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☆ Philippines orders removal of Binance from Google and Apple app stores
▼ + stars: | 2024-04-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The Philippines' Securities and Exchange Commission (SEC) has ordered Google and Apple to remove cryptocurrency exchange Binance from their app stores. In a press release out on Tuesday, the regulator said it had sent letters to Google and Apple requesting the removal of applications controlled by Binance from the Google Play Store and Apple App Store, respectively. The agency accused Binance of offering unregistered securities to Filipinos and operating as an unregistered broker, adding that this violates the country's securities laws. Binance, Google, and Apple were not immediately available for comment when contacted by CNBC. Aquino said that blocking Binance from the Google and Apple app stores would help "prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy."

Persons: Zhao Changpeng, Binance, Emilio Aquino, Aquino Organizations: Viva Technology, Porte de, Securities and Exchange Commission, SEC, Google, Apple, Binance, CNBC Locations: Porte, Paris, France, Philippines, Philippine

☆ China is probing hedge funds that profit from its economic misery, report says
▼ + stars: | 2023-09-21 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

China is scrutinizing hedge funds betting against its struggling economy, according to Reuters. Beijing has put the squeeze on brokerages that use quantitative strategies to short-sell the market, the outlet reported. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That's dragged down Chinese stocks this year, with the flagship CSI 300 index down 5% and Hong Kong's Hang Seng index slumping 11% so far in 2023. As well as pushing back against these trading strategies, policymakers halved the stamp duty that investors are required to pay when trading stocks last month in a bid to revive China's stagnant markets.

Persons: That's Organizations: Reuters, CSI, Service, country's Securities, Commission, Financial Times Locations: China, Beijing, Wall, Silicon

Risk factors usually flag uncertainties in how Chinese laws are interpreted and enforced as well as the government's "substantial oversight and influence" over businesses. Chinese regulators want those boilerplate disclosures dropped; if not, offshore listing applications could be denied approval. Trying to appease both American and Chinese regulators will get tougher. On Friday, Chinese regulators held a rare meeting with KKR (KKR.N), Blackstone (BX.N), Carlyle (CG.O) and others to ensure they can continue to invest in the country. China's new offshore listing rules came into effect on March 31.

Persons: Didi Global, underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Carlyle, Una Galani, Thomas Shum Organizations: Reuters, Global, U.S . Securities, Exchange Commission, underwriters, JPMorgan, KKR, Blackstone, Bloomberg, Communist Party, China Securities Regulatory Commission, SEC, Thomson Locations: HONG KONG, Beijing, Hong Kong, United States, New York, China

☆ Brazil's central bank prepares public consultation on cryptocurrency regulation
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, July 18 (Reuters) - Brazil's central bank announced on Tuesday its plans to launch a public consultation regarding the regulation of cryptocurrencies in the second half of this year. Specific measures will be taken to limit the risks associated with decentralized governance systems and to prevent investors from being exposed to these assets without appropriate levels of disclosure, said the central bank. The government of President Luiz Inacio Lula da Silva delegated the authority to regulate cryptocurrency services to the independent central bank from June 20. Despite this status, the central bank stressed the need for coordinated action among various regulators, such as the revenue service and the country's Securities and Exchange Commission (CVM). Reporting by Marcela Ayres; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Marcela Ayres, Steven Grattan Organizations: country's Securities, Exchange Commission, Thomson Locations: BRASILIA

The gathering comes at a time when global investors and banks are warning that confidence is waning in China's economic outlook. Such a meeting, with a clear agenda to discuss challenges facing global fund managers investing in China, is rare, the three sources said, and reflected Beijing's keenness to shore up confidence among foreign investors. Weighed down by strict COVID measures, China's economy grew just 3% in 2022, one of its worst showings in decades. The meeting is organized by China's fund regulator Asset Management Association of China (AMAC). U.S. dollar-denominated fundraising by China-focused venture capital and PE firms this year also had its weakest first half year in the past decade, data from industry tracker Preqin showed.

Persons: Fang Xinghai, didn't, Andrew Collier, Premier Li Qiang, Xie Yu, Julie Zhu, Selena Li, Kim Coghill Organizations: U.S ., Reuters, Canada's, Ontario, China Securities Regulatory Commission, Management Association of China, ., Orient Capital Research, Ant, Premier, Wednesday, Thomson Locations: HONG KONG, Beijing, U.S, China, Taiwan, Hong Kong

☆ Argentina's currency crisis is so dire that it's allowing people to open bank accounts using the Chinese yuan
▼ + stars: | 2023-07-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Argentina is allowing commercial banks to open deposit accounts in the Chinese yuan. The country is facing a drastic shortage in the US dollar, a major currency used in global trade. The Central Bank of Argentina said in a Thursday statement on its website that it is allowing the Chinese yuan as a form of currency in savings and checking accounts. The move complements the country's securities regulator announcing that Argentina can issue securities in the Chinese currency, the central bank added. Javier Milei, a leading presidential candidate, has proposed replacing the peso with the greenback as Argentina's local currency to tame inflation.

