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☆ Ukraine banks’ robust health masks big challenges
▼ + stars: | 2023-05-11 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

Across the banking sector, deposits are as abundant as they’ve ever been, and the country’s lenders have found ways to remain profitable. The National Bank of Ukraine, the country’s central bank, deserves plaudits for both its preparations before the war and after it began. NPLs crept up to 38% of total sector loans as of January 1 this year, according to the central bank. It has the equivalent of $4.8 billion in non-performing loans, a staggering 67.5% of its loan portfolio, according to central bank numbers. The fact that Ukraine’s banks not only still exist but are thriving is an achievement in itself.

Capvision said in a statement soon after the broadcast that it would resolutely abide by national security rules. The CCTV report was the first clear indication of the national security scope of recent police action against several consulting firms. "The state security organ and other authorities will intensify law enforcement against activities that endanger national security, such as illegal consulting," the state-owned Global Times said. The revisions will see all documents, data, materials and items "related to national security and interests" given the same protection as state secrets. The law does not define China's national security or interests.

☆ An ominous policy change is a sign Russia is preparing for a long, bloody war in Ukraine
▼ + stars: | 2023-05-08 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Recent changes to Russian conscription law indicate Moscow is preparing for a long war in Ukraine. Beyond a need for manpower, the changes may reflect the Kremlin's embrace of more heavy-handed rule. But Russian leaders appear to preparing for a long and bloody fight, judging by a series of new measures related to military conscription. The Russian government is "methodically stepping through a process to go over to a higher readiness and protracted war," Massicot added. Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications.

☆ Russian theatre director accused of 'justifying terrorism' remanded in custody
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

[1/6] Russian playwright Svetlana Petriychuk, detained on suspicion of justifying terrorism, attends a court hearing in Moscow, Russia May 5, 2023. REUTERS/StringerSummary This content was produced in Russia, where the law restricts coverage of Russian military operations in UkraineMOSCOW, May 5 (Reuters) - A prominent Russian theatre director was remanded in custody for two months on Friday after being accused of justifying terrorism with an award-winning play about Russian women who married Islamic State fighters, the state news agency TASS reported. Investigators opened a case this week against Yevgenia (Zhenya) Berkovich and playwright Svetlana Petriychuk, alleging that Petriychuk's "Finist, the Brave Falcon", which premiered in 2020 under Berkovich's direction, had broken the law. "Finist, the Brave Falcon" won two "Golden Mask" national theatre awards last year, and Berkovich also received a nomination for best director. The detention of the two women has drawn condemnation from several prominent Russian artists and cultural figures.

☆ Foreign Firms in China Squeezed by U.S. Disclosure Demands, Beijing’s Security Clampdown
▼ + stars: | 2023-05-04 | by ( Elaine Yu | Dan Strumpf | ) www.wsj.com time to read: 1 min

Mintz Group’s Beijing office was raided by authorities, who detained five of the company’s workers. Photo: greg baker/Agence France-Presse/Getty ImagesHONG KONG—Foreign companies in China are walking a tightrope between their need for business intelligence to comply with proliferating U.S. sanctions and mounting concerns about the risks of carrying out the due diligence required for business on the ground. Authorities recently questioned staff at consulting firm Bain & Co.’s Shanghai office and detained the Beijing-based workers for U.S. due-diligence company Mintz Group. The news has put companies that conduct due diligence and business intelligence in China on heightened alert, with details about the visits scant and uncertainty swirling around what triggered them.

Reuters GraphicsMany U.S. importers are still sanguine, but their supply chains could still be disrupted as Vietnam's apparel makers depend on China for about half of their input materials, according to the country's industry association. XINJIANG LINKSWhile the halted shipments represent a tiny portion of the $27 billion worth of garments and footwear Vietnam exported to the U.S. last year, compliance risks may lead to more painful adjustments for Vietnam. That, in turn, will hit U.S. consumers as Vietnam is their main source of cotton apparel, according to the U.S. Department of Commerce. However Nike has significantly reduced its output of apparel and footwear in Vietnam despite the country remaining its main manufacturing hub, according to its latest annual report updated to May 2022. Two officials from U.S. footwear and apparel industry trade associations said the new rules have had no major impact so far on Vietnam and blamed recent job cuts on lower global demand.

