CHINA SECURITIES REGULATORY COMMISSION
Germany stops planned sale of Volkswagen's gas turbine business to China
Germany's cabinet blocked the sale of MAN Energy Solutions' gas turbine business to a Chinese company for security reasons amid EU-China trade tensions. Concerns over national security implications led to the decision, with fears that China could use the turbines for military purposes. Both Germany and the EU aim to reduce risks from economic ties with Beijing. China opposes the politicization of business cooperation and hopes for a fair business environment.
PwC names new China head amid regulatory scrutiny
PwC said in a statement to Reuters on Wednesday that Shanghai-based Li assumed the role of chairman of PwC China and Asia Pacific with effect from July 1, taking over from Raymund Chao who retired on June 30. The firm came under the Chinese regulatory spotlight earlier this year for its role as the auditor of troubled property company China Evergrande Group.
Groww Asset Management, trustee settle case with Sebi; pay Rs 9 lakh
Groww Asset Management Ltd (formerly known as India bulls Asset Management Company Ltd) and its trustee have settled with markets watchdog Sebi a case pertaining to alleged violation of regulatory norms after paying Rs 9 lakh. This came after the applicants Groww Asset Management Company and Groww Trustee Ltd (earlier known as India bulls Trustee Company Ltd) proposed to settle the alleged violation by "neither admitting nor denying the findings of fact".
India, Sri Lanka commission maritime rescue centre to boost security ties
Sri Lankan President Ranil Wickremesinghe and External Affairs Minister S Jaishankar unveiled the Maritime Rescue Coordination Centre (MRCC) in Sri Lanka under a $6 million grant from India to boost maritime security in India's southern neighbourhood. They also inaugurated 106 houses in Kandy, Nuwara Eliya, and Matale under the Indian Housing Project.
Bitcoin rally and ‘short memories’ reignite everything in crypto
Bitcoin's rally is reviving animal spirits in the financial world, with a surge in deal flow and investments. The crypto market sees a return of bull market hallmarks, including celebrity endorsements and new tokens creation at a rapid pace.
GameStop slumps around 30% as 'Roaring Kitty' kicks off livestream
Shares of GameStop, which also reported its quarterly results four days ahead of schedule on Friday, shot up nearly 50% the day before after Gill, the key figure behind an eye-popping rally in the struggling company's stock in 2021, posted on YouTube about the upcoming livestream.
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Look forward to healthy and stable relationship: China congratulates PM Modi on election win
China's Ministry of Foreign Affairs congratulated Prime Minister Narendra Modi, BJP, and the NDA on their Lok Sabha election victory. It expressed eagerness for a "healthy and stable" China-India relationship. Spokesperson Mao Ning emphasised the mutual benefits of such a relationship, highlighting its importance for regional peace and development. Prime Minister Modi secured a third term, but the BJP will need coalition support. Global leaders offered congratulations on the victory.
What’s fueling the shift in Indian investor behaviour?
India added $1 trillion to the stock market in less than six months, reaching a $5 trillion market cap. Retail investors, with a surge in Demat accounts, play a key role in enhancing market stability and resilience.
Ethereum ETFs: Why it is a game-changer for mainstream crypto adoption
Ethereum's pivotal role in propelling the mainstream adoption of crypto cannot be overstated. As the market undergoes continuous evolution, Ethereum stands as a cornerstone, guiding the industry toward unprecedented growth and innovation.
US trying to build Asia-Pacific version of NATO: Chinese defence official
A Chinese defense official criticizes the US' attempt to build an Asia-Pacific version of NATO through its Indo-Pacific strategy, calling it doomed to fail due to selfish geopolitical interests.
Tesla shareholder sues Musk for alleged $7.5 billion insider trading
A Tesla shareholder filed a lawsuit accusing CEO Elon Musk of insider trading by selling over $7.5 billion of Tesla shares before disappointing production numbers were public.
Xi Jinping exposes cracks in China's governance model
President Vladimir Putin emphasized Russia and China's commitment to a more democratic multipolar world order during his visit to China. Critics point to Xi Jinping's concentration of power, erosion of norms, and struggles in maintaining control over the PLA, raising concerns about China's governance model.
Pakistan PM Shehbaz Sharif to visit China next month for formal launch of second phase of CPEC
Pakistan Prime Minister Shehbaz Sharif will visit China in the first week of next month to join the formal launching of the second phase of the USD 60 billion China-Pakistan Economic Corridor, according to a media report on Saturday. A source in the Prime Minister's Office told the Dawn newspaper that Prime Minister Sharif was scheduled to leave for China on June 4, but the date of the visit could slightly be changed.
