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☆ China replaces head of securities regulator after stock market meltdown
▼ + stars: | 2024-02-07 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has replaced the head of its securities regulator, as public anger over the meltdown in the stock market grows. Wu, 59, was also the chairman of the Shanghai Stock Exchange, the largest stock exchange in mainland China, between 2016 and 2018. Chinese stock markets have stabilised this week but they had a dire 2023 and have been the world’s worst performer this year. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. On Wednesday, mainland Chinese stock markets logged a second straight day of gains.

Persons: Wu Qing, Yi Huiman, Wu, “, Evergrande Organizations: Hong Kong CNN, China Securities Regulatory Commission, Xinhua, Shanghai Stock Exchange, Embassy, Central Huijin Investment, Shenzhen Component Locations: Hong Kong, China, Shanghai, Beijing, Shenzhen, United States

☆ Clocktower's chief strategist says Chinese stocks will likely rally 10% to 15% from here
▼ + stars: | 2024-02-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Jason Lee | APBEIJING — Chinese stocks will likely climb by at least 10% in coming days as authorities signal concerted support efforts, said Marko Papic, partner and chief strategist at Clocktower Group. Mainland Chinese stocks traded mostly higher Wednesday, following gains on Tuesday. A "10% to 15% rally in Chinese equities is likely in coming trading days," he said. Papic said he's been bearish on Chinese stocks for the past 12 months, and didn't rule out the possibility the latest rally "could be a dead cat bounce." Chinese stocks are still down for the year so far, following a 2023 marked by losses.

Persons: Jason Lee, Marko Papic, Papic, Xi Jinping, he's, Clocktower, Xi Organizations: AP BEIJING, Clocktower, U.S, Financial Regulatory Administration, China Securities Regulatory Commission, CNBC Locations: Beijing, China, Shanghai

☆ Investors are hoping the power of Xi's personal attention will rescue China's floundering markets
▼ + stars: | 2024-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Markets have rallied on the news as it's stoking hopes that China will roll out a forceful rescue plan. China and Hong Kong's stock markets have lost nearly $7 trillion from their peaks in 2021. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The plan is to brief the country's top leaders about the state of the markets, Bloomberg reported, citing unnamed people with knowledge of the matter. But some analysts see these moves as less powerful than Xi's personal participation in stabilizing the markets — even though it's unclear if any new support measures will result from the meeting, Bloomberg reported.

Persons: Xi Jinping, it's stoking, —, Hang Seng, Xi, Li Weiqing, Li Organizations: Bloomberg, Markets, Service, China Securities Regulatory Commission, Hang, CSI, ING, Investment Management, Business Locations: China, Hong, Hong Kong, Beijing, Singapore

☆ Warnings, liquidity boost and proverbs — China's tools for propping up its stock market
▼ + stars: | 2024-02-06 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

Chinese financial authorities have been striving to prop up the country's stocks through various measures, including steps aimed at increasing the liquidity in the market, warnings against malpractices and falling back on proverbs. With the onshore markets already erasing gains after the People's Bank of China announced steps to boost liquidity last month, there are doubts whether this familiar Beijing playbook will have a meaningful impact on markets. On Tuesday, Central Huijin, a unit of the mammoth sovereign wealth fund China Investment Corporation, said it had expanded purchases of exchange-traded funds linked to the country's onshore stocks to safeguard market stability. China Securities Regulatory Commission had also warned Monday against "malicious" short-selling and said it would step up scrutiny of margin financing following a volatile trading session. On Sunday it had assured to protect the interests of investors after onshore markets plunged as much as 3% before paring losses Friday.

Organizations: People's Bank of China, China Investment Corporation, China Securities Regulatory Commission Locations: Beijing, China

☆ China is pumping money into stocks and markets are loving it
▼ + stars: | 2024-02-06 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Shanghai Composite, mainland China’s benchmark index for large state-owned companies and blue-chip stocks, ended up 3.2% on Tuesday, ending a six-day losing streak. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. Central Huijin Investment, the equity arm of state-owned China Investment Corp, announced Tuesday that it had recently expanded its holdings of exchange-traded funds (ETFs) on mainland stock markets. The intensified efforts came after Chinese markets resumed their slide on Monday, when more than 1,800 stocks fell by more than 10% in Shanghai and Shenzhen. Tuesday’s rally in China was in contrast to other markets in the region.

