Monday, December 5, 2016

ecns [expanded by feedex.net]: Hong Kong Legislative Council announces 2 vacancies

ecns [expanded by feedex.net]

ecns

Hong Kong Legislative Council announces 2 vacancies
http://www.ecns.cn/2016/12-05/236511.shtml
Dec 5th 2016, 16:48





Monday Dec 05, 2016






The Hong Kong Legislative Council (LegCo) Monday gazetted that two seats have become vacant after Leung Chung-hang and Yau Wai-ching were disqualified as LegCo members.
The two gazette notices, signed off by Clerk to the LegCo Kenneth Chen, were published Monday on the gazette of the Hong Kong Special Administrative Region (SAR) government.
In the notices, Chen declared in accordance with section 35(1) of the LegCo Ordinance that the office of LegCo member previously held by Leung, and the one held by Yau Wai-ching have become vacant, pursuant to the judgments made by the Court of First Instance and the Court of Appeal of the High Court of the Hong Kong SAR on Nov. 15 and 30 respectively.
Leung and Yau used derogatory language insulting the country and nation when taking oaths at a swearing-in ceremony of the new LegCo on Oct. 12. Hong Kong Chief Executive Leung Chun-ying and the SAR government filed a judicial review against the decision by the LegCo president to give the pair a second chance to be sworn in.
On Nov. 15, the Court of First Instance disqualified the pair. On Nov. 30, the Court of Appeal rejected the appeal of the pair and upheld the previous ruling.
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ecns [expanded by feedex.net]: 19 jailed in multi-billion fraud case

ecns [expanded by feedex.net]

ecns

19 jailed in multi-billion fraud case
http://www.ecns.cn/business/2016/12-05/236507.shtml
Dec 5th 2016, 16:15



A court in northern China's Hebei Province Monday sentenced 19 people to jail in a fraud case involving at least 5.39 billion yuan ($782 million).
Xiao Xue, head of the Huangjinjia Investment Group based in the city of Langfang, received a jail term of 10 years for illegally taking deposits from the public, said a statement issued by Guangyang District People's Court, which heard the case.
Fourteen others were sentenced for the same crime, with jail terms ranging from two years and five months to six years, the statement said.
A further four, who had tried to harbor the defendants or hide their illegal gains, were jailed from two and three months to three years, it said.
The company was fined 500,000 yuan.
Founded in 2007, Huangjinjia is said to have 3,000 outlets in the country engaged in gold bar sales and purchase. Victims were promised high returns in an investment scheme, but took to the streets in September 2014 when the scheme collapsed.
As of January 2015, when Xiao and her accomplices were prosecuted, more than 36,000 people have called the police claiming they were cheated of their investment, involving a total of 5.39 billion yuan.
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ecns [expanded by feedex.net]: Shenzhen-Hong Kong Stock Connect officially starts

ecns [expanded by feedex.net]

ecns

Shenzhen-Hong Kong Stock Connect officially starts
http://www.ecns.cn/business/2016/12-05/236510.shtml
Dec 5th 2016, 16:46



China's stock connect between Shenzhen and Hong Kong started Monday, following the successful launch of the Shanghai-Hong Kong stock link in 2014, further opening up the country's capital market.
Trading began at 9:30 a.m. Monday, when the Shenzhen and Hong Kong bourses opened. Investors can now buy and sell shares on each other's bourses, improving connectivity between the two capital markets.
The first-link deal, on the Shenzhen exchange, was for 100 shares of TV maker Konka, with a value of 481 yuan (70 U.S. dollars), while the first trade on the Hong Kong bourse involved HSBC Holdings stock, valued at 24,500 Kong Kong dollars.
A total of 417 Hong Kong-listed stocks are eligible for trade, and 881Shenzhen-listed stocks.
Launch events were held Monday in Shenzhen and Hong kong.
Liu Shiyu, chairman of the China Securities Regulatory Commission, hailed the "historic moment of the coordinated development of the two capital markets", saying the launch will inject positive energy and confidence into domestic and international financing markets.
The Shanghai-Hong Kong and Shenzhen-Hong Kong stock links will benefit the economic development of the mainland, Hong Kong and the world, said Liu at the ceremony in Shenzhen. He pledged to crack down on irregularities to protect the interests of investors.
With the launch of the Shenzhen-Hong Kong Stock Connect, the asset allocation choices of investors will be more diversified as overseas investors can buy stocks in the tech-heavy Shenzhen market and the inland capital can purchase Hong Kong stocks, said Xie Yaxuan, a senior economist with China Merchants Securities.
The different investment preferences and cultures between Hong Kong and Shenzhen will also have a deep impact on corporate governance of listed firms, he said.
The Shenzhen Stock Exchange has more than 1,800 listed firms, 70 percent of which are in the high-tech sector.
"The Shenzhen-Hong Kong Stock Connect is an important step for the internationalization of our country's capital market," said Xu Hongcai, an economist with China Center for International Economic Exchanges.
The two stock links will make China's capital market more open and healthier, he said.

