China

China plans to break up Ant’s Alipay and force creation of separate loans app – FT

Sept 12 (Reuters) – Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma’s Ant Group, and create a separate app for the company’s highly profitable loans business, the Financial Times reported on Sunday.

The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process.

State-backed firms are set to take a sizeable stake in Ant’s credit-scoring joint venture for the first time, three people told Reuters last week.

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Bitcoin miners settling down after China exodus

A few months ago, the crypto industry was shaken up by the news of the mass exodus of miners from China. At the end of May 2021, it became known that the Chinese authorities were going to ban Bitcoin (BTC) mining, bringing the already existing regulatory pressure on miners to a breaking point.

The list of banned operations includes purchasing cryptocurrencies, as well as any related investment activities, crypto trading and exchange. The People’s Bank of China had held substantive consultations with banks and payment systems and then the largest Chinese financial institutions were told to stop speculative trading —

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China turns to new stock exchanges to channel finance to innovative firms

CHINA’S ECONOMIC planners want more home-made semiconductors, but they are not satisfied with more chips simply being produced at home. They want to bring the entire supply chain—from raw materials and chip grinders to labour and capital—onshore. Tens of thousands of companies have established microchip businesses over the past year. Now the state is rushing to ensure such cash-hungry firms can raise capital at home, too.

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On September 2nd Xi Jinping, China’s president, announced that a new

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South China Morning PostIndebted China Evergrande faces risk of loan defaults, legal action, billionaire chairman Hui Ka-yan admits as profit tanksThe world's most heavily indebted home builder has suspended construction at some projects, says tycoon Hui Ka-yan, as half-year profit …21 hours ago

South China Morning PostIndebted China Evergrande faces risk of loan defaults, legal action,
billionaire chairman Hui Ka-yan admits as profit tanksThe world’s most heavily indebted home builder has suspended construction
at some projects, says tycoon Hui Ka-yan, as half-year profit …21 hours ago… Read More

Wall Street investment banks cut China growth forecasts

LONDON, Aug 9 (Reuters) – Wall Street banks Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) all cut their China growth forecasts on Monday, after export growth slowed unexpectedly and on concerns that the resurgent coronavirus could crimp economic activity.

Chinese trade data released over the weekend undershot forecasts, while figures out on Monday showed inflation rising in the country’s factory sector, potentially adding extra strains. read more

JPMorgan reduced its quarter-on-quarter growth estimate for the third three months of the year to 2.0% from 4.3%, and trimmed its full-year forecast to 8.9% from 9.1%.

Morgan Stanley lowered its

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South China Morning PostIs China set to lower its loan rate for the first time since early 2020?China's loan prime rate (LPR), which currently stands at 3.85 per cent, could be lowered for the first time since early last year on …4 hours ago

South China Morning PostIs China set to lower its loan rate for the first time since early 2020?China’s loan prime rate (LPR), which currently stands at 3.85 per cent,
could be lowered for the first time since early last year on …4 hours ago… Read More

Why Is the Stock Market Down Today? China, Oil in Focus.

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Crude prices hit multiyear highs after OPEC+ talks failed to reach an agreement.


Spencer Platt/Getty Images

Stocks closed down Tuesday as investors digested weaker-than-expected data on the services sector as well as volatile oil prices and China’s regulatory attack on U.S.-listed Chinese companies.

The

Dow Jones Industrial Average

 fell 209 points, or 0.6% while the

S&P 500

fell 0.2%, and the 

Nasdaq Composite

 gained 0.2%.

Oil prices pulled back from earlier gains after the OPEC+ meeting collapsed without a deal. Oil had been up more than 1% early Tuesday with the price of oil topping $77 a barrel

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Opinion | Wall Street is finally waking up to the reality of China

On July 2, just two days after Goldman Sachs, J.P. Morgan and Morgan Stanley launched an initial public offering for the Chinese ride-hailing app Didi on the New York Stock Exchange, Chinese regulators cracked down on the company hard. Citing data privacy concerns, the Chinese government ordered the removal of Didi’s app from app stores, pending an opaque national security review process. As a result, the stock has lost 30 percent of its value since shortly after its IPO, when investors, most of them from the United States, put $4.4 billion into the company. Shamelessly, the Wall Street firms that

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Stocks drift, Bitcoin prices tumble on regulatory concerns in China

Stocks extended gains on Tuesday, with equities steadying following concerns over the path forward for monetary policy. 

The S&P 500 advanced to end within striking distance of a record high. The Dow also added to gains, a day after the 30-stock index jumped by the most since March. The Nasdaq reached a record intraday and closing high.

Cryptocurrency prices were broadly lower as concerns over tighter regulatory actions from China continued to weigh, and tokens from Bitcoin (BTC-USD) to the meme-based Dogecoin (DOGE-USD) added to recent losses. Bitcoin prices fell below $30,000 and erased year-to-date gains at their intraday lows.

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china crypto ban: China’s role in the 2021 cryptocurrency crash

Bengaluru: Earlier this week, the price of Bitcoin dropped below $30,000 for the first time since January, after hitting an all-time high of almost $65,000 in mid-April.

While Tesla chief executive Elon Musk’s tweets are one of the reasons for this price dip, another major reason is China’s massive crackdown on the digital coin and cryptocurrencies in general.

The country has always had a firm stance against cryptocurrencies. Back in 2013, China’s central bank
had barred financial institutions from handling Bitcoin transactions when the price of the digital coin jumped from $100 to $1,000 within a few months. It had

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