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More prudent regulations to come for China’s sharing economy, says Premier Li Keqiang

Chinese Premier Li Keqiang says more prudent regulations will need to be adopted to help grow the country’s sharing economy, which has sparked public concern after years of being a magnet for major venture capital investments.“Like any new business, [the sharing economy] has its ups and downs,” said Li in a press conference on Friday to mark the conclusion of the annual gathering of China’s parliament. “But in general, it creates jobs, brings convenience to people and drives the development of… Source link

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Vietnam 

VN to facilitate sharing economy – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – Việt Nam will create conditions for the development of a sharing economy, Deputy Prime Minister Vương Đình Huệ said at a recent conference about the compilation of a sharing economy model. “The approach is to facilitate the development of a sharing economy, not to let it develop freely or ban it,” Huệ said. According to the Ministry of Planning and Investment, a sharing economy is a new business model which takes advantage of technology to reduce costs and reach customers through…

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Singapore 

Four hotels fined more than $1.5 million in total for sharing commercially sensitive information, Singapore News

SINGAPORE – Four hotels that colluded by sharing with each other the non-public room rates offered to companies have been fined more than $1.5 million in total for infringing the Competition Act. Singapore’s competition watchdog, the Competition and Consumer Commission of Singapore (CCCS), issued an infringement decision against the owners and operators of the four hotels on Wednesday (Jan 30). The four hotels are: Capri by Fraser Changi City Singapore, Village Hotel Changi and Village Hotel Katong, and Crowne Plaza Changi Airport Hotel. These hotels are between a five- and…

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Hong Kong needs standardised privacy laws, improved data sharing protection to combat financial crime more effectively

Hong Kong, and other jurisdictions globally, need to standardise privacy laws and improve data sharing protection to combat financial crime in a more effective manner, said David Craig, chief executive of data and trading platform Refinitiv. Such crime costs the global economy US$2.4 trillion annually. But banks and financial institutions have been hesitant to share data with regulators for fear of breaching privacy laws, or handing in evidence that could be used to sue them, Craig said on the sidelines of the Refinitiv Pan Asian Regulatory Summit, held in Hong…

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