Leung Chun-ying (3rd R), chief executive of Hong Kong Special Administrative Region, and Hong Kong Exchanges and Clearing Chairman Chow Chung-kong (2nd L) jointly beat the gong to mark the launch of the Shenzhen-Hong Kong Stock Connect, the second link between the inland and Hong Kong bourses, in Hong Kong, south China, Dec. 5, 2016. (Xinhua/Wang Shen) 
The entry of inland capital will bring more vitality to the Hong Kong market while Hong Hong investors will also share the dividends from economic transformation, said Xu.
From now on, the price-to-earning (PE) ratios for the board of small- and medium-sized companies are predicted to fall and some bubbles will be squeezed out, he added.
Investors will also gradually conform to international standards and focus more on value investments, said Xu.
As of mid-November, the Shanghai-Hong Kong Stock Connect had posted accumulative turnover of nearly 3.5 trillion yuan.
Wang Jianjun, general manager of the Shenzhen Stock Exchange, said linking the Shanghai and Shenzhen stock exchanges with tha of Hong Kong will enhance the overall competitiveness of China's capital market.
"Shanghai, Shenzhen and Hong Kong are China's key capital markets. The integrated development of the three will boost the overall strength of China's capital market, making it more competitive and attractive internationally," said Wang.
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ecns [expanded by feedex.net]: Fake U.S. embassy shut down in Ghana after operating for about 10 years

ecns [expanded by feedex.net]

ecns

Fake U.S. embassy shut down in Ghana after operating for about 10 years
http://www.ecns.cn/2016/12-05/236509.shtml
Dec 5th 2016, 16:34





Monday Dec 05, 2016






A fake U.S. embassy in Ghana was shut down after operating and issuing visas for about a decade, the U.S. State Department announced.
"Signs indicated that you were in the U.S. embassy in Ghana. However, you were not," the U.S. State Department said on its website last month.
"It was not operated by the United States government, but by figures from both Ghanaian and Turkish organized crime rings and a Ghanaian attorney practicing immigration and criminal law."
The building flew the American flag, had a picture of U.S. President Barack Obama hanging inside, and issued both counterfeit and legitimate U.S. visas.
The State Department didn't say if anyone entered the United States with the visas, or how they were obtained by criminals.
The regional security office at the actual U.S. embassy in Accra shut down the fake embassy over the summer, according to the State Department.
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ecns [expanded by feedex.net]: Scholar calls for closer China-LatAm ties in politics, culture

ecns [expanded by feedex.net]

ecns

Scholar calls for closer China-LatAm ties in politics, culture
http://www.ecns.cn/2016/12-05/236477.shtml
Dec 5th 2016, 11:29





Monday Dec 05, 2016






China-Latin America relation should advance in the political and cultural spheres to match the trade and economic links built in recent years, said Argemiro Procopio, a professor of International Relations at the University of Brasilia, in an interview with Xinhua.
Procopio hailed China's Policy Paper on Latin America and the Caribbean, particularly its desire to lift the cooperation to a new level.
"China's commercial presence is clear everywhere, including in the shops and cars ... Made-in-China products have great added value, which is fantastic. However, culturally speaking, in Latin America China is still far behind the U.S. and Europe, as well as in politics," he said.
Nevertheless, he feels this might be changing due to China's growing close ties with the region.
Chinese President Xi Jinping has recently paid state visits to Ecuador, Peru and Chile.
"This shows China's desire to play an ever greater role in the Pacific. Those countries were called distant neighbors but China wants to make them closer neighbors," said Procopio.
This is shown in the paper, he said, which seeks to direct the ship of these relations towards a more secure and stable route.
According to Procopio, China launched the paper at a very opportune moment. "This is something few European countries have done. China took the lead and provided a symbolic fact though Latin America has been historically closely linked to Europe and the U.S.," he explained.
Acknowledging that investments and exports were the first barriers to overcome for China and Latin America, given China's rising consumption needs, Procopio would now like to see common development in other areas.
For example, the cooperation between the two sides could be mutually beneficial through common development in science and technology.
Procopio, who has written a number of books about China, said that overcoming the lack of knowledge about each other would help both China and Latin America.
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ecns [expanded by feedex.net]: New Zealand PM John Key resigns 'for family reasons'

ecns [expanded by feedex.net]

ecns

New Zealand PM John Key resigns 'for family reasons'
http://www.ecns.cn/2016/12-05/236476.shtml
Dec 5th 2016, 11:21





