Tag: Chinese

Australian politician tells inquiry Chinese visa scheme was a scam

SYDNEY (Reuters) – An Australian politician at the centre of a corruption probe told an inquiry on Wednesday that he had received envelopes full of thousands of dollars in cash at his parliament office as part of a scheme for Chinese nationals to fraudulently acquire visas.

Daryl Maguire, who quit the New South Wales (NSW) state parliament in 2018, agreed with the NSW Independent Commission Against Corruption that the scheme, where Chinese nationals paid large sums for a business in NSW to pretend they were employed there, was a scam.

Maguire and his business associate, Maggie Wang, received up to A$20,000 ($14,000) for each business they recruited to the scheme. He agreed it was a breach of public trust.

Wang had told the inquiry on Tuesday that she had shared profits from the scheme with Maguire, and also admitted lying to investigators.

Maguire accepted another allegation heard by the inquiry

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Asia-Pacific stocks mostly up; Chinese yuan moves following central bank action

SINGAPORE — Stocks in Asia-Pacific mostly advanced on Monday, with investors monitoring the Chinese yuan’s movements.

Mainland Chinese stocks were among the biggest gainers regionally, with the Shanghai composite up 2.64% to close at about 3,358.46 while the Shenzhen component jumped 3.151% to finish its trading day at approximately 13,708.07.

The moves in Chinese stocks came after state media outlet Xinhua reported Sunday that the country “unveiled a new comprehensive reform plan for Shenzhen,” giving local authorities there a “more direct and greater say in business” in areas such as carrying out market-based economic reforms.

Hong Kong’s Hang Seng index also surged 2.2% to close at 24,649.68. Shares of Chinese banks listed in the city soared: China Construction Bank added 5.58%, ICBC was up 5.74% while Bank of China gained 4.18%.

Elsewhere, South Korea’s Kospi rose 0.49% to close at 2,403.73.

Meanwhile, shares in Australia were higher on the day,

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Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly

One of China’s biggest banks recently opened up registration for wallets using the country’s central bank-backed digital currency. There are four levels of the wallet, according to reports. However, the bank took the offer down a few hours later.

China’s Digital Currency Wallet Launch

China Construction Bank (CCB), one of the country’s largest state-owned banks, reportedly launched a digital renminbi wallet in its official app Saturday, Sina reported citing a 21st Century Business Herald reporter. Users in the areas where the digital yuan is being tested, such as those in Shenzhen, reportedly could register for the wallet.

The bank’s user agreement explains that the services provided by the digital renminbi wallet include payment, redemption, transfer, and credit card recharge, the publication detailed, adding that there are four levels of the digital renminbi wallet with varying balance and payment limits.

Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly
Screenshots of the CCB’s digital renminbi wallet, courtesy of 21st
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California judge rejects bid to return Chinese scientist to jail

A federal judge has rejected prosecutors’ request that bail for a Chinese researcher be revoked, saying that the government is unfairly trying to link her to spying without filing such charges.

U.S. District Judge John A. Mendez, in a three-page order issued Thursday morning, refused to order Dr. Juan Tang removed from the custody of a Bay Area lawyer who has taken her in and return her to the Sacramento County Main Jail while she awaits trial on charges of lying about her ties to China’s military and communist party.

The order upholds an earlier finding by U.S. Magistrate Judge Kendall J. Newman that Tang could be released under an agreement in which Foster city attorney Steven Cui — who does not know Tang — agreed to put up his home to provide the $750,000 bail for Tang, who came to California in December to conduct cancer research at UC

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Koolearn Technology: Leading Chinese Online Education Company (OTCMKTS:KLTHF)

Elevator Pitch

I assign a Neutral rating to Chinese online education company Koolearn Technology Holding Limited (OTCPK:KLTHF) [1797:HK].

The K-12 education business is the key growth driver for Koolearn Technology, and all eyes are its location-based live interactive after-school tutoring courses referred to as DFUB. Looking ahead, DFUB has significant room to grow via further expansion into lower-tier cities in Mainland China and price increases.

On the flip side, Koolearn Technology’s K-12 education business remains loss-making, and the company’s recent share placement could possibly suggest that its share price has peaked. Koolearn Technology trades at a premium to most of its online peers, with consensus forward FY 2021 (YE May 31) and FY 2022 Enterprise Value-to-Revenue multiples at 15.9 times and 9.9 times, respectively. As such, I see a Neutral rating for Koolearn Technology as fair.

