China vows new incentives to cut pollution, CO2, but says 'stability' paramount - CNA

SHANGHAI: China will introduce new incentives to cut pollution and carbon emissions this year, but flexibility and stability remain the country's top priorities as economic pressures mount, the government said in documents published on Saturday (Mar 5).

China's environmental commitments have come under scrutiny this year as it tries to shore up growth and reduce the impact of stringent COVID-19 control policies on its economy and supply chains.

President Xi Jinping said in a speech in January that the country's ambitious low-carbon goals should not come at the expense of energy and food security or the "normal life" of ordinary people.

China's government work report, delivered to the annual session of parliament by Premier Li Keqiang on Saturday, said that stability, the expansion of domestic demand and food and energy security would remain major priorities in 2022.

Li said China would "work harder" to make coal use cleaner and more efficient, update coal-fired power plants to make them more efficient, and enhance the capacity of grids to absorb power produced by renewable sources.

But efforts to reduce coal consumption and bring emissions to a peak would be done in a "well-ordered way", he added.

China, the world's biggest source of climate-warming greenhouse gas emissions, has pledged to become carbon neutral by around 2060, with emissions peaking before 2030.

A separate report published by the state planning agency on Saturday said China would "balance development and emission reductions as well as current needs and long-term benefits".

The National Development and Reform Commission (NDRC) said "an appropriate level of flexibility" on energy consumption in order to keep the economy steady, and it warned against the "overly simplistic and mechanical" implementation of policies by local governments.

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2022-03-05 04:47:00Z
CBMie2h0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vc3VzdGFpbmFiaWxpdHkvY2hpbmEtdm93cy1uZXctaW5jZW50aXZlcy1jdXQtcG9sbHV0aW9uLWNvMi1zYXlzLXN0YWJpbGl0eS1wYXJhbW91bnQtMjU0MTEyNtIBAA

China aims to boost big-bank loans to small business over 40per cent in 2022 - CNA

BEIJING/SHANGHAI : China aims to boost lending to small businesses from large commercial banks by over 40per cent this year, Premier Li Keqiang told the annual meeting of parliament on Saturday.

The government will urge financial institutions to cut lending rates further, reduce fees and promote mid- and long-term lending to the manufacturing sector, Li said, reading his work report.

China's five major banks - Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China , Bank of China and Bank of Communications - each reported more than 30per cent lending growth to small businesses in 2021, state broadcaster CCTV said in January.

CCTV said the highest growth was 53.15per cent by a bank it did not name.

China has been making efforts to enhance financing support to micro- and small enterprises, which it sees as key contributors to stabilising employment and people's livelihoods.

The government will prioritise employment through fiscal and financial policies to enhance support for companies to keep and increase jobs, Li said. It will also set up a financial stability guarantee fund as to safeguard against systemic risks, he said.

Li also said China will fully implement a registration-based IPO system this year.

(Reporting by Zhang Yan, Samuel Shen and Ryan Woo; Editing by Kim Coghill and William Mallard)

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2022-03-05 03:15:50Z
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Australian cricketer Shane Warne dies of suspected heart attack: Report - CNA

Australian cricketer Shane Warne has died aged 52, Fox Sports reported on Friday (Mar 4).

Fox said that Warne's management had released a brief statement that he died in Thailand of a suspected heart attack.

“Shane was found unresponsive in his villa and despite the best efforts of medical staff, he could not be revived,” the statement said.

“The family requests privacy at this time and will provide further details in due course."

Warne is regarded as one of the finest leg-spin bowlers of all time after a career in which he took 708 test wickets in a test career which span from 1992 to 2007.

He later played in the Indian Premier League and other Twenty20 competitions before retiring from all international cricket in 2013 but continued to be involved in the game as a broadcaster.

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2022-03-04 14:22:00Z
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Ukraine crisis: Wealthy Russians snap up jewellery, watches as sanctions take toll - CNA Luxury

With Western sanctions on Russia sending the rouble plunging, the country’s wealthy are snapping up luxury jewellery and watches that have high resale value.

In an interview with Bloomberg, Bvlgari’s CEO, Jean-Christophe Babin, said that the jeweller has seen as increase in sales at their Russian stores. “In the short term, it has probably boosted the business,” Babin commented. He described Bvlgari jewellery as a “safe investment”.

Gold and jewellery have been traditional stores of value for investors in times of turmoil. The luxury watch resale market has also been booming, changing hands in the secondary market for several times their retail price.

Amid the crisis, Europe’s biggest luxury brands, including Bvlgari, Cartier, Omega and Rolex, are continuing to operate in Russia, Bloomberg reported.

Meanwhile, the war has dealt a severe blow to Russian billionaires. The West is continuing to announce fresh sanctions on several Russian oligarchs, including seizing of assets, in a bid to target Vladimir Putin’s closest business allies.

A Forbes report estimates that Russian billionaires have lost more than US$126 billion (S$171 billion) in wealth amid the Ukraine invasion. 

Billionaires have also had their superyachts seized. According to reports, Russian business tycoon Alisher Usmanov’s superyacht Dilbar was restricted from leaving its anchorage in Hamburg, Germany. The value of the yacht, which is equipped with the largest indoor swimming pool ever installed on a private vessel, is estimated at approximately US$735 million. 

French authorities have also seized a massive yacht linked to billionaire Igor Sechin, CEO of state oil company Rosneft.

