head of China’s securities watchdog Liu Shiyu replaced by top banker

The chairman of China Securities Regulatory Commission, Liu Shiyu, has been removed from his position, state media reported on Saturday. The head of the watchdog was replaced by Yi Huiman, the chairman of Industrial and Commercial Bank of China, Xinhua reported. Liu, who had been in charge at the CSRC since February 2016, will move to another position, the report said. Yi joined ICBC, China’s largest bank, in 1985 and took over as its chairman in 2016. More to follow … Source link

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Hoping to bring home the bacon in the Year of the Pig? Avoid the stock market then, says CLSA’s Feng Shui Index

If you’re hoping to bring home the bacon by investing in stocks during the Year of the Pig, you may want to proceed with caution, according to investment bank CLSA’s annual Feng Shui Index. But if property is more your thing, Hong Kong’s Central district may be in for a prosperous 12 months, if Chinese fortune-telling is anything to go by. The Chinese new year kicks off on February 5, and stock market investors are not the only ones facing a bumpy ride. US President Donald Trump is also destined…

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Chinese police break up criminal syndicate for illicit transfers of US$4.4 billion through Macau casinos

Chinese police broke up a criminal syndicate that used Macau’s casinos to remit up to 30 billion yuan (US$4.4 billion) out of the mainland, in one of the largest cases of capital flight in the country. Police from the Chinese capital conducted simultaneous raids in Beijing, Hebei, Hubei, Guangdong and Macau, before arresting 39 suspects on January 7, according to Xinhua news agency. The gang, led by a suspect surnamed Xu, had smuggled point-of-sale (POS) machines registered on the mainland to Macau, and offered them to gamblers for withdrawing cash…

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China accepts offer from Brazilian chicken exporters to settle dumping dispute, says lawyer

China’s Ministry of Commerce has accepted an offer made by Brazilian chicken exporters to resolve a dumping dispute, a lawyer told Reuters on Monday. Claudia Marques, a partner at MPA Trade Law who represents the Brazilian exporters, said China’s decision to accept Brazil’s “price undertaking” offer was communicated to the parties in the Ministry of Commerce’s so-called “disclosure report”. The agreement, which sets minimum prices for sales to China to end a dumping probe that started in August 2017, will take effect by February 18, Marques said, a date marking…

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China doubles foreign-exchange quota for foreign investors as stock market slumps

China will double the foreign-exchange quota for overseas investors in the country’s equity market, opening the way to give global funds a bigger bite of A-shares traded in Asia’s second-largest stock market. The combined quota under the qualified foreign institutional investors (QFII) scheme, through which overseas funds can buy China’s A-shares, will be doubled to US$300 billion effective immediately, according to a statement by the State Administration of Foreign Exchange (SAFE). China’s currency has strengthened against the US dollar in the last month, trading recently at 6.7591 per dollar in…

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