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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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Vietnam 

Petrol price stabilisation fund balance at US$73.8 million – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The petrol selling prices were kept unchanged on Friday. — Photo hiephoixangdau.org Viet Nam News HÀ NỘI — The balance of the petrol price stabilisation fund at Việt Nam National Petroleum Group (Petrolimex) was VNĐ1.72 trillion (US$73.8 million) as of Friday, the group said. The balance was reduced by VNĐ220 billion from the previous adjustment of petrol selling prices two weeks ago. The prices of oil and petrol have been kept unchanged after the latest regular adjustment by the Ministry of Finance and the Ministry of Industry…

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Singapore 

Singaporeans hit by dating app leak, data of 6 million users for sale on dark web, Singapore News

Millions of people looking for love received a rude Valentine’s Day gift yesterday in the form of an e-mail from Coffee Meets Bagel (CMB). The users of the popular dating platform were informed that their account data may have been stolen by an “unauthorised party”. The data, which includes names and e-mail addresses of more than six million CMB users, has been put on sale on the dark web for 0.13 Bitcoin, or about $600. CMB, a mobile dating app company based in San Francisco in the US state of…

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Singapore 

Ex-bank employee jailed nine years for cheating former colleague of nearly $4 million, Singapore News

SINGAPORE – A man cheated his former colleague of almost $4 million by getting him to put money into a so-called investment scheme with guaranteed returns. To support his lies, Cheong Eh Meng forged documents from places, including Singapore’s Supreme Court and Subordinate Courts, before handing them to Mr Eddy Tan Huck Shoon, 65. Mr Tan lost all of his life savings to the scam, the court heard. He also has to continue working to pay off his debts as he had taken loans to obtain cash, which he handed…

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Singapore 

Former accountant jailed after siphoning more than $2 million from employers, Singapore News

SINGAPORE – An accountant used false payment vouchers to deceive his workplace superior into signing their companies’ cheques before siphoning more than $2 million from the two firms. Yeo Yong Heng, 53, was sentenced to three years and 11 months’ jail on Wednesday (Feb 13) after he pleaded guilty last month to 250 charges, including cheating, criminal breach of trust and money laundering. The court heard that 616 other charges were considered during sentencing. Before handing down the sentence on Wednesday, District Judge Shaiffudin Saruwan said that there had been…

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High data centre rents have allowed three firms to dominate US$883 million Hong Kong market

Land scarcity and some of the highest rents in Asia-Pacific have allowed three operators of data centres to dominate the market – estimated at US$883 million – in Hong Kong. According to a report released on Wednesday by Toronto-based consultancy Structure Research, which focuses on data centre and internet infrastructure, NTT Communications, a subsidiary of Japan’s largest telecommunications company, Nippon Telegraph and Telephone Corporation, Sunevision Holdings, the technology arm of Hong Kong property developer Sun Hung Kai Properties and US-based global co-location data centre operator Equinix command 55 per cent…

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Singapore’s Zilingo raises US$226 million to expand fashion site inspired by Bangkok’s Chatuchak market

Zilingo, a Singapore-based online fashion marketplace, raised US$226 million to fund an expansion into the Philippines, Indonesia and Australia. Investors in the series D financing included Sequoia Capital, Temasek Holdings, Burda Principal Investments, Sofina and EDBI, the company said on Tuesday without disclosing a valuation. The start-up is valued at US$970 million, according to people familiar with the matter who asked not to be named because the information is private. Zilingo, founded by Ankiti Bose and Dhruv Kapoor, started as a fashion and lifestyle marketplace in 2015 to help small…

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Ecommerce 

Why is JD.com spending US$400 million to buy this hotel in Beijing?

JD.com, China’s second largest e-commerce company, has closed a deal to buy the Jade Palace Hotel in Beijing for US$400 million, with the goal of transforming the five-star property into a new innovation and recruitment centre. The Nasdaq-listed company said on Monday that it acquired 100 per cent ownership of the hotel, which is located near the Chinese capital’s Zhongguancun technology hub. “The purchase of the hotel will serve JD.com’s long-term development,” a company spokesman said. “The hotel will be transformed into a space mainly for technology innovation and commercial…

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China 

US-China trade war to slash almost one million jobs from the US economy, new research predicts

Almost one million American jobs are at risk due to the effects of the current trade war with China and further disputes between the United States and other countries, according to a new study. Research from Washington-based consultancy Trade Partnership Worldwide, paid for by the pro-free trade lobby group Tariffs Hurt the Heartlands, ominously predicts that more than two million American jobs could be on the line should US President Donald Trump push ahead with his threat of a 25 per cent tariff on all Chinese exports. Currently, US$250 billion…

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China 

Can China get its farmers back on track with US$400 million fund for state-run cooperatives?

Beijing is rebooting an old state-run cooperative system to help boost the rural economy, but after years of reform some analysts are sceptical about how effective it can be in helping the country’s millions of impoverished farmers. Since Chinese President Xi Jinping took office in 2013, the central government has rebuilt more than 10,000 primary supply and marketing cooperative s (SMC), taking the total across the country to nearly 32,000. About 95 per cent of towns and villages now have them, compared to just 50 per cent six years ago.…

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