Biden keeps Powell as U.S. Fed chair, names Brainard vice chair - BNN Bloomberg

Biden keeps Powell as U.S. Fed chair, names Brainard vice chair - BNN Bloomberg: President Joe Biden selected Jerome Powell for a second four-year term as U.S. Federal Reserve chair and elevated Governor Lael Brainard to vice chair, maintaining consistency at the central bank as it grapples with the fastest inflation in three decades and the lingering effects of the coronavirus.

Biden Reminded Xi He Voted for Taiwan Law During Summit - BNN Bloomberg

Biden Reminded Xi He Voted for Taiwan Law During Summit - BNN Bloomberg: U.S. President Joe Biden reminded Chinese President Xi Jinping that he voted as a senator to support Taiwan’s self-defense when the two discussed the island in a virtual summit Monday, National Security Adviser Jake Sullivan said.

Powell risks rerun of 1960s inflation from confusing jobs market - BNN Bloomberg

Powell risks rerun of 1960s inflation from confusing jobs market - BNN Bloomberg: In the late 1960s, U.S. economic policy makers misjudged how hot they could run the jobs market without fanning inflation. The miscue paved the way for an economically debilitating wage-price spiral the following decade.

Mystery of Who Invented Bitcoin Hangs Over Scientist’s Trial - BNN Bloomberg

Mystery of Who Invented Bitcoin Hangs Over Scientist’s Trial - BNN Bloomberg: Cryptocurrency enthusiasts may be disappointed if they’re expecting a three-week trial in Miami federal court to finally establish the true identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin.But curiosity seekers will nonetheless be drawn to watch Australian computer scientist Craig Wright, the self-described inventor of Bitcoin, defend himself against claims that he swindled the estate of a deceased Florida man of its share of some $65 billion of the peer-to-peer currency and int

Merkel’s Parting Words to the EU: ‘There’s a Lot to Worry About’ - BNN Bloomberg

Merkel’s Parting Words to the EU: ‘There’s a Lot to Worry About’ - BNN Bloomberg: (Bloomberg) -- Chancellor Angela Merkel said the European Union faces “a whole array of unsolved problems” at what was likely her final summit, striking a somber tone that contrasted with a celebratory send-off by the bloc’s leaders.

Merkel Dismisses Russian Role in Europe’s Energy Price Crisis - BNN Bloomberg

Merkel Dismisses Russian Role in Europe’s Energy Price Crisis - BNN Bloomberg

'A very important market': Why Infosys chose Canada for new innovation hub - BNN Bloomberg

'A very important market': Why Infosys chose Canada for new innovation hub - BNN Bloomberg: A top executive at global tech consultancy Infosys Ltd. said the company is on track to reach its goal of employing 4,000 Canadians by 2023 after boosting its Toronto-area presence to meet growing customer demand.

China’s Regulatory Crackdowns Are Already Hurting the Economy - BNN Bloomberg

China’s Regulatory Crackdowns Are Already Hurting the Economy - BNN Bloomberg: China’s campaign to clamp down on industries ranging from steel to education to property has roiled financial markets and curbed the outlook for growth in the world’s second-largest economy.

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Biden aims to dismantle weapons richest 0.1% use to avoid taxes - BNN Bloomberg

Biden aims to dismantle weapons richest 0.1% use to avoid taxes - BNN Bloomberg: An unpleasant surprise for wealthy Americans was lurking halfway through a 114-page document released by the U.S. Treasury late last month.

China growth decouples from credit, with global implications - BNN Bloomberg

China growth decouples from credit, with global implications - BNN Bloomberg: Chinese manufacturer Lou Zhongping is being bombarded with offers of new loans from banks and government officials, attention that he says is finally coming to smaller businesses like his own.

'It takes time': Carney preaches patience on energy transition - BNN Bloomberg

'It takes time': Carney preaches patience on energy transition - BNN Bloomberg: Former Bank of Canada and Bank of England Governor Mark Carney doesn’t think Canada should turn its back on fossil fuels just yet.

