China mainland allows cross-border wealth flows with HK, Macao

first_imgThe Chinese mainland moved to further deepen its economic ties to Hong Kong, allowing two-way, cross-border purchases of wealth products. As per detailed announced, a pilot program will facilitate cross-border purchase of wealth management products (WMPs) by residents in the Guangdong-Hong Kong-Macao Greater Bay Area, the country’s central bank said Monday.Regulators on Monday announced the kick off of a long anticipated program dubbed Wealth Management Connect, which will allow residents of Hong Kong and Macao special administrative regions and those living in nine cities on the mainland to buy financial products in each other’s markets.This will help residents of the two offshore centers and those living in nine mainland cities to place accumulated cash across the border. Cross-boundary remittance under the program will be handled in a “closed-loop” through the bundling of designated remittance and investment accounts, the People’s Bank of China said in a joint statement with the monetary authorities of Hong Kong and Macao. Chinese mainland residents in GBA will be allowed to open special investment accounts with the banks in Hong Kong and Macao to buy their qualified WMPs, while residents in Hong Kong and Macao can buy WMPs sold by mainland banks operating in the Greater Bay Area, the People’s Bank of China said in an online statement.According to the statement, cross-border capital flow under the program will be capped, while individual investors will be granted a quota on their WMP investments.Fund flows under the northbound and southbound connect will be subject to aggregate and individual investor quotas, according to the statement. The date of a formal launch and other details will be separately announced.Beijing has also pledged commitment to the city’s status as a finance hub. Mainland investors boosted share purchases over the past months through the so-called stock connect link while a number of high-profile Chinese firms listed shares in Hong Kong.Chief Executive Carrie Lam Cheng Yuet-ngor has lobbied for more financial integration, telling mainland officials that the city should become a global hub for private wealth and a more prominent offshore Renminbi center. The city should be “promoting greater connectivity” between its financial markets and mainland China’s, she said earlier this month.In May, the nation’s financial regulators unveiled a sweeping plan to facilitate cross-border transactions and investments between Hong Kong, Macao and cities in southern China. Policy makers are seeking to turn the so-called Greater Bay Area into a high-tech megalopolis to rival California’s Silicon Valley.Topics :last_img read more

AC Milan preparing audacious two-year loan bid to sign Lucas Torreira from Arsenal

first_img Comment Torreira’s former manager at Sampdoria Marco Giampaolo is the new AC Milan boss (Picture: Getty)Torreira reaffirmed his commitment to Arsenal earlier this week, saying: ‘Nobody from AC Milan has got in touch with me, today I’m in the Premier [League] and happy to be part of the Arsenal.AdvertisementAdvertisement‘It cost me the adaptation, it’s not easy, but I only think about that team. I’m happy to be there.’Nevertheless, Milan appear to be growing increasingly confident that they can lure him back to Serie A as they bid to assemble a squad capable of finishing in the top-four next season.Giampaolo has also been linked with moves for Sampdoria duo Dennis Praet and Joachim Andersen, both of whom are reportedly on Unai Emery’s transfer wishlist.It seems unlikely that Arsenal would be willing to allow Torreira to leave on loan considering they spent £23m to sign him from Sampdoria a year ago while he impressed overall during his debut season.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityEmery is also operating under a strict transfer budget of around £45m this summer and he would have to find a replacement for Torreira if he were allowed to depart.Although Torreira’s form dipped towards the end of last season, he still made 34 Premier League appearances for the Gunners, scoring two goals and registering two assists.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal AC Milan are keen to bring Lucas Torreira back to Italy this summer (Picture: Getty)AC Milan are accelerating their interest in Lucas Torreira and aim to test Arsenal’s resolve with a two-year loan bid and an option to buy for the combative midfielder.According to Sky in Italy, Milan are looking to offer £4.5m to take Torreira on loan until the end of the 2020-21 campaign with a view to making it permanent for an additional £25m fee.The 23-year-old, who played for Pescara and Sampdoria prior to joining Arsenal last summer, is said to be interested in a return to Italy after struggling to settle in London.Milan’s appointment of Marco Giampaolo is another attraction for Torreira as he flourished during two seasons working with the Italian tactician in his time with Sampdoria.ADVERTISEMENT Metro Sport ReporterThursday 27 Jun 2019 12:37 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link298Shares AC Milan preparing audacious two-year loan bid to sign Lucas Torreira from Arsenal Advertisement Advertisementlast_img read more