Readers have the option of trading in Koolearn Technology shares listed either on the

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Former Wagga MP Daryl Maguire at ICAC accused of cash-for visa migration ‘scam’ for Chinese workers | The Canberra Times

news, national,

The Independent Commission Against Corruption has heard damning claims that former MP Daryl Maguire ran a cash-for-visas “scam” via his secret involvement in a NSW Riverina company. Counsel assisting ICAC, Scott Robertson, told the hearing that the Wagga Wagga-based employment listed in the applications did not exist and the applicants were part of a “scam” to use “no-show jobs” as a pathway to permanent residency in Australia.
ICAC was also presented with an intercepted phone call in which Mr Maguire discussed meetings with a Samoan government official as part of proposal to build a casino in the Pacific Islands nation.
Wagga businessman Phillip Elliott told the first day of hearings in Sydney on Monday that Mr Maguire was “effectively a director” of G8wayinternational but was kept off the paperwork to avoid declaring his involvement to Parliament. AS IT HAPPENED: Live blog of ICAC’s first day of hearings into

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VOX POPULI: Good and cheap Chinese eatery in Ginza falls victim to virus crisis : The Asahi Shimbun

Four factors–quick, cheap, tasty and plentiful–define an ideal dish for me, a person with a big appetite.

This type of fare was typically served at Ranshu, a small Chinese restaurant in Tokyo’s Higashi-Ginza district.

I frequently dropped by the eatery, located close to my workplace, and also used its delivery service.

The restaurant has also been a favorite among actors performing at the nearby Kabukiza Theater and Shinbashi Enbujo theater.

But it closed its doors on Sept. 19 after 40 years in business, unable to hold its own against the onslaught of the novel coronavirus pandemic.

When I visited the place on its final day, I found a line of patrons eager to enjoy their beloved dishes one last time.

Owner Naoshi Tomizawa, 70, said the restaurant’s sales began plunging around the time a nationwide state of emergency was declared this spring.

“We rode out many crises before, but

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How Chinese Industry Giants are Leading the World by Creating Enormous Business Ecosystems

Spider Media

China business ecosystem research
China business ecosystem research
China business ecosystem research

SHANGHAI, China, Sept. 18, 2020 (GLOBE NEWSWIRE) — Global media agency, Spider Media recently released an in-depth insight into the world of Chinese ecosystems. Taking a look at how these ecosystems are formed, operate and develop, the team presented a comparative analysis of three very different industries and styles. The report specifically outlines how food logistics, big-tech and manufacturing oftentimes use similar ideas to organize themselves into highly-efficient ecosystems of interdependence.

As the undisputed global leaders in manufacturing, China has for years been perfecting the model of open innovation within large business ecosystems. Adding to much of the country’s economic rise over recent decades, these huge ecosystems are comprised of a great number of smaller component parts that allow for ultra-specialization at each individual point in the business cycle.  
Oftentimes spanning multiple verticals, these ecosystems are seen everywhere from digital

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TikTok, WeChat ban exposes a slew of U.S. tech stocks to Chinese retaliation risk

The messenger app WeChat and short-video app TikTok are seen near China and U.S. flags in this illustration picture taken August 7, 2020.

Florence Lo | Reuters

(This story is for CNBC Pro subscribers only.)

The Trump administration just threatened to slap a new ban on two widely popular Chinese-owned apps in the U.S., leaving a slew of companies vulnerable to retaliation measures from China as the nation has a long history of punching back.

The Commerce Department announced Friday it will prohibit new downloads and block some transactions over WeChat and TikTok starting Sunday, amid Oracle and Walmart’s attempt to take a stake in TikTok’s U.S. business. If the U.S. follows through on this threat, it could not only strike a harsh blow on U.S. firms with revenue exposure to these apps, but also put a variety of tech companies in a weak position depending on China’s counter action. 

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Tennessee recruiting Chinese business while ‘reviewing’ policy

CLOSE

Governor Bill Lee talks with the media after attending a briefing with the Dr. Deborah Birx and other health officials in Nashville, Tenn. Monday, July 27, 2020  (Photo: Larry McCormack / The Tennessean)

Despite strained national relations between the United States and China, Tennessee is still moving forward with recruiting Chinese foreign investments to the Volunteer State.

“The great news is we recruit companies, not countries,” economic development commissioner Bob Rolfe said in an interview this week, defending the state’s ongoing efforts to bring Chinese business to Tennessee amid tough-on-China rhetoric from President Donald Trump and other prominent conservatives.

The state participated virtually in the North American Chinese Investment Summit, held Sept. 6 in Beijing, submitting video messages from both Rolfe and Gov. Bill Lee.

Tennessee officials’ appearances, first reported by Chinese news site China.org, were part of the state Department of Economic and Community Development’s longstanding efforts

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