G-7 eyes ambitious shift to electric cars and away from oil - BNN Bloomberg

G-7 eyes ambitious shift to electric cars and away from oil - BNN Bloomberg: Group of Seven leaders are discussing ambitious plans to shift the balance of car buying away from gasoline to greener vehicles by the end of the decade, as part of a package of measures to combat climate change.

Chrystia Freeland is trying to supercharge Canada's growth - BNN Bloomberg

Chrystia Freeland is trying to supercharge Canada's growth - BNN Bloomberg: To repair the economic damage wrought by the pandemic, the finance minister is using lessons from her journalism career and the collapse of the Soviet Union.

Elon Musk's Mars ambition could be the riskiest human quest ever - BNN Bloomberg

Elon Musk's Mars ambition could be the riskiest human quest ever - BNN Bloomberg: More than half a century after Neil Armstrong took mankind’s giant leap on the moon, another space race is heating up. This time, the promising new frontier for Earthlings is Mars, the planet next door.

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Self-driving cars pose crucial question: Who to blame in a crash - BNN Bloomberg

Self-driving cars pose crucial question: Who to blame in a crash - BNN Bloomberg: A debate over who to blame -- or sue -- when a self-driven car hits someone is holding up legislation the industry says it needs to advance.

Pandemic linked to 15 per cent drop in fossil fuel use in 2020: energy regulator - BNN Bloomberg

Pandemic linked to 15 per cent drop in fossil fuel use in 2020: energy regulator - BNN Bloomberg: In a report that's consistent with updates over the past year from refiners such as Imperial Oil Ltd. and Suncor Energy Inc., the federal regulator says gasoline consumption volumes fell the most in 2020, followed closely by jet fuel, then diesel fuel, with consumption of all three fuels bottoming out in April 2020.

The world economy is suddenly running low on everything - BNN Bloomberg

The world economy is suddenly running low on everything - BNN Bloomberg: ‘It is anything but efficient or normal.’ Surging corporate demand is upending global supply chains.

Warren Buffett wants to make you happier, smarter and richer - BNN Bloomberg

Warren Buffett wants to make you happier, smarter and richer - BNN Bloomberg: There was no digital confetti, and no free stock for joining either. Nevertheless, the Warren Buffett and Charlie Munger show out in Los Angeles proved to be good theatre — filled with wit and wisdom from two of the world’s most successful investors.

Apple raises U.S. investments over five years to US$430B - BNN Bloomberg

Apple raises U.S. investments over five years to US$430B - BNN Bloomberg: Apple Inc. is increasing its U.S. investments by 20 per cent over the next five years, allocating US$430 billion to develop next-generation silicon and spur 5G innovation across nine U.S. states, after outstripping its growth expectations during the pandemic.

有福氣的女人，身上都有3處上等的風水，連風水大師都羡慕了！【曉書說】

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Putin, Xi, Pope Francis join 40 leaders at Biden's climate summit - BNN Bloomberg

Putin, Xi, Pope Francis join 40 leaders at Biden's climate summit - BNN Bloomberg: ​President Joe Biden is bringing together dozens of foreign leaders along with corporate executives, union heads and Pope Francis in a two-day virtual summit meant to invigorate the global fight against climate change and restore U.S. credibility on the issue.

Bank of Canada pares bond purchases, sees rate hikes earlier - BNN Bloomberg

Bank of Canada pares bond purchases, sees rate hikes earlier - BNN Bloomberg: The Bank of Canada announced that it will pare back asset purchases by one-quarter and indicated that it’s moving up its expected timeline for interest-rate hikes, citing a stronger-than-expected rebound from the pandemic.

US$12.3 trillion in stimulus killed the debt default cycle - BNN Bloomberg

US$12.3 trillion in stimulus killed the debt default cycle - BNN Bloomberg: It’s fair to say that US$12.3 trillion of stimulus seems to have killed off the U.S. credit default cycle. Almost all fear of bankruptcy has been obliterated from debt markets even though the global economy is still struggling under the worst health crisis in a century.

