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☆ Exclusive: China scrutinizes quant strategies as market weakness stokes public anger - sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +4 min

A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. Separately, the Shanghai and Shenzhen stock exchanges, under the CSRC's guidance, have sought information from major quant funds on their money-making strategies, another source said. The weakness has triggered finger-pointing in social media, as well as criticism from fund managers and retail investors against these quant funds and short sellers. Short-selling activities by quant funds could also be caught in the crossfire, he said. Another brokerage source said the CSRC asked them to elaborate on the size of their quant clientele and whether quant trading had impacted recent stock market.

Persons: Aly, shortsellers, Yuan Yuwei, Yang Tingwu, Shri Navaratnam Organizations: Shanghai Stock Exchange, REUTERS, Rights, China Securities Regulatory Commission, Global, Sigma, Huatai Securities, China's, Quant Investment, Yanfu Investments, Shanghai Minghong Investment Management Co, Wisdom Asset, Tongheng Investment, Shanghai, Thomson Locations: Pudong, Shanghai, China, Shenzhen, Winton, Beijing

☆ 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

But a person who worked closely with Ramaswamy said, "He thinks people are put on this earth to serve him." Roivant attracted investors including Masayoshi Son's SoftBank Vision Fund, Peter Thiel's Founders Fund, and the hedge fund Viking Global Investors. Former Roivant employees said Ramaswamy worked hard and expected the same of others. McLaughlin called the employee's recollection "inaccurate," adding that Ramaswamy "has never once raised his voice or used bad language with employees." At Roivant, Ramaswamy kept his politics largely to himself, former employees said.

Persons: Vivek Ramaswamy, Ramaswamy, He's, Donald Trump, Mike Pence, Nikki Haley, Ron DeSantis, Trump, George Soros, didn't, Taco Bell, he's, —, Vivek, Tricia McLaughlin, he'd, McLaughlin, takeout, Forbes, Vivek doesn't, they've, Roivant, Masayoshi, Peter Thiel's, Thiel, JD Vance, Bill Ackman, who'd, . Ramaswamy, Erik Gordon, Vance, John Phillips, Joyce Rosely, Phillips, Anson Frericks, they'd, Rosely, Frericks, They're, they're, Eric Balchunas, Todd Rosenbluth, Rosenbluth, Christopher Lenzo, Brandon Bell, Vivek Ramaswamy's, Katherine Long, Jack Newsham, Meghan Morris Organizations: pharma, Army Rangers, Biotech, Republican, nab, GOP, of Education, FBI, Nuclear Regulatory Commission, Federal Reserve, Florida, Roivant Sciences, General Electric, Yale Law School, Army, Rangers, Harvard, Yale, Fund, Viking Global, Leerink Partners, GlaxoSmithKline, Forbes, Big Pharma, Japan's Sumitomo Pharma Co, ., University of Michigan, FDA, US, Yale Law, ESG, The, Texas, Indiana, BlackRock, Vanguard, Bloomberg Intelligence, Fair, SEC Locations: Mexico, FiveThirtyEight, Roivant, Patagonia, Iowa, New York, Ohio, The Lever

LOS ANGELES (AP) — Environmental groups called on federal regulators Thursday to immediately shut down one of two reactors at California’s last nuclear power plant until tests can be conducted on critical machinery they believe could fail and cause a catastrophe. “We will not sit idly by while PG&E cuts corners on Unit 1’s safety,” Hallie Templeton, legal director for Friends of the Earth, said in a statement. Friends of the Earth, a longtime critic of plant safety, was a central player in negotiating the 2016 closing agreement. He noted that unlike most other reactor safety components, the pressure vessel has no independent backup system that can be called upon if it should crack or fracture and lose essential cooling water. According to the NRC, embrittlement occurs as a result of reactor operation when neutrons from the nuclear fuel irradiate the steel plates and welds used to construct the reactor vessel.

