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China

In the North West of China, in the district of Inner Mongolia, a small private bank started to get into trouble. The warning signs, with hindsight, were apparent but it's a kind of problem that, while common in Russia a couple of decades ago, is not usual in China. The results, however, are predictable for both financial and cultural reasons.

BIScom Subsection: 

The Australian Securities and Investment Commission has applied to the Federal Court to wind up Traditional Therapy Clinics Limited (a Chinese Traditional Medicine company) after it was delisted by the Australian Stock Exchange and has asked the court that two members of Ernst and Young be appointed as liquidators.

So, now you know what all the letters mean, let's get on with the story which is, in part, about Red Stox and the continuing risks some of them pose for shareholders, regulators and sponsors to say nothing of those usually small businesses which put their faith in them ....

CoNet Section: 

Mobile payments are exploited by criminals who use services such as AliPay and WePay coupled with QR codes and while the companies behind the services are, well, behind on customer protection, The People's Bank of China, the central bank, is running ahead of regulators in other jurisdictions to find a solution. Their first idea was harsh. Their second is brutal. Can it work?

Sanctions have long been a political tool for the USA and they work in many different ways. Chinese telecoms giant ZTE has found itself almost a proxy in the USA's battle with Iran but there are other complexities, too. The result is that President Trump is finding that politics has far more nuance than he thought. The place where he's chosen to try to remove nuance is sanctions. Anyone who still thinks that Trump can't throw out rule-books that have been used for years is flying in the face of the evidence. It would be unwise to bet against him getting the result he wants this time.

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For years, China has been a destination of choice for the world's non-food waste. Plastics, in particular, have been in demand for recycling. But now China's a combination of slowing production and increasing domestic consumerism means that there is enough domestically produced waste and it no longer needs to be the dustbin of the world. Given that there is already a vast global over-supply of plastic waste, can the world cope without China's formerly voracious appetite?

We've been here before, or have we? Just six weeks ago was the tenth anniversary of the USA listing Banco Delta Asia of Macau and Hong Kong as being "of primary money laundering concern." But there was scant evidence of wrongdoing by BCA and what there was turned out to be largely made up. Is the Bank of Dandong, a mainland Chinese bank, any more culpable or is the USA back on the track of weapons of monetary destruction that don't really exist?

BIScom Subsection: 

As China continues is increasingly effective "Operation Fox Hunt" against corrupt officials who have left China with their spoils, or sent their money abroad in the hope of hiding it, there is growing co-operation between Chinese authorities and those in the countries where people and/or assets are located. Australia is one country that has been helping. But a thorny old question remains.

The grand-daddy of the current crop of electronic currencies is, of course, Bitcoin. In recent months, its value has appreciated exponentially until it reached more than 5,000 dollars. But it's just the most famous so-called "cryptocurrency" and now the technology is "in the wild," anyone with the necessary, apparently not very advanced, IT skills can make one. China says "enough is enough" and is taking steps to more or less outlaw cryptocurrencies or, at least, to make their use difficult. China has explained its reasoning - and it makes a huge amount of sense. The questions are whether the horse has already bolted, can access to cryptocurrencies outside China be banned and just how much use is it really for money laundering, a main plank of the Chinese objection.

China is working incredibly hard to reduce its pollution problems, especially in the north where cold air and industrial outputs conspire to produce thick, choking smog. A stroll around any Chinese city these days will demonstrate the country's commitment to the development and production of electric vehicles. There has been announced a ban on the production and/or import of petrol and diesel powered cars "in the near future" and some say this could be as early as from 2020, Aside from European and Japanese hybrids and the expected re-emergence of Volvo as an electric-only brand, what else has China been working on. We have photos...

CoNet Section: 

It's 9 a.m. on 18th September in China and all over the country air raid and other warning sirens are wailing. Where there are churches, their bells are clanging.

This is the day that the Chinese remember the fateful invasion by the Japanese Imperial Army.

Just how much money can a group of tourists hide in their socks and knickers, plus a variety of other methods of concealment? It's far more than you might think.

The USA's Federal Reserve Board is planning to fine and issue prohibition orders against two former Managing Directors of J. P. Morgan Securities (Asia Pacific) Limited. It follows on from the Board's fining of the bank in November 2016. The offence? Excuse us while we choke on our own laughter: giving jobs to the boys. But they did it in China. On Wall Street, it's standard operating procedure, as it is across a wide range of industries in the USA. There are several matters of grave concern to Banks regulated by the Federal Reserve Board, both domestic and foreign.

CoNet Section: 

There is now no doubt that a man killed at Kuala Lumpur International Airport's budget terminal KLIA2 was murdered and there is, equally, no doubt that he was KIM Jong-Nam, the half brother of North Korean "Supreme Leader" KIM Jong-Un. As we reported in a daily news round-up on 20170216, if NoKo authorities were behind the attack, choosing Malaysia as its venue was a poor decision. Then again, it would have been equally poor if the attack had taken part in Macau, a region of China, where the victim lived. As evidence mounts, both Malaysia and China have begun actions against North Korea, which now has almost no significant support from any significant country.

CoNet Section: 

It all started as a bit of propaganda. Young Chinese who were not in settled relationships were fed up with being marked out as being a bit "odd." So they announced "Singles' Day" (a day for singles) to celebrate the fact that millions of Chinese are, well, single. Retailers, in the mid-year doldrums after all the various festivals have finished and with several months to go to Chinese New Year, got behind the idea with special offers and promotions. Within a couple of years, aided by the fact that the target audience is tech-savvy, it's turned into the world's biggest shopping day, dwarfing even the famed "Black Friday" in the USA.

CoNet Section: 

Transit Explore Bus, a Chinese company, has presented a model of a fascinating concept in mass transit. They call it the "straddling bus" but it runs on a guide-rail system built into high-kerbs to prevent cars blocking its way. And it travels over vehicles of up to 2 metres high, which includes the vast majority of light delivery vehicles.

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