Persons: “, Australia’s, Evergrande, Anna Cooban Organizations: Hong Kong CNN, Alibaba, Huijin Investment, China Investment Corp, China Securities Regulatory Commission, Central Huijin Investment, Embassy, Nikkei, Kospi Locations: China, Hong Kong, Shanghai, Shenzhen, Europe, Beijing, United States

Last week, Chinese stocks capped their worst week in five years. On Friday, Big Tech stocks once again carried Wall Street to a record, even though the majority of stocks fell due to renewed worries about risks of a hot economy. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%. But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3% to 38.654.42. They’re both members of a small group of Big Tech stocks known as the “Magnificent Seven” responsible for the majority of Wall Street’s run to a record.

Persons: Donald Trump, Hang Seng, Australia’s, it’s, Stocks, Jerome Powell, They’re Organizations: China Securities Regulatory Commission, Nikkei, Big Tech, Meta, Dow Jones, Nasdaq, Federal Reserve, Facebook, Amazon, Apple, Charter Communications, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, Beijing, Shenzhen, Shanghai, U.S, China, Hong, Asia

☆ China has vowed to save its crashing stock market, but investors are just not convinced
▼ + stars: | 2024-02-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewChina's stock market watchdog upped its game over the weekend after its brutal week of selloff, vowing to prevent "abnormal market fluctuations" — but stock market investors don't seem quite convinced. These continued gyrations in China and Hong Kong's stock markets have widened losses that are now totaling $7 trillion following an extended market meltdown since their peaks in 2021, as foreign investors beeline for the exit. Still, Beijing's frequent pronouncements on market stabilization may not be a bad thing. Advertisement"The frequency of these statements may indicate market stabilization is becoming more important for policymakers," wrote analysts at Dutch bank ING wrote on Monday. "Formalization of a potential market stabilization fund could provide a short-term boost for markets but investor sentiment remains downbeat for now, awaiting improvement in fundamentals," the ING analysts added.

Persons: —, selloff, Vishnu Varathan, Nomura Organizations: Service, China Securities Regulatory Commission, Business, Asia Asia, Mizuho Bank, Nomura, ING, Bloomberg Locations: China, Asia, Japan, Shanghai, Hong, Beijing

☆ China stock market: angry Chinese take to US Embassy’s social media account to vent about plunging shares
▼ + stars: | 2024-02-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

On Monday, mainland Chinese markets slumped again after their worst weeks in years. Under a Friday post by the US Embassy’s Weibo account about protecting wild giraffes, many Chinese people complained about the stock market rout and the challenging economy. “The US government, please help Chinese stock investors,” a user said in a repost of the animal protection article. Investors seemed to have shrugged off Chinese regulators’ latest pledge to bolster the stock market. On Sunday, the China Securities Regulatory Commission vowed to prevent “abnormal fluctuations” in the stock market and stabilize confidence.

Organizations: Hong Kong CNN, Embassy, US, Weibo, Investors, China Securities, CNN Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen

☆ A Goldman Sachs-backed electricity firm is making a play to reach more Americans’ homes
▼ + stars: | 2024-02-02 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

That covers energy networks, mostly in the Northeast, that provide electricity for 190 million Americans, according to federal data. It also gets Goldman into an industry, albeit through an intermediary, that critics have called a hotbed of consumer abuse. The startup, which began offering retail energy plans to Texans in 2021, avoids the teaser rates and hidden fees of rivals, it has said. "Many of those companies operate businesses that serve retail customers. Private equity firms have transformed the energy landscape in the nation's largest power markets.

