‘Tragic mistake’: George Soros slams BlackRock’s investment in Xi’s China, again September 7, 2021 George Soros has condemned BlackRock’s wealth management move into China as a “tragic mistake” that will risk losing clients’ money and damage US security, in his latest attack on investment in the world’s second-biggest economy. “Pouring billions of dollars into China now is a tragic mistake,” the billionaire investor wrote in a Wall Street Journal [...]
From McDonalds to supermarkets: The slow-motion car crash of Britain’s labour shortages September 6, 2021 World trade in toys is a highly cyclical business. Every year, just as everyone is putting their Halloween masks away, Chinese exports of toys drop back, and by March the following year they will typically be nearly 60 per cent lower. For the last four years, October’s peak has been getting progressively lower. Since the [...]
Alibaba pledges $15bn to cut poverty in China, despite Jack Ma clampdown September 3, 2021 Chinese retail giant Alibaba has pledged $15.5bn to help China achieve “common prosperity”, despite its founder Jack Ma being targeted by Beijing’s regulatory crackdown. The donation comes amid a bout of new hawkish regulations for Chinese tech giants, with Ma singled out for particular scrutiny following his criticism of the country’s regulators and state banks. [...]
China to launch new Beijing stock exchange to boost small businesses September 2, 2021 China will create a new stock exchange in Beijing, in a bid to foster small business development and boost the country’s equity financing. In an announcement at an international trade fair, president Xi Jinping said the new Beijing exchange would “provide a platform for innovative small and medium-sized enterprises.” Giving no date or further details [...]
Chinese hedge fund offers £218k starting salary to rival big banks September 1, 2021 Ubiquant, a China-based fund managing $8bn (£5.8bn) of assets, has bumped up starting salaries in a bid to compete with big banks. JP Morgan, Barclays and Citigroup all upped starting salaries to $100k amid rising market wealth and complaints from new starters about working 100-hour weeks during the pandemic. Amid growing competition Goldman Sachs and [...]
Chinese hedge fund offers £218k starting salary to rival big banks : CityAM September 1, 2021 Ubiquant, a China-based fund managing $8bn (£5.8bn) of assets, has bumped up starting salaries in a bid to compete with big banks. JP Morgan, Barclays and Citigroup all upped starting salaries to $100k amid rising market wealth and complaints from new starters about working 100-hour weeks during the pandemic. Amid growing competition Goldman Sachs and [...]
South Korea outlaws Google and Apple in-app payment systems August 31, 2021 South Korea’s National Assembly has approved legislation that bans app store operators such as Google and Apple from forcing developers to use their in-app payment systems. South Korea is reportedly the first country in the world to pass such a bill, which becomes law when it is signed by the president, whose party has backed [...]
Hong Kong plans risk management rules to prevent Archegos-like scandals August 31, 2021 Hong Kong’s market regulator is reportedly developing a track exposure mechanism to dangerously concentrated stocks to prevent financial debacles like the Archegos collapse. The project will use centralised trade databases to identify excessive risk-taking by banks and investment funds trading derivatives in the city, reported Financial Times. The Hong Kong Monetary Authority and the Securities [...]
Western allies cannot allow China to fraternise with the Taliban August 31, 2021 The swift demise of Afghanistan has dominated every headline. Twenty years of aid, support and work towards political stability wiped out in a mere nine days. This will only spell the start of the atrocities — the return of female oppression and a crack down on all who aided Western countries are already reemerging. As [...]
Prosus to pay $4.7bn for rival Indian payments firm in largest buyout yet August 31, 2021 European technology giant Prosus has reportedly put forward $4.7bn for its largest ever deal, to buy Indian payments platform BillDesk, in yet another foreign investment in the country’s blossoming tech sector. BillDesk currently competes with Prosus’s payments firm PayU in India which means the deal will open up a fair portion of the growing payments [...]