Russian Banks rush to switch to Chinese Card System
Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator’s system coupled with Russia’s own Mir network, after Visa and MasterCard said they were suspending operations in Russia.Announcements regarding the switch to UnionPay came o
Wall Street’s Big Bet on Chinese Markets is going all Wrong
The bar for China’s financial markets to do better this year was so low, virtually everyone on Wall Street was saying the country’s stocks and bonds could only go up. That bet isn’t going so well. Mainland equities just entered their first bear market since Donald Trump’s trade war. Shares i
Shipping Congestion is growing at the World’s Biggest Port
Ships looking to avoid Covid-induced delays in China are making a beeline for Shanghai, causing growing congestion at the world’s biggest container port. Shipping firms are making the switch to avoid delays at nearby Ningbo, which suspended some trucking services after an outbreak of Covid-19, acc
Chinese Police strikes Walmart for Violating Cybersecurity Laws
Chinese authorities strike Walmart for allegedly violating cybersecurity laws, local media reported, the latest trouble for the U.S. retailer that is already a target of accusations in the country for supposedly stopping sales of products from Xinjiang. Police in the southern Chinese city of Shenzhe
Wall Street loves China more than ever
Despite political tensions and Beijing’s regulatory crackdowns last year, banks and money managers desperately want to compete in China. Some U.S. politicians have been calling for companies to back away from China, over concerns about national security and human rights. But JPMorgan, Morga
China Regulator recovers US $ 47 B in Funds after Audit Review
China’s auditing regulator said officials should “keep their eyes open” when conducting audits, after recovering more than 300 billion yuan ($47.04 billion) in government funds, the state-run Xinhua news agency reported.
China Switched on its Artificial Sun
China is on course to finish building an “artificial sun”. The structure will be capable of reaching 100 million degrees Celsius, six times hotter than the center of our Sun. Scientists hope that the “artificial sun” will help harness the power of nuclear fusion. This would b
HSBC gets Approval to buy out China Life Insurance Joint Venture
HSBC (HSBA.L) said on Thursday it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services. HSBC has got clearance from the Shanghai office of the China Banking and Insurance Regulator
China Fines Tech Giants for Failing to Report 43 Old Deals
China’s market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation. Enterprises involved in the cases would be fined 500,000 yuan
Alibaba Slashes Sales Outlook as Competition Bites, Demand Slows
Chinese e-commerce giant Alibaba Group Holding Ltd, slashed its forecast for annual revenue growth on increased competition and a regulatory crackdown, sending its stock tumbling 11%. Alibaba now expects revenue for the year ending in March to rise between 20% and 23%, the slowest pace since its 201