Keith Richards has quit cigarettes and alcohol
Keith Richards has quit cigarettes and alcohol
Ministers have announced plans to redefine the meaning of “treasure” in order to increase the protection of precious artefacts. Items of treasure will no longer just be defined by their “material qualities”, it was announced on Friday. Culture minister Caroline Dinenage said that artefacts will be better protected for the public under the new definition.
The Washington, D.C., attorney general alleges the president's inaugural committee made efforts to “grossly" overpay for the family's hotel
With multiple vaccines close to becoming available in a world gripped by the coronavirus pandemic, manufacturers have become the target of hackers trying to steal trade secrets or disrupt supply chains.
Raina Perez made a 3-pointer with 3:07 left that put No. 8 North Carolina State ahead to stay and the Wolfpack ended No. 1 South Carolina's 29-game winning streak with a 54-46 victory Thursday night. The Wolfpack (3-0) beat a top-ranked opponent for the first time since knocking off Duke in the 2007 Atlantic Coast Conference Tournament. The Gamecocks were ice-cold throughout, shooting 28% from the field.
Queensland snake catchers were called to a home in Flinders View after an eastern brown snake went on the loose in a child’s bedroom, footage posted on December 1 shows.Footage posted by Snake Catchers Ipswich & Logan shows what appears to be a baby snake slithering around pieces of furniture, including a stroller and children’s shoes. Credit: Snake Catchers Ipswich & Logan via Storyful
(Bloomberg Opinion) -- Three cheers for the U.S. House of Representatives for passing a bill that could kick out Chinese companies listed on American exchanges. The tens of thousands of financial worker bees who have built their careers trading and servicing behemoths like Alibaba Group Holding Ltd and JD.com Inc. can finally get some sleep at night.Nearly a decade ago, I started my journalism career with Barron’s, the financial investment magazine. Based in Hong Kong, I would work well into the night calling emerging markets fund managers in New York, asking them for their views on China and their stock picks. Often, I went to bed at 2 AM. I was no exception. Ringing the Nasdaq bell used to be every Chinese tech company’s Holy Grail and hundreds have managed to snag a prestigious listing in one U.S. exchange or another. But that meant that Asia-based investors had to be vigilant at night in their quest to buy into the “China dream” being traded in the U.S. daytime. The time zones are halfway around the world from each other. Few went to sleep before New York trading began, and some habitually woke up in the middle of the night checking markets on their phones. Now, the dynamic could change. If U.S.-listed Chinese companies have no choice but to “return home,” they can’t, of course, be bought or sold in New York or other U.S. exchanges. But many of the Chinese blue-chips have secondary listings in Hong Kong so stockholders should hold on to their shares because that’s how they can continue to chase the China dream. Hong Kong will be where the trading will flow.And the activity is bound to grow, despite being exiled from the U.S. That’s because mainland investors will be allowed to buy into the secondary listings via the Hong Kong Stock Connect, which links the city’s exchanges to those in Shanghai and Shenzhen. Right now, Hong Kong already hosts 29% of Alibaba’s outstanding shares, versus 22% a year ago, exchange data show. Why would Chinese companies want to be listed in the U.S., anyway? Prestige is intangible and fleeting. Five years ago, the more solid arguments were that the mainland exchanges lacked depth, or that Hong Kong was too obsessed with profitability, a requirement that discriminated against tech firms that had little yet to show but lots of potential. Those factors have changed dramatically because of listing rule changes in Hong Kong. A lot of trading in Chinese companies has already shifted from New York to Asia.The ostensible reason for the U.S. ban — which passed the Senate months ago and will become law if and when Donald Trump signs the legislation — are the accounting scandals that have plagued Chinese companies. The Securities and Exchange Commission blames them on Beijing’s refusal to allow the Public Company Accounting Oversight Board — an auditor of auditors set up after the Enron scandal — to inspect the work papers of its U.S.-listed Chinese companies.While shifty accounting is certainly part of the problem, many fund managers based in New York never really looked deeply into where they were sinking their money. Distance is a factor. How would someone sitting in Park Avenue have any sense of what’s happening on the ground in China? Consider Luckin Coffee Inc., the disgraced Chinese coffee chain. Mainland investors never bought into the Luckin story; many said it was not B2B, or B2C, but business to “dumb-ass American money.” But Luckin figured out how to latch onto an emerging markets investment theme favored by American investors and raised over $1.6 billion in the U.S. Imagine: a morning cup much cheaper than Starbucks Corp, served to millions of Chinese who are switching from tea to coffee!There are plenty of other examples of U.S.-based investors getting burned because they weren’t paying attention to facts on the ground in China. Qudian Inc., a fintech based in Xiamen, had a $1 billion IPO on the NYSE in October 2017, but tumbled shortly after because Beijing decided to cap the interest rate lenders could charge to consumers. Chinese education stocks were all the rage in the U.S. until August 2018, when China decided to amend rules governing the country’s lucrative private education sector.The point is, China is an emerging market with fast and furious credit cycles and new regulations springing up alongside nascent industries. While Asia-based investors don’t know what’s on President Xi Jinping’s mind either, they at least have a better sense, having breathed the air and tried out all the new apps and concepts. Plus, new regulations in China never just come out of nowhere: They are often responses to social outcry over local problems. Investors in Asia can sense this in the atmosphere and thus have better risk control. To be sure, with the incoming Joe Biden administration, there might be compromises and conciliations in the implementation of the new bill. But Wall Street shouldn’t feel optimistic about business remaining as usual. China’s new securities law, which came into effect in March, states explicitly that overseas regulators can’t directly inspect or collect evidence on Chinese soil. Beijing considers this a sovereign issue. Chinese companies are coming home, whether you like it or not. In journalism, it’s valuable being on the ground. Shouldn’t that be the case with finance as well? If only to avoid pitfalls, it shouldn’t be this easy for Americans to purchase Chinese stocks. Visit the country and see what’s happening. To buy China, you need to work in its time zone.(Corrects spelling in the name of the Public Company Accounting Oversight Board in paragraph 7)This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investors in Asia geared up for modest stock gains on Friday as U.S. legislators wrangled over a fiscal stimulus and negotiations over a Brexit trade deal continued. A $908 billion U.S. coronavirus aid plan gained momentum in U.S. Congress on Thursday, buoying U.S. markets. "The U.S. fiscal situation is pretty fluid, but it's more encouraging than in the beginning of the week," said Ray Attrill, head of FX strategy at National Australia Bank in Sydney.
