PoliticsAFP NewsBiden overturns Trump ban on transgender US troops
US President Joe Biden on Monday overturned Donald Trump's ban on transgender people serving in the military, saying "all Americans" qualified to serve should be able to do so.
ScienceAFP NewsGorilla treated with antibodies recovering from Covid, says US zoo
An elderly gorilla was recovering from a serious case of Covid-19 after he was treated with cutting-edge synthetic antibodies, the San Diego Zoo said Monday.
NewsReutersIndia to impose permanent ban on 59 Chinese apps, including TikTok: Indian media
When it first imposed the ban, the Indian government gave the 59 apps a chance to explain their position on compliance with privacy and security requirements, the Times of India https://bit.ly/3iJxgcX reported on Monday. The companies, which include ByteDance's popular video-sharing app TikTok, Tencent Holdings' WeChat and Alibaba's UC Browser, were also asked to respond to a list of questions, the newspaper said. The ministry's June order stated that the apps were "prejudicial to sovereignty and integrity of India, defence of India, security of state and public order".
PoliticsAFP NewsVOA, Radio Free Asia get editors back post-Trump but worry about damage
Voice of America and Radio Free Asia are getting back experienced editors who were shoved aside by Donald Trump's appointees as the outlets say they hope the tumult will not tarnish their credibility.
NewsAFP NewsParis Pompidou Centre to close for four-year refit
The Pompidou Centre, one of Paris's top cultural attractions and home to Europe's biggest modern art collection, is to close from 2023 for four years of renovations, France's culture minister said on Monday.
NewsAFP NewsCalifornia ends wide lockdown as Covid hospital strain eases
California lifted blanket "stay-at-home" orders across the US state Monday, paving the way for activities such as outdoor dining to return even in worst-hit regions as the pandemic's strain on hospitals begins to ease.
PoliticsAFP NewsHouse to send Trump impeachment article to Senate, triggering trial
The US House of Representatives is to deliver a single article of impeachment to the Senate on Monday accusing Donald Trump of inciting the storming of the Capitol, triggering the first-ever impeachment trial of a former president.
PoliticsReutersYellen set for Senate confirmation vote as first woman Treasury secretary
The U.S. Senate is set to vote on Janet Yellen's nomination as the first woman Treasury secretary on Monday, putting her quickly to work with Congress on President Joe Biden's $1.9 trillion coronavirus relief proposal. Yellen on Friday sailed through with a unanimous approval vote in the Senate Finance Committee, indicating that she has enough votes to easily win confirmation. Republicans pledged to work with her despite expressing concerns about Biden's massive spending and tax hike plans.
NewsAFP NewsPompeii shows off treasures, sorcerer's magic charms
Decades worth of archaeological finds went on public display Monday in Pompeii, shedding further light on the ancient Roman city destroyed by a volcanic eruption nearly 2,000 years ago.
HealthAFP NewsModerna says Covid vaccine effective against UK, S.Africa variants
US biotechnology firm Moderna on Monday said lab studies showed its Covid-19 vaccine remains effective against variants of the coronavirus first identified in the United Kingdom and South Africa.
NewsAFP NewsAnger on Czech border as Germany demands virus tests
Long queues of cars formed at the Czech-German frontier on Monday and cross-border workers voiced frustration as tighter restrictions for travel into Germany came into force.