Darren Bravo and Gayle on Test radar, but others ‘not interested’

first_imgJASON Holder has played down the prospect of “big name” West Indies players re-joining the Test team, stating “we have the best of the lot right now.”With Cricket West Indies having recently relaxed their selection criteria and offered an amnesty to those players who have chosen to play in T20 leagues, it had been presumed the likes of Sunil Narine, Darren Bravo, Chris Gayle and Kieron Pollard (who has never played Test cricket) might come into consideration ahead of series against Zimbabwe and New Zealand.But Holder, West Indies’ captain, suggested that, apart from Bravo and perhaps Gayle, he “didn’t think there’s anybody interested in playing Test cricket that we can call upon.”“Darren Bravo is a guy who has done well for us in the recent past,” Holder said. “But apart from Darren I don’t think there’s anybody else who’s interested in playing Test cricket that we can really call upon or the so-called big names people are looking for.“Chris has probably hinted that he would like to play if he’s fit enough. He’s always said he would like to play. I spoke to him a while back. We would love to have a guy like Chris in our side. He brings a lot.“But apart from those two players I don’t think there’s anybody else we can really look to.”While Bravo’s return would appear close to automatic – Kyle Hope failed to take his chance in England, averaging just 6.83 batting at No. 3 in the series –Holder described himself as “extremely proud” of the performance of his young team and hinted that he would be reluctant to see too many of them replaced. Shane Dowrich, who averaged 4.80 and struggled with the gloves, might also come under pressure from the likes of Denesh Ramdin.“I think we’ve got the best of the lot [playing] right now,” he said. “I’m really, really happy with this squad to be honest. I enjoy playing cricket with this squad and I enjoy leading this squad. I wouldn’t trade this squad for the world.”Speaking after being beaten in the deciding Test against England at Lord’s, Holder was encouraged with the way his side had pushed for what would have been a shock series victory.“I’m extremely proud, can’t really fault the guys for effort,” he said. “We’ve still got a lot of room for improvement, still got a long way to go before we can get consistent performances. That said, not a bad tour of England, could have been better, obviously, but I’m still very proud.“The credit must go to the bowlers. After the Headingley Test match we asked for another big effort. The way we came out here first innings and bowled, I think at the start of the match if you said we’d have got England for 190, we’d have taken that.”While the bowling was consistently challenging after the aberration of Edgbaston, West Indies’ win at Headingley in the second Test – their first in England for 17 years – was built on the batting performances of Shai Hope, who scored hundreds in each innings, and Kraigg Brathwaite.Holder said he wanted the team to build on what they had started in their next two tours, in Zimbabwe next month and then New Zealand.“For a first tour here for many of us, I still think it’s a hell of an achievement and fight we put up,” Holder said. “Hopefully we can learn from this, we have New Zealand at the end of the year which could be similar conditions and similar type of bowlers, so it should be good chance to take what we’ve learned here into that series. But first we’ve got Zimbabwe, in a few weeks time, so hopefully we can really kick on from there.“Obviously Shai was outstanding in this entire series and we must not forget Kraigg’s contribution as well, he really did a hell of a job, especially at Headingley.Unfortunately we didn’t get more batsmen to carry on, lots of us got starts but didn’t carry on, and we let ourselves down with our fielding, probably this entire series. We dropped quite a few chances and gave good players two opportunities to bat, and in international cricket they’ll make you pay for it.“I think we’ve shown improvement. When we sit down and critique each series, we just try to look for improvement. We’ve definitely shown that, especially in our bowling, improving our consistency there … But hopefully guys can gain a lot of confidence form this series against a world-class side and top-class bowling unit. To be able to achieve something in this series speaks a lot.” (ESPN Cricinfo)last_img read more