Persons: —, Javier Milei Organizations: Argentine, greenback, Service, Central Bank of, International Monetary Fund, Buenos Aires Times, Bloomberg, Reuters Locations: Argentina, Central Bank of Argentina, China, Beijing, internationalize, Argentine

☆ Morgan Stanley a step closer to setting up futures company in China
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, April 6 (Reuters) - Morgan Stanley (MS.N) said on Thursday it looks forward to setting up a futures company in China after the country's securities regulator accepted its application. China Securities Regulatory Commission (CSRC) accepted Morgan Stanley's application to open up a futures business in the world's second-largest economy on Monday, according to CSRC's website. A Morgan Stanley spokesperson said the bank "looks forward to establishing a futures company in China as we grow our domestic business footprint." Rival JPMorgan Chase & Co (JPM.N) became the first foreign bank that fully owns a futures company in China in 2020. Morgan Stanley would potentially become the second foreign bank to wholly own a futures business in China should its application get CSRC's approval.

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidHONG KONG/SHANGHAI, March 31 (Reuters) - A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping's new term. International financial institutions and investors are welcome to expand in China, the chairman of the country's securities regulator said. Goldman Sachs' Solomon and Blackstone (BX.N) CEO Stephen Schwarzman met Peng Chun, chairman of China Investment Corporation (CIC), this week, according to official social media posts from the $1.35 trillion sovereign wealth fund. Meanwhile, Chip Kaye, Warburg Pincus's CEO, met Beijing's major Yin Yong during his visit to the city last week, according to a municipal statement from Beijing.

☆ Thailand offers tax breaks for companies issuing investment tokens
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, March 7 (Reuters) - Thailand's cabinet on Tuesday agreed to waive corporate income tax and value-added tax for companies that issue digital tokens for investment, a government spokeswoman said. Companies will have access to alternative ways of raising capital through investment tokens in addition to traditional methods like debentures, Rachada Dhnadirek told reporters at a news conference. The government estimates that there will be 128 billion baht ($3.71 billion) worth of investment token offerings over the next two years, Rachada said, and that the government would lose tax revenue worth 35 billion baht. Cryptocurrencies have gained popularity in Thailand in recent years after the country's Securities Exchange Commission began regulating digital assets. Cabinet separately also approved support measures for electricity use and import duty exemption for components of electric vehicles, including batteries.

The Euro STOXX 600 (.STOXX) gained 0.4%, recovering from its worst session in almost two weeks a day earlier. Shares in London (.FTSE) were up 0.8% and markets in Paris (.FCHI) and Frankfurt (.GDAXI) gained around 0.2%-0.3%. Hopes of faster easing of China's strict restrictions rose after an official said they will continue to fine-tune policy to reduce the impact of its "Zero COVID" on society. The sudden bout of optimism on China combined with talk of possible output cuts by OPEC+ to help oil prices rally. Shares of Chinese property companies surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms.

☆ Australia court dismisses customer fees lawsuit against CBA
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - The Australian Federal Court has dismissed proceedings initiated by the country's securities regulator against top lender Commonwealth Bank of Australia (CBA.AX) over alleged incorrect charging of monthly fees to customers, the regulator said on Tuesday. The court, however, found that the bank had not breached its general obligation to ensure that financial services were provided efficiently. CBA in a statement acknowledged the court order as well as "errors" in charging monthly account fees to some customers. "We confirm that CBA has completed the customer remediation program in relation to the issues in the proceedings," the bank said. In September, another ASIC proceeding against CBA over allegations of improperly collecting commissions was dismissed by the federal court, dealing a blow to consumer advocates seeking tougher regulations.

☆ Asia shares take comfort in China property rally
▼ + stars: | 2022-11-29 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Shares of Chinese property companies surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms. read moreThat helped Chinese blue chips (.CSI300) bounce 1.1%, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.7%. Markets were still nervous that the widening web of restrictions in China would lead to more public unrest and further undermine growth. read more"The zero China COVID policy has been an absolute gut punch to Apple's supply chain," said Daniel Ives, an analyst at Wedbush. The dollar index rallied to 106.57 , having been as low as 105.31 overnight.

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