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Former bank governor Mark Carney among featured speakers at Liberal convention - BNN Bloomberg

Former bank governor Mark Carney among featured speakers at Liberal convention - BNN Bloomberg: Mark Carney, long touted as a potential Liberal leader one day, will be a keynote speaker at the federal party's convention later this week.

Tech group says China poised to top U.S. without new migrants - BNN Bloomberg

Tech group says China poised to top U.S. without new migrants - BNN Bloomberg: The U.S. risks losing its status as the world’s largest economy to China by the end of the decade if it doesn’t increase legal immigration, according to a study released Wednesday by a tech group that favors admitting more foreign workers.

Yellen to urge global minimum company tax to stop venue-hopping - BNN Bloomberg

Yellen to urge global minimum company tax to stop venue-hopping - BNN Bloomberg: Treasury Secretary Janet Yellen will argue Monday for a global corporate minimum tax rate as she pushes President Joe Biden’s plans to raise levies on U.S. companies, a person familiar with her remarks said.

Biden infrastructure plan would boost electric cars, clean power - BNN Bloomberg

Biden infrastructure plan would boost electric cars, clean power - BNN Bloomberg: President Joe Biden is calling for sweeping investment in electric vehicles, renewable power and the electric grid as part of a broad blueprint to bolster the U.S. economy while combating climate change.

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One of world’s greatest hidden fortunes is wiped out in days - BNN Bloomberg

One of world’s greatest hidden fortunes is wiped out in days - BNN Bloomberg: From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the world’s greatest fortunes.

Intel CEO charts comeback on foundry model TSMC mastered - BNN Bloomberg

Intel CEO charts comeback on foundry model TSMC mastered - BNN Bloomberg: Intel Corp. unveiled a grand plan Tuesday to restore its past chipmaking glory. To succeed, new Chief Executive Officer Pat Gelsinger must embrace a strategy the old Intel never dreamed of: playing nice with rivals.

Fiery start to U.S.-China talks shows acrimony is here to stay - BNN Bloomberg

Fiery start to U.S.-China talks shows acrimony is here to stay - BNN Bloomberg: The first face-to-face meeting between the U.S. and China since President Joe Biden took office was bound to be confrontational. The question now is whether the two sides can find a way cooperate after unloading so many grievances in public.

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More than three-quarters of CEOs confident about global economy in 2021: PwC survey - BNN Bloomberg

More than three-quarters of CEOs confident about global economy in 2021: PwC survey - BNN Bloomberg: A survey of more than 5,000 chief executives globally suggests record optimism about economic growth a year after the World Health Organization declared COVID-19 a global pandemic.

What we learned from China's biggest political meeting - BNN Bloomberg

What we learned from China's biggest political meeting - BNN Bloomberg: China’s highest-profile political meeting of the year concluded Thursday, with the government laying out economic plans to manage risks now that a recovery from the coronavirus pandemic is well underway.

Huawei to start demanding 5G royalties from smartphone giants - BNN Bloomberg

Huawei to start demanding 5G royalties from smartphone giants - BNN Bloomberg: Huawei Technologies Co. will begin charging mobile giants like Apple Inc. a “reasonable” fee for access to its trove of wireless 5G patents, potentially creating a lucrative revenue source by showcasing its global lead in next-generation networking.

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The economy looks set to roar, and that worries investors - BNN Bloomberg

The economy looks set to roar, and that worries investors - BNN Bloomberg: Rising Treasury yields are roiling bond markets. But there’s little sign of inflation, and the economy has a lot of lost ground to make up.

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Haunted by 2008, China and U.S. diverge on stimulus plans - BNN Bloomberg

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How China won Trump's trade war and got Americans to foot the bill - BNN Bloomberg

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U.S. Chamber of Commerce head blasts Trump for 'completely inexcusable' conduct - BNN Bloomberg

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Equity market bubble will 'end in tears,' Rosenberg warns - BNN Bloomberg

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Here's how Ant can rise again after that IPO shock

WED, NOV 04, 2020 - 3:49 PM

TIM CULPAN

Ant Group will survive the 11th-hour suspension of its blockbuster US$35 billion listing in Shanghai and Hong Kong if the company can learn from its technology peers. 