NewsSouth China Morning PostHong Kong government sues mask supplier over HK$100 million paid after finding products not all from Japan as agreed
The Hong Kong government has sued a local mask supplier to win back nearly HK$100 million paid for 32 million surgical face coverings after finding not all of them were from Japan as required under the deal.The director of government logistics last Friday lodged the claim against Global Party and its director Lau Kwan-ming in the High Court, claiming the signed contracts were based on “fraudulent or innocent misrepresentation”.Court documents released on Monday did not provide details, except to list the four contracts concerned, totalling HK$97,748,970 (US$12.6 million).Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.In a statement issued last September, a spokesman for the Government Logistics Department, which is responsible for procurement, revealed it had hired the supplier in March 2020 to procure 32 million masks from Japan. Mask scam preying on coronavirus desperation cons seven people out of HK$3 millionThe products were said to be in line with the prevailing market price and compliant with the American Society for Testing and Materials F2100 Level 2 standard.The department received various documents from the supplier, which included product information, testing reports and letters from manufacturers as proof of compliance with the relevant standards and place of origin.The masks were delivered in batches, with 50 pieces per paper box or plastic bag, each printed with the name of the manufacturer and place of origin: Japan. But the department later learned some masks were not made there. The contract was immediately rescinded and the remaining payment withheld, a spokesman said. Con artists swindle thousands of Hongkongers in face mask scams totalling HK$48 millionThe government is now seeking a refund of the HK$97.75 million already paid, plus damages, with interest.It is also seeking a court declaration that the director of government logistics has rescinded the contracts in its letter on August 31, 2020.The case has been referred to the Customs and Excise Department for follow-up.Two company directors were arrested last September and released on bail pending further investigation. Preliminary investigation showed most of the masks were not manufactured in Japan, as declared on the packaging. None of the masks concerned have been distributed to government departments for use.More from South China Morning Post: * Hong Kong customs seizes 333,000 fake N95 respirators in city’s largest confiscation of counterfeit masks * Hong Kong mask ban constitutional for all public meetings and processions, top court rules, backing use of colonial-era law * Police arrest bosses of coronavirus mask maker on suspicion of swindling Hong Kong government out of HK$9.12 million in subsidies * Coronavirus: Hong Kong’s ombudsman calls for new guidelines on distribution and disposal of government-made face masksThis article Hong Kong government sues mask supplier over HK$100 million paid after finding products not all from Japan as agreed first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
PoliticsAFP NewsGoogle offers facilities for US vaccination sites
Google said Monday it would make its facilities available for Covid-19 vaccination sites as part of a new initiative to help speed the rollout of inoculations in the United States.
NewsSouth China Morning PostUS rejects Hong Kong request for WTO panel over ‘Made in China’ labelling row
The United States has rejected Hong Kong’s request for a dispute settlement panel at the World Trade Organization (WTO) over Washington’s decision to label goods made in Hong Kong as “Made in China”.Hong Kong made a request at a meeting of the WTO’s dispute settlement body in Geneva on Monday, a trade source familiar with the meeting told the South China Morning Post.The Hong Kong government had confirmed earlier in January that it would file the request, after US authorities “failed to offer a substantive response” to a complaint filed to the WTO on October 30.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.At Monday’s meeting, the United States’ delegation said it was not in a position to support the panel request, given that it is currently transitioning to a new administration.In response, Hong Kong said it had taken the political situation in the US into account, but still considered it necessary to proceed with its panel request.Hong Kong’s delegation told the meeting that the measures were “blatantly discriminatory and fail to recognise that Hong Kong is a separate customs territory and a WTO member in its own right”.The representative added that it placed “unnecessary burden” on Hong Kong businesses, claimed that it caused “confusion and concern” to consumers and the markets, and undermined the “Hong Kong brand”.They added that rules of origin should not be used to “obtain a political end”, according to the source.It is common for recipients of complaints to reject panel formation requests at the WTO in the first instance, when such requests must be passed by consensus, with defendants effectively holding power of veto.But in the second instance, the requirement is flipped, with