The New York Stock Exchange said it would delist China’s three big state-run telecommunications companies following an executive order from the Trump administration, in a symbolic severing of longstanding ties between the Chinese business world and Wall Street, the New York Times reported. The exchange said in a statement on Thursday that it would halt trading in shares of China Mobile, China Unicom and China Telecom by Jan. 11.
Resources Per Country
- Afghanistan
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- China
- Cook Islands
- Cyprus
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- India
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- New Zealand
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- Pakistan
- Papua New Guinea
- Philippines
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- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
The Insolvency and Bankruptcy Board of India has adapted itself to the new environment in the wake of the coronavirus pandemic and will strive to provide a "malleable regulatory framework" within the confines of the insolvency law, according to its Chairperson MS Sahoo, BloombergQuint reported. A key institution in implementing the Insolvency and Bankruptcy Code, the IBBI has moved to the electronic mode for most of its engagements with stakeholders and has recalibrated important regulations amid the pandemic.
China’s central bank has pumped enough cash into the banking system to convince government bond investors that the worst is finally over, Bloomberg News reported. Over the past month, the People’s Bank of China has had to work especially hard to rein in borrowing costs after a surge in credit defaults damped commercial lenders’ enthusiasm to make loans. The central bank injected a net $84 billion in one-year funding and $20 billion of short-term cash into the financial system in the final five weeks of 2020 alone.
China has fined operators of three major e-commerce platforms, including Alibaba Group Holding Ltd. and JD.com Inc., $76,600 each for mispricing products, the latest in the barrage of regulatory actions targeting the increasingly influential internet sector, the Wall Street Journal reported. China’s top market regulator, the State Administration for Market Regulation, said yesterday that it investigated the three platforms—Alibaba’s Tmall Supermarket, JD.com and Vipshop Holdings Ltd. —after receiving complaints from consumers.
India is set to swing from being a cautious spender in 2020 to opening the fiscal floodgates as Prime Minister Narendra Modi seeks to pull Asia’s third-biggest economy back from the worst of the pandemic, Bloomberg News reported. Curbs imposed by the finance ministry on more than 80 government departments and ministries earlier in the year to preserve cash were relaxed this quarter. In addition, this year’s budget will be increased from its current 30 trillion rupees ($407 billion) when new spending plans are announced Feb.
China’s top credit-rating firm was banned from rating new bonds for three months, after an investigation found it ignored red flags at a state-owned coal miner whose default last month rattled the country’s bond market, the Wall Street Journal reported. China Chengxin International Credit Rating Co. had an AAA rating on the miner when it failed to repay the equivalent of $153 million in short-term debt on Nov. 10. The default occurred just weeks after the company, Yongcheng Coal & Electricity Holding Group Co., raised the same amount from a sale of three-year-debt.