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    Engineer of endless war: Iraqis remember Colin Powell Even Queen Elizabeth Gets Mixed Up on Zoom! Watch Her Charm a History Maker Ahead of a Big Day BEIJING (Reuters) -China will emphasize both the regulation and development of the internet finance sector, state television quoted Guo Shuqing, Communist party chief of the People's Bank of China, as saying. © Reuters/JASON LEE Headquarters of the PBOC, the central bank, is pictured in Beijing Most financial problems on China's internet platforms have received a positive response and some have been resolved, Guo was quoted as saying. "Only by adhering to integrity and innovations and complying with laws and regulations can we pay equal attention to standardization and development," said Guo, who is also China's top banking and insurance regulator. Authorities have uncovered about 1,000 financial problems at 14 internet platforms, most of which have received positive responses, and about half of them have been dealt with, he said. Chinese regulatory authorities have been targeting internet giants in a wide-ranging crackdown encompassing antitrust and privacy issues, user data and cryptocurrencies. (Reporting...
    International Monetary Fund Managing Director Kristalina Georgieva speaks at a press conference in Washington D.C., on March 4, 2020.Liu Jie | Xinhua | Getty Images The International Monetary Fund decided to keep Kristalina Georgieva as its managing director despite accusations she influenced a report to favor China while at the World Bank. Georgieva has been the IMF's boss since Oct. 2019. Prior to that, she worked as chief of the World Bank since 2017. It was in this capacity that a report, conducted by law firm WilmerHale and requested by the bank's ethics committee, said she influenced the outcome of some major research to make China look better. WilmerHale said in September, that during her time at the World Bank, "Georgieva became directly involved in efforts to improve China's ranking [in the Doing Business Report]." The "Doing Business" report is a flagship piece of annual research at the World Bank that assesses how friendly a nation is for business activity. In the 2018 report, China was initially ranked 85, but after influence from within the leadership team and interventions from...
    IMF leader Kristalina Georgieva is trying her best to escape corruption. Source: Judornji List Pettah, 8.10.2021. | 14:29 -> 08:00 Photo: Epa / ERIK S. LESSER He exploded after being summoned by the Wilmerhail Report, the World Bank canceled the business news which was ranked according to World Bank business circumstances. The Wilmerhail report, among others, states that Georgia, a former member of the World Bank, put pressure on the creators of companies doing business in favor of certain countries and thus sought to improve China’s position on the ladder. As the World Bank halted its highly influential 17-year publication, the findings of the Wilmerhail report became questionable, leaving only the question of whether Georgiev could continue to run the International Monetary Fund (IMF), another important global financial institution, after the world. Bank .. That is, doing business is a large and very costly project, in which 12,500 experts collected data with strong influence on the rules and conditions of daily trading in 190 countries in many countries, and it is...
    WASHINGTON (AP) — Under fire for allegations that it bowed to pressure from China and other governments, the World Bank has dropped a popular report that ranked countries by how welcoming they are to businesses. The report is important to many companies and investors around the world: They use the World Bank’s “Doing Business” report to help decide where to invest money, open manufacturing plants or sell products. Eager to attract investment, countries around the world, especially developing economies, have sought to improve their rankings in the World Bank’s report. Sometimes, nations would pursue substantive policy changes — by, for example, making it easier for businesses to pay taxes, obtain loans or enforce contracts. Sometimes, they would take a more aggressive tack: Like pushy high schoolers cajoling a teacher for a higher grade, they would lobby the World Bank to provide a higher score on the “Doing Business” report Countries that have scored a high ranking have often touted their success. In 2017, for example, Prime Minister Narendra Modi took to Twitter to celebrate India’s big improvement in 2017. In...
    Bitcoin was dealt a fresh blow after HSBC's chief executive declared the bank would not touch it. Noel Quinn said the lender will not offer the crypto-currency to clients, blaming its volatility and lack of transparency. The stance is in contrast to rivals such as Goldman Sachs, which in March started a crypto-currency trading desk, while established fund management giants like Fidelity are offering bitcoin to clients. Crypto snub: HSBC chief exec Noel Quinn said the lender will not offer Bitcoin to clients, blaming its volatility and lack of transparency Quinn said: 'Given the volatility we are not into bitcoin as an asset class. If our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business. RELATED ARTICLES Previous 1 Next Sanjeev Gupta puts seven UK steel plants up for sale as he... Online furniture firm Made.com announces plans for a £1bn... UK's biggest care home operator hikes fees for residents in... MAGGIE PAGANO: Tech giants must...