consensus against the panel’s formation required to block it. Hong Kong can now request an extraordinary meeting of the dispute settlement body, or wait for the next scheduled meeting of the body, at which point it is likely the request will be granted.The dispute arose after a July executive order signed by former US president Donald Trump, which ended Hong Kong’s special trading status in the eyes of the US. This executive order on “Hong Kong normalisation” was in response to Beijing’s imposition of a sweeping national security law on Hong Kong targeting acts of secession, subversion, terrorism and collusion with foreign forces.In August, a notice appeared on the US Federal Register requiring that Hong Kong-made goods be relabelled as “Made in China” if they are to be permitted entry to US ports, a move designed to underscore the financial hub’s status as “just another Chinese city”. After some delay, this eventually came into effect in November.In a note filed with the WTO on January 14, the Hong Kong government laid out seven rules of the global trading architecture that it accuses the US of flouting. It is widely thought among trade scholars that the US will lodge a defence on national security grounds, as it has done in many previous cases.Some analysts were puzzled by the timing of Hong Kong’s request, with the documentation filed six days before the inauguration of new US President Joe Biden, and the official request and rejection coming five days after.“There is a new administration and a new US Trade Representative (USTR) coming in, and we know they are likely to move away from some of the unilateral measures of the past,” said Rambod Behboodi, a Geneva-based trade partner at law firm King & Spalding. “It would be usual to allow some breathing room and let things settle down. But this request will solidify the USTR position – now they have to take a stance on this, so it seems curious.”Biden has nominated Katherine Tai to take the USTR role, vacated by Robert Lighthizer, a staunch critic of the WTO. If confirmed, Tai is expected to build some bridges with the Geneva body, even if she is likely to maintain the push to reform many of its key functions.On Monday, Bloomberg reported that the Biden administration was “not yet ready to engage in a debate” over how to restore the WTO’s Appellate Body, the final court of appeal which was effectively killed by Washington refusing to confirm appeals judges.One would think Hong Kong would be trying to ingratiate itself with the Biden administration, this does the oppositeBryan Mercurio, CUHKNonetheless, by requesting the case, Hong Kong is forcing the new US administration to take a position on the matter less than a week after the inauguration.“I am more than a little surprised at the timing – even if I am still sceptical whether it will proceed to a full panel. One would think Hong Kong would be trying to ingratiate itself with the Biden administration. This does the opposite,” said Bryan Mercurio, a trade law professor at Chinese University of Hong Kong.There was US$471 million worth of Hong Kong-made goods shipped to the US in 2019, the last available annual figure. This was 7 per cent of locally made exports, but just 0.1 per cent of total exports, most of which are re-exports sent to and from China.Nonetheless, a strong lobby has built up among the city’s business community in support of litigation in Geneva, with a host of manufacturing associations and chambers of commerce arguing it was a blow to brand and product reputation.More from South China Morning Post: * Hong Kong pushes WTO to form panel over ‘Made-in-China’ labelling row after ‘disappointing’ US response * Proud to be ‘Made in Hong Kong’, but factories replace labels to meet Tuesday deadline for Trump’s new rule * Hong Kong takes ‘Made in China’ label row with US to World Trade OrganizationThis article US rejects Hong Kong request for WTO panel over ‘Made in China’ labelling row first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
NewsAFP NewsLong jail terms sought over French hotel heiress kidnapping
French prosecutors demanded long prison sentences on Monday for an Italian restaurant manager and a hard-up British ex-soldier who are accused of kidnapping an ageing hotel heiress in the city of Nice.
NewsAFP NewsChina's Xi warns Davos World Economic Forum against 'new Cold War'
Chinese President Xi Jinping warned global leaders at an all-virtual Davos forum Monday against starting a "new Cold War", and urged global unity in the face of the coronavirus pandemic.
NewsSouth China Morning PostChina gold mine blast: 10 confirmed dead and one still missing a day after 11 survivors rescued
