HSBC Plans to Move HQs to Hong Kong

Stuart Gulliver yesterday laid out a list of downsides to keeping HSBC’s headquarters in Britain, in contrast with the potential advantages of moving to its historic home of Hong Kong. Britain had “rejected the concept of universal banking”, Mr Gulliver said, and its forthcoming rules to ringfence low-risk retail and commercial banking operations could be “very, very difficult” for HSBC. Indeed, if the final rules mean that HSBC’s group management has no meaningful control over the British bu...
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China’s Shadow Hovers over Senate Trade Debate

The Senate Finance Committee’s vote late Wednesday to approve “fast track” trade legislation revealed two things: Some Democrats strongly support the measure, and concerns about China’s currency practices will dog the bill as it moves through Congress. “I think this is well on its way to passing,” Senate Finance Committee Orrin Hatch told reporters after the 20-6 bipartisan vote for the bill, which would empower the White House to finish a controversial Asia-Pacific trade deal. Seven Democrat...
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BRICS Development Bank to Compliment AIIB

The BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), both seen as alternatives to US – led institutions, will not compete, but rather complement each other, said the head of the Central Bank of Russia Elvira Nabiullina. Nabiullina made the statement Thursday in Washington where she is attending the spring meetings of the International Monetary Fund and World Bank. "I don't think there's less energy (around the BRICS bank). We didn't feel that. To the contrary, ...
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China’s Elite Worth 10 Times the GDP of Norway

The mainland economy may be going through a rough patch but its population of "ultra-rich" is at an all-time high, according to the Shanghai-based wealth-ranking company Hurun Report. A study of "ultra-high-net-worth" individuals made by Hurun Report and China Minsheng Bank found that, as of the end of September, the number of mainlanders with assets worth at least 500 million yuan (HK$633 million) passed 17,000, the most in the 15 years since Hurun launched its first China wealth...
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China Builds New World Order with Western Help

Learning to speak Chinese may be a really good investment. In 2009, billionaire financier and establishment powerbroker George Soros called for the communist regime ruling mainland China to “own” what he referred to as the “New World Order.” In 2015, it has become clear that Beijing is stepping up to the plate as its agents infiltrate the full architecture of existing “global governance” institutions, even while adding their own totalitarian-minded tentacles to it. And despite the effort to p...
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Russia to Chair BRICS Business Council

As Russia assumes the chairmanship of the BRICS business council, the launch of the New Development Bank for its members will begin as an alternative to the US-dominated International Monetary Fund (IMF). Sergey Katyrin, President of the Russian Chamber of Commerce, took over the chairmanship of a business council of BRICS, an economic association made up of Brazil, Russia, India, China and South Africa, on Wednesday. The seventh summit of BRICS will be held in the southern Russian city of...
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China’s new Development Bank seen as embarrassment for Obama

China's new development bank, which was announced just five months ago, is becoming a massive headache for the US. Try as it might, the US government can't persuade its allies to stop joining the Asian Infrastructure Investment Bank (AIIB). The bank will be a bit like the World Bank, providing loans to developing countries in Asia for infrastructure projects. Unlike the World Bank, China will hold the reins of the AIIB. The US administration is publicly worried that the institution will...
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Australia & Denmark apply to join China-led bank

Australia and Denmark, despite previous American objections to the move, say they will join a new Beijing-backed investment bank that some in Washington say could supplant the US-dominated International Monetary Fund. In a testament to China’s growing economic clout on the global stage, western countries are lining up to join the Asian Infrastructure Investment Bank, or AIIB. Australian Prime Minister Tony Abbott and Treasurer Joe Hockey expressed their country’s willingness to join AIIB a...
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Putin: Key Player in the “New World Order”

Shortly before getting on the plane, 10-year-old Miguel Calehr, as countless children do before flying, asked his mother what would happen when it crashed. “Come on, don’t be silly, you’ve been traveling already so many times,” Miguel’s mom, Samira Calehr, remembers telling her nervous son. “Everything’s going to be OK.” The boy was still frightened despite his mother’s soothing words. But with his older brother, Shaka, 19, by his side, Miguel shuffled through the security checkpoint anyway. ...
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