Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately. In public posts that showcase the increasingly coordinated nature of exchange policy in the region, both OKCoin and Huobi said on Thursday that the move was a bid to bolster their anti-money laundering (AML) capabilities and prevent "illegal transactions". In the case of OKCoin, only it's OKCoin.cn portal is affected.
Swiss pesticides and seeds group Syngenta reported 2016 earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.66 billion on sales of $12.79 billion. Analysts polled by Reuters had on average expected EBITDA to fall 5.9 percent to $2.61 billion on sales down 4.2 percent to $12.85 billion. They had expected it to boost its dividend to 11.60 Swiss francs from 11.00
Mystery surrounds the whereabouts of Xiao Jianhua, one of China's richest men, reportedly taken away from the Four Seasons Hotel in Hong Kong by Chinese police and put into custody in on the mainland, according to media reports. Mr Xiao is the founder of Beijing-based Tomorrow Group, a well-connected financial services company, and is worth nearly $6 billion ($4.75 billion), according to the Hurun Report, China's version of the Forbes Rich List. It's unclear why Mr Xiao has been targeted. China's ministry of public security and foreign ministry did not respond to requests for comment on Wednesday, a public holiday in China. The Financial Times (FT) said Xiao normally keeps an entourage of female bodyguards but was led away without a scuffle.
Switzerland's gold exports to China surged to their highest on record in December at 158 tonnes, data from the Swiss customs bureau showed on Thursday, nearly triple the level of the same month a year earlier. According to Eddie van der Walt as reported on the Bloomberg terminal this morning, total Swiss gold exports surged to 287.6 tons in December (valued at CHF 10.8b), their highest since May 2013 in December, according to data on the website of the Swiss Federal Customs Administration. Gold exports to China in December “were the highest since at least January 2014” according to Bloomberg. Most of the exports to China are in the form of investment grade gold bars in the one kilogramme gold bar format which is used by Chinese investors, institutions, exchange traded funds (ETF) and indeed the Shanghai Gold Exchange.
BTCC co-founder and CEO Bobby Lee believes that China's immensely popular cryptocurrency bitcoin will come under regulation in future. The announcement by Lee comes after PBoC launched an investigation on BTCC, China's largest bitcoin exchange, along with other leading bitcoin exchanges like Huboi and OkCoin, in the aftermath of the immense price hike in bitcoin at the end of December 2016 and beginning of January 2017. "The answer is, I don't know when it will happen but I know it will happen. I have confidence of that because fundamentally I think bitcoin exchanges need to be regulated," said Lee to Business Insider.
The top three Chinese bitcoin exchanges BTCC, OKcoin, and Huobi will be charging trading fees on Tuesday. The announcement comes after the People’s Bank of China (PBOC) began inspecting the exchanges and pledging new oversight. The most vocal company so far has been the BTCC exchange giving details to the public regularly. “BTCChina, our CNY exchange, will start charging fees for bitcoin and litecoin trading from 12:00 PM (noon) UTC+8, Tuesday, January 24th,” explains BTCC during the recent trading fees announcement. “Market makers and takers will both be charged a flat fee of 0.2 percent per transaction. We are implementing fee-based trading to curb market manipulation and extreme volatility.”
China and Switzerland have enjoyed a longstanding win-win partnership and China has an optmisstic economic outlook, the Swiss minister of Economic Affairs, Education and Research, Johann Schneider-Ammann said in an interview with Xinhua, chinese media on the sidelines of the World Economic Forum. "I am very proud that Chinese President Xi Jinping could come to my country and stay four days," Schneider-Ammann said "In April last year we established such good personal relationships, and I'm proud of this success."
Chinese e-commerce giant Alibaba’s executive chairman Jack Ma said the company’s ambitions to link up with Hollywood remain strong and also urged people to give President-Elect Donald Trump “some time” because “he’s listening.” Speaking at the World Economic Forum in Davos, Switzerland on Wednesday, the Chinese billionaire said Alibaba had a debate five years ago about what Chinese people want. “Happiness and health,” he said. “We believe the movie industry brings happiness. Today, no one is happy. Rich people aren’t happy. Poor people aren’t happy. At least when I watch a movie I’m happy.”
Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse. On Monday, the Securities and Futures Commission sued UBS, Standard Chartered and others over their role in the 2009 IPO of China Forestry, now under liquidation. The case, involving two global finance brands, serves both as an easy win for prosecutors and a way to send a message to listing sponsors – including Chinese banks that now dominate the city’s IPO market.
China's President, Xi Jinping, says that economic globalization has powered worldwide growth and should not be blamed for the world's problems. In an attack on the anti-globalization rhetoric, Xi told a packed audience at the World Economic Forum at Davos on Tuesday: "It is true that economic globalization created new problems but this is no justification to write off economic globalization altogether", and he added that “Pursing protectionism is just like locking oneself in a dark room". He stressed the challenges as well of the benefits of economic globalisation and that the process needed to be made more “invigorated, inclusive and sustainable”.
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