Rescuers have confirmed that at least 10 miners were killed in an explosion in eastern China a day after 11 of their colleagues were rescued.One man is still missing and the rescue team vowed to keep searching until he is found.One miner was already known to have died, and the bodies of nine others who are thought to have been killed in a second blast while trying to escape were found on Monday.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.Rescuers had made contact with a group trapped around 580 metres (1,900ft) underground last week and were able to send down supplies of food and medicine through “lifelines” drilled in the rock. One of the party died last week from head injuries, and his body was brought to the surface along with the survivors on Sunday. 11 Chinese gold miners rescued after two weeks undergroundAnother miner had been trapped on his own and had no contact with rescuers until he was discovered in an “extremely weak” condition and brought to the surface the same day.Xiao Wenru, chief engineer at the emergency management ministry’s mine rescue centre, told a press conference on Monday that the man “survived for so long because there was water in the section and fresh air travelled underground through the drilled holes”.The miners had been trapped for two weeks following the January 10 blast at the Hushan gold mine in Shandong province. The explosion happened in a ventilation shaft and blocked the entrance to the mine and damaged the cable car used to take them to the surface.It was initially feared that it would take around two more weeks to reach the known survivors, but Xiao said the situation turned out to be better than expected.“The 11 surviving miners are receiving high-quality treatment, with each of them assigned a specialist medical team as well as psychological therapy,” a spokesman for the rescue team added. “The police are taking DNA tests from the dead bodies to identify the victims.”The rescue team said that nine bodies had been found at a depth of between 420 and 500 metres and it is thought that had been trying to escape through a tunnel when they were killed in a second explosion.The rescuers said they have now finished searching the section of the mine that lies between 596 and 646 metres beneath the surface, but it will be difficult to search the deeper sections because of flooding. Chinese rescuers race to save 22 trapped by gold mine blastThe municipal government said the accident was not reported to local authorities for 30 hours, causing serious delays to the rescue effort.The authorities have detained mine managers over the delay and have promised to speed up the investigation to “provide answers to the family of the deceased and society as soon as possible”.This article China gold mine blast: 10 confirmed dead and one still missing a day after 11 survivors rescued first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
HealthSouth China Morning Post‘Chimney effect’ may be spreading Covid-19 at large private housing estate in Hong Kong, health expert says
A leading microbiologist is looking into how Covid-19 has spread in one of Hong Kong’s largest middle-class private estates, with the “chimney effect” possibly vertically transmitting the virus.Built in the early 1990s, Laguna City, in Lam Tin in Kwun Tong, is one of the city’s earliest large-scale private housing estates, consisting of 38 blocks and more than 8,000 residential units.Similar to Taikoo Shing, the estate is home to many middle-class families and professionals, overlooking Victoria Harbour.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.A partial evacuation order was issued for Block 5 on Monday after at least 10 cases had emerged in the building over the past two weeks, mostly in flat “E” across multiple floors.Two security guards at the estate have also been confirmed as carrying the virus, with one living on Reclamation Street in Yau Tsim Mong, which is also battling outbreaks.The district was home to 14 of the 73 new cases revealed by health authorities on Monday. Thirteen were discovered after more than 7,000 residents in one neighbourhood in Jordan were locked down and screened over the weekend.Leading microbiologist and government health adviser Professor Yuen Kwok-yung from the University of Hong Kong inspected the housing estate on Monday and said the security guard who lived on Reclamation Street might have brought in the virus.He also noted a family of four living in flat E on the 16th floor, all confirmed as infected, held a gathering on January 9 and at least one guest had been found to have the virus.The Department of Health has issued quarantine orders to all asymptomatic residents of E units and units combining with E units on all floors of Block 5, and is to transfer them to quarantine centres, while symptomatic residents would be sent to hospital. Hong Kong retail body predicts coronavirus-linked slump will continueYuen said the virus might be spreading through vertical transmission as six cases were tied to households in the E units on the 15th, 16th, and 17th floor.Although he found no “obvious gross leakage” in the building’s drainage system, residents in every E flat in the block would have to be quarantined as a precaution.“We feel that there’s a need to evacuate the residents in order to protect them, because they may be now exposed to infected aerosol which might be going up by the chimney effect in the lightwells or in the pipes,” he said.The Post has contacted Citybase Property Management, which manages Laguna City, for comment.Meanwhile, a resident surnamed Wong, who lives in Block 28, said there were multiple notices plastered near lifts and entrances around his block. They range from the management’s disinfection measures to home quarantine guidelines.