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China to strengthen market regulation by 2020

China to strengthen market regulation by 2020

China will ensure comprehensive and transparent market access rules and improve the commercial registration system to ease market access, according to the plan. BEIJING: China plans to strengthen market regulation by 2020 to fight fake goods, food and drug safety issues and lack of consumer protections, among other things, said the country’s cabinet in an […]

January 24, 2017 | By | Reply More
Citigroup fined US$28.8 million for harm to home borrowers

Citigroup fined US$28.8 million for harm to home borrowers

The consumer protection bureau says when borrowers applied for foreclosure relief, CitiMortgage demanded dozens of documents and forms having no bearing to application or already provided by them. WASHINGTON: Citigroup Inc mortgage units have been fined $28.8 million for keeping home borrowers in the dark about options to avoid foreclosure and making it difficult for […]

January 24, 2017 | By | Reply More
Blackstone readies new Asia real estate fund of at least US$5 billion

Blackstone readies new Asia real estate fund of at least US$5 billion

The world’s biggest alternative asset manager will likely launch the fund in the next 12-16 months. HONG KONG: Blackstone Group LP is readying a new Asia-focused real estate fund that aims to raise a record US$5 billion or more, betting on strong returns from property investments in the region, people familiar with the plans told […]

January 24, 2017 | By | Reply More
US oil prices rise on weaker dollar, US drilling in focus

US oil prices rise on weaker dollar, US drilling in focus

A weaker dollar makes greenback-priced commodities cheaper for importer holding other currencies. SINGAPORE: US oil climbed on Tuesday as the dollar weakened, but an increase in drilling activity in the United States is likely to keep a lid on prices. US West Texas Intermediate (WTI) crude futures were up 14 cents at US$52.89 a barrel […]

January 24, 2017 | By | Reply More
Trump’s withdrawal from TPP viewed as boon for China

Trump’s withdrawal from TPP viewed as boon for China

It’s a giant gift to the Chinese because they now can pitch themselves as the driver of trade liberalisation. WASHINGTON: President Donald Trump’s formal withdrawal from a long-planned trade deal with Pacific Rim nations creates a political and economic vacuum that China is eager to fill, offering a boost for beleaguered U.S. manufacturing regions while […]

January 24, 2017 | By | Reply More
Yahoo delays sale of core business to Verizon

Yahoo delays sale of core business to Verizon

The deal with Verizon, which would end Yahoo’s run of more than 20 years as an independent company, has been thrown into doubt following disclosures of two huge data breaches. SAN FRANCISCO: Yahoo said Monday its US$4.8 billion deal to sell its core internet assets to US telecom titan Verizon has been delayed several months. […]

January 24, 2017 | By | Reply More
Dollar retreats as Trump takes over; most global stocks fall

Dollar retreats as Trump takes over; most global stocks fall

Most large global equity markets also fell amid uncertainty over the new US leader’s plans. Wall Street, London, Frankfurt, Paris and Tokyo all closed lower. NEW YORK: The dollar retreated Monday, with warnings of wild volatility ahead, as Donald Trump began his presidency by attacking global trade deals and promising to put America first. Most […]

January 23, 2017 | By | Reply More
China’s bitcoin exchanges, eyed by regulators, slap on trading fees

China’s bitcoin exchanges, eyed by regulators, slap on trading fees

The exchanges had not received direct instructions from the PBOC, but decided to introduce trading fees to align with its wishes to see the bitcoin market cool down. BEIJING: China’s three largest bitcoin exchanges, whose activities have drawn increased scrutiny from the central bank, said they will begin charging trading fees effective Tuesday. BTCC, Huobi […]

January 23, 2017 | By | Reply More
Oil firms after producer meeting, but high US output weighs

Oil firms after producer meeting, but high US output weighs

Ministers said 1.5 million of almost 1.8 million barrels per day (bpd) had already been taken out of the market. SINGAPORE: Oil edged up on Monday on statements over the weekend from OPEC and other producers that they have been successfully implementing output cuts, but gains were limited by a surge in US drilling. OPEC […]

January 23, 2017 | By | Reply More
SEC probing Yahoo over previously disclosed cyber breach

SEC probing Yahoo over previously disclosed cyber breach

The SEC is investigating whether two massive data breaches at Yahoo should have been reported sooner to investors, the Wall Street Journal reported on Sunday, citing people familiar with the matter. NEW YORK: The US Securities and Exchange Commission is investigating a previously disclosed data breach at Yahoo Inc, the company said in a filing. […]

January 23, 2017 | By | Reply More