Persons: Peace, “, ” Hallie Templeton, Suzanne Hosn, ” Hosn, Gavin Newsom, Digby Macdonald, ”, Macdonald, ” Macdonald, Critics, Newsom, it’s Organizations: ANGELES, —, Nuclear Regulatory Commission, Pacific Gas &, Democratic, University of California, NRC Locations: Los Angeles, San Francisco, California, Washington, Berkeley

Vivek Ramaswamy, the Republican presidential candidate whose strident and sometimes unrealistic proposals have helped him stand out in the crowded primary field, said in a policy speech on Wednesday that he would fire more than 75 percent of the federal work force and shutter several major agencies. Among the government organizations that Mr. Ramaswamy vowed to disband are the Department of Education, the F.B.I., the Food and Nutrition Service, the Nuclear Regulatory Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Mr. Ramaswamy, 38, also claimed he could make the changes unilaterally if he were to be elected president, putting forward a sweeping theory that the executive wields the power to restructure the federal government on his own and does not need to submit such proposals to Congress for approval. His pitch was another echo of former President Donald J. Trump, whom he has modeled himself after and who sought to expand political control over the federal work force near the end of his term. Like Mr. Trump, Mr. Ramaswamy has also attacked parts of the federal government as a “deep state.”

Persons: Vivek Ramaswamy, Ramaswamy, Donald J, Trump, ” Organizations: Republican, Department of Education, Food and Nutrition Service, Nuclear Regulatory Commission, Alcohol, Tobacco, Firearms, Explosives

He wants to shut down five federal agencies, including the FBI and the Department of Education. Even as he runs against Trump, Ramaswamy has repeatedly praised him as the most effective president this century. Ramaswamy is not the only Republican candidate to suggest slashing the federal workforce. They have been working on drafting a plan for when Trump returns to the White House to oust federal employees and replace them with like-minded officials. Regarding the plan for the FBI, Ramaswamy said he would fire 20,000 employees deemed to be in non-essential roles and send 15,000 to the U.S.

Persons: Vivek Ramaswamy, Donald Trump, headcount, ” Ramaswamy, Trump, Ramaswamy, Matt Gaetz, Trump’s, Ron DeSantis, ”, “ Organizations: FBI, Trump, America, Policy Institute, Department of Education, Regulatory Commission, Alcohol, Tobacco, Firearms, Explosives, Food and Nutrition Service, U.S, Rep, Republican, Florida Gov, Internal Revenue Service, Department of Commerce, Department of Energy, U.S . Marshals Service, Drug Enforcement Administration, U.S . Department of, Treasury Locations: Washington, Florida

[1/3] Brett Isaac, founder and co-CEO of Navajo Power, attends the first annual Tribal Energy Equity Summit in Saint Paul, Minnesota, U.S., May 22, 2023. Tribes cannot access key incentives for larger clean energy projects until they secure an agreement to connect to the regional electrical grid. That could jeopardize a "once in a lifetime opportunity,” according to Cheri Smith, president of the Alliance for Tribal Clean Energy, a nonprofit that is helping tribes develop clean energy. The Standing Rock Sioux have so far spent $3 million on technical studies and fees to remain in the queue, with no guarantee of approval. A NEW DAYThe Standing Rock Sioux tribe's development authority, called SAGE, proposed the 235MW wind farm three years ago.

Persons: Brett Isaac, Sarah Arnoff Yeoman, Cheri Smith, Smith, Joe McNeil, McNeil, Eileen Briggs, Greg Anderson, Alliance's Smith, Jeremiah Baumann ,, Willie Phillips, Alliance’s Smith, Celeste Miller, It’s, ”, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Navajo Power, Tribal Energy Equity Summit, REUTERS, Alliance for Tribal Clean Energy, Reuters, National Renewable Energy Laboratory, Energy Information Administration, SAGE, Dakota, Interior Department, Southwest, Sierra Club Foundation, Wallace Global Fund, Bush Foundation, Moapa, Tesla, Federal Energy Regulatory Commission, Energy, Interior, Infrastructure, DOE, FERC, Thomson Locations: Navajo, Saint Paul , Minnesota, U.S, Sioux, North, South Dakota, United States, Phoenix, Bismarck , North Dakota, philanthropies, Paiute, Nevada, Las Vegas, St, Paul , Minnesota

☆ Factbox: How China is trying to boost its stock market
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsSept 4 (Reuters) - China is launching a campaign to revive its lagging stock market, and boost investor confidence in an ailing economy. A slew of measures announced include reducing trading costs, slowing the pace of initial public offerings (IPOs), encouraging margin financing and protecting small investors. IMPROVING BEIJING STOCK EXCHANGE:China Securities Regulatory Commission (CSRC) aims to boost liquidity in the market by relaxing investor thresholds and improving trading mechanisms. It will seek to reform and invigorate the market, focusing on funding innovative small companies that specialise in niche sectors. TRANSACTION COSTS:The stamp duty on stock trading was halved on Aug 28, the finance ministry announced.