“So far no one in my block has got [the virus],” he said. “I’ll be more worried if someone living there gets it.”Of the city’s latest cases, 69 were locally transmitted, while 38 were untraceable, and the remaining four involved arrivals from the Philippines, Belarus, Pakistan and India. More than 60 people also tested preliminary-positive.Eight involved residents in Sham Shui Po, including six who live in an area placed under tighter mandatory testing conditions, whereby a single case in a building triggers screening for all residents. Testing was ordered for two buildings on Yu Chau Street.A resident of Kin Ling Elderly Home on Ferry Street in Jordan was also confirmed as infected, forcing about 20 residents and up to six staff members into quarantine.“There is only one case so far and she is wheelchair-bound, so she usually does not leave the residential care home except for follow-ups or admission to hospital,” said Dr Chuang Shuk-kwan, head of the Centre for Health Protection’s communicable disease branch. “The source of infection may be from other staff, other residents or even visitors, but we still need to investigate.”Also among the latest cases was a traditional Chinese medical practitioner who works in Smiling Shau Kei Wan Plaza. One patient, a doctor with the Department of Health, tested preliminary-positive.Health authorities revealed three nurses at Queen Elizabeth Hospital tested preliminary positive. Three wards at the hospital have been closed for cleaning, and nine other nurses have been listed as close contacts.“We appeal to the Hong Kong citizens to try to avoid going to the accident and emergency department of Queen Elizabeth Hospital because of minor symptoms,” Dr Lau Ka-hin, a chief manager at the Hospital Authority, said.Separately, adult patients at the AsiaWorld-Expo community treatment facility could choose to receive traditional Chinese medical treatment in addition to Western medical treatment starting on Tuesday, said Rowena Wong, chief of the Hospital Authority’s Chinese medicine department.“Based on our observations and studies we obtained from mainland China, we believe that Chinese medicine can help relieve some symptoms of Covid-19,” she said.Compulsory screening will also be required at Block 6 of Tung Fat Building in North Point after infections were reported in two flats.Hong Kong’s coronavirus tally stands at 10,158 cases, with 170 related deaths. The latest fatality was a 94-year-old female patient who died at Queen Elizabeth Hospital in the early morning.Additional reporting by Chan Ho-him and Thomas ShumThis article ‘Chimney effect’ may be spreading Covid-19 at large private housing estate in Hong Kong, health expert says first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
NewsSouth China Morning PostChinese Covid-19 lockdowns: Jilin residents vent anger over food shortages
A deputy mayor in a city in northeastern China has apologised after residents complained about a lack of food and essentials during the lockdown imposed to contain the latest coronavirus outbreak.Some residents in Tonghua in Jilin province, a city of more than 2 million people that entered a lockdown last Monday, vented their frustration on social media over a shortage of groceries, a rise in food prices and a lack of medicines.One posted on the Twitter-like microblog Weibo: “There are 50 packs of veggies for 1,000 people. Supermarkets are open with stock but we are not allowed to buy anything. The hotline is set up but no one answers the phone.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.“We have no option but to seek help online. We would not complain after starving for just one or two days. We didn’t have enough time to stock up after the sudden lockdown announcement.”The criticism triggered an apology from the local government, which said efforts to tackle the virus outbreak had left it short of personnel.“I sincerely apologise on behalf of the government for not being able to deliver daily necessities in time for our citizens and for causing inconvenience to everyone’s lives,” Tonghua’s deputy mayor Jiang Haiyan said at a press conference on Sunday.“We will do our best to improve the distribution capacity and supplement the supply of materials for citizens,” she said, adding that 800 volunteers were working to distribute food.Jilin reported 67 new Covid-19 cases on Monday, 56 of them in the city of Tonghua, taking the province’s total for the current outbreak to 273 known active infections.More than 30,0000 residents in a district of the city classified as a high-risk area have been confined to their homes since Thursday.Later on Sunday, Communist Party mouthpiece People’s Daily quoted officials as saying the city would finish delivering supplies that night to 8,600 households with low incomes and elderly people living alone. The city was set to mobilise 7,000 officials and volunteers for deliveries and had set up the 24-hour hotline, its report said.The report assured residents that the city had enough food supplies, including vegetables, meat, milk and eggs, and said the government would deliver bags containing enough vegetables to last them five days, sold at half the normal price.Yet criticism continued to flood in on social media. One post, alongside a photograph of a bag of provisions including a Chinese cabbage, onions, carrots, potatoes and fuzzy melons, read: “The original price is 70 yuan [US$10] and it was sold for 40 yuan. The amount of vegetables is not worth the price.