Finance & Economics
ARTICLES
[ WSJ ] China Plans to Ban U.S. IPOs for Data-Heavy Tech Firms
China plans to propose new rules that would ban companies with large amounts of sensitive consumer data from going public in the U.S., people familiar with the matter said, a move that is likely to thwart the ambitions of the country’s tech firms to list abroad. In recent weeks, officials from China’s stock regulator have told…
[ Vulcan Post ] Binance CEO worked at McDonald’s, now he’s a crypto billionaire and one of Singapore’s richest
Most recently, Binance founder and CEO Zhao Changpeng (also known as “CZ”) was a new entrant to Forbes’ Singapore’s 50 Richest 2021 list, where he took the 22nd spot. The 45-year-old amassed a net worth of US$1.9 billion (as of 10 August 2021), thanks in part to an estimated 30 per cent stake in his company.…
[ BBC ] Pfizer becomes first Covid vaccine to gain full FDA approva
Pfizer’s two-dose Covid-19 vaccine has received full approval from the US Food and Drug Administration (FDA) – the first jab to be licensed in the nation. The vaccine had initially been given emergency use authorisation. Its two jabs, three weeks apart, are now fully approved for those aged 16 and older. In a statement, the…
[ Bloomberg ] China is blocking fleeing Hong Kongers from getting their retirement money
As tens of thousands flee Hong Kong for a new life in the UK, they’re confronting the risk that they will be forced to leave behind their retirement savings as China intensifies its crackdown on the city’s freedoms. Scores are being denied access to money in the Mandatory Provident Fund because of the cascading impact…
[ Decrypt ] Dogecoin Foundation Returns With Elon Musk Rep, Ethereum’s Vitalik Buterin as Advisors
The core developers behind Dogecoin, the meme cryptocurrency that seeks to be a global payment method, have announced the members of the renewed Dogecoin Foundation. Its new advisory board includes Ethereum co-founder Vitalik Buterin and Elon Musk representative Jared Birchall, according to a statement shared today by the foundation. Three prominent Dogecoin community members, Gary Lachance, Jens Wiechers…
[ BBC ] UK blood supplies to be used to make life-saving drug
Plasma from blood donations in England will be used to make a vital medicine, following a rule change to reduce reliance on imported stocks. Each year about 17,000 people need immunoglobulin treatment and, until recently, there was a ban on using plasma from UK donors to safeguard against vCJD or “mad cow disease”. Officials say…
[ Noahpinion] Why is China smashing its tech industry?
For those outside China’s byzantine, opaque nexus of party, government, and big business, it’s very difficult to figure out what’s going on. Just who is ordering these actions is not clear, or what the ultimate result of the crackdown will be. That makes it very hard to figure out why it’s happening. Some observers see this as an…
[ MalayMail ] Johor MP wants Malaysians working in Singapore to get Pfizer Covid-19 jabs instead of Sinovac to prevent commuting hassle
Covid-19 vaccines produced by Pfizer should for now be given to Malaysians who work in Singapore instead of those produced by Sinovac to ensure recognition by Singapore, Kulai MP Teo Nie Ching said today. Teo today sought for assistance and assurance from Khairy Jamaluddin — the coordinating minister for Malaysia’s National Covid-19 Immunisation Programme —…
[ Today ] Cash-rich Singapore Airlines aims for regional dominance as rivals pull back
Singapore Airlines, flush with US$16 billion (S$21.63 billion) raised since the start of the pandemic thanks to help from a state investor, is in a position of dominance among its Southeast Asian rivals as they downsize and restructure. The crisis threatened the survival of hub carriers that lack domestic markets such as SIA, Hong Kong’s…
[ Reuters ] UK and Singapore agree post-Brexit deal for financial services
LONDON (Reuters) – Britain said on Wednesday it had agreed a partnership for financial services with Singapore as part of its push for post-Brexit trade and investment deals. “Our financial partnership will help increase investment and trade with Singapore and the Asia-Pacific region and boost collaboration on important areas such as fintech and green finance,”…
[ Interesting Engineering ] Here’s What the US Tech Bill Really Means for the Next Industrial Revolution
The U.S. Senate just voted in overwhelming approval for a bill designed to jump-start key technological advancements of the 21st century, taking up the challenge of outpacing growing economic competition from its new rival: China. Called the “U.S. Innovation and Competition Act” (formerly the “Endless Frontiers Act”), the new bill passed on a 68-32 vote, and it…
[ CNN ] Keystone XL pipeline project canceled by developer
The developer of the Keystone XL pipeline announced Wednesday it is pulling the plug on the controversial project after the Biden administration revoked its permit in January. TC Energy, the Canadian company behind the project, said it decided to terminate the project after a comprehensive review of its options and consulting with the government of Alberta, Canada. The company…
[ USA Today ] Starbucks shortage: Menu options such as oat milk and other items in short supply
In a statement emailed to USA TODAY, Starbucks spokesperson Sanja Gould confirmed shortages will vary by store or market. The nondairy oat milk option was temporarily pulled from some Starbucks stores, and drinks with oat milk will not be available until the company is able to restock.
[ Daily Mail ] Blocked by Biden: Keystone XL Pipeline is finally AXED five months after President revoked permit: Trump claims 48,000 Americans will lose their jobs
Canadian developer TC Energy announced Wednesday it was pulling the plug on the controversial $8 billion pipeline Biden revoked its permit on his first day in office, undoing Trump’s approval TC Energy alluded to Biden’s decision in its cancellation announcement The pipeline would have carried oil from the tar sands of Canada to Texas Environmentalists…
[ Global News ] Alberta finance minister defends $1.3B loss on Keystone XL pipeline as ‘calculated decision’
Alberta’s finance minister says the province’s $1.3-billion investment of taxpayers’ money in the now-defunct Keystone XL oil pipeline project was a prudent gamble given the potential payoff in profits and jobs. … Premier Jason Kenney and his United Conservative government, in early 2020, committed $1.5 billion in direct financing and $6 billion more in loan guarantees to…
Renaming NAFTA and not changing anything substantial is not a victory.
Written by Dan Murawski, Edited by Wyatt Mingji Lim.Cover Photo from Getty Images Being from Michigan and working in the finance department for one of the largest auto suppliers, I know a bit about how the industry works and I can tell you that there is a substantial amount of goods that are imported before…
And it’s not even a trade war, and China is destined to lose
In my previous article on the soybeans ( http://defensepoliticsasia.com/why-china-import-soybeans-from-the-us/ ), we could already see that China had no choice but to import soybeans from abroad; and most notably, from the United States. China, throughout history, had always been a civilisation that opts for self-sufficiency over depending on any outside countries/import/resources. As part of the Chinese psyche,…
Freight Waves: Five years in, China’s Belt and Road looks like a giant debt trap
Five years in, China’s Belt and Road looks like a giant debt trap – FreightWaves Gwadar Port in Pakistan, strategically located on the Arabian Sea. ( Photo: Wikipedia ) There’s a provocative quote attributed to the second President of the United States, John Adams, that’s been circulating on the internet lately. “There are two ways…
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