    In this article .SSEC .SPX People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. Jason Lee | ReutersBEIJING — China's central bank warned Thursday of financial risks in the country that have accumulated over the years, as well as shocks from overseas uncertainties. These risks range from "oscillation" in the stock and fixed income markets, to potential bond defaults in real estate companies, Zou Lan, director of the People's Bank of China's financial markets department, told reporters. The detailed comments mark the latest warning from high-level officials in China in the last several weeks about domestic market risks. The Shanghai composite is little changed for the year so far, while the S&P 500 has climbed more than 5%VIDEO1:1201:12Chinese property firms with relatively low gearing are still worth buyingStreet Signs AsiaThe coronavirus pandemic and high volatility in international capital flows have also shocked the domestic financial market, Zou said.'High' risk of defaults"The stock, bond and commodities markets face oscillation risks," he said, according to a CNBC translation of his...
    BEIJING, Apr 1 (.) – The stimulus measures implemented by the United States Federal Reserve in the past year and changes in its monetary policy that it may apply in the future will have a limited impact on China’s financial markets, he said. Thursday a central bank official. “The positive effect of the normal monetary policy strategy in China is emerging,” Sun Guofeng, head of the monetary policy department of the People’s Bank of China (PBOC), told a news conference. Sun added that PBOC policies have returned to normal after China’s coronavirus epidemic was brought under control in May. “The next step is to keep our own affairs in order and we must maintain a stable monetary policy,” he said. China will keep the yuan exchange rate basically stable at a reasonable level, intensify prudent management of cross-border capital flows, and guide market expectations. It is also necessary to keep China’s benchmark interest rate for corporate and domestic loans, the loan prime rate (LPR), at an appropriate level, Sun said, in order to anchor the money supply. The PBOC held...
    Shanghai (China), March 30 (EFE) .- The benchmark index of the Hong Kong Stock Exchange, the Hang Seng, closed with gains of 0.84% ​​in a day marked by optimism due to the partial relaxation of the measures of prevention against covid in the city, which includes reduced quarantines for some travelers. The selective added 239.2 points to 28,577.5, while the index that measures the behavior of mainland Chinese companies listed on the market, the Hang Seng China Enterprises, rose 0.71%. Among the sub-indices, only Finance yielded (0.21%) while the rest rose: Services (0.53%), Commerce and Industry (1.64%) and Real Estate (1.78%). In this last sector, important advances were registered, such as those of Henderson Land (5.89%) or New World Development (5.17%) and also drops in relevance, although smaller in number, such as those of China Overseas (4.36%). ) and China Resources Land (3.92%). The financial zone had little to celebrate with falls such as those of the state-owned China Construction Bank (1.2%) or Bank of China (1.02%), while HSBC advanced 0.78%. Among the digital leaders, a good session for Meituan...
    Rep. Vicente Gonzalez (D-TX) closed an account with Bank of China following a Breitbart News report on the Texas Democrat’s holdings with the state-owned institution. Gonzalez’s most recent financial disclosure forms list holdings worth more than $100,000 with the Bank of China, a state-owned organ of the Chinese Communist Party (CCP). Breitbart News reported: On the second page of his calendar year 2017, 2018, and 2019 disclosure documents, Gonzalez reported the holdings valued at between $100,001 and $250,000 in the Bank of China. Each report includes a disclosure that Gonzalez earned between $2,501 and $5,000 in interest each year from the Bank of China account. The Bank of China’s website acknowledges itself as a “wholly state-owned commercial bank” and has been since the mid-1990s. The state-run enterprise also pledges allegiance to Chinese head of state Xi Jinping and his communist ideology, describing its mission as furtherance of the CCP’s global political vision. Gonzalez closed his account following Breitbart News’s report, according to News 4 Antonio, an NBC affiliate. He also rejected an interview request. Congressman from Texas earned thousands in interest from Bank of China https://t.co/Z57cXWoXQb...
    Democrat Rep. Vicente Gonzalez (D-TX) has on his three most recent financial disclosure forms filed with the clerk of the U.S. House of Representatives reported holdings worth more than $100,000 in the Bank of China, a state-owned bank run by the Chinese Communist Party. On the second page of his calendar year 2017, 2018, and 2019 disclosure documents, Goznalez reported the holdings valued at between $100,001 and $250,000 in the Bank of China. Each report includes a disclosure that Gonzalez earned between $2,501 and $5,000 in interest each year from the Bank of China account. The congressman has, according to the disclosures, other holdings worth more that paid less in interest. His 2017 report, filed in 2018, for instance revealed he had between $250,001 and $500,000 in an “Everbank” account that he reported collected no interest. His 2018 disclosure report revealed an account with TIAA Bank worth between $250,001 and $500,000 that collected only between $201 and $1,000 in interest. There are others similar to these in all three reports, but the Bank of China holding seems to pay out...
