Posted inAT Finance, China, European Union, Japan, Middle East, North Korea, Northeast Asia, Russia, Thailand, World

The Daily Brief for Tuesday, 6 June 2017

Thailand’s high-tech vision: Prime Minister Prayuth Chan-ocha’s “Eastern Economic Corridor” plan for Thailand intends to lure new foreign direct investment to various high-tech industries. Peter Janssen writes that economists are welcoming the plan, saying Thailand must move up the value chain while at the same time piggybacking on its lesser developed neighbors’ industrial expansions.

World-changing Eurasian integration: Crucial developments in Washington, Brussels, Virginia and St. Petersburg these last few days may offer us serious clues to the world’s current geopolitical direction. Pepe Escobar writes that these events show that instead of speculating about the end of the American century, we need to be understanding the progressive and inexorable Eurasian integration that is starting to happen between Russia, China and the EU.

Tuna tax relief: An unusual Japanese “hometown payment” donation system to help emptying rural areas cope with dropping tax revenues has proved popular and netted US$1.5 billion last year. Daniel Hurst reports that local authorities, now in competition to attract the tax-deductible donations, are offering “thank you” gift enticements that have included, from a seaside prefecture, an entire 18-kilogram tuna.

Pace-setting Asian stocks: No longer just about upside potential, Asia Pacific stocks now also boast the fastest underlying dividend growth in the world, reports Nick Westra. However, despite this strong regional growth rate, the vast majority of dividend payouts are still issued by companies based in Europe and North America.

Wonder Woman conquers: The film debut of Wonder Woman had a US$38.8 million opening weekend in mainland China and topped the Korean charts too, with revenues of US$9.7 million, reports Russell Edwards. In Japan, Beauty and the Beast stayed top for a seventh consecutive week and passed the US$90 million mark, meaning it is on track to become one of Japan’s highest grossing films ever.

Posted inBeijing, China, Shanghai

China Digest for Tuesday, 6 June 2017

US$3.9 billion in cash missing from Huishan Dairy’s books

Huishan Dairy said it had 26.7 billion yuan (US$3.9 billion) in debt and 2.433 billion yuan is missing since March 31, Beijing News reported. Huishan said in March that it was in a debt crisis and executive director Ge Kun disappeared in the same month.

25 power suppliers, producers fined in Shanxi

The government fined 25 power suppliers and producers in Shanxi a 130 million yuan fine for colluding on prices when they signed an agreement at an industry convention in January last year in a major case, China News reported. Nine electricity firms and 15 independent power producers struck the deal, involving 8 billion yuan. Authorities issued notices to firms in April.


Central bank resumes 28-day reverse repurchase

The People’s Bank of China resumed the 28-day reverse repurchase sales and suspended the 14-day one on Monday, Securities Daily said on Tuesday. Analysts believe the move will raise the cost of earning liquidity from the central bank, with commercial banks and securities firms probably raising the price of lending.

US$5.87 billion in Sichuan bonds to trade on Shanghai exchange

Sichuan will be the fourth provincial government to start trading its bonds valued at 40 billion yuan on the Shanghai Stock Exchange from June 8, the Shanghai Securities Daily reported on Tuesday. It joins Hebei, Shandong and the Inner Mongolia Autonomous Region.

25% rise in Bitcoin prices since withdrawals resumed

Bitcoin prices had risen 25% since the government allowed withdrawals to resume on huobi, OKCoin and BTCChina from May 31, Yicai reported. The price on the three platforms was close to 18,000 yuan as of June 5. Experts believe the increase has narrowed the gap between domestic and international prices on platforms such as Bitfinex and Bitflyer.

Foreign firms face tough cybersecurity law

A cybersecurity law that took effect on June 1 poses challenges for foreign businesses in the country, especially those who use their own infrastructure and information technology to collect and store data overseas, said Han Lai, a manager of Kroll Discovery, a global provider of regulatory investigations, in a Caixin report on Monday. The new law stipulates that personal information and import business data collected and produced should be stored in China for national security.

Online disclosure platform for web finance sites goes live

A government-controlled information disclosure platform for internet finance sites went online on June 5 and 10 web firms had registered, said the Paper. The registered companies would disclose 32 mandatory items of information, including finance status, legal representatives, trade size, loan balance, and financing.

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