HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING
ANDREW SMITH, 15 July 2021
Intro: Four men and a mastermind running a money-laundering syndicate in the city have been arrested by the Hong Kong Police. The officials have dismantled the operation of the gang that used cryptocurrency to process HK$1.2 billion for illegal funds.
Four men along with the local mastermind of the money laundering syndicate have been arrested by the Hong Kong Police. The customs officials have confirmed that they had dismantled the money laundering syndicate that used cryptocurrency to process HK$1.2 billion ($155 million) in illegal funds. Continue reading “Article: HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING”
For democracy, it’s a time of swimming against the tide
Tim Sullivan, 12 July 2021
The old Nicaraguan revolutionary, with his receding hairline and the goatee that he had finally let turn grey, spoke calmly into the camera as police swarmed toward his house, hidden behind a high wall in a leafy Managua neighborhood. Surveillance drones, he said, were watching overhead.
Decades earlier, Hugo Torres had been a revered guerrilla in the fight against right-wing dictator Anastasio Somoza. In 1974, he’d taken a group of top officials hostage, then traded them for the release of imprisoned comrades. Among those prisoners was Daniel Ortega, a Marxist bank robber who would become Nicaragua’s elected president and later its authoritarian ruler. Continue reading “Article: For democracy, it’s a time of swimming against the tide”
China targets offshore IPO structure, to require ministry approval -sources
Reuters, 09 July 2021
China’s securities regulator is setting up a team to review plans by Chinese companies for initial public offerings (IPOs) abroad, sources with knowledge of the matter said, including those using a corporate structure which Beijing says has led to abuse.
Chinese companies looking to list offshore will also need approval from the relevant ministry, the sources told Reuters, in a break from a decades-old arrangement that did not require them to seek a formal go-ahead from any authorities in China. Continue reading “Article: China targets offshore IPO structure, to require ministry approval -sources”
Economic Watch: China tightens crackdown on capital market violations
Xinhua, 07 July 2021
BEIJING, July 7 (Xinhua) — China has tightened crackdown on illegal activities in the securities market to promote the high-quality development of the country’s capital market.
Efforts to improve the securities legislation mechanism will be enhanced, and criminal punishment and market discipline will be strengthened, according to an official document jointly issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council. Continue reading “Article: Economic Watch: China tightens crackdown on capital market violations”
Chinese Trolls Show That Information Can’t Be Stopped, Nor Should It Be
Emilio Iasiello, 14 June 2021
Beijing has been engaged in a battle for public opinion for several years, aggressively promoting a positive vision of China to counter criticisms for its involvement in human rights violations, intellectual property theft, currency manipulation, its engagement with Taiwan and the South China Sea disputes, and its suspected involvement in the COVID-19 outbreak. In 2017, senior Party leaders acknowledged that “the main battlefield for public opinion” occurs on the extensive borderless Internet where people receive their news, express their thoughts, and promote and argue their political and ideological viewpoints. Beijing understands how the Internet is essential in disseminating China-friendly narratives, while at the same time deflecting criticisms and reassigning blame. In essence, it is how Beijing seeks to preserve its image while tarnishing those of others. Continue reading “Article: Chinese Trolls Show That Information Can’t Be Stopped, Nor Should It Be”
China ups fines and widens scope of draft money laundering law
Stella Qiu, Lusha Zhang and Tony Munroe, 01 June 2021
BEIJING (Reuters) – China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope.
The draft, which updates proposals first made in 2006, would include the likes of property developers, accounting firms and precious metal exchanges, according to a copy of the draft law posted by the People’s Bank of China (PBOC) on its website. Non-bank payment firms, online microlenders, financial asset management firms and financial leasing companies will also be included. Continue reading “Article: China ups fines and widens scope of draft money laundering law”
Greedy Wall Street giants won’t fare well in Xi Jinping’s China
Nels Frye, 01 June 2021
Congrats to America’s finance bros for finally getting their reward from the Chinese Communist Party. But surely, after obediently lobbying in favor of opening up to Beijing for decades, Wall Street deserved more than it received.
Two finance giants, Goldman Sachs and BlackRock, can now operate wealth-management businesses on the mainland, partnering with China Construction Bank Corp. and Commercial Bank of China — state-run entities at the center of power in the Communist state. The result: Goldman and BlackRock will likely relinquish much in independence, data and intellectual property, while scrounging only scraps of the domestic finance market in China. Continue reading “Article: Greedy Wall Street giants won’t fare well in Xi Jinping’s China”
Huarong Wires $978 Million to Repay Bonds as Doubts Persist
Bloomberg News, 31 May 2021
China Huarong Asset Management Co. made the biggest bond payment since confidence in its financial health began plunging two months ago, adding to signs that the company still has access to near-term liquidity.
Huarong wired funds for a $900 million dollar bond due June 3, a person familiar with the matter said, asking not to be identified discussing private information. One of the company’s onshore units also paid a 500 million yuan ($78 million) bond that matured Sunday, people familiar said. Continue reading “Article: Huarong Wires $978 Million to Repay Bonds as Doubts Persist”
China slams Biden’s renewed probe of Wuhan lab as ‘political manipulation’
Mark Moore, 27 May 2021
The Chinese Communist Party blasted President Biden’s decision to renew the investigation into whether the coronavirus leaked from a Chinese lab as “political manipulation” and one that “does not care about facts and truth.”