    Top Chinese political adviser Tan Jianfeng on Tuesday called for the establishment of a national “data bank” of biometric data, including facial and fingerprint recognition data, to protect Chinese “national security” and “information security.” China’s state-run Global Times quoted Tan suggesting biometric data must be aggressively harvested and zealously protected because it will become increasingly necessary for life in the pervasively-monitored Communist state, and the data is extremely difficult to replace if lost, corrupted, or stolen: Data security has become an important issue concerning national security, said Tan Jianfeng, a member of the National Committee of the Chinese People’s Political Consultative Conference, noting that some key data, such as personal biometric data (face, fingerprint, and DNA data) have unique and non-renewable characteristics that can’t be recovered and changed once they are stolen and bring huge and irreversible risks. Tan, also the head of the Shanghai Information Security Trade Association, proposed to accelerate the establishment of relevant laws and regulations, and strictly standardize and implement the collection, storage and use of key data. He also suggested to establish data classification and...
    More On: china China reportedly gave American diplomats anal COVID-19 tests Swalwell committee colleagues ask FBI for briefing on China ‘honey pot’ Divorced man ordered to pay back ex-wife $7,700 for housework Leaked WHO document says China did ‘little’ to find COVID origin early in pandemic BEIJING — The ruling Communist Party is celebrating the official end of extreme poverty in China with a propaganda campaign that praises President Xi Jinping’s role, part of efforts to cement his image as a history-making leader who is reclaiming his country’s rightful place as a global power. The propaganda apparatus has been linking national successes to Xi, including fighting the coronavirus, China’s rise as a technology creator and December’s successful lunar mission to bring back moon rocks. The party announced in November, with little fanfare, that China no longer had anyone in extreme poverty. That was down from an official estimate of almost 99 million living on annual incomes of less than $355 per person a decade ago. The full-scale propaganda campaign launched this month has filled state-controlled newspapers and airwaves with...
    By JOE McDONALD, Associated Press BEIJING (AP) — The ruling Communist Party is celebrating the official end of extreme poverty in China with a propaganda campaign that praises President Xi Jinping’s role, part of efforts to cement his image as a history-making leader who is reclaiming his country’s rightful place as a global power. The propaganda apparatus has been linking national successes to Xi, including fighting the coronavirus, China’s rise as a technology creator and December’s successful lunar mission to bring back moon rocks. The party announced in November, with little fanfare, that China no longer had anyone in extreme poverty. That was down from an official estimate of almost 99 million living on annual incomes of less than 2,300 yuan ($355) per person a decade ago. The full-scale propaganda campaign launched this month has filled state-controlled newspapers and airwaves with reports on the anti-poverty milestone and Xi's personal role in it. They credit Xi with launching an initiative shortly after taking power in 2012 that enabled China to beat by a decade the 2030 target set by the World...
    BEIJING (AP) — The former chairman of the main Chinese state bank behind Beijing’s initiative to build railways and ports across dozens of Asian countries has been sentenced to life in prison on corruption charges, a court announced. Hu Huaibang was sentenced Thursday after being convicted of taking 85.5 million yuan ($13.2 million) in bribes between 2009 and 2019, according to the Intermediate People’s Court of Chengde, a city north of Beijing. It said he used his post to help others obtain jobs and loans. Hu also was Communist Party secretary of China Development Bank, one of the world’s richest lenders. The CDB is the main source of financing for the multibillion-dollar Belt and Road Initiative to expand trade by building railways, highways, ports, airports, power plants and other facilities across an arc of countries from the South Pacific through Asia, Africa and the Middle East to Europe. The BRI has prompted complaints some countries are left with debts they cannot repay. There was no indication Hu’s prosecution was connected to the BRI. The court said Hu’s sentence was lenient...
