Bangladesh Bank sues RCBC, Bloomberry Resorts anew for 2016 bank heist
This is the best tl;dr I could make, original reduced by 45%. (I'm a bot)
Bangladesh central bank filed a fresh case against Bloomberry Resorts and Hotels Inc and 16 others before a New York State Court. Bangladesh authorities have renewed their bid to recover $81 million lost in a bank heist four years ago, filing a fresh civil case against 17 Philippine entities last week, reports the CNN. Bloomberry Resorts Corporation, the company behind Solaire Resort and Casino in Manila, told the Philippine Stock Exchange on Monday about the case. The ruling on the previous case has been appealed by Bangladesh before the US Circuit Court of Appeals, Bloomberry said. The cases stemmed from the February 2016 heist where thieves tapped into the system of the US Federal Reserve in New York and authorized multiple fund transfers from the Bangladesh Bank's account to a number of fake bank accounts under RCBC. The funds were wired during a long weekend, which left no time for regulators to block the transactions. The case is the biggest money laundering incident involving the Philippines, which prompted lawmakers to require casinos to regularly report big-ticket and suspicious transactions to authorities. Bloomberry previously said the Bangladesh Bank is relying on these court cases to collect the amount it supposedly lost to North Korean hackers.
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2019-20 Maharlika Pilipinas Basketball League (MPBL) Season (V 3.0) (Coronavirus Edition)
Damn The Conference Finals (A.K.A. The Division Finals) Of The MPBL Got Suspended.It Both Conferences Was A Do Or Die Game 3 Makati Vs San Juan (Tied 1-1) And Davao Vs Basilan (Also 1-1) Yeah If You Win Game 3 And Your in The Finals).Which Is A Best of Five Series Updated All The Team Logos.Added The Mindoro Tamaraws Stadium Capacity. BIGGEST UPSETS IN THE LEAGUE:2018 Anta Rajah Cup (Inaugural Season) (Where The 7th Seed Parañaque Patriots Won Against The 2nd Seed Bulacan Kuyas 2-1) (The Patriots Lost To The Muntinlupa Cagers 2-1),2018-19 Datu Cup (Another 7th Seed Won Again This Time The Quezon City Capitals (12-13) Won Against The Makati Super Crunch (21-4) Who Finished The Season on A 15 Game Winning Streak Through The Playoffs But Got Swept By The Capitals 2-0 (The Capitals Lost To The Eventual Champions San Juan Knights 2-0). Teams:31 North Division 1Bataan Risers,Bulacan Kuyas,Rizal Golden Coolers,San Juan Knights,Manila Stars,Val City Carga Backload Solution,Caloocan Supremos,Makati Super Crunch,Pasay Voyagers,Pasig Realtors,Parañaque Patriots,Quezon City Capitals,Pampanga Giant Lanterns,Navotas Uni-Pak Sardines,Nueva Ecija Rice Vanguards And The Marikina Shoemasters South Division Bacolod Master Sardines,Zamboanga Family's Brand Sardines,Batangas City Athletics,Bacoor City Strikers,Bicol Volcanoes,Basilan Steel,Cebu Casino Ethyl Alcohol,Davao Occidental Tigers,GenSan Warriors,Iloilo United Royals,Imus Bandera,Biñan City Luxxe White,Mindoro Tamaraws,Muntinlupa Cagers And The Sarangani Marlins Story Of The League: https://en.m.wikipedia.org/wiki/Maharlika_Pilipinas_Basketball_League DOWNLOAD LINK: https://www.mediafire.com/file/fv2wej6h5w5ppcb/text_23.txt
Duterte still waiting for China’s ballyhooed bonanza
INTRODUCTION
This article titled Duterte still waiting for China’s ballyhooed bonanza is written by RICHARD JAVAD HEYDARIAN a political analyst in Manila. Mr. Heydarian is affiliated with the Liberal Party, the establishment party that Benigno Aquino belongs to, that doesn't favor closer ties with China at the expense of sovereignty. While some people see Duterte as a anti-establishment candidate, in reality he is part of the elite, and is affiliated with former President Gloria Macapagal Arroyo that favors closer economic ties with China. This was evident when she was President. In the article, Mr Heydarian argues that after 3 years, Duterte has very little to show for in actual investment from China. This is confirmed by this article Playing a losing game with China. All the Philippines has gotten from China right now is about a couple hundred million a year in Chinese investment mainly online casinos which most of the Filipino public and the Chinese government itself want Duterte to shut down. Cambodia shut their online Casinos last month, because of pressure from the Cambodian public and China. The reality is as far back as a decade ago it was apparent that China didn't consider Philippines strategic. The US$24 Billion in aid and investment that China promised the Philippines was just a promise. Secondly, the reason why Chinese commitment to Philippines has been low is because its more careful lately with disbursing funds for BRI projects, and the Filipino themselves are very careful. Philippines overseas debt is 24% of its F/X reserves. Given China current account balance is moving to balance (small deficits/small surplus), China will be more careful how it lends money overseas in the long run.