Persons: Aly, Li Gu, Jason Xue, Tom Westbrook, Simon Cameron, Moore, Lincoln Organizations: Shanghai Stock Exchange, REUTERS, Beijing Stock Exchange, China Securities Regulatory Commission, Thomson Locations: Pudong, Shanghai, China, BEIJING, Singapore

Summary U.S. regulators are ready to review and license the next generation of nuclear reactors while staying committed to safety, the Nuclear Regulatory Commission (NRC) says. The NRC is under pressure to show it can move fast on a new generation of nuclear technology, including small modular reactors (SMRs) and other previously untested designs, as many in the industry call for deep reforms at the regulator. NuScale’s VOYGR 50-MW SMR power plant became the first SMR design certified by the NRC in January. Earlier this month, the NRC accepted NuScale's uprated VOYGR-6 plant design for a Standard Design Approval (SDA) application. “We are yielding timelier and more cost-effective reviews without compromising on safety,” Taylor says.

Persons: ”, Judi Greenwald, “, Steven Arndt, NRC Robert Taylor, NuScale’s VOYGR, ” Taylor, “ We're, Taylor, Kairos, they're, it's, –, bro, Allison Macfarlane, Macfarlane skewered, ” Macfarlane Organizations: Nuclear Regulatory Commission, NRC, Nuclear Innovation Alliance, Department of Energy, DOE, American Nuclear Society, New Reactors, ” Tech bros, Institute of Art, Thomson Locations: United States

☆ Chinese stocks get brief uplift from first share dealing tax cut since 2008
▼ + stars: | 2023-08-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008. Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed. The announcements boosted Chinese stocks on Monday. Separately on Sunday, the China Securities Regulatory Commission (CSRC) the country’s top securities watchdog, also unveiled several measures to “boost investor confidence” in the sagging stock market. Chinese stock markets have declined sharply in recent weeks, as investors fretted about a worsening slowdown in the world’s second largest economy and its real estate crisis.

Persons: ”, Chris Liu, ” Liu, Ken Cheung, Seng Organizations: Hong Kong CNN, Ministry of Finance, State Administration of Taxation, China Securities Regulatory Commission, Hong Kong’s Stock Connect, China’s, Mizuho Bank, Shanghai Locations: Hong Kong, China, Beijing, Shanghai, Shenzhen, China’s Shanghai

☆ China approves 37 retail funds to help revive market
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI, Aug 28 (Reuters) - China's securities regulator approved the launch of 37 retail funds over the weekend, part of government efforts to revive a stock market struggling for lift-off in an ailing economy. In an editorial on Monday, the official China Securities Journal said that recent support measures underline authorities' determination to stabilise the capital market, whose sound operation is essential to China's economic recovery. "A vibrant capital market is key to stabilizing people's expectations and increasing confidence," the editorial said. "Policymakers' resolve to revive the market and boost confidence must not be underestimated."

Persons: Tingshu Wang, Shri Navaratnam Organizations: China Securities Regulatory Commission, REUTERS, Rights, China Securities Journal, Shanghai, Thomson Locations: China, Beijing

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. As the week gets underway, asset markets across Asia yet again will be dominated by key economic indicators, market- and growth-supportive policy steps and diplomatic signals from China. The Asian market headwinds are strong and clear - financial conditions are tightening sharply, in large part due to the steady rise in U.S. Treasury yields. According to Goldman Sachs's financial conditions indexes, global, emerging market and Chinese financial conditions last week hit their tightest levels this year.

