Market TrendsFunds worth $3tn attack South Korea and Japan groups over coal project
European funds with $3.4tn of assets have criticised South Korean and Japanese groups over developing a coal-fired power plant in Vietnam, underscoring mounting pressure from investors over climate change.
Market TrendsThailand lifts emergency declaration
Thailand lifted a week-old emergency declaration intended to quash anti-government protests on Thursday, a day after demonstrators surrounded the country’s seat of government
LawsuitsGoldman subsidiary pleads guilty in 1MDB scandal
Goldman Sachs’ Malaysian subsidiary pleaded guilty to a bribery charge as the bank agreed a record $2.9bn global settlement with regulators over the 1MDB money-laundering scandal.
Market TrendsUS Senate panel approves subpoenas for chiefs of Facebook and Twitter
A US Senate committee has voted to issue subpoenas to Facebook chief executive Mark Zuckerberg and Twitter boss Jack Dorsey to testify about why their platforms restricted access to a New York Post article concerning Democratic presidential candidate Joe Biden’s son.
Negative Environmental EventsClean Power Won’t Be Enough for China to Meet Xi’s Pledge, Report Says
China will need to quickly ramp up clean power generation to reach net zero carbon dioxide emissions by 2060, but that still won’t be enough to meet the target unless the world’s largest greenhouse gas emitter dramatically increases its use of carbon-trapping technology, experts have said.
New IPOAnt Group Clears Last Hurdle for Dual IPO
Ant Group Co. Ltd. has cleared the final hurdle for its highly anticipated concurrent IPO in Hong Kong and Shanghai, as it has been given the green light from both China’s securities regulator and Hong Kong’s stock exchange for what could be the world’s biggest listing ever.
LawsuitsSix State-Owned Bank Branches Fined $6.3 Million for Infringement of Personal Information
China’s central bank said Wednesday it has fined six state-owned bank branches a combined 41.88 million yuan ($6.3 million) for infringement of consumers’ personal information rights as the country introduces its first national legislation on the protection of personal data.
Actual Controller ChangeFormer ICBC Private Banking Executive Removed From Public Office
Xu Weidong, a former Communist Party committee member and deputy general manager of the private banking division of Industrial and Commercial Bank of China Ltd. (ICBC), was expelled from the party and removed from public office for “serious violation of (party) discipline and law,” the country’s corruption watchdog said Saturday in a statement.
Market TrendsChina Unveils Major Revamp to Commercial Bank Law
China’s central bank issued draft revisions Friday to its commercial bank law enacted 25 years ago, expanding application of the law and improving mechanisms of market exit for lenders.
Market TrendsFormer HKMA Chief Norman Chan Sets Up Digital Payment Firm
Norman Chan Tak-lam, the former chief of the Hong Kong Monetary Authority, set up a digital payment company to help trading companies manage foreign exchange risks and facilitate cross-border payments, he said Wednesday.