SUMMARY
Despite China's highly touted Belt and Road Initiative, a US$1 trillion program to build infrastructure worldwide, Japan's infrastructure-related investments are still much larger than China's in Southeast Asia. His comments came amid festering territorial disputes between the Philippines and China in the South China Sea, which have escalated since a suspected Chinese militia vessel rammed and sank a Filipino fishing vessel at the sea's Reed Bank in June. China's promise of an infrastructure investment bonanza, funds that were supposed to drive Duterte's touted "Build, Build, Build" campaign, has not arrived, putting into doubt the wisdom of his mostly acquiescent policy in the South China Sea. Ahead of his election in mid-2016, he made it clear that he prefers warmer ties with China, because "We have to talk and what I need from China is not anger. What I need from China is help to develop my country." Three years later, among China's ten proposed big-ticket infrastructure projects, only the $60 million Chico River Pump Irrigation Project and another has apparently cleared the preliminary stages of implementation. Philippine Finance Secretary Carlos Dominguez III has admitted to several "Roadblocks", including China's initial insistence on using renminbi in aid disbursement, heavy reliance on Chinese workers and managers, and an unwillingness to co-finance projects with other lenders such as Japan and the Asian Development Bank. However, even more worrying, festering territorial disputes between the Philippines and China in the South China Sea, which have escalated since a suspected Chinese militia vessel rammed and sank a Filipino fishing vessel at the sea’s Reed Bank in June.
OPINION
WHY THE CHINESE DON'T CONSIDER THE PHILIPPINES IMPORTANT Chinese don't consider the Philippines that important, because they are obsessed with the Malacca Strait. China has billions of dollars in Malaysian BRI projects, while very little infrastructure investment in both the Philippines or Thailand for example. There are three reason for this. The first is because of Philippines strict environmental laws, there isn't a lot of Chinese investment in mining unlike Indonesia or Myanmar. The second is conceptual and historical. The Chinese have a 15th century view of Southeast Asia. At the time Philippines was a scattered collection of small kingdoms and tribes. Zheng He passed the Philippines as they sailed through the South China Seas, without making any stops. In contrast, the Japanese have considered the Philippines strategically important during the war and after the war. During the War the Japanese main invasion route into Southeast Asia was from Taiwan to the Philippines and down through Makassar Strait, capturing the oil fields in Borneo and finally to Java. The third is Filipino are very pro-American, so relations could easily reverse once Duterte steps down. HOW FAR CAN THE CHINESE PUSH THE FILIPINOS BEFORE THEY SNAP Despite what many Mainland Chinese think, the friendliest country in Asia toward ethnic Chinese has been the Philippines, not Thailand. The last time there was serious anti-Chinese violence in the Philippines was 17th century. Unlike Thailand, the Philippines never forced Chinese to assimilate by closing Chinese language schools. Some Chinese assimilated, some didn't. Over the past decade, there have been numerous incident between Chinese Coast Guard and the Philippines naval and Filipino fishermen. Here is a timeline of the incidents between China and the Philippines Skirmishes, standoffs, harassment in West Philippine Sea Between 2012-2016, there had been 8 incidents. In 2018-2019, there have been 10 incidents. In the South China Seas, Duterte appeasement of China only increase Chinese harassment, which sends the wrong message to other claimants - that appeasement will make it worse. During all these incidents, the Filipinos never started like riots like Vietnamese did in 2014, leaving over dozen Mainland Chinese dead. How do you think people would react in China? Riots were started over incidents with Japan. There are Mainland Chinese harassing people in foreign countries over Hong Kong. In one incident this year, a Chinese ship rammed a Filipino fishing boat, sinking it. They left the scene, leaving 22 Filipino fishermen in the water. Someone could have died. The Filipino public were upset, but there was no demonstrations let alone rioting. SOUTHEAST ASIANS OK WITH CHINA, BUT MAINLAND CHINESE NOT SO MUCH Chinese think historical and hold grudges, Southeast Asian, particularly Filipinos don't, and are more worried about the present. Filipino's don't care how great China was in the past. They don't obsesses over the Japanese occupation like the Chinese do Southeast Asia is different from the West, is ordinary people are less concerned with actions of the Chinese government, but with activities of Mainland Chinese in their respective countries. This in turn impacts the overall relations between countries and China. The two biggest areas of concern for Filipinos about Mainland Chinese are:
The Chinese government recognizes both problems, and has told the Philippines government to ban online Casinos. My personal opinion is China could solve these problems and stop illicit transfers overseas, by legalizing casino gambling in Mainland China. In my opinion, the only major benefit the Philippines has gotten with improved relations with China is the tourist numbering has doubled from 500,000 to 1,000,000. However, tourist number were increasing before the improvement in relations. CONCLUSION If I was in China's position, if I could get something for nothing, I would do the same. I think Duterte's mistake was over promising to the Filipino people of the potential China's bonanza. China didn't cough much aid or investment under Arroyo, and Duterte should have expected that policy should have remained the same.
