BEIJING — Instead of dramatic new reforms, Chinese leaders are likely to emphasize reining in surging debt and financial risks to keep growth steady at this year’s meeting of the ceremonial national legislature.
The ruling Communist Party is trying to build an economy driven by consumer spending instead of trade and investment. But that could be complicated by trade tensions with U.S. President Donald Trump and slowing demand for export industries that support millions of jobs.
China has spent 10 million yuan (1.5 million dollars) on computers for thousands of members of an advisory body attending the annual parliamentary session -- in an effort to reduce paper waste.The 2,000-plus delegates to the Chinese People's Political Consultative Conference -- from Mao Zedong's grandson to former Olympic champion hurdler Liu Xiang -- received a free Lenovo laptop worth 5,000 yuan (730 dollars).
A week after North Carolina Governor Pat McCrory signed into law a piece of legislation that overrides and prevents local governments from establishing anti-discrimination rules against gay and transgender people, the state’s Attorney General Roy Cooper has called the law a “national embarrassment” that he won’t defend in court.
BEIJING/SHANGHAI (Reuters) - Chinese companies are getting more creative in the business of money lending as they struggle to keep profits ticking over in a cooling economy, raising concerns they are adding to the mountain of debt risks building in the world's No.2 economy.
Having battled the initial consequences of a poor earnings report, analysts are predicting 2015 to be the year for Bank of America Corp (NYSE:BAC). The 14% decline in quarterly profits sent the share price plummeting by almost 4%.
WASHINGTON — As the White House Task Force on 21st Century Policing works to deliver recommendations to President Barack Obama by early March, top administration officials are speaking more openly about the nation’s still-simmering racial tensions and making more expansive declarations about coming reform.
Chinese banks to face slower profits growth in 2014. World Economic Forum to be held in the next few days in Davos. China’s fixes asset investments showed stable growth in 2013. Wipro shares up by 4.5%.
Here in the US, the bank-related scandals pertaining to the financial crisis invariably focus on the go-go years before everything fell apart, when the originate-to-distribute model created horribly skewed incentives across most of the privately-owned financial sector. In the UK, however, the latest big scandal is in many ways the exact opposite: it governs the behavior of RBS, one of the largest banks in the world, after the financial crisis, and after it was effectively nationalized by the UK government.
Branches of Bank of China and the Industrial and Commercial Bank of China (ICBC) have stopped lending amid the country’s current liquidity squeeze, according to Caixin Online.
The two banks, are part of the country’s Big Four. Bank of China was reportedly having a hard time meeting loan-to-deposit requirements before the liquidity squeeze and it plans to resume lending on July 15.