“The report said the supply of meat, eggs and milk is sufficient and there is no shortage of supplies. But where are the meat, eggs and milk? There are only vegetables in the bag, and what is provided should match what is said.”More from South China Morning Post: * As Chinese cities face new Covid-19 lockdowns, have lessons of 2020 been learned? * Coronavirus: Chinese travellers chafe at tough rural Lunar New Year restrictions * Coronavirus: what’s life like for the 20 million Chinese back in lockdown?This article Chinese Covid-19 lockdowns: Jilin residents vent anger over food shortages first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
NewsSouth China Morning PostHong Kong protests: ‘joint enterprise’ doctrine urged by prosecutors could implicate those not at scene of illegal gathering, riot
Hong Kong prosecutors have urged the city’s appeal court to apply a legal principle that would have far-reaching implications for protest cases, ensuring that even those not physically present at an unlawful assembly or riot can face the same charges.The debate stemmed from the first riot case of the 2019 anti-government movement, in which District Judge Anthony Kwok Kai-on ruled that the unique corporate nature of both charges required offenders to have “assembled together” at a crime scene.All three defendants – student Natalie Lee Yuen-yui, 17, gym owner Tong Wai-hung, 39, and his wife, Elaine To, 42 – were acquitted of rioting in Sai Wan on July 28, 2019, after the judge concluded there was no evidence they had assembled in common purpose with protesters.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.Without seeking a reversal of these acquittals, prosecutor Eric Kwok Tung-ming SC on Monday argued for the application of the common law doctrine of “joint enterprise”, on the basis that it had not been in any way excluded by the provisions that created the two offences commonly used in prosecuting protesters.Kwok said the application was not limited to those present at the scene, as the phrase “takes part in” used in the Public Order Ordinance implied secondary liability – covering those who aid or abet the crime – and the requirement of assembling together applied only to the principle offender.The interpretation, if accepted, would implicate participants who were not physically present – such as a lookout, a driver of a getaway car or a supplier of resources – as well as those who were only arrested at a certain distance away from the scene after pursuit.Hectar Pun Hei SC, for the couple, countered that prosecutors had raised a theoretical question of law, which the court should not lightly entertain.In any event, Pun argued that the doctrine did not apply to the two offences, and any ambiguity in interpretation should be resolved in favour of the defence. Justice department lodges appeal over trio’s acquittal of rioting“The law should not be interpreted to be too wide so as to catch innocent people,” Pun said.Lee’s counsel, Olivia Tsang, added that the application would go against the clear legislative intent of narrowing the group of targeted individuals to those physically present at the scene of a crime, and result in a significant overreach of people caught disproportionately to the act committed.For instance, a driver who agreed to transport somebody to an unauthorised assembly, which later escalated into a riot, may be prosecuted under the same charge as a rioter if the doctrine should apply, despite the fact that he or she could not have foreseen the spontaneous development.“It would be unrealistic and unfair to suggest a person can foresee what an associate may do, especially when he or she was not present,” Tsang said.She also noted that both offences were “very special” as they were corporate in nature but also spontaneous, unlike a joint enterprise in which participants are usually assigned specific roles.Instead of applying joint enterprise to the offences, she argued that prosecutors could use other charges to target specific behaviour. A lookout providing directions from a building top to rioters on the ground, for example, could be charged with aiding and abetting a riot.Mr Justice Jeremy Poon Shiu-chor, chief judge of the High Court, has reserved judgment after hearing arguments with Court of Appeal vice-president Mr Justice Andrew Macrae and Madam Justice Anthea Pang Po-kam.This article Hong Kong protests: ‘joint enterprise’ doctrine urged by prosecutors could implicate those not at scene of illegal gathering, riot first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
BusinessSouth China Morning PostShanghai’s legislative advisers urge city’s financial exchanges to merge and list to open the world’s second-largest market place