Persons: Omar Marques, Goldman Sachs, Goldman, watchdogs, James Bride, Marcus, David Solomon, Dennis Wamsted, Tyson Slocum Organizations: Lightrocket, Getty, Energy, CNBC, Texans, U.S . Energy Information Administration, New, Institute for Energy Economics, Utilities, Federal Energy Regulatory, Street, Public Citizen Locations: Texas, Houston, New York, Pennsylvania, New Jersey, Maryland

☆ The US, Russia and China are in a race to dominate new-wave nuclear energy — and win global influence
▼ + stars: | 2024-02-01 | by ( Angela Dewan | Ella Nilsen | ) edition.cnn.com time to read: +12 min

Russia's floating nuclear power plant, Akademik Lomonosov, leaving the service base Rosatomflot on August 23, 2019. For some experts, nuclear energy — in all forms, large or small — has an important role to play in that transition. Globally, the construction of conventional nuclear power plants dipped following the Chernobyl meltdown in 1986. Russia has already built or designed nuclear plants — the traditional type — for China, India, Bangladesh, Turkey, Slovakia, Egypt and Iran. “It certainly dampens the excitement abroad,” said John Parsons, a senior lecturer at MIT and a financial economist focused on nuclear energy.

Persons: Akademik Lomonosov, Biden, Lomonosov, Maxim Shemetov, “ There’s, ”, Josh Freed, China —, Vladimir Putin’s, Bill Gates ’, Luo Yunfei, Kirsten Cutler, they’re, Cutler, ” Cutler, They’re, John Parsons, John Kerry, Thomas Mukoya, Way’s Freed, “, ” Parsons, Mohammed Hamdaoui, ” Hamdaoui, “ It’s Organizations: CNN, Reuters, European Union, International Energy Agency, Energy, World Nuclear, IEA, US, SMR, US Export, Import Bank, International Development Finance Corporation, GE Hitachi Nuclear Energy, China, Changjiang, China News Service, Nuclear Energy, US State Department, “, MIT, InfluenceMap, The State Department, Nuclear Regulatory Commission, NRC, Rystad Energy Locations: Alaska, Russian, Russia, China, European, Japan, India, South Korea, Europe, Dubai, America, Poland, North Carolina, Southeast Asia, Bangladesh, Turkey, Slovakia, Egypt, Iran, Lomonosov, Siberia, Russia’s, Washington, Bill Gates ’ TerraPower, Wyoming, Changjiang Li Autonomous County, Hainan province, United States, Oregon, Idaho, United Arab Emirates

☆ Your energy costs could become a lot more unpredictable
▼ + stars: | 2024-02-01 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

For more than a decade, Americans could rely on cheap natural-gas prices to heat their homes and power businesses. Prices shot up exponentially, and homeowners, renters, and businesses are still seeing the ripple effects on their utility bills — even though natural-gas prices have since fallen. Just six years later, the US surpassed Qatar to become the world's leading exporter of natural gas. Slocum added that natural-gas exports put upward pressure on prices, citing recent reports by the US Energy Information Administration and the Federal Energy Regulatory Commission . The higher costs between 2021 and late 2023 are due to the energy crisis in Europe and "cannot explicitly be linked" with greater US gas exports, the spokesperson said.

Persons: Joe Biden, Tyson Slocum, Goldman Sachs, Slocum, Mike Sommers Organizations: Service, Business, LNG, US Energy Information Administration, Federal Energy Regulatory, American Petroleum Institute, CNBC, Energy, Consumer Locations: Russia, Ukraine, Europe, Texas, New Mexico, Qatar

☆ China stock market: CSRC limits short-selling in latest effort to stem a rout
▼ + stars: | 2024-01-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s top securities regulator has limited short-selling, in its latest effort to stem a protracted $6 trillion-dollar stock market rout that began in 2021. The China Securities Regulatory Commission announced Sunday it would “fully” suspend the lending of restricted shares on bourses in mainland China. The Shenzhen stock exchange is the second-largest in mainland China after Shanghai. Bloomberg/Getty ImagesCalm returns but challenges remainChinese authorities have stepped up their measures to stem the stock market rout over the past week. A day later, in an unprecedented move, regulators said they were considering evaluating the performance of the heads of state-owned companies based on their stock market value.