Other wealthy billionaires are scrambling to move their yachts to the Maldives, which does not have an extradition treaty with the US.

The crisis has also led to a fallout in the sports world. Amid mounting pressure, Russian oligarch Roman Abramovich said that he will sell Premier League football club Chelsea, which he has owned since 2003.

“I have always taken decisions with the club’s best interest at heart. In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees as well as the club’s sponsors and partners,” Abramovich said in a statement.

The billionaire also pledged to donate all net proceeds from the sale to victims of the war.

According to British MP Chris Bryant, the fear of sanctions has led Abramovich to sell his London properties. The oligarch owns a 15-bedroom mansion on Kensington Palace Gardens, a wealthy street also known as "Billionaires' Row". 

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2022-03-04 04:11:43Z
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Ukrainian biathlete Yevhen Malyshev, 19, killed in fight against Russia - Yahoo Singapore News

Yevhen Malyshev, a 19-year-old Ukrainian biathlete, was among the many who died this week fighting off Russia's invasion of his homeland, the International Biathlon Union confirmed Wednesday.

The IBU expressed its condolences in a statement announcing the indefinite ban of all Russian and Belarussian athletes from international competition, at the advice of the International Olympic Committee. The organization's executive board will reportedly discuss a potential suspension for both federations by its meeting on March 17.

The IBU expressed solidarity with Ukraine amid the unprovoked attack by its neighboring power:

"Above all, the EB expresses its deepest condolences on the loss of former Ukrainian biathlete Yevhen Malyshev (19), who died this week serving in the Ukrainian military. The EB once again condemns the Russian attacks on Ukraine and the support provided by Belarus and reiterates its hope for an immediate end to the war."

Per Spanish outlet Marca, Malyshev competed on the Ukrainian national team before moving on from the sport two years ago.

It has been unclear how many Ukrainian soldiers have died in the fighting, though recent reports estimate more than 2,000 citizens to have been killed and many more to have fled.

Yevhen Malyshev is one of many in Ukraine to have lost their lives to the Russian invasion. (Photo by Sergei Savostyanov\TASS via Getty Images)

Ukrainian athletes joining fight as Russian athletes face bans

Malyshev was hardly the only Ukrainian athlete, current or former, to join the fight against Russia. Champion boxers Wladamir Klitschko, Vitali Klitschko, Vasiliy Lomachenko and Oleksandr Usyk have all enlisted with defense forces.

Usyk did so despite it delaying his upcoming heavyweight title defense, a rematch against Anthony Joshua after capturing the former champ's WBA, WBO and IBF belts. Eddie Hearn, the promoter of the match, said Wednesday they are willing to wait as long as it takes for Usyk to return to boxing.

Olympic karate medalist Stanislav Horuna has also joined the fight, pledging to "kill every occupant who invades."

While Ukrainian athletes take up arms, an increasing number of Russian athletes are being sidelined or being forced to compete as neutral athletes.

In addition to biathlon, federations governing international hockey, soccer, basketball, track and field, figure skating, skiing, volleyball and many more have banned the participation of Russia in international competitions, while entities such as the NHL, NBA, boxing organizations and Formula 1 have move events out of the country.

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2022-03-03 05:47:28Z
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Hong Kong transport operators, supermarkets cut services as COVID-19 cases surge - CNA

HONG KONG: Hong Kong's subway operator, bus companies and one of the city's biggest supermarket chains said they were reducing services this week due to a worsening COVID-19 outbreak that has seen daily infections explode since early February.

The latest strains came as Hong Kong authorities clung firmly to their "dynamic zero" coronavirus strategy which, like mainland China's seeks to curb all outbreaks at any cost.

The global financial hub's Transport Department said 98 bus routes would be suspended with operators facing critical manpower shortages.

A rise of infected people coupled with a drop in customers due to stringent social distancing measures made it hard to maintain operations, it said in a statement late on Wednesday (Mar 2).

The city's subway operator MTR Corp, known for its efficiency, said on Thursday it would cut services on eight lines because of staff shortages and a sharp drop in customers.

"We have been striving to maintain train service despite the worsening COVID-19 situation. However, the latest development of the pandemic is affecting the manpower for daily operations," it said on its website.

ParknShop, one of the city's largest supermarket chains, said it was shortening opening hours for more than 200 outlets to protect its staff and customers. Some stores would close as early as 3pm, it said.

Since the pandemic began in 2020, the tally of infections in the Chinese-ruled city stands at more than 290,000, with a death toll of about 1,100.

About 700 of those deaths have been in the past week, with the majority unvaccinated people.

Health experts from the University of Hong Kong estimated about 1.7 million people were already infected by Monday, with the coming week expected to bring a peak of about 183,000 daily infections.

There has been widespread confusion and chaos among many residents this week due to the government's mixed messaging over whether a city-wide lockdown would take place and the almost daily tweaking of coronavirus rules.

Hong Kong's international reputation had been "very damaged" by the confusing messages, creating alarm, said prominent businessman and government adviser Allan Zeman.

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2022-03-03 02:22:52Z
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‘No desire to pay’: China’s manufacturers feel the pain of Ukraine crisis - South China Morning Post

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‘No desire to pay’: China’s manufacturers feel the pain of Ukraine crisis  South China Morning Post
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2022-03-02 12:30:10Z
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