Persons: Aly, Jamie McGeever, Jackson, Jerome Powell, Christine Lagarde, Kazuo Ueda, Gina Raimondo, Goldman, Fed's MIchael Barr, Diane Craft Organizations: REUTERS, China Securities Regulatory Commission, . Commerce, Treasury, Higher, Thomson, Reuters Locations: Shanghai, Shenzhen, China, Asia, India, Indonesia, Vietnam, Beijing, Japan, U.S, Australia

☆ China halves stamp duty on stock trades to boost flagging market
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 25, 2022. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 27 (Reuters) - China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades "in order to invigorate the capital market and boost investor confidence". Along with the finance ministry move, the China Securities Regulatory Commission (CSRC) is rolling out measures to shore up market confidence in investing in listed companies. China's leaders vowed late last month to reinvigorate the stock market - the world's second largest - which has been reeling as the post-pandemic recovery flags and a debt crisis in the property market deepens.

Persons: Aly, Xie Chen, CSRC, China's, Judy Hua, Joe Cash, Li Gu, William Mallard Organizations: REUTERS, Rights, Reuters, Shanghai Jianwen Investment Management, China Securities Regulatory Commission, Regulators, Ministry of Finance, State Council, Thomson Locations: Shanghai, Shenzhen, China, Rights BEIJING, SHANGHAI, Beijing

Circuit Court of Appeals found that the U.S. Nuclear Regulatory Commission lacked the authority under federal law to issue permits for private, temporary nuclear waste storage sites. Circuit Judge James Ho, writing for the court, agreed with Texas that the Atomic Energy Act does not give the agency the broad authority "to license a private, away-from-reactor storage facility for spent nuclear fuel." Abbott opposed the plan, saying he would not let Texas become "America's nuclear waste dumping ground." The plan for a temporary facility was devised in order to address a growing nuclear waste problem in the United States. The Andrews County site was chosen after efforts to build a permanent storage facility in Nevada fell apart amid fierce local opposition.

Persons: James Ho, William F, Buckley, Jr, Michelle McLoughlin, Ho, Donald Trump, Greg Abbott's, Abbott, Clark Mindock, Will Dunham Organizations: Yale University, REUTERS, Republican, Circuit, Appeals, U.S . Nuclear, Commission, Partners, Atomic Energy, Waste, NRC, Thomson Locations: New Haven , Connecticut, U.S, Texas, New Orleans, Andrews County , Texas, United States, Andrews, Nevada, New York

☆ Exclusive: China plans to cut stamp duty on stocks by up to 50% to revive confidence-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such reduction since 2008, the two people said. China's securities regulator also met with representatives from top Western asset managers on Friday to reassure them about the country's economic prospects, Reuters reported citing sources. China's fiscal revenue totalled 20.37 trillion yuan ($3.02 trillion) last year, with 276 billion yuan or 1.35% contributed by stamp duty on securities transactions, official data showed. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades. "Cutting stamp duty doesn't solve the problems that hamper China's economic growth."

Persons: Aly, Xie Chen, Huang Yan, Huang, Sumeet Chatterjee, Lincoln, Kim Coghill Organizations: REUTERS, Regulators, Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Shanghai Jianwen Investment Management Co, Bond, Reuters, Bloomberg, Shanghai QiuYang, Shanghai, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hong Kong

☆ Exclusive: China plans to cut stamp duty on stock trading by up to 50% to revive sentiment-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +4 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such cut since 2008, the two people said. The CSRC also said stablising the stock market was a priority. "A cut in stamp duty (on stock trading) can help decrease investment cost and boost trading activity," analysts at broker Topsperity Securities said in a note. "Compared with previous policy measures, a cut in stamp duty may have a stronger effect in repairing investor confidence. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades.

Persons: Sumeet Chatterjee Organizations: Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Bond, Reuters, Topsperity Securities, Bloomberg, Shanghai, Thomson Locations: HONG KONG, BEIJING, headwinds, Beijing, Hong Kong, Lincoln

☆ China regulator met with foreign investors to alleviate concerns - sources
▼ + stars: | 2023-08-25 | by ( Selena Li | ) www.reuters.com time to read: +2 min

[1/2] People walk past the China Securities Regulatory Commission (CSRC) sign at its building on the Financial Street in Beijing, China July 9, 2021. Fang Xinghai, a vice chairman of the CSRC hosted the meeting from Beijing, the sources said. An executive from Fidelity International was among those from the large funds attending, according to one of the sources. Bloomberg first reported the CSRC meeting on Friday. However, the modest stimulus has so far failed to satisfy investors, who want a stronger policy response, including massive government spending.