PHOTO: REUTERS

[TAIPEI] Ant Group will survive the 11th-hour suspension of its blockbuster US$35 billion listing in Shanghai and Hong Kong if the company can learn from its technology peers. If there's one thing that founder Jack Ma and Chinese regulators probably agree upon, it's that finance and technology make for a powerful combination. The mix is where they ran into trouble. Halting the initial public offerings (IPOs) due to a "change in regulatory environment" is the government's way of asserting that Ant is more fin than tech. Mr Ma and team won't get away with being digital cowboys riding roughshod over the financial system.

Alibaba Group, which owns a third of Ant, took an immediate hit on Tuesday, falling by a record 9.7 per cent for its New York-listed shares. It was down as much as 9.3 per cent on Wednesday in Hong Kong.

Making too much money may not be the real sin - as Deng Xiaoping famously stated, to get rich is glorious. But having too much power over the nation's financial levers intrudes on government territory.

China's state-owned banks are a policy tool. Not only does Ant control a growing payments platform, Alipay, but its loans and wealth management businesses have climbed to dominate their rivals.

China's financial regulator plans to discourage lenders from using Ant's platforms, which act as a conduit for loans from banks to consumers, Bloomberg News reported on Wednesday, citing people familiar with the matter whom it didn't name.

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On the surface, that looks really bad. Yet ensuring banks comply with new rules is what we'd expect from a regulator and puts pressure on Ant's executives to quickly bring its own business model into line.

As my colleague Shuli Ren pointed out, comments Mr Ma made last month at the Bund Summit in Shanghai seem to have led to the suspension. He compared China's banks to pawn shops demanding sufficient capital to back loans. Ant's model is famously different, relying instead on reams of customer data to manage risk.

Mr Ma described the financial system as following rules designed by a club of old people, and said the country needs "policy experts, but not experts in red tape".

The path forward seems clear. Rather than shut Ant down, or scuttle the IPOs altogether, Beijing is likely to force important changes to its business model. Tencent Holdings and Baidu know how this works: reflect, repent and renovate. They got past regulatory hiccups by coming out more patriotic than ever.

To understand what Ant could look like after the dust has settled, let's consider Beijing's longer-term goals.

One is to roll out a central bank cryptocurrency. As my colleague Andy Mukherjee has outlined, the rise of fintech in areas such as money-market funds and wealth management has led to risk accumulating in shadow banking.

One of the government's strategies behind a digital token is to level the playing field back towards traditional lenders, who have been trailing technology in other ways. Expect Ant to embrace this virtual yuan-backed currency.

Another goal is to expand the surveillance state, where data informs every aspect of daily life. The more questionable uses involve tracking individuals, cracking down on dissent, and enforcing standards of behaviour.

Yet keeping a digital footprint of the economy can lead to efficiency in allocating capital, lending money, and even managing supply chains. Fintech proponents make this argument when they say that the new system needn't follow old rules.

Ant and Beijing are likely to meet in the middle. Regulators outlined new draft rules for the sector this week that include Basel-style capital requirements. As a result, Ant would need to provide at least 30 per cent of the funding for loans it makes. That figure is currently closer to 2 per cent, with the capital requirement equal to around US$14 billion, according to estimates by Jefferies analysts Chen Shujin and Alfred He. While possibly a slight drag on profit, this shouldn't trouble Ant, given the IPOs were set to raise 2.5 times that number.

We may also see Ant provide regulators with greater access to its data, as a way to prove that its model can better manage risk while teaching them how things are done. In return, Beijing will have greater access to information it can use to build a broader model of the economy and its citizens.

A final change is likely to be Mr Ma himself. Companies often talk about key-man risk in terms of how the business may suffer if the linchpin executive departs. For Ant, this problem is reversed: Mr Ma hanging around could be the liability.

