How Much Do Wall Street Banks (NYSE:GS, SIX:CSGN) Pay in China? Communists Ask - Bloomberg

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1. How Much Do Wall Street Banks (NYSE:GS, SIX:CSGN) Pay in China? Communists Ask  Bloomberg
2. China Warns Foreign Banks on Pay  finews.asia
3. Wall Street's China Problems Multiply  Bloomberg Markets and Finance
4. Watch Wall Street's China Problems Multiply  Bloomberg
5. View Full coverage on Google News

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2022-06-12 22:00:14Z
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Tasty name but no Big Mac: Russia opens rebranded McDonald's restaurants - CNA

BETTER THAN A BIG MAC?

The flagship Moscow restaurant is among 15 rebranded outlets that are initially opening in and around the capital on Sunday. Oleg Paroev, CEO of Vkusno & tochka, said the company was planning to reopen 200 restaurants in Russia by the end of June and all 850 by the end of the summer. 

"For three months we did not work," said Ruzanna, manager of a Moscow branch that is due to open in July. "Everyone is very pleased."

The chain will keep its old McDonald's interior but will expunge any references to its former name, said Paroev, who was appointed Russia McDonald's CEO weeks before Moscow sent tens of thousands of troops into Ukraine on Feb 24.

"Our goal is that our guests do not notice a difference either in quality or ambience," Paroev told a media conference in the restaurant. He said the chain would keep "affordable prices", though added that prices would likely rise due to inflation, but not higher than its competitors.

Siberian businessman Alexander Govor, the new owner of the chain, told Reuters that it would look to launch something similar to McDonald's flagship Big Mac.

"We don't have the right to use some colours, we don't have the right to use the golden arches, we don't have the right to use any mention of McDonald's," he told Reuters.

"The Big Mac is the story of McDonald's. We will definitely do something similar," he said. "We will try to do something even better so that our visitors and guests like this dish."

CEO Paroev added the company was looking for new suppliers of soft drinks as it runs down some stocks of Coca Cola, which is suspending its sales in Russia. Paroev said all but 2% of the chain's ingredients are sourced within Russia.

Not everyone was impressed.

Moments after the press conference finished a man stood up in front of the cameras holding a sign that read "Bring back the Big Mac". He was swiftly escorted out by restaurant staff.

NEW OWNER: I PAID SYMBOLIC SUM

Govor is one of many Russians snapping up assets as hundreds of Western firms flee. He said on Sunday that he paid a "symbolic" figure "far lower than market price" for McDonald's Russia. McDonald's, the world's largest burger chain, took a charge of up to US$1.4 billion following the sale.

Russian authorities have said the US group has the right to buy back its restaurants within 15 years - though Govor poured cold water on that possibility.

"They made it clear to me that they would not buy back," Interfax quoted him as saying.

McDonald's, which has said that Govor will retain the chain's tens of thousands of employees for at least two years, was not immediately available to comment further about the terms of the sale or its future Russian intentions.

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2022-06-12 08:43:00Z
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Dramatic footage of Hong Kong machete gang attack emerges - CNA

A machete-wielding gang attacked a rival group in one of Hong Kong's busiest nightlife districts in the early hours of Friday (Jun 10), with the clash leaving one man with a gunshot wound and two others injured, police said.

Dramatic dashcam footage, showing men armed with knives jumping out of a car and attacking a nearby vehicle before abruptly turning and fleeing, has been widely circulated.

Senior superintendent Tony Ho said the incident was a case of "retaliation" between two organised crime groups - known as triads - over the splitting of profits from criminal activities such as drug trade and illegal gambling.

"The incident was instigated by two triad groups, they have been at each others' throats for quite some time," Ho told reporters, adding that four men had been arrested.

Three cars belonging to one gang were waiting at a traffic light when they were attacked by at least eight assailants, Ho said, but the ambush was quickly repelled.

At least two shots were fired against the instigators, the superintendent added, though no details were given on the shooter's identity.

Earlier in the day, a section of the road near the popular Lan Kwai Fong area was cordoned off by armed officers, as they searched a Lexus with its side and front crumpled in for evidence.

VIDEO FOOTAGE

A dashcam video, whose location, timestamp and events match police descriptions of the clash, emerged Friday, though AFP was unable to trace the footage's exact origin.

The video shows a line of vehicles stopping at a traffic junction, when assailants brandishing machete-like knives spring out of a car that appears to be the Lexus left at the scene on Friday, and start attacking an adjacent white car.