Persons: Hong Kong CNN —, ”, Ken Cheung, Evergrande, ” Cheung, Hong, Li Yunze, Pan Gongsheng Organizations: Hong Kong CNN, China Securities Regulatory Commission, Mizuho Bank, Bloomberg, Shanghai Shenzhen, Administration of Financial, People’s Bank of China Locations: Hong Kong, bourses, China, Shanghai, Shenzhen

☆ China securities regulator suspends restricted share lending from Monday
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +3 min

An investor reacts as she views the stock index at a securities company on May 30, 2007 in Shanghai, China. The CSRC added that the move would "resolutely" crack down on illegal activities that use securities lending to reduce holdings and cash out. The regulator also said it will limit the efficiency of some securities lending in the securities refinancing market from March 18. Last October, the CSRC restricted securities lending businesses and tightened scrutiny of improper regulatory arbitrage by imposing higher margin requirements. Both Shanghai and Shenzhen stock exchanges said they will suspend securities lending by strategic investors during lockup periods, effective from Jan. 29.

Persons: CSI300 Organizations: Analysts, China Securities Regulatory Commission Locations: Shanghai, China, Beijing, Shenzhen

☆ Biden pauses approval of new LNG export projects in win for climate activists
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: +4 min

President Joe Biden paused pending approvals of exports from new liquefied natural gas projects on Friday, a move cheered by climate activists that could delay decisions on new plants until after the Nov. 5 election. Biden said in a statement: "During this period, we will take a hard look at the impacts of LNG exports on energy costs, America's energy security, and our environment." "We are committed to strengthening energy security here in the U.S. and with our allies," Granholm said. The last review of LNG export projects was in 2018 when export capacity was 4 billion cubic feet per day (bcfd). But the commission's panel of three regulators, which almost always approves LNG projects, could approve it as soon as February, which would then put its approval in the hands of the DOE.

Persons: Joe Biden, Jennifer Granholm, Biden, Granholm, Ben Jealous, Sempra, CP2 Organizations: US Department of Energy, Department of Energy, DOE, Energy, Companies, U.S, Sierra, Sempra Infrastructure, Commonwealth LNG, Venture, Federal Energy Regulatory Commission, Venture Global Locations: Washington ,, Europe, Asia, U.S, wean, Russia, Ukraine, Louisiana, Alaska, Calcasieu, United States, Germany

BANGKOK (AP) — Asian shares were mixed on Wednesday after Japan reported its exports jumped nearly 10% in December, though shares in Tokyo declined. Hong Kong’s Hang Seng surged 2% to 15,569.39, helped by gains in technology companies like e-commerce giant Alibaba, which surged 3.8%. The index rose 0.3% to 4,864.60. United Airlines flew 5.3% higher after it also reported stronger profit for the last three months of 2023 than analysts expected. Among Tuesday’s headliners was Verizon Communications, which rose 6.7% after beating analysts’ profit estimates.

Persons: Wang Jiangjun, Hang Seng, ” Gabriel Ng, India's Sensex, Gamble, D.R, Horton, Brent Organizations: Japan, China Securities Regulatory Commission, Capital Economics, Nikkei, Bank of, Nasdaq, Dow Jones, Procter, United Airlines, Boeing, Max, Tesla, Intel, Verizon Communications, General Electric, Analysts, Federal Reserve, Treasury, New York Mercantile Exchange, U.S Locations: BANGKOK, Tokyo, China, Shanghai, Bank of Japan, South Korea, Australia, Bangkok

☆ New York’s Near Zombie Apocalypse
▼ + stars: | 2023-12-01 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Allysia Finley and Dan Henninger. Images: AP/Zuma Press Composite: Mark KellyImagine if nearly half of New York City lost heat for months during the winter. That’s not the plot of a new survival drama. Such a catastrophe nearly occurred last Christmas, according to an alarming recent report by energy regulators that deserves more attention. It was the fifth time in 11 years that power plant failures caused by cold weather jeopardized grid reliability.