Foreign Ministry spokesman Zhao Lijian, speaking at a press conference in Beijing on Thursday, said the US “does not care about facts and truth, nor is it interested in serious scientific origin tracing.”
“Some people in the United States claim they want the truth, but their real intention is political manipulation,” Zhao said. Continue reading “Article: China slams Biden’s renewed probe of Wuhan lab as ‘political manipulation’”
The U.S. Shouldn’t Let China Take the Lead on Trade
Editorial Board, 26 May 2021
However loudly U.S. politicians vow to compete with China, they seem happy to quit the field and let Beijing win in one crucial area: trade. If President Joe Biden hopes to build a coalition in Asia to counterbalance China’s rise, he can’t afford such defeatism.
U.S. allies such as Japan are especially eager to see the U.S. join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) — the 11-nation free-trade agreement that in its original form was intended to cement U.S. ties to Asia. Yet administration officials continue to dodge questions about the deal. At the same time, according to Bloomberg News, China has begun exploratory talks on its own possible accession. Continue reading “Article: The U.S. Shouldn’t Let China Take the Lead on Trade”
China stocks drop from 11-week high on commodity retreat amid a crackdown on pump-and-dump scheme
Iris Ouyang, 19 May 2021
Stocks in mainland China retreated from a three-day advance as commodity prices eased and lingering concerns about global inflation soured appetite for risks. Financial markets in Hong Kong were closed for a public holiday.
The Shanghai Composite Index fell 0.5 per cent to 3,510.96 at the close of Wednesday trading, after a rally this week that lifted the gauge to the highest level in 11 weeks. The Shenzhen Composite Index climbed 0.2 per cent, while technology-heavy ChiNext rose 0.8 per cent. Continue reading “Article: China stocks drop from 11-week high on commodity retreat amid a crackdown on pump-and-dump scheme”
Alibaba shares jump after record $2.8bn anti-monopoly fine
Mark Sweney, 12 April 2021
Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn (£2bn) fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.
Top executives at the company, founded by the billionaire Jack Ma, told investors that while Chinese regulators continued a wider investigation into the sprawling conglomerates in the country’s tech industry, they believed the multibillion dollar fine announced at the weekend marked the end of the focus on Alibaba. The company is listed in Hong Kong and its shares climbed as much as 9% on the management’s comments. Continue reading “Article: Alibaba shares jump after record $2.8bn anti-monopoly fine”
Being ‘tough on China’ can’t mean harming our own interests
DANIEL L DAVIS, 11 April 2021
Being “tough on China” is politically popular in Washington these days, and Biden has come out of the gate swinging against Beijing. But “being tough” isn’t a policy and reflexively applying it to China doesn’t serve U.S. interests. A logical and realistic approach to Beijing, however, can.
Obama’s “pivot to Asia” in 2011 opened a new chapter in Sino-American relations and turned an always challenging relationship even more tense. From the beginning of his administration, Trump characterized China in starkly adversarial terms, calculating domestic political advantage in starting a trade war. In the early months of the Biden term, it appears the new president has chosen to accelerate this deterioration in relations. Continue reading “Article: Being ‘tough on China’ can’t mean harming our own interests”
Hong Kong activist charged with foreign collusion under national security law
Jessie Pang and James Pomfret, 24 March 2021
HONG KONG (Reuters) – Hong Kong pro-democracy activist Andy Li was charged on Wednesday with “conspiracy to commit collusion” with a foreign country to endanger national security, two days after he was released from a Chinese prison.
At the city’s West Kowloon Court, the prosecutor told the judge that Li, who had been detained by Chinese authorities after trying to flee Hong Kong for Taiwan by boat with 11 others last August, would also be charged with two other offences including possession of ammunition without a licence.
The ammunition in question included used tear gas canisters.
Under the city’s China-imposed national security law, defendants could face up to life in prison if convicted. Continue reading “Article: Hong Kong activist charged with foreign collusion under national security law”
The Next ‘Gamestop’: How China or Russia Could Attack Our Financial System
Robert Carlson, Gray Gaertner, 16 March 2021
Last week, the dramatic rise and fall in the price of Gamestop demonstrated how vulnerable the stock market is to social media speculation. U.S. regulators should now turn their attention to a greater risk—that in the near future, China, Russia, or another adversary could coordinate an unwitting mob to harm the American financial system.
The potential for financial warfare follows from a playbook that China, and especially Russia, have drawn from repeatedly to meddle in U.S. domestic politics. First, foreign state agents have used social media to spread disinformation or stoke existing grievances. Second, they have counted on naive users to share the original posts, allowing the content to reach a larger audience. Finally, they fan the flames to provoke action.
In 2016 and 2020, Russian propaganda decreased U.S. voters’ trust in their candidates and the political system. During last year’s protests over race and policing, foreign bots amplified instances of both racial discrimination and violent protests, further polarizing American society. Following Joe Biden’s electoral victory in November, Russian agents embraced false allegations of fraud, providing the rationale for an armed mob to assault the Capitol Building. China spends at least $10 billion per year on its own influence operations through the United Front Work Department, which promotes pro-Beijing narratives overseas.
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