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China’s bank regulators take over Baoshang Bank, moving a step closer to breaking up financier Xiao Jianhua’s business empire

China’s central bank and banking regulator have taken over control of a commercial lender linked to disgraced financier Xiao Jianhua, as the authorities take a step forward in breaking up his sprawling business empire.The management of Baoshang Bank, based in Inner Mongolia’s Baotou city, was taken over by the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) with immediate effect for a year to contain its credit risk, according to a Friday… Source link

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Terry Gou to step back from ‘front line’ at iPhone assembler Foxconn as it expands into India, AI

Terry Gou Tai-ming, the billionaire founder and chairman of iPhone assembler Foxconn Technology Group, plans to step back from day-to-day operations, making room for younger management to run the world’s largest electronics contract manufacturer.A spokesman for Foxconn, formally known as Hon Hai Precision Industry, said Gou aims to sharpen his focus on the company’s strategic direction, denying earlier reports that he aims to resign or retire.“I’m already 69 years old. I hope to pass down my 45… Source link

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Money 

Chinese cities step up efforts to lure domestic migrants as government plans to relax local restrictions

Chinese cities will be ordered to partially or in some cases completely lift restrictions on new domestic migrants as the competition to attract a shrinking pool of graduate talent intensifies in the world’s second largest economy.China’s National Development and Reform Commission published its 2019 urbanisation plan on Monday, specifically stating cities with a population under three million should lift all restrictions on new domestic migrants, while cities with populations between three to… Source link

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Switch to bioplastics is the first step towards a greener planet

It’s hard to imaging a world without plastics. The ubiquitous material is not going away any time soon.A 2016 World Economic Forum study forecast that overall plastics production would rise from 311 million tonnes per year to over 1.1 billion tonnes by 2050, and that the industry’s share of oil consumption would rise from 6 per cent to 20 per cent.But they are a curse as pollutants because they linger in the environment for centuries. Worse, they break down into microparticles without actually… Source link

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China’s new foreign investment law opens the door wider to overseas firms. But they’ll have to step up their game to make the most of it

China has just passed a new law that will replace existing regulations on wholly foreign-owned enterprises and on joint ventures involving overseas companies. In response to changing global realities and the need to further open up its economy, the new law includes many stipulations that aim to foster a level playing field for foreign and domestic enterprises. Forced technology transfer, one of the main issues driving the US-China trade war, will now be banned. The law also emphasises… Source link

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Alibaba to step up cloud computing expansion amid growing global demand

Alibaba Group Holding, China’s biggest e-commerce company, plans to ratchet up the expansion of its cloud computing ecosystem with more strategic partnerships and services, intensifying its global competition with Amazon Web Services (AWS) and Microsoft.Chief technology officer Jeff Zhang Jianfeng, who serves as president of subsidiary Alibaba Cloud, said the new initiative will make the 10-year-old business unit “a more technologically inclusive platform” at the company’s cloud summit in… Source link

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A China debt default raises question: Will officials always step in for companies allied with local authorities?

A Chinese state-backed borrower’s failure to make good on a payment on a dollar bond on Friday threatens to overturn assumptions that officials would step in to avert defaults by companies closely linked to local authorities.Qinghai Provincial Investment Group, an aluminum producer that was seen by some analysts as a bellwether for assessing government support due to its struggles to make payments on offshore debt last year, had failed to wire funds for a coupon payment due February 22 as of… Source link

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Hong Kong banks must step up cybersecurity, protect customers’ data as online scams multiply, warns industry leader

Hong Kong’s banks must step up their efforts to combat cybercrime and protect customers’ data amid a dramatic rise in online attacks, one of the city’s most senior banking executives has warned. Mary Huen Wai-yi, chairwoman of the Hong Kong Association of Banks (HKAB), said that as lenders have rolled out more digital banking services allowing customers to conduct transactions on their computers or smartphones, so the risks have multiplied. Her concerns are supported by figures from the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, which…

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China 

China’s central bank just moved one step closer to flinging open the floodgates of stimulus

The creation of a bond swap facility has moved China one step closer to full on quantitative easing (QE), analysts have said. The People’s Bank of China (PBOC) unveiled its bill swap mechanism on Thursday evening, the latest in its efforts to counter the double-headed assault of a trade war with the United States and a broad-based economic slowdown at home. This will allow holders to swap commercial bank perpetual debt – that is, debt without a maturity date – for central bank bills to be used for borrowing collateral.…

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Vietnam 

India, VN step up pharma ties – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — Significant potential for growth in trade in pharmaceutical and healthcare products exists between India and Việt Nam, experts at the Indian Pharmaceutical Exhibition and B2B Interaction said on Monday in HCM City. Speaking at the opening ceremony, Võ Tân Thành, deputy chairman of the Việt Nam Chamber of Commerce and Industry (VCCI), said that Việt Nam’s pharmaceutical industry in recent years had seen a two-digit growth rate and that growth momentum would continue until 2022. “Although the domestic pharmaceutical industry has…

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