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Huawei says US sanctions will cost it billions in revenue

AP — Huawei’s founder said Monday that the Chinese telecom giant’s revenue will be $30 billion less than forecast over the next two years, as he compared the company to a “badly damaged plane” as a result of U.S. government actions against it. “We never thought that the U.S.’s determination… Read More

Hong Kong tycoons start moving assets offshore as fears rise over new extradition law

Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions. One tycoon, who considers himself potentially politically… Read More

Europol highlights Russian money as biggest laundering threat

Europe’s Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centred on the region. Pedro Felicio, who is responsible for fighting money laundering at European police agency Europol, told Reuters that “huge inflows of criminal… Read More

14th June 2019

Trump administration reviewing foreign money to US colleges

AP — The U.S. Education Department has opened investigations into foreign funding at Georgetown University and Texas A&M University as part of a broader push to monitor international money flowing to American colleges. Both universities are being ordered to disclose years of financial records amid concerns they have not fully… Read More

10th June 2019

Australia seizes properties from Chinese national with Beijing’s help

The Australian government has confiscated three properties from a Chinese national after a joint money-laundering investigation with China, police said on Saturday. The Melbourne real estate was owned by a 32-year-old Chinese national who had been using an assumed name and had relocated to the Caribbean, the Australian Federal Police… Read More

10th June 2019

Hong Kong plunged into political crisis after huge protest against extradition law

Riot police surrounded Hong Kong’s parliament early on Monday after what had been a peaceful million-strong protest against an extradition bill descended into running clashes between police and protesters. Several hundred riot police armed with batons, shields, tear gas guns and pepper spray sealed off the Legislative Council as a… Read More

7th June 2019

Why Hong Kong’s extradition law changes are fuelling fears

Tens of thousands of people are expected to take to the streets of Hong Kong on Sunday in a bid to block changes to the Chinese-ruled city’s extradition laws, which could pave the way for fugitives wanted by mainland China to be sent across the border for trial for the… Read More

4th June 2019

Hong Kong introduces concessions to extradition bill, but critics say not enough

Hong Kong will make concessions to a controversial extradition bill, Security Secretary John Lee said on Thursday, but opposition lawmakers called for the legislation, which they fear will extend Beijing’s reach into the city, to be scrapped. Various groups in Hong Kong, including democracy activists, have objected to the proposals,… Read More

30th May 2019

Hong Kong judges see risks in proposed extradition changes

Some Hong Kong judges fear they are being put on a collision course with Beijing as the special administrative region’s government pushes for sweeping legal changes that would for the first time allow fugitives captured in Hong Kong to be sent to mainland China for trial. Three senior judges and… Read More

29th May 2019

Asia’s billionaires develop taste for boutique wealth managers

Growing demand by Asia’s rich for independent advisory services and access to a wide variety of investment products is spurring the surge of boutique wealth managers more associated with the established wealth hubs of Switzerland and London. The boutiques, or so-called external asset managers (EAMs), mainly tap small-and-mid-level business owners… Read More

23rd May 2019

Top banking officials in China’s Tianjin warned against corruption

Senior executives at eight banking institutions in China’s Tianjin were warned by the city’s top Communist Party official against corruption, the country’s graft-buster said on Wednesday. Tianjin’s Party boss Li Hongzhong criticized some officials at Tianjin’s financial institutions for having “lost morality” and “seriously violating the Party’s rules and discipline”,… Read More

22nd May 2019

Hobbling Huawei: Inside the U.S. war on China’s tech giant

In early 2018, in a complex of low-rise buildings in the Australian capital, a team of government hackers was engaging in a destructive digital war game. The operatives – agents of the Australian Signals Directorate, the nation’s top-secret eavesdropping agency – had been given a challenge. With all… Read More

20th May 2019

Chinese firms’ missing $6 billion tests regulators’ resolve

Cash is considered among the hardest assets for a company to fake, which is why the disappearance of a combined $6.1 billion from two Chinese companies has dumbfounded investors and forced regulators to take action. Drugmaker Kangmei Pharmaceutical Co Ltd, a constituent of MSCI’s global indexes, in April said an… Read More

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