Monday Dec 05, 2016






New Zealand Prime Minister John Key on Monday shocked the nation and his cabinet by announcing his resignation after eight years at the head of one of the most popular governments in the country's recent history.
Key, who led his center-right National Party to three successive general election victories, said in a broadcast statement that he would not lead his party into a fourth term in next year's election.
His voice audibly shaking, Key said he had informed the cabinet the same morning.
"I do not believe that, if you asked me if I was committed to serving out a fourth term, I could look the public in the eye and say yes," he said.
"This has been the hardest decision I have ever made and I do not know what I will do next. But for me this feels the right time to go."
He cited family reasons for his resignation, saying the post had required great sacrifices "from those who are dearest to me."
"For my wife Bronagh, there have been many nights and weekends spent alone, many occasions that were important to her that I simply could not attend," said Key.
"My daughter Stephie and my son Max have transitioned from teenagers to young adults while coping with an extraordinary level of intrusion and pressure because of their father's job."
Key said the National Party Members of Parliament would hold a special caucus on Dec. 12 to choose a new leader, who would have time to "settle in" before the next election.
He was confident his party would be returned to power in the election which is expected to be held later next year.
Key, who was elected to Parliament in 2002, said he would not be contesting his Parliamentary seat of Helensville, in the mainly rural northwest of Auckland, at the next election.
He said the caucus had "a number of individuals who would make a fine future PM," but he would support Deputy Prime Minister and Finance Minister Bill English in the leadership race, if English put himself forward.
"Whoever the caucus elects will have my unwavering support, but if Bill English puts his name forward then I will vote for him," said Key.
"For 10 years now Bill and I have worked as a team. I have witnessed first-hand his leadership style, his capacity for work, his grasp of the economy, his commitment to change and, most of all, his decency as a husband, as a father, as a friend, a colleague and as a politician."
The National Party under Key has never wavered far below 50 percent in opinion polls and general election results.
However, it has not had an outright majority in Parliament and has had to govern with the support of three minority parties.
Much of National's success has been attributed to Key's laid-back personal style and his unflappable demeanor when facing major crises, such as the 2011 Christchurch earthquake, which killed 185 people, or batting away questions on the government's occasional embarrassments.
With the main opposition Labour Party wallowing in historically low poll ratings most recently at 28 percent the National Party has reason to be confident of returning to power under a new leader next year.
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ecns [expanded by feedex.net]: Singapore Int'l Film Festival concludes, attracting around 13,000 audience

ecns [expanded by feedex.net]

ecns

Singapore Int'l Film Festival concludes, attracting around 13,000 audience
http://www.ecns.cn/2016/12-05/236470.shtml
Dec 5th 2016, 11:06





Monday Dec 05, 2016






The 27th Singapore International Film Festival came to a close on Sunday, with around 13,000 festival-goers from Singapore and across the region participating in its film screenings, talks, forums and masterclasses in 12 days.
This year's festival showcased a total of 161 feature and short films, of which 11 screenings, including four local productions, were sold out. There was also an increase of over 50 percent in attendance for the masterclasses and talks, a testament to the growing support and interest towards independent cinema.
Across the 12 days, festival goers also had the opportunity to get up-close with distinguished film personalities from around the world, including U.S. director Darren Aronofsky, veteran Hong Kong actor Simon Yam, Vietnamese-born French filmmaker Tran Anh Hung, Hong Kong filmmaker Fruit Chan etc.
Singapore International Film Festival Executive Director Yuni Hadi noted that stories bring people from all walks of life together, and remain as the cornerstone of filmmaking.
"This year, we continue to gather many diverse stories told by the region's talents, and provide a platform that allows our audiences to both enjoy the films and expand their perspectives on filmmaking," she said.
As an event of Singapore Media Festival, hosted by Singapore's Infocomm Media Development Authority (IMDA), the film festival celebrated the best of Asian storytelling with its stellar line-up of excellent films from Singapore and the region, said Angeline Poh, Deputy Chairman of Singapore Media Festival Advisory Board and IMDA's Assistant Chief Executive (Content and Innovation).
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