House of the Dragon is set to begin production in 2021
Squeals, laughter and music fill a skating rink in Hong Kong's main park as skaters gather for their weekly glide -- the buzz that had been missing in the city’s rinks for decades is now making a comeback.
The Trump administration on Thursday added China's top chipmaker, SMIC, and oil giant CNOOC to a blacklist of alleged Chinese military companies, a move likely to escalate tensions with Beijing before President-elect Joe Biden takes office. The Department of Defense designated a total of four additional companies as owned or controlled by the Chinese military, also including China Construction Technology Co Ltd and China International Engineering Consulting Corp.
Virginia brings plenty of momentum into Saturday's matchup with Boston College, which may be playing its last game of the season. The Cavaliers (4-4, 3-4 Atlantic Coast Conference) have rallied behind quarterback Brennan Armstrong, who missed two games (both losses) and part of a third with a concussion earlier in the season. “I marvel sometimes just at that arm strength and some of the throws that he makes in some of the windows that he throws them into,” coach Bronco Mendenhall said this week.
A top Google scientist on ethical artificial intelligence says she was fired after criticizing the company's diversity efforts, a claim the Alphabet Inc unit disputed on Thursday, in the latest brush-up between the internet giant and worker activists. Timnit Gebru, who is Black, said on Twitter she was fired on Wednesday after sending an email to colleagues expressing frustration over gender diversity within Google's AI unit and questioning whether company leaders reviewed her work more stringently than that of people from different backgrounds. Gebru co-founded the nonprofit Black in AI that aims to increase representation of people of color in artificial intelligence and co-authored a landmark paper on bias in facial analysis technology.
After six years and 6bn km, Japan's Hayabusa2 prepares to bring home cargo of asteroid dustJapanese craft collected dust from the asteroid Ryugu that scientists hope could shed light on the origins of life
The strange case of the weapons maker and the Australian children's charity. An anti-war group accused BAE Systems Australia of trying to sanitise its reputation through its ‘partnership’ with The Smith Family
Care home residents and staff prioritised amid fears over potential vaccine shortage
SPOILER ALERT: The story includes a detail about tonight’s episode of Grey’s Anatomy. The promo for tonight’s fourth episode of ABC’s hit medical drama Grey’s Anatomy teased that “another person returns from Meredith’s past.” As Meredith (Ellen Pompeo) continues to battle COVID-19, her dreams have been taking her to a beach where the love of […]
Byron Allen’s recently-acquired MGM over-the-air broadcast television network Light TV will transition to TheGrio.TV television network on January 15, 2021. The newly-rebranded broadcast television network will feature African American-focused content reaching over 100 million US households via over-the-air broadcast television stations, cable/telco/satellite platforms, and free digital streaming. TheGrio.TV has as its new network brand slogan […]
South Korean battery makers LG Chem and SK Innovation are sparring over whether the U.S. International Trade Commission (ITC) should consider recent electric vehicle recalls in a trade secrets case. LG Chem, an EV battery supplier for Tesla and General Motors, filed its trade complaints against SK Innovation last year in the United States. Alleging trade secret theft, LG seeks to block SK from producing battery cells in the United States and from importing the components necessary to make them.
The inclusion of flyhalf Jaco van der Walt to face Ireland in Dublin makes him the third South African to debut for Scotland over the last month with prop Oli Kebble and winger Duhan van der Merwe also in the matchday squad on Saturday. "There are a few things you think about on selection," Townsend told a news conference on Thursday.
Hayabusa-2 will near Earth to drop off rare asteroid samples before heading back into deep space on a new extended mission