Persons: Kim Strassel, Allysia Finley, Dan Henninger, Mark Kelly, Elliott Organizations: Zuma, New York, Federal Energy Regulatory Commission, FERC, North American Electric Reliability Corporation Locations: New, New York City

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

DETROIT (AP) — The former owner of a Michigan dam is on the hook for roughly $120 million sought by the state for environmental damage when the structure failed after days of rain in 2020, a judge said. But it's not known how the state will ever collect: Lee Mueller has filed for bankruptcy protection in Nevada. After three days of rain, the Edenville Dam collapsed in May 2020, releasing a torrent that overtopped the downstream Sanford Dam and flooded the city of Midland, located about 128 miles (206.00 kilometers) northwest of Detroit. Wixom Lake, a reservoir behind the Edenville Dam, disappeared. The state insists that the Edenville Dam collapsed as a result of poor maintenance and a lack of critical repairs.

Persons: it's, Lee Mueller, ”, Troy Fox, Paul Maloney, Mueller, Phil Roos, Ed White Organizations: DETROIT, District, Federal Energy Regulatory Commission Locations: Michigan, Nevada, Sanford, Midland, Detroit, Wixom Lake

☆ Exclusive: Beijing bourse tells 'major shareholders' to refrain from selling, sources say
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. A "major shareholder" is one with a stake of 5% or more and is required to make a public filing with the relevant stock exchange before selling shares, according to rules for China's bourses. The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified. The Beijing exchange and the China Securities Regulatory Commission did not immediately reply to requests for comment. The Beijing bourse currently houses 232 listed companies with a combined market capitalisation of 366 billion yuan ($50 billion).

Persons: Florence, Edwina Gibbs Organizations: Beijing Stock Exchange, REUTERS, Rights, bourse, China Securities Regulatory Commission, Beijing bourse, Shanghai bourse, Thomson Locations: Beijing, China, Rights SHANGHAI, BEIJING, Shanghai, Shenzhen

☆ Beijing is reportedly blocking big shareholders from selling stocks in a bid to sustain a market rally
▼ + stars: | 2023-11-27 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Beijing's stock exchange is stopping major shareholders from selling stocks, Reuters reported. Sales are being blocked in a bid to sustain a market rally, sources told the news agency. AdvertisementThe Beijing Stock Exchange is stopping big shareholders from selling stocks in a bid to sustain a market rally, Reuters reported. It's not clear how long the policy, which appears to be an attempt by the authorities to ensure a recent market rally doesn't fade, will stay in effect, per Reuters. The Beijing Stock Exchange is the youngest of China's three major exchanges.

Persons: —, didn't Organizations: Reuters, Service, Beijing Stock Exchange, Beijing Stock, CSI, China Securities Regulatory Commission, Business, China Morning Post, Financial Locations: Beijing, Shanghai, Shenzhen, Sichuan

☆ Exclusive: Beijing stock exchange tells 'major shareholders' to refrain from selling -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI/BEIJING Nov 27 (Reuters) - The Beijing Stock Exchange has de facto implemented a new policy that prevents major shareholders of companies listed on its bourse from selling stock, worried that such sales could douse a market rally, three people familiar with the matter said. The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified. The so-called window guidance - where directions are made orally without written documents - could help sustain the upward momentum for the Beijing Stock Exchange 50 Index (.CSI899050). Reporting by Beijing and Shanghai newsroom; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Edwina Gibbs Organizations: Beijing Stock Exchange, REUTERS, Rights, bourse, China Securities Regulatory Commission, Beijing Stock, Thomson Locations: Beijing, China, Rights SHANGHAI, BEIJING, Shanghai

☆ Fidelity raises $700 mln in its first bond mutual fund in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI/SINGAPORE, Nov 23 (Reuters) - Fidelity International has garnered 5 billion yuan ($700 million) from investors for its first fixed income mutual fund in China, deepening the asset manager's involvement in the $3.8 trillion mutual fund market. The bond fund - Fidelity's second mutual fund product in China - raised the sum mainly from institutional investors in a three-week, shortened subscription period, the money manager said. China's mutual fund industry is crowded with over 150 players, including foreign ones such as BlackRock (BLK.N), Schroders (SDR.L) and JPMorgan Asset Management. "The fundraising size is rather encouraging," due to tough competition in the local market and Fidelity's limited track record in China, said Huang, who heads Fidelity International's two-year-old China mutual fund unit. Fidelity International was formerly the international investment arm of Boston-based Fidelity Investments before being spun off.