China's second-richest man had already stepped away from Alibaba after taking too much of the spotlight away from political leaders. He no longer has any official position at the e-commerce behemoth. Yet he holds voting control and a significant stake in Ant.

As with Alibaba, Mr Ma is likely to put his vast holdings into a philanthropic trust, set up charities and think tanks, and retire from public life.

Ant could then rise from its IPO ashes like the patriotic fintech phoenix that Beijing ultimately wants.

BLOOMBERG

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Huawei plans to build chip plant without US technology: FT

SUN, NOV 01, 2020 - 2:23 PM

Huawei Technologies plans to build a chip plant in Shanghai without using American technology, as China's biggest tech company by sales seeks a new strategy to overcome increasingly tight US sanctions, the Financial Times reported. 

PHOTO: REUTERS

[SHANGHAI] Huawei Technologies plans to build a chip plant in Shanghai without using American technology, as China's biggest tech company by sales seeks a new strategy to overcome increasingly tight US sanctions, the Financial Times reported.

The fabrication facility is expected to start with the manufacture of low-end 45nm chips, the paper said on Sunday, citing people familiar with the project. Huawei aims to make 28nm chips for "Internet of things" devices by the end of 2021, and produce 20nm chips for 5G telecom equipment by late 2022, the report said.

Huawei has no experience in fabricating chips and the plant would be run by Shanghai IC R&D Center, a research company backed by the city's government, according to the report.

China has laid out a path toward greater economic self-sufficiency in its new five-year plans, and vowed to build its own core technology, saying it can't rely on buying it from elsewhere.

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New Digital Currency

Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, follow this link https://minepi.com/GJX111 and use my username (GJX111) as your invitation code.

New digital currency

Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, follow this link https://minepi.com/GJX111 and use my username (GJX111) as your invitation code.

New digital currency

Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, follow this link https://minepi.com/GJX111 and use my username (GJX111) as your invitation code.

Earn-Pi the New Digital Currency

Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, follow this link https://minepi.com/GJX111 and use my username (GJX111) as your invitation code.

New digital currency - Pi

Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, follow this link https://minepi.com/GJX111 and use my username (GJX111) as your invitation code.

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China plans to ban cryptocurrency mining in renewed clampdown

TUE, APR 09, 2019 - 3:57 PM

China signaled its intent to ban cryptocurrency mining, dealing a fresh blow to an industry buffeted by tumbling virtual currency prices, stiff competition and waning investor interest. 

BLOOMBERG

[HONG KONG] China signaled its intent to ban cryptocurrency mining, dealing a fresh blow to an industry buffeted by tumbling virtual currency prices, stiff competition and waning investor interest.

The National Development Reform Commission, the country's powerful economic planner, this week listed crypto-mining among a plethora of industries it intends to eliminate because they "seriously wasted resources" or polluted the environment. The agency is seeking public feedback on the guidelines and indicated that the crypto-mining ban could take effect as soon as they're formally issued. The consultation period ends on May 7.

While China was once home to about 70 per cent of Bitcoin mining and 90 per cent of trades, authorities have waged a nearly two-year campaign to shrink the crypto industry amid concerns over speculative bubbles, fraud and wasteful energy consumption.

After banning initial coin offerings and calling on local exchanges to halt virtual currency trading in 2017, Chinese officials outlined proposals in 2018 to discourage crypto mining - the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power. Beijing was said to have asked local agencies at the time to try and push miners out of business.

The industry, which was initially drawn to China's inexpensive electricity, local chipmaking factories and cheap labour, has begun shifting overseas. Market leader Bitmain Technologies Ltd - which in March allowed its application for a Hong Kong initial public offering to lapse - has established mining operations in the US and Canada. BTC.Top, the third-biggest mining pool, said last year it was opening a facility in Canada.

SEE ALSO: China promises EU companies equal treatment

Taiwan Semiconductor Manufacturing Co and Nvidia Corp are among listed chipmakers that supply crypto miners in China and around the world.

BLOOMBERG

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