Page 8 - Bob Simison News Today

China’s Last-Minute Pledge on Forced Labor Saved Investment Accord, EU Envoy Says - Beijing agreed to work toward ratifying international labor conventions after European negotiators vowed no deal without such a promise, Nicolas Chapuis tells Caixin

Yongcheng Coal Banned From Debt Sales for a Year Current and former chairmen of Yongcheng Coal and Electricity Holding Group Co. Ltd. are deemed inappropriate candidates for positions in the debt financing instrument market for a year. Yongcheng Coal and Electricity Holding Group Co. Ltd. was banned from debt sales for a year by China’s interbank bond market regulator after the state-owned coal mine operator’s bond default two months ago set off a chain reaction in the bond market. A “se...

China Removes Limits on Credit Card Interest Rates - Further step toward letting markets determine rates could bolster smaller lenders while also fostering more competition between banks and fintechs

Guangdong Inoculates 180,000 Against Covid-19 Virus - Vaccinations for people with higher coronavirus infection risks show no serious adverse effects, local authorities say

Regulators Seize Troubled Sichuan Trust and Vow to Force Restructuring Regulators took control of Sichuan Trust Co. Ltd. after the local trust company failed to deliver a satisfactory resolution of a $3.6 billion investment repayment crisis that has dragged on since May. The Sichuan branch of the China Banking and Insurance Regulatory Commission (CBIRC) sent a working team jointly formed with the local government to supervise the operations of Sichuan Trust in southwest China’s Sichuan provi...

Haier Smart Home’s H-shares Debut on Hong Kong Stock Exchange Haier Electronics became a wholly owned subsidiary of Haier Smart Home. Haier Smart Home Co. Ltd.’s H-shares started trading on the Hong Kong Stock Exchange Wednesday, marking completion of a restructuring of the Chinese home appliance giant. The listing of Haier Electronics was officially withdrawn Wednesday as it became a wholly owned subsidiary of Haier Smart Home. Haier Group remains the controlling shareholder of Haier Smart...

Hong Kong Greenlights First Virtual Asset Exchange OSL said it was the first virtual asset platform to be licensed by the SFC after the Hong Kong regulator tightened its regulation of such businesses Hong Kong’s securities regulator granted the first business licenses for digital asset trading as the city moves to bring crypto trading under regulatory oversight. BC Technology Group’s OSL Digital Securities Ltd. (OSL) unit obtained a securities trading license and a license to provide autom...

In Depth: How Ethylene Glycol Led to the Yongcheng Coal Default A worker holds a bottle of ethylene glycol made in a factory in Guizhou. The surprise default that threw China’s corporate bond market into turmoil last month can be traced to massive, unprofitable investments a decade ago in ethylene glycol, a toxic but useful industrial chemical that Chinese factories consume in vast quantities. The business case seemed sound in 2010 for the state-owned coal mining operations of central China�...