A $20 Trillion Problem: More Than Half Of China’s Banks Fail Central Bank Stress Test
In our latest look at the turmoil among China’s small and medium banks, which included not only the recent bailouts and nationalizations of Baoshang Bank , Bank of Jinzhou, China’s Heng Feng Bank, but also the two very troubling bank runs at China’s Henan Yichuan Rural Commercial Bank at the start of the month, and then more recently at Yingkou Coastal Bank.
As we further explained, the reason why so many (for now) smaller Chinese banks have found themselves either getting bailed out or hit by bank runs, is that in a time when China’s interbank/repo rates have surged amid growing counterparty concerns, increasingly more banks have been forced to rely almost entirely on deposits to fund themselves, forcing them to hike their deposit rates to keep their funding levels stable.
The territory’s recession is getting deeper and the US is threatening its special trading status, bringing serious consequences for Beijing
Almost six months after the protest movement that has upended life in Hong Kong began, the region is now facing serious questions about its future as Asia’s leading international business centre.
The most recent violence in the autonomous Chinese region have been the worst disturbances of the six-month long pro-democracy protests. US lawmakers have passed legislation threatening Hong Kong’s special trading status and the territory has slumped into its worst recession for 10 years.
Continue reading…Read MoreHong Kong, Asia Pacific, Chinese economy, Economics, Business, China, Trump administration
‘Final straw’ was refusal to allow partner to mark dubious claims by far-right parties
Facebook’s only Dutch factchecker has quit over the social network’s refusal to allow them to highlight political lies as being false.
The online newspaper Nu.nl had been Facebook’s only factchecking partner in the Netherlands since Leiden University dropped out of the programme last year. The website had sole responsibility for marking Facebook and Instagram news content for Dutch users as being false or misleading, in order to help power the social network’s tools that suppress distribution of misinformation.
Continue reading…Read MoreFacebook, Netherlands, Europe, World news, Social networking, Technology, Media
Evacuation of responders in face of violent protests demanding protection from militia killings raises fears disease will spread
Ebola responders are on lockdown in the Democratic Republic of the Congo after angry residents stormed a UN peacekeepers camp in protest at fatal militia attacks on civilians, the World Health Organization has said.
On Tuesday, the WHO evacuated 49 non-essential staff out of the 120 people working on the epidemic in the city of Beni in North Kivu, one of the recurring Ebola hotspots.
Continue reading…Read MoreGlobal health, Ebola, Democratic Republic of the Congo, Global development, World news