*NEWS WIRE* - Terrorist Related Events across the Globe
I apologize for the temporary pause in daily reports, we are all volunteers here and I am occasionally too busy to organize these reports. They will resume ASAP. Thank you.
In the fourth installment of the Gran Columbia plan, we will once again take a look back at our glorious country, and expand it. While home to famous cities like Los Angeles, San Francisco, Las Vegas, and Honolulu, there is still room to grow. This step will focus on Eureka, Guantanamo Bay, and San Diego, each receiving an upgrade.
Eureka
First, is Eureka, the Grand Capital of Gran Columbia. The city, following it’s first round of construction, Eureka has grown expeditionaly, into a booming city. While this has gained the ire of some of the original citizenry, this ire was quickly stifled when hundreds of thousands of jobs poured into the city, creating a large boom, as the 3.4 unemployment rate in the city plummeted to 0.8, one of the lowest in the country. Now, Eureka is akinned to Seattle during the 2010’s being a growing city for the tech industry. And as a whole, Humboldt County is becoming a hub for research and development as well as government jobs, similar to Fairfax county in Washington D.C. That being said, one thing missing from Eureka is a “downtown” area. While traditionally, it exists, the current downtown area of Eureka is missing the “large city” aesthetic that one would think, as there are no skyscrapers in Eureka. Therefore Gran Columbia will be beginning a construction project called “Resort town”, which will be a new area of Eureka, located across the water of the town and Capitol Island. Resort town, as the name implies, will be a more tourist friendly and will increase the tourism sector of Eureka, thus bringing in more prosperity for the people. The unincorporated towns located on this peninsula, those being Fairhaven, Samoa (town, not country nor unincorporated territory), and Manila (Columbian town, not Philippine's Capital), will be officially incorporated as boroughs of Eureka, and will be the heart of “Resort Town”. To help facilitate travel between the different parts of Eureka, SkyLyft has been approved to operate in Eureka, with the exception of passing over Capitol Island, for security reasons. The outline for the plans can be seen here As shown above, the plans divide up each town with a different “idea”. Starting with Fairhaven, this will become a traditional “beachtown resort”, putting emphasis on it’s beaches, boat docks, and more. In addition, several famous Columbian hotel chains will be encouraged to set up hotels and resorts on in the area, to further build it up. In addition, a bridge will be built to connect Eureka directly to Fairhaven. Samoa will be a “cultural” district, that will feature the more refined and cultural side of Columbia. This part of the city will contain a newly built concert hall, an arena for performances, art galleries, and more. The biggest of all constructions in this area, and perhaps the entire project, will be a large museum. on par with the Smithsonian in Washington. This museum, called the “Serra Institute”, named after Father Junipero Serra, the founder of the first civilized man in California. The Serra Institute will be made up of a main building, and 3 wings. The main building will be featuring history related displays, featuring the history of Columbia. In addition, a medium-sized hall will be created, to allow the museum to feature performances, conferences, and expos. The first wing, is the “Musk-Bigelow Aerospace Wing”, named after the legendary cultural figures, Elon Musk and Robert Bigelow who pioneered Spaceflight to the level it is today. This wing will feature the history of spaceflight, and observatory, downscaled models of rockets, stations, and even a small scale attraction of Disneyland Mars, to entice people. The second wing will be the “Disney Arts Wing”, name obviously after Walt Disney, who donated the money for this wing. This wing will feature exhibits about the history of animation, filmmaking, and computer animations, all of which had deep roots in Columbia. The Museum will also feature a medium sized art gallery. The last wing will actually be a Zoological park, called the “Fossey National Zoological Park”, named in honor of Dian Fossey, a California-born primatologist and conservationist, who was killed in 1985. The zoological park will feature a variety of animals, from small birds, to larger animals like Gorillas, all of whom will be kept in the most humane and animal-friendly ways possible. Manila will be focused on being the prime “nightlife” location. Clubs, malls, and luxury high rise hotels will be located here. In response to concerns of a rise of crime that things like clubs would bring, Manila will be patrolled using extensive use of our UPD-1 drones, equipped with facial recognition software, as well as future equipment that at this time is classified. This project (or at least the ones constructed by the Gran Columbian government), will cost roughly $1.3 Billion dollars, and will take roughly 2 years.