    China’s residential property market rose for the 33rd straight month in November, prompting the government to continue its drumbeat of market-cooling measures to stave off the kind of risk that led to the 2008 subprime lending crisis in the United States. November’s average home price across 70 cities rose 4 per cent from a year ago, even if the growth pace was the slowest in six months, according to data by the National Bureau of Statistics. The average price rose 4.3 per cent in October from a year ago. Still, there were “growing signs of a buying spree in either new homes or pre-owned [property] in major cities like Shanghai,” said Song Yulin, a senior manager with the city’s property agency Baonuo. “Local authorities are set to step in to stabilise the market if a wild price gain in home prices occurs.” Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. The stubborn refusal of home prices to yield to the government’s controls underscores why the Chinese bank regulator Guo Shuqing...
    A man counts 100 RMB notes with the Chinese flag in the background.Sheldon Cooper | SOPA Images | LightRocket via Getty Images GUANGZHOU, China — Chinese e-commerce firm JD.com said it has become the first online platform to accept the country's digital currency. The announcement on Saturday comes as part of another real-world major trial for the digital yuan in Suzhou, a city that's about 65 miles west of Shanghai. A total of 20 million yuan ($3 million) will be up for grabs in a lottery, according to a WeChat post by JD Digits, JD.com's fintech arm. Winners will receive a so-called "red packet" via an app containing a maximum of 200 yuan of the digital currency. A hundred thousand of these red packets will be distributed. Those who receive the digital yuan can spend it on JD.com's online shopping platform. This is not the first time that China is handing out a large sum of its digital currency. In October, a total of 10 million yuan was handed out to citizens in China's technology hub Shenzhen in a lottery....
    Hong Kong (CNN Business)The US presidential election is far from decided. But Chinese markets may already be getting jittery about the possibility that President Donald Trump could pull out a second term.China's yuan briefly plunged as much as 1.4% against the US dollar on Wednesday as Trump remained in contention with former Vice President Joe Biden and was projected to win key states like Florida and Texas. The drop in the offshore yuan, where the currency is traded more freely, is the largest single-day percentage drop since February 2018, according to Stephen Innes, chief global market strategist for Axi.The offshore yuan eventually pared losses, and was last down 0.7%, or about 6.7 yuan per US dollar. The more tightly controlled onshore yuan slumped 0.6% after falling more than 1% in Shanghai. "In light of China-US tensions, the [renminbi] market movement hinges on the US election outcome," according to Ken Cheung, chief foreign exchange strategist for Asia at Mizuho Bank. He wrote in a research note Wednesday that should Trump secure reelection, that would suggest "the extension of America First agenda...
    A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.Jie Zhao | Corbis News | Getty Images GUANGZHOU, China — China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future. Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency. Nearly 2 million people applied and 50,000 people actually won. The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen. The south China technology hub is home to some of the country's biggest tech giants including Huawei and Tencent. Local supermarkets and pharmacies are among the participating merchants as well as Walmart, according to a post by the Shenzhen government messaging app WeChat. China has been pushing toward a cashless society. The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People's...
    VIDEO2:1202:12Chinese banks' profitability under pressure due to 'national service': AnalystSquawk Box Asia China's five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications — released their latest financial report cards last week. All five posted at least 10% year-on-year declines in profit for the first half of 2020 as they set aside more funds for potential loan losses in the coming months — much like many banks around the world. "The banks have been asked to ... perform 'national service.' They've been asked to support the economy at the expense of their own operational strength," said Jason Tan, research analyst at CreditSights, told CNBC's "Squawk Box Asia" on Monday. Zoom In IconArrows pointing outwards Chinese banks, among the world's largest by assets, have been placed at the front line of the government's effort to soften the economic blow on households...
    2020 Fantasy Football Mock Draft Simulator: Practice your draft strategy, find best picks, sleepers What you should never buy at the dollar store China’s Bank Regulator Warns Dollar Dominance Is Seed of Crisis (Bloomberg) -- China’s top banking watchdog cautioned that U.S. dollar dominance combined with the massive stimulus unleashed by the Federal Reserve could push the world to the edge of another financial crisis. © Bloomberg Pedestrians wearing protective masks ride an escalator in the Lujiazui Financial District of Shanghai, China, on Monday, March 2, 2020. The pressure to get China back to work after the coronavirus shutdown is resurrecting an old temptation: doctoring data so it shows senior officials what they want to see. In a rare act of public criticism, China Banking Regulatory Commission Chairman Guo Shuqing also lashed out at developed nations seeking to divert blame from their own failures to contain the virus outbreak and moves by the U.S. to blacklist Chinese companies and entities. Load Error “In an international monetary system dominated by the U.S. dollar, the unprecedented, unlimited quantitative easing policy...
