HONG KONG: Bankers and investors fear China's push to impose national security laws on Hong Kong threaten the city's future as an international financial centre. If it gets to that stage, Beijing's move will come at a cost for China's economy. WHY DOES CHINA NEED HONG KONG AS IT IS? China still has extensive capital controls and often intervenes in its financial markets and banking system. Hong Kong is one of the world's most open economies and one of the biggest channels for equity and debt financing. The size of Hong Kong's economy may only be the equivalent of 2.7% of mainland China's, down from 18.4% in 1997 when it reverted to Chinese rule, but the territory punches above its weight due to world-class financial and legal systems. As a gateway between China and the West, Hong Kong attracts global capital for China more efficiently than its other cities. HOW IS THAT CHANGING? Under the 'one country, two systems' formula agreed as part of Britain's handover of the territory … [Read more...] about How important is Hong Kong to China as a free finance hub?
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“The market was worried he was going to announce something substantial, something detrimental to the US economy. Then as he spoke it became clear the actions being taken were not going to be as dramatic as originally feared,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina. … [Read more...] about Global stocks rebound on relief at Trump’s response to China over Hong Kong
ONGC was the top gainer in the Sensex pack, rising around 3 per cent, followed by Tata Steel, L&T, HDFC Bank, ICICI Bank, IndusInd Bank and Axis Bank. … [Read more...] about Sensex rises over 200 pts in early trade; Nifty tops 9,350
Trump’s announcement follows weeks of growing anger toward Beijing within the White House. The president and his advisers have repeatedly blamed the Chinese government for the coronavirus outbreak that began in the country’s Hubei province but that has caused a far greater death toll in the US than China has publicly reported. … [Read more...] about Trump moves to revoke Hong Kong’s trade status, stoking China Rift
Labour ministry will impart free skills training to the job seekers registered on its National Career Service (NCS) portal. "The ministry has tied up with TCS ION to offer course on soft skills to assist job seekers enhance personality development," labour ministry said in a statement on Friday. The training will encompass modules on corporate etiquette, improving inter personal skills, making impactful presentation including other necessary soft skills needed by the industry. The training module is available in two languages, Hindi and English, on the NCS portal. Labour ministry has been implementing the NCS project for some years now to provide a variety of employment related services like job search, job matching, career counselling, vocational guidance, information on skill development courses, apprenticeship and internships. There are around one crore active job seekers and 54,000 active employers registered on NCS and around 73 lakh vacancies have been mobilized through the … [Read more...] about Labour ministry to provide free skills training to job seekers registered on National Career Service portal