Persons: Tingshu Wang, HONG KONG, Fang Xinghai, Selena Li, Sumeet Chatterjee, Sharon Singleton Organizations: China Securities Regulatory Commission, REUTERS, Reuters, The China Securities, Regulatory, Fidelity International, Fidelity, Bloomberg, Thomson Locations: China, Beijing, HONG

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Aug 25 (Reuters) - China's banks will cut deposit rates soon as part of efforts to make mortgages more affordable and revive property demand, analysts reading China's cryptic policy messages reckon. But China did not opt for a broad rate cut that would further depress banks' narrow net interest margins, instead deferring to banks to cut their deposit rates and give themselves room to cheapen mortgages, analysts said. Lowering deposit rates will give banks much needed wiggle room to cut mortgage rates. "Further reductions to the deposit rates are 'arrows on the string,'" said Wang Yifeng, banking analyst at Everbright Securities. He also expects a tweak to rules so that existing mortgage rates can be reset lower.

Persons: Tingshu Wang, Wang Yifeng, Zhu Qibing, LPR, Zhu, Lu Ting, Lu, Xing Zhaopeng, Xing, Winni Zhou, Tom Westbrook, Samuel Shen, Vidya Ranganathan, Jacqueline Wong Organizations: China Securities Regulatory Commission, REUTERS, Rights, Bankers, Everbright Securities, People's Bank of China, BOC International China, Nomura, ANZ, Thomson Locations: China, Beijing, Rights SHANGHAI, SINGAPORE, Shanghai, Singapore

☆ China plans to cut stamp duty on stock trading by up to 50% to revive sentiment
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: +1 min

Chinese authorities are planning to cut the stamp duty on domestic stock trading by as much as 50%, three people with knowledge with the matter said, in a further attempt to revitalize the country's struggling stock market. The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such cut since 2008, the two people said. The quantum of the cut, which has not been reported before, is likely to be set at 50%, they said. The State Council Information Office, which handles media queries on behalf of the government, did not immediately respond to a faxed request for comment. The Ministry of Finance and the China Securities Regulatory Commission, or CSRC, did not immediately respond either.

Organizations: Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission

Hawaiian Electric CEO Shelee Kimura received a cash bonus in 2022 based on her performance against 10 measures including profit and customer satisfaction. Wildfire risk mitigation was not on the list, according to the utility’s pay disclosures. Wildfire risk had been a concern for several years before the blaze ripped through Lahaina, a historic resort town in Maui. Idacorp declined to comment on its pay practices and how they relate to wildfire mitigation. “You don’t want a wildfire disaster to be the catalyst for a change in public policy,” said Glazer, who supports linking executive pay to wildfire mitigation.

Persons: Mike Blake, ”, Alison Silverstein, Shelee Kimura, Kimura, “, Michael Cerasoli, Michael Underhill, Brian Buckham, ” Buckham, Idacorp, Larry Glazer, Glazer, Tim McLaughlin, Tom Hals, Peter Henderson, Noeleen Walder, Rich Valdmanis, Marguerita Choy Organizations: Workers, REUTERS, Hawaiian Electric, U.S . Federal Energy Regulatory, Electric, Hawaii Wildfire Management Organization, San Diego Gas &, Global Renewable Energy Income Fund, Reuters, Capital Innovations, SEC, Portland General Electric Co, Boston’s Mayflower Advisors, Thomson Locations: Lahaina, Maui, Hawaii, U.S, California, Honolulu, Maui ., Idaho , Oregon, Washington, Idaho

☆ Liverpool win appeal against Mac Allister red card
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: 1 min

Aug 22 (Reuters) - Liverpool midfielder Alexis Mac Allister's red card in Saturday's 3-1 Premier League win over Bournemouth has been overturned following a successful appeal to the FA, the club said on Tuesday. Mac Allister was shown a red card for a high tackle on Ryan Christie in the 58th minute. The sending off seemed harsh, with Bournemouth manager Andoni Iraola saying after the match that it "did not look like a red card". "An independent Regulatory Commission has removed Alexis Mac Allister's three-match suspension following a claim of wrongful dismissal," the FA said in a statement. Liverpool are fifth in the Premier League standings with four points from two games.