    “Hi, is that Xinlu Liang?” The caller, speaking in Chinese, woke me from a nap. “This is a call from UPS. You have a suspicious package blocked at Chinese customs” in Beijing. The person on the other end of the line said he was checking the information on the mailing label. “If you didn’t send this package, then your personal information may have been leaked. We suggest you report this to the Chinese police.” I’d arrived in Los Angeles just 45 days earlier — at the end of June 2019 — to start work on a master’s degree in journalism at USC, and every day was a struggle: seven hours of classes, Tuesday through Friday, followed by many more hours of writing. I lived in an apartment near campus, with a roommate I didn’t really know. I had few friends — and little familiarity with American customs. And I had, in fact, been waiting for word on a package sent via UPS with some documents related to my undergraduate education. What if someone had stolen my information? So, yes,...
    (Bloomberg) – Compared to the global market turmoil that triggered the devaluation of the Chinese currency in 2015, the smoother but steady depreciation since then raises less concern. Today five years ago, the central bank unexpectedly cut its daily benchmark rate by 1.9%, causing the yuan to drop the sharpest in a day since China ended the dual currency system in 1994. The shock move and the resulting weakness spurred outflows of more than $ 500 billion over the next two years, prompting authorities to impose a series of restrictions to stop the exodus of funds. Compared to the pre-devaluation level, the yuan is down more than 10% against the dollar and a basket of trading partner currencies. Against the euro, the Chinese currency is near a six-year low. Activity in the currency market is quiet: an indicator of expected changes in the yuan and an indicator of bearish options never reached the levels seen after the Beijing shock measure, although capital controls remain tight. China welcomes a weaker currency, which makes the country’s products more attractive globally. However, avoiding...
    By Meg Shen HONG KONG, China, Jul 16 (.) – China’s top central bank authority has called on the International Monetary Fund (IMF) to issue hundreds of billions of dollars of liquidity to its 189 member countries through a general allocation of Special Rights de Giro (SDR), despite objections from the United States. Yi Gang, governor of the People’s Bank of China, wrote in an opinion piece in the Financial Times that an issue of SDR – the IMF’s internal monetary unit – is necessary to help countries cope with the COVID-19 pandemic . “An overall SDR allocation, which is sometimes called ‘liquid gold’ and can be created at a stroke, is the missing piece of the IMF’s response to the crisis,” Yi wrote. The move, similar to that of a central bank printing money, was last deployed in 2009, when the IMF issued 250 billion SDRs to its members to ease the global financial crisis. While the move is backed by leading economists and many finance ministers, its biggest detractor, the US Treasury, has veto power over major IMF...
    Plenty of internationals arent in U.S. Womens Am field. What does that mean for college golf? Choi Suk-hyeon: Before taking her own life, triathlete asked her mother to lay bare the sins of her alleged abusers Stock futures fall as China data weighs ahead of bank earnings, economic data By Medha Singh and Devik Jain © Reuters/LUCAS JACKSON The spread of the coronavirus disease (COVID-19) in New York (Reuters) - U.S. stock index futures fell on Thursday after a surprise drop in China's retail sales signaled a bumpy economic recovery, with investors now turning to the next set of quarterly bank earnings and economic data to gauge the pace of a domestic rebound. Load Error U.S. retail sales for June and weekly jobless claims, both due at 8:30 a.m. ET, are likely to show the economy continuing to limp out of a coronavirus-driven slump as several states eased lockdowns from May. But a recent surge in domestic coronavirus cases have forced states such as California to shut down again, sparking fears of more economic damage and slowing the...
    This photo taken on March 30, 2020 shows an employee working on a battery production line at a factory in Huaibei in China's eastern Anhui province.STR | AFP | Getty Images China's economic recovery could cool in the second half of 2020 after its strong bounce from lows earlier in the year, according to Deutsche Bank's chief economist and head of research for Asia Pacific, Michael Spencer. "China is clearly advancing rapidly out of the Covid epidemic," Spencer told CNBC's "Squawk Box Asia" on Monday. "All of the data since the middle of February have pointed to as near enough to a V-shaped recovery as we're going to get anywhere." The outlook ahead, however, appears to be less clear — according to Spencer — who said the impact of the coronavirus pandemic is "first and foremost" on consumption activity as people are either locked in or choosing not to go out. "When you look at the Chinese data — excluding cinemas which are still closed and restaurants where people still have an aversion to going into large restaurants — retail sales of goods have...
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