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China’s promise of responsible belt and road investments is in the hands of its bankers

Over the past few months alone, Chinese banks and corporations have been reinforcing a negative reputation with local people in places like Kenya, Myanmar and Peru, where Chinese-supported projects are taking root. In Kenya, communities have been raising concerns about harm from a coal-fired power project, sending three years of unanswered letters to the Industrial and Commercial Bank of China (ICBC), which is financing it. Kenyan litigation has stalled the project.In Myanmar, officials… Source link

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Hong Kong Bankers Club finds new home in Nexxus Building, to stay in Central

The Hong Kong Bankers Club, a hub for the city’s top bankers and financial professionals, will move to Nexxus Building on 41, Connaught Road in Hong Kong’s Central district, in October 2020, according to a letter sent to its members on Friday seen by the South China Morning Post.The 42-year-old club has hosted many dignitaries, including members of Hong Kong’s various regulatory authorities such the Hong Kong Monetary Authority and the Securities and Futures Commission. It also has individual… Source link

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Tianjin bankers threatened with sack if they don’t back local government’s stability measures

Bankers in Tianjin, a former economic hub half an hour’s train ride away from Beijing, will be terminated if they don’t qualify on political grounds, according to a speech by local party secretary Li Hongzhong published by the Communist Party’s discipline authority on Wednesday.In the unusually strong-worded speech, Li recently told the city’s top bankers they would be dismissed – “like being stabbed in the neck” – reflecting the local government’s opposition to risk control measures taken by… Source link

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Hong Kong still attractive for bankers despite high living costs, says senior headhunter

Hong Kong remains an attractive destination for portfolio managers and investment bankers looking to switch jobs despite its persistent reputation as one of the world’s most expensive cities to live in, according to a senior industry headhunter.Abimanu Jeyakumar, the head of the Hong Kong office of financial services recruiting firm Selby Jennings, said the city remains a “key focus” for candidates, including ones based in other major financial centres such as London and New York.“Hong Kong is… Source link

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Chinese capital controls mean Shanghai is not a global financial hub, US bankers say

Shanghai has fallen short of its ambitious goal of becoming a fully-fledged international financial centre by 2020, according to a survey by the American Chamber of Commerce in Shanghai.The plan was announced in 2009, when Shanghai officials pledged it would be on an equal footing to New York, London and Hong Kong by next year’s deadline.As the deadline grows nearer, however, the city remains largely a commercial and shipping capital. Restrictions on the movement of capital in and out of China… Source link

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Top venture capitalists, bankers land key role in deciding China’s tech board IPOs

Some of China’s most well-known venture capitalists and bankers could play a key advisory role in picking companies on the upcoming Nasdaq-style technology board in Shanghai.The Shanghai Stock Exchange published on Wednesday night two separate lists with names of candidates for the “listing and consultative committees” for the tech board.The two committees consist of 48 candidates each.Neil Shen Nanpeng, the founder and managing partner of Sequoia Capital China; Zhang Lei, CEO of Hillhouse… Source link

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China mulls reprieve for some shadow bankers to stop fall in growth

China might allow a return of some shadow banking operations as long as their lending “benefits the real economy” and does not support speculation, according to a senior banking regulator.The move could relieve some, if not most, of the funding squeeze facing smaller private firms but would also be an step back from the government’s deleveraging campaign to reduce debt and risky lending to help stabilise growth.“We need to have an accurate understanding of shadow banking. For those … Source link

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Chinese bankers say lack of fintech investments is a ‘major drag’ on competitiveness

Chinese bankers’ concerns about falling behind on fintech investment are at a three-year high, as they consider their existing information technology system to be “a major drag” on business.Results from the Chinese Bankers’ Survey 2018, jointly conducted by consultancy PwC and the China Banking Association, found that about 38 per cent of the bankers viewed the current IT systems at their banks could “barely satisfy” ongoing business operations and see it weighing on their operations. This has… Source link

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Australia’s landmark banking inquiry: Tighter regulations, crackdown on ‘overinflated’ bankers’ salaries to come

A major shake-up of Australia’s massively profitable banking sector is on the cards as a landmark inquiry into abuses in the financial services industry releases its final report on Monday. Sweeping legislative and regulatory changes, a crackdown on the massive pay packets of bankers, and even criminal charges against senior executives could be among the recommendations issued by the royal commission. Major lenders – including the country’s “big four” banks, which are among the developed world’s most wealthy – have been under scrutiny in recent years, over allegations of dodgy…

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Hong Kong bankers and brokers see their bonuses fall by a fifth after dismal year for stock markets

If Hong Kong’s bankers and stockbrokers were hoping to bring home some extra bacon as the Year of the Pig got under way, they may have been disappointed. According to industry experts, they received smaller bonuses than usual thanks to the dismal performance of the stock market in 2018. Chinese companies traditionally dish out their bonuses before or at the beginning of the Lunar New Year, which this year falls on February 5. The bonuses paid to many bankers heading into the Year of the Pig was down by about…

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