Persons: Alexis Mac Allister's, Mac Allister, Ryan Christie, Andoni Iraola, Aadi Nair, Toby Davis Organizations: Liverpool, Premier League, Bournemouth, Newcastle United, Thomson Locations: Bengaluru

☆ China's financial regulators urge support for resolving local debt risks
▼ + stars: | 2023-08-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. The meeting called for coordinating financial support to resolve local debt risks, and adjusting policy for real estate loans. The weak financial situation of local governments has prevented the central government from supporting the economy with fiscal policy, Rhodium Group analysts said in June. Earlier this year, authorities emphasized that preventing financial risks was a priority. "China's ongoing property downturn and COVID restrictions last year have strained the finances of many local governments," S&P Global Ratings analysts said in an early July report.

Persons: Jason Lee, Pan Gongsheng Organizations: People's Bank of China, Reuters, Group, China, Global, National Administration of Financial, China Securities Regulatory, Central Financial Locations: Beijing, China, Reuters BEIJING, Shanghai, Shenzhen

☆ Biden administration officials think that Joe Manchin, a key player in crafting the Inflation Reduction Act, has sometimes misinterpreted stipulations of the law, report says
▼ + stars: | 2023-08-20 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Biden admin officials feel that Joe Manchin has sometimes misinterpreted provisions of the IRA. Manchin sees the law as one focused on energy and says Biden wants it to be centered on climate. "This was about energy security and we have not heard a word about energy security out of their mouths since it was passed. His criticism of the White House can only serve to boost his standing in deep red West Virginia, as Biden remains unpopular in the state. But Manchin isn't pumping the brakes on his frustrations with Biden over the implementation of the law.

Persons: Joe Manchin, Manchin, Chuck Schumer, Biden, Sen, Joe Biden's, —, Virginia lawmaker's, Janet Yellen, Hannity, Richard Glick Organizations: Service, West Virginia Democrat, Democratic, White House, Washington, Fox News, Federal Energy Regulatory Commission, Democratic officeholder, Democratic Party, West Locations: Wall, Silicon, Virginia, West Virginia

☆ China vows to coordinate support to resolve local government debt risks
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/ File Photo Acquire Licensing RightsBEIJING, Aug 20 (Reuters) - China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday, as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors. Financial departments should coordinate support to resolve local debt risks, enrich tools to prevent and resolve debt risks, strengthen risk monitoring and firmly hold the line on avoiding systemic risk, according to the PBOC statement. Bloomberg reported on Aug. 11 that China will offer local governments a combined 1 trillion yuan ($137 billion) in bond issuance quotas for refinancing. "Financial support to the real economy must be strong enough" while major banks should increase lending, the statement said.

Persons: Jason Lee, Fitch, Pan Gongsheng, Xiao Yuanqi, Li Chao, PBOC, Ellen Zhang, Siyi Liu, Ryan Woo, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, Communist Party, Bloomberg, PBOC, National Financial Regulatory, China Securities Regulatory, Thomson Locations: Beijing, China, Rights BEIJING

☆ China unveils measures to revive stock market
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

The China Securities Regulatory Commission (CSRC) proposed steps including cutting trading costs, supporting share buybacks and encouraging long-term investment to support a stock market (.CSI300) that has slid to nine-month lows. China's leaders vowed in late July to reinvigorate the stock market, which has been reeling as the country's economic recovery flags and woes in the property market deepen. The CSRC said on Friday that stablizing the stock market was a priority. "Without a relatively stable market environment, there's no basis for reviving the market and lifting sentiment," the regulator said. "The key to lifting market sentiment is to rescue the economy, and the property market is the crux," Niu said.

Persons: Aly, CSRC, Niu Chunbao, Niu, Pang Xichun, Jason Xue, Samuel Shen, Tom Westbrook, Toby Chopra, Jan Harvey Organizations: REUTERS, Rights, China Securities Regulatory Commission, Ministry of Finance, Wanji Asset Management, Nanjing RiskHunt Investment Management, Thomson Locations: Shanghai, China, Nanjing, Singapore

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