Losing Force India bidder seeking legal action against Vijay Mallya owned F1 team after ‘unfair administration process’

first_img SUBSCRIBE TO US Press Trust Of India 1 year ago Congress attacks India’s speech at UNGA on Pakistan terror, terms it as “a bit disappointing” WATCH US LIVE Russian fertilizer group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India — Mallya’s Orange India Holdings Sarl — which is subject to a freezing order issued by the UK’s High Court in favour of his 13 creditor Indian banks, led by the State Bank of India. In a statement given to Autosport, Uralkali claims that the winning bid was ‘significantly inferior’ as compared to the offer tabled by them, and believes that the ‘highest bid should have been awarded the winner’.  Describing the 62-year-old UK-based businessman fighting his extradition to India on fraud and money laundering charges amounting to nearly Rs 9,000 crores as a “unique character”, Ostling said it had been made clear to Uralkali that the administrator and team’s engine partner Mercedes would not accept any deal in which either Mallya or Sahara had any “share or interest or participation”.”Mallya’s legal entanglements made it impossible for anyone to do a normal business deal with him to acquire Force India. When you are trying to do a deal with a man who is facing extradition and other charges, it made it extraordinarily difficult,” said Ostling, who indicated that Uralkali is still interested in acquiring Force India because it is a good racing team which “punches above its weight”. The administrators, however, insist they oversaw a “fair and transparent bidding process” which led to the sale of Force India to the Racing Point consortium, led by Canadian billionaire Lawrence Stroll, after it went into administration in July. Uralkali have now launched legal proceedings against administrators FRP Advisory in the High Court in London on Thursday to claim “tens of millions of dollars” in damages over the alleged “prejudicial and unequal treatment” in the bidding process. Mallya, through Orange India Holdings set up in 2007, owned a 42.5 per cent stake in the Silverstone-based racing team alongside a similar shareholding in the hands of India’s Sahara Group. Russian fertilizer company Uralkali claims that it had attempted to buy the Vijay Mallya owned F1 team, Force India after it feel out of administration during the summer. However, it lost out to a bid led by Lawrence Stroll, father of Williams F1 driver Lance, and now the Russian group have raised concerns about the administration process.  1 year ago Tanushree Dutta Controversy: Simi Garewal Puts Out A Strong Message “It’s very sad what’s going on with Mr Mallya and Sahara and all their problems. But the team is a wonderful group of people; the drivers, mechanics, business people are an extraordinary group of 400 people who we adore. We wanted to take care of them and support them,” Ostling added. The company said it had set out an extremely generous offer to acquire Force India’s business, assets and goodwill, which included a cash consideration between 101.5 million and 122 million pounds. WE RECOMMEND Last Updated: 30th September, 2018 15:14 IST Losing Force India Bidder Seeking Legal Action Against Vijay Mallya Owned F1 Team After ‘unfair Administration Process’ Russian fertilizer company Uralkali claims that it had attempted to buy the Vijay Mallya owned F1 team, Force India after it feel out of administration during the summer. A ruling in Mallya’s extradition trial at Westminster Magistrates’ Court in London is scheduled for December 10. A separate UK High Court ruling from May this year upheld a worldwide freezing order against the businessman, with a follow-up enforcement order in June in favour of the consortium of 13 Indian banks to recover estimated funds of around 1.145 billion pounds.Uralkali, which accounts for 20 per cent of the world’s potash production, has been a partner of Force India and one of the sponsors of Formula One Grand Prix Sochi, which takes place in Russia on Sunday. Written By FOLLOW US LIVE TV COMMENT First Published: 30th September, 2018 15:08 IST 1 year ago Sourav Ganguly left surprised after BCCI ignore Rohit Sharma for series against West Indieslast_img read more