Persons: Helen Huang, Huang, Neuberger Berman, ASIFMA, Li Gu, Samuel Shen, Tom Westbrook, Muralikumar Organizations: Fidelity International, Reuters, Fidelity, JPMorgan Asset Management, Fidelity Investments, Regulators, China Securities Regulatory Commission, Thomson Locations: SHANGHAI, SINGAPORE, China, BlackRock, Boston, Beijing, Shanghai, Singapore

☆ Japan's Mizuho applies to set up securities company in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsBEIJING/TOKYO, Nov 23 (Reuters) - Japan's Mizuho Financial Group (8411.T) has sought to establish a securities company in China, becoming the latest foreign firm to make inroads into China's onshore securities market with a fully-owned entity. The China Securities Regulatory Commission has received the application from the securities arm of the third-largest Japanese banking group, according to a filing record issued on Wednesday from the regulator's website. The application comes as Mizuho is hoping to tap China's lucrative capital markets fee pool, the largest after the United States and Europe. Citigroup (C.N) and Standard Chartered (STAN.L) are also in the process of establishing securities units in China after Beijing allowed wholly-owned foreign securities companies in 2019.

Persons: Toru Hanai, Mizuho, Makiko Yamazaki, Jacqueline Wong, Mrigank Dhaniwala, Kim Coghill Organizations: Mizuho Financial, REUTERS, Rights, Mizuho Financial Group, China Securities Regulatory Commission, Citigroup, Standard Chartered, Sumitomo Mitsui Financial Group, Hong Kong, Thomson Locations: Tokyo, Japan, Rights BEIJING, TOKYO, China, Mizuho, United States, Europe, Beijing, Hong

☆ China vows to support property sector, tackle local debt
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 17 (Reuters) - China's central bank and financial regulators pledged on Friday to ensure financing support for the property sector and to work together to resolve local government debt risks. Chinese leaders are trying to revive the economy and fend off potential financial risks from a property slump and 92 trillion yuan ($12.77 trillion) in local government debt. Recent efforts to stabilise financing for the real estate sector via bank credit, bonds, and equity are gaining traction, the China Securities Regulatory Commission said. China will promote stable credit expansion to support its economic growth, and financial institutions should work with local governments to resolve debt risks, by extending, swapping or rolling over debt, the regulator added. ($1 = 7.2050 Chinese yuan renminbi)Reporting by Kevin Yao and Ella Cao; editing by Christina Fincher, William MacleanOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Yao, Ella Cao, Christina Fincher, William Maclean Organizations: China Securities Regulatory Commission, Thomson Locations: BEIJING, China

☆ North American grid regulator tests physical, cyber security preparedness
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - The North American Electric Reliability Corp (NERC) said on Thursday it has concluded a two-day simulation with power sector entities to stress-test their emergency response and recovery plans for physical and cyber security attacks. We must continue to be vigilant," said NERC senior vice president Manny Cancel, who leads its Electricity Information Sharing and Analysis Center (E-ISAC). The E-ISAC's GridEx, the biggest grid security exercise in North America, took place on Nov. 14-15 with more than 250 participants, including electric and natural gas companies government agencies. NERC warned of evolving cyber threats to the electric grid, "guided by geopolitical events, new vulnerabilities, changes in technologies, and increasingly bold cyber criminals and hackers." In an August report, NERC pushed to develop standards for the power sector on mitigating risk from cloud adoption and artificial intelligence technologies, along with cyber security training for the workforce.

Persons: NERC, Manny Cancel, GridEx, David Gregorio Our Organizations: North American Electric Reliability Corp, Federal Energy Regulatory Commission, U.S . Department of Energy, Thomson Locations: Maryland, North Carolina, Washington, South Carolina, North America, Bengaluru

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