China

What Beijing’s new crackdown means for crypto in China
12Jun By Desk TeamNo Comments
China, Market, World

What Beijing’s new crackdown means for crypto in China

related media assets (image or videos) available. Click to see the gallery. 3 related media assets (image or videos) available. Click to see the gallery. SHANGHAI :Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. SHANGHAI -Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that "virtual currencies are not supported by any real value". WHAT ARE THE NEW MEASURES? Three fin...
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UK report says Hong Kong security law used to ‘drastically curtail freedoms’
12Jun By Desk TeamNo Comments
China, World

UK report says Hong Kong security law used to ‘drastically curtail freedoms’

HONG KONG: Beijing has broken its legal obligations by undermining Hong Kong's high degree of autonomy and used a national security law to "drastically curtail freedoms" in the global financial hub, according to a report by Britain on its former colony. In a foreword in the six-monthly report covering July to December 2020, British Foreign Minister Dominic Raab said a sweeping national security law Beijing imposed on the city in June last year was being used to stifle political opposition. There had been "clear breaches" of the 1984 Joint Declaration, signed by then Chinese Premier Zhao Ziyang and British Prime Minister Margaret Thatcher that guaranteed wide-ranging freedoms for Hong Kong, Raab said. The report criticised Beijing's overhaul of Hong Kong's electoral system, prosecuti...
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China halts two high-speed rail projects.
20May mmBy Michael SmithNo Comments
China

China halts two high-speed rail projects.

Beijing, China: Two high speed rail projects have been paused by Chinaa government in its province because of the growing debtCiting local media, Nikkei Asia had learnt that last month, the work on a 270-km line connecting Jinan, the capital of eastern China's Shandong Province, and the city of Zaozhuang in the south of the province, was suspended.Earlier this month, the work came to a halt on three lines with a planned total investment of 71.6 billion yuan being built as part of a project called Guanzhong Chengji, which consists of 13 lines in northwest China's Shaanxi Province.China has relied heavily on high-speed rail and other infrastructure building to maintain its fast economic growth, however, there are concerns that resorting to such construction too often could lead to dangerous...
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Chinese giant Huawei in tapping Dutch Mobile Network
23Apr mmBy Joe RodriguezNo Comments
China

Chinese giant Huawei in tapping Dutch Mobile Network

Chinese communications giant Huawei was able to tap any conversation and was able to track which phone was controlled by government.Hauwei staff were able to monitor all of KPN's mobile users and eavesdrop on their private conversations - and even knew which numbers were tapped by police or intelligence agencies, according to Dutch newspaper de Volkskrant.The newspaper cited a report prepared by consultancy firm Capgemini for KPN, which it said flagged that Huawei could have been accessing users' calls in 2010 without KPN knowing.Dutch MPs from across the political spectrum today called for the government to respond to the report about Huawei's role in the KPN mobile network.The Dutch telecoms company today said that Huawei had not to its knowledge improperly monitored any of its mobile u...
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Two Chinese nationals arrested by cops in ops theft in bitcoin.
21Apr mmBy Mike TrudellNo Comments
China

Two Chinese nationals arrested by cops in ops theft in bitcoin.

SERDANG: Police have arrested 2 chines nationalist and seized 297 bitcoin mining machines.Serdang Deputy OCPD Supt Mohd Rosdi Daud said a team from the Serdang CID together with Tenaga Nasional Bhd (TNB) personnel raided three premises at Atmosphere 5, Pusat Perdagangan Bandar Putra Permai around 3pm on April 8."We arrested two Chinese nationals, a man and a woman, aged 32 and 38."When we checked the premises, we found evidence of tampering with the electricity supply," he told reporters at Serdang police headquarters on Monday (April 19).Supt Mohd Rosdi said the two foreigners had been hired to act as caretakers of the premises which were being used to house bitcoin mining operations."The two foreigners have been remanded until April 28 to help with investigations," he said, adding that ...
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China militarizing counter space by building ‘destructive missiles
19Apr mmBy Brian ThompsonNo Comments
China, USA