As the men begin the assault, a black van positioned behind the white car rams into the attackers' car, hitting at least two of the assailants before speeding away from the scene.

Several other men with knives run into frame, but after pressing on with the attack for a few seconds, most of the perpetrators abruptly turn around and flee the scene.

Police received reports of the clash at 2.40am local time and arrived at the scene to find six men, all belonging to the group that started the attack.

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2022-06-10 06:59:47Z
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Food shortages are next global health crisis: Expert - CNA

LONDON: Growing food shortages may represent the same health threat to the world as the COVID-19 pandemic, a leading global health figure has warned.

Rising food and energy prices, in part sparked by the war in Ukraine, could kill millions both directly and indirectly, Peter Sands, the executive director of the Global Fund to Fight AIDS, Tuberculosis and Malaria, told Reuters in an interview on Tuesday (Jun 7).

"Food shortages work in two ways. One is you have the tragedy of people actually starving to death. But second is you have the fact that often much larger numbers of people are poorly nourished, and that makes them more vulnerable to existing diseases," he said.

He said efforts to improve pandemic preparedness should not make the "classic" mistake of concerning themselves only with crises that resemble the most recent threat the world has faced.

"It's not as well-defined as some brand new pathogen appearing with distinctive new symptoms. But it could well be just as deadly," he said.

The World Health Organization estimates that 15 million people may have died as a result of COVID-19.

Sands said investment was needed to strengthen health systems to help prepare for the repercussions of food shortages, which is part of the Global Fund's remit.

The Geneva, Switzerland-based fund is aiming to raise US$18 billion to boost health systems, fight the three core diseases in its title, and reverse setbacks caused by the pandemic. It has raised just over a third of its target for 2024-2026.

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2022-06-07 19:22:00Z
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China's consumers keep their wallets in lockdown as COVID-19 curbs ease - CNA

Chinese authorities, however, have been reluctant to spur consumption with cash handouts similar to those in developed countries.

They face fiscal constraints, and fear that handouts would end up favouring China's wealthiest regions, which were hardest hit by the lockdowns, at a time when the government has pledged to address economic inequality. Authorities also worry that any government cash given to China's typically thrifty consumers would end up in savings accounts rather than getting spent.

Instead, China's cabinet has unveiled a package of policy measures to help COVID-19-hit businesses and spur investment, with only limited steps to encourage purchases of cars and home appliances.

Shenzhen has allotted 500 million yuan (US$75 million) for consumption vouchers and 100 million yuan in subsidies for consumer electronics, which combined are equivalent to roughly US$5 per resident.

Shanghai is offering subsidies of 10,000 yuan for residents who switch to electric cars. Most of its measures to reboot an economy shattered by two months of lockdown have focused on supporting businesses.

Such support for consumers hard-pressed by the pandemic is dwarfed by the US$3,200 in stimulus cheques received by millions of Americans since early 2020.

"The authorities are rolling out policies to stimulate consumption, but it would be hard to see a sharp rebound," said Zhang Yiping, economist at China Merchants Securities in Shenzhen.

"People's incomes are diminished and there's very heavy pressure on employment."

The consumption slump has stoked debate among economists and policy advisers on whether China should take more direct stimulus steps to support consumers.

Lin Yifu, a Peking University professor and former World Bank chief economist, recommends giving 1,000 yuan to families in areas under lockdown. His colleague Yao Yang goes further, suggesting that China give 1,000 yuan to each resident, preferably in digital currency.

But Chinese policymakers show no signs of budging from their preference for supporting businesses and infrastructure projects, policy insiders said.

"We should focus on boosting effective investment. Without investment, consumption will falter soon," Jia Kang, the former head of the finance ministry's think tank who now runs the China Academy of New Supply-side Economics, told Reuters.

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2022-06-07 10:03:00Z
CBMid2h0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vYnVzaW5lc3MvYW5hbHlzaXMtY2hpbmFzLWNvbnN1bWVycy1rZWVwLXRoZWlyLXdhbGxldHMtbG9ja2Rvd24tY292aWQtY3VyYnMtZWFzZS0yNzMyMTgx0gEA

Malaysia palm oil group warns of losses ahead from 'severe' labour crunch - CNA

KUALA LUMPUR: Malaysia is missing a golden opportunity to capitalise on high palm oil prices and could suffer more production losses due to a "severe" shortage of about 120,000 workers, the Malaysian Estate Owners' Association (MEOA) told Reuters on Monday (Jun 6).