☆ Netflix is already losing masses of customers over its password-sharing ban. Here's how it's clamping down around the world.
▼ + stars: | 2023-04-26 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

In Spain, users have gone on a canceling spree. Netflix is pushing ahead with its password-sharing clampdown — and research shows that scores of customers have gone on a canceling spree. In Spain, where password-sharing rules were enforced in early February, Netflix subscribers have been on a canceling spree, per Bloomberg. Citing research from Kantar, Bloomberg reported that Netflix lost more than one million users in Spain during the first three months of 2023. Netflix has tested other rules aimed at stamping out password-sharing, including temporary-access codes for traveling, Insider previously reported.

☆ Italy narrows asylum rights in new clampdown on immigration
▼ + stars: | 2023-04-20 | by ( Crispian Balmer | ) www.reuters.com time to read: +2 min

The bill, which still needs the approval of the lower house to become law, was drawn up after a shipwreck off southern Italy in February that killed more than 90 migrants. Prime Minister Giorgia Meloni has said the legislation, which includes tougher jail terms for human smugglers, is intended to dissuade people from putting their trust in traffickers and trying to reach Italy illegally. Among the most contested measures is a decision to eliminate "special protection" residency permits that authorities can offer migrants who don't qualify for asylum, but who face humanitarian risks back home, or have family ties in Italy. The government said the system was being abused, noting that in 2022 authorities had handed out 10,506 special protection permits against 7,494 permits offering refugee status and 7,039 that granted a separate form of international protection. The bill also halts state-funded Italian language courses and eliminates legal advice services for migrants hosted in official reception centres.

Revenue and earnings for the first quarter came in roughly in line with the average analyst estimates from Refinitiv. Shares of Netflix dropped as much as 11% in after-hours trade following the report but recovered to gain 1.4%. From January through March, Netflix added 1.75 million streaming subscribers, missing analyst estimates of 2.06 million additions. The clampdown on password sharing will begin in the United States during the current quarter, Netflix said. UBS media analyst John Hodulik wrote that the password- sharing crackdown could well fuel Netflix's nascent advertising business, as it drives these "sharers" to the lower-priced version of the service.

☆ Russian Court Sentences Putin Critic Vladimir Kara-Murza to 25 Years for Treason
▼ + stars: | 2023-04-17 | by ( Matthew Luxmoore | ) www.wsj.com time to read: 1 min

Russian opposition figure Vladimir Kara-Murza during a court hearing in Moscow on Monday. A Russian court convicted Kremlin critic Vladimir Kara-Murza for treason and sentenced him to 25 years in prison after he criticized the government of President Vladimir Putin and his invasion of Ukraine. The sentence is the longest to have been handed to a Russian opposition figure since the war in Ukraine began in February last year. It comes after a sweeping clampdown on all forms of dissent and the detentions of more than 20,000 antiwar activists for participation in protest rallies, social-media posts and even private conversations denouncing Mr. Putin.

☆ Russian Court Sentences Kremlin Critic Vladimir Kara-Murza to 25 Years for Treason
▼ + stars: | 2023-04-17 | by ( Matthew Luxmoore | ) www.wsj.com time to read: 1 min

Russian opposition figure Vladimir Kara-Murza during a court hearing in Moscow on Monday. A Russian court sentenced Kremlin critic Vladimir Kara-Murza to 25 years in prison for treason, a charge that he described as trumped up to punish him for his opposition to the government of President Vladimir Putin and the invasion of Ukraine. The sentencing is the harshest punishment in terms of prison time for a Russian opposition figure since the war in Ukraine began in February last year. It comes after a sweeping clampdown on all forms of dissent and the detentions of more than 20,000 antiwar activists for participation in protest rallies, social-media posts and even private conversations denouncing Mr. Putin.

