New Delhi: India and China have agreed to allow the 106-year-old Bank of China to open a branch in India. Security clearances for the bank have been given and a notification from the Reserve Bank…
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Foxconn says investigating labor conditions at China factory used for Amazon
NEW YORK (Reuters) – Contract manufacturer Foxconn said on Sunday it is investigating a plant in China that makes devices for Amazon.com Inc , after a U.S. watchdog group criticized what it described as harsh…
China’s Richer Than It Thinks
True, while China’s per capita income reached $8,830 in 2017, up eight-fold from 2001, it’s still well below the World Bank’s $12,236 threshold for high-income countries. This measure is misleading, however. Already an upper-middle-income nation…
StanChart to apply for virtual banking license in Hong Kong
HSBC will invest $15 billion-$17 billion in the next three years in areas including technology and its core Asian markets of Hong Kong and China, its CEO John Flint said on Monday. Ever since the…
China’s Jumbo Jet Diplomacy Shows Influence in Trump-Kim Talks
China isn’t officially represented in the historic talks between U.S. President Donald Trump and North Korean leader Kim Jong Un, but that hasn’t stopped Beijing from making its presence felt. Kim arrived in the city…
Blocking Bitcoin: Why China’s Cryptocurrency Ban Could be Here to Stay
In a January memo, People’s Bank of China (PBOC) Vice Governor Pan Gongsheng urged the government to ban centralized trading of digital currency and prevent individuals and businesses from providing related services. “Pseudo-financial innovations that…
Standard Chartered says it will apply to operate a virtual bank in Hong Kong
HKMA deputy chief executive Arthur Yuen said about 50 companies had expressed interest in applying for the virtual bank licence, while purely online lender WeLab and payment platform Yedpay! have separately told the South China…
Investors shrug off central bank’s monetary policy move
[Photo/China News Service] Bank stocks fall as PBOC’s quasi-easing on June 1 seen as being silent on rates The quasi-easing of China’s monetary policy on June 1 has not encouraged investors to raise their holdings…
China Oceanwide’s $2.7 Billion Takeover of Genworth Financial Passes U.S. Security Review
WASHINGTON—A U.S. national security panel approved a Chinese conglomerate’s $2.7 billion takeover of Richmond, Va.-based insurer Genworth GNW 2.42% Financial Inc., after the companies convinced authorities they would take extraordinary steps to secure … (…
Narendra Modi in China highlights: Bank of China’s first branch to open in Mumbai
Chinese President Xi Jinping has accepted Prime Minister Narendra Modi’s invite to India for an informal summit next year, Foreign Secretary Vijay Gokhale said on Saturday. While addressing the media on the meeting between the…
Committee on Foreign Investment in the United States Completes Review of Proposed China Oceanwide and Genworth Financial Transaction
RICHMOND, Va., June 9, 2018 /PRNewswire/ — China Oceanwide Holdings Group Co., Ltd. (Oceanwide) and Genworth Financial, Inc. (GNW) today announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its…
Narendra Modi in China LIVE updates: Bank of China’s first branch to open in Mumbai
Chinese President Xi Jinping has accepted Prime Minister Narendra Modi’s invite to India for an informal summit next year, Foreign Secretary Vijay Gokhale said on Saturday. While addressing the media on the meeting between the…
China is in Trouble
1 In comparison with those of Western economies, China’s countermeasures against the crisis in 2008 were significantly more drastic. While in the US the balance sheet total of the banking system increased by USD 4,000bn…