The world's second biggest palm oil producer has been struggling to harvest palm fruit due to a labour shortage exacerbated by its pandemic-related immigration restrictions.

Foreign workers, mostly from Indonesia, typically make up about 80 per cent of the workforce in Malaysian estates, which numbered about 437,000 at the start of the pandemic.

Palm oil prices hit record highs this year due to the labour crunch, export caps at top producer Indonesia and the Russia-Ukraine war, but Malaysian producers are unable to take advantage of that, the MEOA said.

"The sad reality is that Malaysia is missing the golden opportunity presented on a platter as we are not able to cope with the harvesting of all the oil palm bunches at the appropriate harvesting rounds set against the present limited labour force," the MEOA said.

In September, Malaysia approved the recruitment of 32,000 migrant workers for palm plantations, but the foreign labour has yet to enter the country due to permitting holdups.

The group said industry projections for 2022 production to be at 18.6 million tonnes could be lowered further if labour does not come in immediately.

Last week, state agency the Malaysian Palm Oil Council (MPOC) lowered its production outlook to 18.6 million tonnes for the year from an earlier estimate of 18.9 million tones.

"This projection can be further reduced if the government is not able to act now amid the slow progress in issuing the 32,000 extended permits," the MEOA said.

Indonesia last week cancelled a plan to send its citizens to work in Malaysian palm oil plantations, citing procedural issues.

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2022-06-06 04:06:00Z
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Crowds cheer (and jeer) as Prince Harry and Meghan return to UK - Channel NewsAsia

Prince Harry and his wife Meghan were greeted with cheers and some jeers as they joined the royal family at a thanksgiving service on Friday (Jun 3) for Queen Elizabeth, their first public appearance together in Britain since quitting royal duties. 

Harry, 37, and Meghan, 40, the Duke and Duchess of Sussex, joined other senior royals at the service at London's St Paul's Cathedral, the latest event in Platinum Jubilee celebrations marking the queen's 70 years on the throne.

The couple moved to the United States two years ago to lead a more independent life, and live in a mansion in California with their two young children Archie and daughter Lilibet, who was named after Queen Elizabeth, her great-grandmother.

Harry and Meghan have become divisive figures in Britain, with some Britons and many media outlets pouring scorn on their move and their commercial activities, such as striking a deal with global streaming service Netflix, though others regard them as a breath of fresh air for the tradition-bound monarchy.

There were loud cheers and some boos as they arrived at the cathedral on Friday, while the eyes of the congregation were fixed on them as they walked to their seats.

BOMBSHELL INTERVEIW

The couple, who had said they were "excited and honoured" to attend the Platinum Jubilee events, made headlines with a bombshell Oprah Winfrey interview in March last year when Meghan, who is biracial, accused an unnamed royal of racism and Harry said his family had cut them off financially.

Their relationship with the other royals has been frosty since then, most notably with Harry's elder brother Prince William. Harry's criticisms of his family have continued since the Oprah interview and there was no obvious interaction between the brothers at Friday's service.

Harry has been embroiled in a legal dispute with the British government, which will not allow him to pay for police protection when he is in Britain. Although he returned to Britain in April last year for the funeral of his grandfather Prince Philip, the queen's husband, he did not attend a recent memorial service because of the security issue.

However, the couple met the queen at Windsor Castle in April on their first private trip to Britain since quitting royal duties. A palace source has said Harry, Meghan and his children remained "much loved members of the family".

Media reports suggested the 96-year-old queen, who missed Friday's service due to her ongoing mobility issues, had finally met Lilibet for the first time on Thursday, though a palace source described this as complete speculation.

Harry said he had stepped back from his royal duties because the "toxic" British press had been destroying his mental health, and he and Meghan, who have successfully sued one tabloid and refuse to engage with others, have become figures of ridicule and scorn for many newspapers.

A YouGov poll this week suggested the couple's popularity with the public had hit a new low, with Harry having a net favourability score of -26 and Meghan -42.

Only Prince Andrew, who in February paid to settle a U.S. lawsuit in which he was accused of sexually abusing an underage girl, had a lower score among the royals.

But gathered outside St Paul's, some royal fans said seeing the couple would be a highlight.

"It's nice to see people of colour because it shows more diversity and I think that's something that will help make the world a better place," said Bella Bigord, 13.

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2022-06-04 07:23:00Z
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