A score of Shanghai’s legislative advisors have called for the merger of the local stock and futures exchanges to attract global companies and investors raising funds, as the city marked 30 years of explosive growth to become the elder sibling of the world’s second-largest capital market.The merger was proposed by 20 delegates of the Shanghai People’s Political Consultative Conference (SPPCC), including the Shanghai Gold Exchange chairman Jiao Jinpu, the Shanghai chief of the Export-Import Bank of China (ExIm), and the Agricultural Bank of China’s city president Chen Qichang, according to a bill obtained by the South China Morning Post.The delegates proposed the establishment of a holding group, under which the Shanghai Stock Exchange (SSE), the China Financial Futures Exchange, various securities depository and clearing companies as well as an options exchange can be built, according to the plan. Shares of the new holding company can either be listed in Shanghai, or in Hong Kong, according to their proposal.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.“Exchanges need massive funds and modern governance to participate in the global competition,” they said in their submission. “Amid the geopolitical shifts and the readjustment of China’s domestic economic structure, the creation of a holding group after consolidating the local exchanges is an effective way of revving up the internationalisation and opening-up of the country’s capital market.”The proposal underscores the continuous search for the next paradigm shift in China’s capital markets, three decades after Shanghai - and its smaller sibling in Shenzhen - became synonymous with the nation’s experiments in market reforms. At US$11.56 trillion in combined market value, the two markets have grown from scratch to become the world’s second-largest in that span, behind the US whose history on Wall Street dates back to May 1792.While many of the bills and submissions tabled at the annual meeting of the national legislature’s advisory body (CPPCC) may not materialise as law, they usually draw the attention of policymakers, and can provide guidance to future policies. The annual meeting of the Shanghai municipal-level legislative meetings started last Saturday and ends on Tuesday before the national meetings, usually held in the nation’s capital in early March.“Shanghai Stock Exchange has yet to be the international market that welcomes companies and investors all around the globe,” said Yin Ran, a Shanghai-based angel investor. “Merging the various exchanges and creating a group is one thing, but it is more important to implement a set of rules and regulations that give the market forces a full play.”The SSE traces its history to the late 19th century before the establishment of the People’s Republic. Trading was active when Shanghai was a city divided into various concessions controlled by foreign powers until 1949, and did not resume until 1990. In its current form, the SSE is run as a non-profit body, managed by government appointees from the financial sector of the civil service under the supervision of the China Securities Regulatory Commission (CSRC).The Shanghai legislative advisors have called for the ownership of Shanghai’s different exchanges to be drastically restructured into a company with shareholders that can enable it to raise capital, improve its operations to achieve efficiency and profitability.Publicly traded exchanges are not uncommon. Shares of Hong Kong Exchanges and Clearing Limited (HKEX), which operates the world’s most valuable financial market place, are listed on the city. The exchanges of London, Singapore, Malaysia, Japan and Australia are all publicly listed.Owing to the country’s non-convertible currency and closed capital account, China’s financial markets offer a tiny window of access to foreign investors through a transborder channel called the Connect. Foreign companies, which have been in discussions to sell their shares in China for more than a decade, are yet to float their first stock in the country.This article Shanghai’s legislative advisers urge city’s financial exchanges to merge and list to open the world’s second-largest market place first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
NewsAFP NewsIsrael deports ex-principal accused of child sex abuse to Australia
Israel on Monday extradited Malka Leifer, a former principal at a Jewish ultra-Orthodox school in Australia accused of dozens of sexual abuse cases of pupils there, ending a six-year legal wrangle.
BusinessReutersFormer Google executive to run Italy's TIM new cloud unit
Former Google executive Carlo d'Asaro Biondo has been appointed as Chief executive officer of Telecom Italia's (TIM) newly-created cloud unit Noovle, Italy's biggest phone group said on Monday. The creation of the new company is part of the former phone monopoly's strategy to boost and diversify its revenues, providing services to businesses and state-controlled offices looking to improve their digital reach. D'Asaro Biondo, who has been Google's president for EMEA partnerships, joined the former phone monopoly last year after TIM struck a deal with the tech giant to expand its cloud business in the country.
NewsAFP NewsFFP2 masks become mandatory in Austrian shops, transport
Austrians on Monday swapped their cloth face coverings for medical-grade FFP2 masks, now mandatory for those over 14 on public transport, shops and businesses, pharmacies as well as hospitals or medical practices.