☆ China resorts to extraordinary measures to soothe entrepreneurs amid deep retreat of private business
▼ + stars: | 2023-04-17 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —After years of regulatory crackdowns and draconian Covid curbs, private entrepreneurs in China are low on enthusiasm. If anything, the private sector seems to be retreating even more so far this year. State-led investment surged 10.5%, while private investment increased a mere 0.8%. In 2022, state investment rose 10.1%, while private investment ticked up 0.9%. “We always regard private enterprises and private entrepreneurs as people on our own side,” Xi said.

☆ Ether is poised to climb higher with the uncertainty of 'Shanghai' behind investors
▼ + stars: | 2023-04-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +7 min

Market participants say that with all the uncertainty out of the way, ether may finally catch up with bitcoin. After Shanghai Investors can now withdraw staked ether from the network for the first time ever: This is one of the biggest attractions of the Shanghai upgrade. This Merge ultimately made more liquidity available to ether investors and stakers. "Dominance" measures how a crypto asset like bitcoin is performing relative to its peers in the crypto market. That correlation has declined, however, in part because market participants have favored bitcoin over ether ahead of the Shanghai upgrade.

In recent weeks authorities made it harder for same-sex couples to be legal parents and lawmakers proposed an anti-surrogacy law widely seen as targeting gay couples. In January, the government issued orders that municipalities stop the registration of most children with same-sex parents, complicating access to schooling and medical services. Rainbow Families, a group representing same-sex parents in Italy, says its members are parents to around 1,500 children, but that this underestimates the national total. In some places, already-registered children of same-sex families are now being erased from the records, upon the initiative of prosecutors. In similar cases previously, judges have routinely ruled against same-sex parents.

Multiple experts identified the presence of malware on the Pinduoduo app that exploited vulnerabilities in Android operating systems. Evidence of sophisticated malware in the Pinduoduo app comes amid intense scrutiny of Chinese-developed apps like TikTok over concerns about data security. Pinduoduo has previously rejected “the speculation and accusation that Pinduoduo app is malicious.”CNN has contacted PDD multiple times over email and phone for comment, but has not received a response. Google Play is not available in China, and Android users in the country download their apps from local stores. Engineers also found their access to big data, data sheets and the log system revoked, the source said.

☆ Arrested WSJ reporter could become 'bargaining chip' following West's success in smashing Russia's suspected global spy rings, ex-CIA officer says
▼ + stars: | 2023-04-01 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +4 min

Numerous countries have detained or expelled suspected Russian spies in recent months. The arrest comes after several countries detained or expelled hundreds of suspected Russian spies in the preceding weeks and months. Hundreds of suspected Russian spies have been expelledSergey Vladimirovich Cherkasov, pictured in Russian military uniform Department of JusticeLast week, documents released by the Department of Justice revealed the dramatic story of an accused Russian spy. In a similar case in Australia in February, a local newspaper reported that authorities expelled a large Russian spy ring — whose members were posing as diplomats — from the country. Countries across Scandinavia have also made a significant clampdown on those accused of Russian espionage, Politico reports.

In a filing on Thurday, JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off. JD.com said the size and structure of its units' initial public offerings had not yet been finalised. Two sources with knowledge of the floats said the two JD units are seeking to raise $1 billion each in the IPO. In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

☆ Alibaba to Split Into Six Groups and Explore IPOs in a Departure From Jack Ma Era
▼ + stars: | 2023-03-28 | by ( Raffaele Huang | Clarence Leong | ) www.wsj.com time to read: 1 min

Chinese e-commerce giant Alibaba Group Holding Ltd. said it plans to split itself into six independently run companies that could seek separate IPOs, effectively dismantling a business empire built over two decades by charismatic entrepreneur Jack Ma just as the tycoon reappeared in China. The reorganization of one of China’s largest private companies, once valued at more than $800 billion but now worth about a quarter of that, comes after Chinese authorities signaled in recent months they were winding down a sweeping regulatory clampdown aimed at reining in the country’s powerful tech sector.