China militarizing counter space by building ‘destructive missiles

Chine is in action to build counterspace weapons to US- owned aircraft. The Office of the Director of National Intelligence has released a report detailing efforts made by the Chinese military that would match if not exceed current US technology in the upcoming years. The Global Risk Assessment report, released by the director's office, states that China's military, the People’s Liberation Army, is expanding its ambitious space goals and reaping major economic benefits in the meantime. Beijing "has counterspaceweapons capabilities" that will allow the country "to gain the military, economic, and prestige benefits that Washington has accrued from space leadership." “Beijing continues to train its military space elements and field new destructive and nondestructive ground- and s...
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15Apr By Online DeskNo Comments
China

USM and China program halts are no more in ties of a fund

PORTLAND, Maine (AP) — The official of University of Southern Maine said they are closing programs like Mandarin Chinese language classes and other cultural programs as the funded program between USM and China ends.The university remains dedicated to “person-to-person exchanges, enhancing global understanding, and promoting cross-cultural learning” but that too few students were utilizing the Confucius Institute, said Marc Glass, director of public affairs at USM.“While our relationship with Confucius Institute enhanced our language curriculum, we found that it reached too few students to be sustainable,” Glass said in a statement.The announcement came against a backdrop of increased scrutiny after the Trump administration encouraged colleges last fall to rethink their ties to the Confuci...
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15Apr By Online DeskNo Comments
China

Jack Ma’s Ant Group is being forced by China to restructure

over concerns about its finance model Ant Group's mega $37bn (£27bn) share market launch was derailed by regulators in November.The latest move is part of a wider crackdown by China to reign in the country's fast-growing tech platforms.Ant's affiliate company Alibaba was hit with a record fine of $2.8bn on Friday over monopoly concerns.The overhaul, directed by the People's Bank of China, subjects Ant to tougher regulatory oversight and minimum capital requirements. Ant Group is China's biggest payments provider, with more than 730 million monthly users on its digital payments service Alipay. China's central bank said that under a "comprehensive and feasible restructuring plan," Ant would also cut the "improper" linkage between Alipay, and its credit card and consumer loan services. Its t...
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15Apr By Online DeskNo Comments
China, World

Leading Japan’s ketchup company and many others halted tomato import over China’s behaviour with Uyghur Muslim

NAGOYA, Japan - after the reports against the chinese behaviour with the Uyghur Muslims, the Leading Japanese ketchup producer Kagome and many others have stopped sourcing and importing totatos from China's Xinjiang region.  Kagome halted import of Xinjiang-grown tomato paste used in some of its sauce products last year. Tomatoes that have already been imported will be used up by the end of this year.Along with costs and quality, "human rights problems have become a factor in making decisions," said a Kagome representative.Kagome is believed to be the first major Japanese corporation to stop doing business with the region over the Uyghur issue. A host of popular Western brands, including H&M and Nike, have stopped buying materials made in the region, which in turn spurred a backlash f...
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15Apr By Online DeskNo Comments
China, World

To maintain foreign exchange, Sri Lanka took loan from China.

COLOMBO: AS Sri Lanka’s local currency hit a record low, it took load from china of  US$500 million in a hope to shore up its foreign exchange.The Sri Lankan embassy in Beijing said the loan agreement with the China Development Bank will "infuse vitally required foreign exchange" into the island's pandemic-battered economy.It is the second Chinese loan made in less than three weeks.Last month, the People's Bank of China granted a US$1.5 billion currency swap to finance imports from China, a key supplier of manufactured goods to the island which is struggling to pay for imports.Sri Lanka's rupee hit a record low of 202.73 to the US dollar, as the country's foreign reserves fell to US$4.05 billion at the end of March, the lowest in 12 years.The country's economy contracted by a record 3.9 p...
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