Hong Kong mulls nod for Ether ETF staking in contrast to US
The talks are ongoing and there's no clear timeline for a decision, the people added, asking to not be identified discussing private information. A spokesperson for the SFC didn't immediately respond to a request for comment.
US House passes crypto bill despite warnings from SEC
The House approval comes as the U.S. Securities and Exchange Commission (SEC) signals that it will likely approve applications for spot ether exchange-trade funds in a surprising boost to the industry.
Speedier Wall Street trades putting global finance on edge
Spurred on by the original meme-stock frenzy, the Securities and Exchange Commission is pushing the shift to reduce the chance of something going wrong between when a trade is executed and when it's settled. But the switch to what's known as T+1 comes with risks of its own.
'NASA-type' NSA: Why India's next National Security Adviser should be a space scientist
If the Government of India decides to appoint a new National Security Adviser (NSA) in June, it should consider someone outside the traditional choices of diplomats or spymasters. The role of the NSA should be more like the American model, focusing on coordination between security-related government wings. India's previous NSAs have varied in their approaches, with some acting more like deputy prime ministers. A space scientist could bring a fresh perspective, especially considering India's advancements in space technology and the strategic importance of space in defense and telecommunications.
Religare moves HC over Sebi 'inaction'
Religare has asked the court to direct Sebi to conduct a forensic audit to unearth the facts behind the grievances raised by it and to submit to the court a detailed report on the actions taken by the capital markets regulator.
Sebi suggests local regulators oversee crypto trading
Both sets of documents, which have been seen by Reuters, have been submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI's stance has not previously been reported.
No unauthorised operation by Indian military pilots in Maldives: High Commission
India dismisses Maldivian Defence Minister's claim of unauthorized operation by Indian military helicopter pilots in 2019. Relations strained as President Mohamed Muizzu demanded withdrawal of Indian military troops by May 10. Defence Minister Ghassan highlighted an alleged unauthorized sortie incident during a press conference, mentioning an emergency landing at Thimarafushi.
Fraud concerns raise red flags for India's booming tiny IPOs
Earlier this year, regulators clamped down on equity markets financing to cool pre-IPO sale frenzy. Still, the nation’s market for first-time share sales remains vibrant, with 102 deals priced since the start of 2024.
Shein steps up London IPO preparations amid US hurdles to listing
Shein pivots to a London IPO from New York, facing U.S. regulatory challenges. The online retailer, valued at $66 billion, navigates hurdles with plans for a dual U.S. listing post-London float, monitoring the political climate.
Indices sink as Dalal Street takes cues from Poll Street
The selloff resulted in markets shedding ₹7.5 lakh crore in market capitalisation. Growing chatter on social media and betting trends in the unofficial satta bazaar suggesting that the BJP numbers could be lower than anticipated has made investors nervous.
US eyes curbs on China's access to AI software behind apps like ChatGPT
Biden admin plans to regulate AI models export to China. Commerce Dept may use computing power threshold. Concerns about AI's role in bioweapons, cyber attacks. Challenges in defining export criteria.
EU ready for 'tough decisions to protect economy', von der Leyen tells China
European Commission President Ursula von der Leyen emphasized the EU's commitment to protecting its economy and security amid strained trade relations with China. Following talks with Chinese President Xi Jinping and French President Emmanuel Macron in Paris, she stated that while fair play from China benefits everyone, Europe will not hesitate to take tough measures to safeguard its economy and security.
Tesla soars 12% on tentative approval for driving system in China
The developments came after Tesla Chief Executive Officer Elon Musk made an unannounced trip to China on Sunday, seeking approval for driver-assistance software that could help arrest the carmaker’s revenue decline. While the company’s suite of features require constant supervision and don’t make Teslas autonomous, the company charges $8,000 for them in the US, or $99 a month for a subscription.
China regulator to ban Evergrande chair from securities market for life
Chinese regulators are set to ban Evergrande's chairman for life from the securities market due to financial fraud, according to a subsidiary of the embattled property giant. The China Securities Regulatory Commission (CSRC) plans to impose a lifetime ban on Xu Jiayin, also known as Hui Ka Yan, for his alleged involvement in financial misconduct. Evergrande, once China's largest real estate firm, has struggled with debt and defaults, highlighting broader challenges in the country's property market.
China tightens grip on stocks with net sale ban at open, close
The China Securities Regulatory Commission, led by newly appointed Chairman Wu Qing, has also created a task force with the nation’s stock exchanges to monitor short selling and issue warnings to firms that profit from the wagers, sources said.
China tightens trading restrictions for domestic and offshore investors
In a statement Monday, the China Securities Regulatory Commission said it recently discovered multiple cases of stock market manipulation and “malicious short selling.” The regulator vowed to act quickly to stop illegal behavior that hinders stable stock market operations and hurts investors.
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