The European Union is set to propose on Wednesday new requirements on companies seeking to promote goods sold in Europe with labels like "natural", "climate neutral" or having "recycled content". Companies that make climate-friendly claims without proof could face financial penalties. A Commission assessment of 150 claims about products' environmental characteristics in 2020 found that most - 53% - provided "vague, misleading or unfounded information". Campaign groups welcomed the draft plan as a step forward from the largely unregulated proliferation of green claims today. Among the requirements would be that companies whose claims rely on buying carbon credits to offset their own environmental impact must disclose this.

☆ UBS mulls takeover of Credit Suisse with possible Swiss government guarantees
▼ + stars: | 2023-03-18 | by ( John O'Donnell | ) www.reuters.com time to read: +3 min

The people said that UBS was coming under pressure from the Swiss authorities to carry out a takeover. UBS, Credit Suisse, and Switzerland's financial regulator FINMA declined to comment when approached by Reuters. Regulators have urged Credit Suisse Group to pursue a deal with Swiss rival UBS as the troubled bank began a make-or-break weekend after some rivals grew cautious in their dealings with it. The turmoil at Credit Suisse has put another dent in the Swiss reputation for financial stability on which UBS depends. Any tie-up would be one of the biggest since the global financial crisis.

The Swiss cabinet held an emergency meeting about the central bank's move on Thursday but gave no public statement after, with most politicians, including Finance Minister Karin Keller-Sutter, tight-lipped. Greens lawmaker Gerhard Andrey said managers should take responsibility and Switzerland should look at its regulations, with the Credit Suisse debacle putting the country "in a very difficult situation". That Credit Suisse has problems has been known for a long time," said Martin Staub speaking in central Zurich. The financial sector makes up about 9% of Swiss gross domestic product, according to Finance Swiss, and employs 5.5% of the workforce. "The Credit Suisse crisis is negative for Switzerland, but not enough to damage the reputation of Switzerland on its own.

Concerns that Chinese investors are buying overseas to make a quick profit at home are valid. Since last year, 11 Chinese companies have raised a combined $3.6 billion by selling GDRs on the Six Swiss Exchange, data from Dealogic show. Savvy punters with access to foreign funds can therefore make a quick and relatively risk-free profit by shorting the Chinese stock and buying the discounted GDRs. This helps explain why Swiss shares of Chinese companies barely trade. Since the launch of a China-Swiss stock scheme in 2022, 11 Chinese companies have raised a combined $3.6 billion, according to data from Dealogic.

Li, installed as premier on Saturday during the annual session of China's parliament, is tasked with reviving the world's second-largest economy after three years of COVID curbs. But he faces challenges including weak confidence among consumers and private industry, sluggish demand for exports and worsening relations with the United States. China's private sector has been rattled in recent years by a sweeping regulatory clampdown targeting some of its most vibrant industries, including the internet and private education. At the opening of the annual parliamentary session, China set a GDP growth target of 5% percent, its lowest goal in nearly three decades, after the economy grew just 3% last year. China's relations with the United States sank to a low after U.S. House Speaker Nancy Pelosi visited Taiwan in August 2022.

☆ Factbox: Key takeaways from China's annual NPC parliamentary meeting
▼ + stars: | 2023-03-13 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

These include Premier Li Qiang, NPC Chairperson Zhao Leji, Executive Vice-Premier Ding Xuexiang, and Vice President Han Zheng. China's private sector has been rattled in recent years by a sweeping regulatory clampdown targeting some of its most vibrant industries, including the internet and private education. The new national financial regulatory administration will replace the existing banking and insurance watchdog and oversee all aspects of China's $57 trillion financial sector apart from the securities market. A separate top-level party financial watchdog, the Central Financial Work Commission, is likely to be resurrected after the NPC, sources earlier told Reuters. This will likely have responsibility for the new state financial regulator.

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