BusinessSouth China Morning PostSMIC urges China’s chipmakers to embrace advanced packaging as Moore’s Law slows nanometre node progress and US sanctions bite
Chinese chip makers should focus on developing advanced packaging technologies to overcome their weakness in nanometre process nodes, according to Chiang Shang-yi, the former TSMC R&D; director recently recruited by Semiconductor Manufacturing International Corp (SMIC).Chiang, SMIC’s executive director and vice-chairman, said future breakthroughs for the country’s integrated circuit (IC) manufacturing industry would come from advanced packaging techniques that can cram more circuits into smaller packages, a necessary requirement as Moore’s Law inches towards its physical limits.The remarks, Chiang’s first in public since joining the company in December, could signal a shift in focus at the Shanghai-based wafer foundry which has seen its prospects for closing the technology gap with much bigger rival Taiwan Semiconductor Manufacturing Co (TSMC) dimmed by US sanctions.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.Last year, Chiang resigned from a failed Wuhan chip fab, calling it a “nightmare” experience, and was recruited soon after by SMIC. After retiring as TSMC’s R&D; director, he stayed on to head up a speciality chip packaging business that was acquired by the Taiwan foundry giant.Chiang’s comments were made at the closed door China IC Conference earlier this month and first reported over the weekend by Moore News, a Chinese semiconductor industry website that was the official media partner of the event.SMIC did not immediately reply to a request for comment. What’s next for Beijing’s biggest chipmaking champion after US blacklisting?The appointment of Chiang triggered a boardroom clash at SMIC, with co-CEO Liang Mong Song, his former lieutenant at TSMC, threatening to quit after complaining he was not informed of the decision in advance. However, Liang is still with the company, according to stock filing posted on SMIC’s website.Chiang told the IC conference that he has been fascinated by the development of advanced packaging over the past decade and believes that the technology will be crucial in the post Moore’s Law era. In 1965 Gordon Moore, who would later co-found US chip maker Intel, predicted the number of transistors on an IC would double roughly every two years. Moore’s Law has held since despite many experts predicting it would hit a brick wallAnalysts said SMIC will need to combine IC packaging and wafer foundry expertise to remain competitive in the industry, especially after the US sanctions blocked its access to leading edge semiconductor manufacturing equipment from US and European suppliers.“SMIC is likely to develop both advanced [wafer processing] nodes and chip packaging,” said Eric Tseng, chief executive of Taiwan-based semiconductor analysis firm Isaiah Research.SMIC’s strategy under US sanctions may be to focus on mature processes but use advanced packaging technologies to boost the performance of its chips, Tseng said.Today’s most advanced chips are produced with the 5-nanometre manufacturing process. Only two companies – Samsung and TSMC – are able to produce 5nm chips in volume. Smaller nanometre process nodes are important, especially for consumer electronics products such as smartphones, because they boost circuit performance and reduce power consumption.Gu Wenjun, chief analyst at Shanghai semiconductor research firm ICwise, agrees that it would be pragmatic for SMIC to focus on older nodes amid the US restrictions because there is still robust demand for mature foundry services from China’s domestic semiconductor design companies.Chiang told the 400 industry delegates at the IC conference that the global semiconductor industry was facing bottlenecks in continuing to push ahead with advanced nanometre nodes given the huge investments required, coupled with the reduction in number of clients that require the most advanced chips.Only a handful of high-volume IC products would need to be made using advanced nodes, he said.A new wafer fab capable of 5nm production is expected to cost US$15 billion, twice as much as the earlier generation 14nm fabs operated by SMIC, according to data from International Business Strategies, cited by SMIC in its recent prospectus.Other speakers at the IC conference echoed Chiang’s view. “The single-minded development of advanced process nodes will be more difficult,” said Wu Hanming, dean of the School of Micro-Nano Electronics at Zhejiang University, adding that there was plenty of market potential for mature nodes.The so-called back end operation, also known as outsourced semiconductor assembly and test (OSAT), is the final stage in the highly complex chipmaking process and has traditionally been handled by specialist factories in Asia.This is not the first time SMIC has taken an interest in the packaging side of the industry. In 2014, it established a joint venture SJ Semiconductor Corp with China’s JCET Group, the third largest OSAT company after ASE of Taiwan and Amkor of South Korea. JECT’s sales accounted for 11.3 per cent of the global semiconductor packaging and testing market, versus 30.5 per cent for ASE and 14.6 per cent for Amkor, according to JCET’s 2019 annual report.Advanced semiconductor packaging is moving from substrate platforms to silicon wafers in a paradigm shift that is providing opportunities for foundry leaders like TSMC and Samsung Electronics, according to analysts.More from South China Morning Post: * China’s No 1 chipmaker SMIC gives ex-TSMC veteran top role, highlighting need for pragmatism amid push for home-grown tech * US blacklists about 60 more Chinese firms including top chip maker SMIC and drone manufacturer DJI * Chinese chip-maker SMIC reports record high revenue but warns US export curbs have delayed some equipmentThis article SMIC urges China’s chipmakers to embrace advanced packaging as Moore’s Law slows nanometre node progress and US sanctions bite first appeared on South China Morning PostFor the latest news from the South China Morning Post download our mobile app. Copyright 2021.