Guantanamo Bay
The acquisition of Guantanamo Bay, or GITMO as it’s also known by, was seen pretty surprising by the Columbian Public, especially when it was announced it would be an unincorporated part of the Gran Columbia. Speculation quickly jumped on the bandwagon of believing the site would be continued to be used as a maximum security prison, far away from Columbian Soil, however Former President Sandoval confirmed that all remnants of the detention center located in the bay will be removed and deconstructed, and instead plans will be made to spruce up the area. Now, under President Vicente, and as part of the Gran Columbia plan, the plans to revitalize the area into making it a fully functional city. Firstly, a complete infrastructure update will be commenced immediately. This will include:
Expanding and Repaving roads
Planning and building a new public transportation system, to take people around the city
Construction of desalination plans
Construction and improvement of the port
Construction of an airport to the south of the bay
The next part is the construction of three new key areas that will make Guantanamo Bay feel like an actual city. The first is “downtown” Guantanamo, which will be along the water. Here, brand new beach-side restaurants, clubs, and resorts will be located. Towards the interior of the area, things like more hotels and other businesses will be located, all to generate more tourism and interest in the city. The second area is the residential area. This area, unlike the downtown area, will contain the residential homes, creating the suburban area of Guantanamo. Besides homes, this area will also contain more cheaper stores and restaurants, much akin to any other suburban area. Finally the last part is a venture by MGM Resorts International, to set up a large sea-side Casino Resort on the area where the main Guantanamo Detention Facility used to be. This will be a large casino, as the main attraction, with hotels and restaurants on the wings of the building, multiple pools (one behind the hotel, one on the roof, and several interior pools), a bowling alley, movie theater, stage for performances, and a large golf center with 3 different 18-hole golf courses. Finally, the last part of the city will actually be the construction of a new Columbian Base. This will be across the bay, away from the civilian areas. This base will feature:
Barracks to hold up to 30,000 soldiers
Storage Units to store armored and unarmored vehicles
Hangars to hold aircraft as big as C-17s
Two runways
Docks to hold ships as big as carriers for maintenance and repairs
Offshore Fiber Optic Terminal
In total, this will cost us $3.5 Billion dollars, and will take roughly 3 years for the civilian stuff, and two years for the base. Map of changes
San Diego
Finally, the last city of this project is San Diego. San Diego is one of the biggest cities in Columbia, and more importantly, it is a unique city, as it ties Columbia and Mexico together, as Tijuana, one of Mexico’s most important city, sits right next to San Diego. Therefore, as a unique project for the city, we will be contacting Mexico, to conduct a joint development project between San Diego and Tijuana. We propose the following:
The San Diego Police Department and Tijuana Police will work together in cross border investigations and crime prevention
The border security will be upgraded, to allow for autonomous border checks, allowing for crossings to be quicker, yet still precise, only requiring to pass through a scanner that captures the person face for facial recognition purposes, and is able to check for explosives, weapons, and drugs.
The Prospective San Diego-Tijuana Police department will receive substantial funding and state of the art technology to assist in countering potential criminal activities
Businesses in Tijuana and San Diego will be able to operate tariff free, but only for goods not bound for anywhere Beyond Tijuana/San Diego.
The improved security will cost a simple $200 Million, and will be even split with Mexico. [M] I'll do a seperate roll for each
* "forces are providing technical help and are not fighting"
"President Rodrigo Duterte had earlier threatened to throw out US troops amid strained relations since taking office."
"Militants have been under siege since rampaging through the southern city on 23 May. The latest fighting has claimed the lives of 13 Philippine marines."
"The latest casualties bring the number of Philippine troops killed in the fighting to 58."
"At least 138 militants and 20 civilians have also been killed, the government says."
"In a press briefing, Lt Col Jo-ar Herrera said the army was checking the reports. He cited 'strong indications' but gave no further details." | Philippine Military news
"The brothers' parents, who are believed to have helped fund their armed group, have been captured."
"Col Herrera confirmed for the first time that US special forces were helping the army." | not this guy
" 'They are not fighting. They are just providing technical support,' he said."
"Reuters news agency earlier quoted the US embassy in Manila as verifying the presence of US forces. It would not go into operational details but said the US forces were helping at the request of the Philippine government."
"Philippine army spokesman Brig Gen Restituto Padilla Jr has vowed that the national flag will be flying once again over all of Marawi by Monday - the Philippine national day."
"The army has missed past deadlines to rid the city of militants amid two weeks of air and ground assaults."
"Col Herrera said the militants were now restricted to three districts within the city."
"U.S. special forces have joined the battle to crush Islamist militants holed up in a southern Philippines town, officials said on Saturday, as government forces struggled to make headway and 13 marines were killed in intense urban fighting."
" 'They are not fighting. They are just providing technical support,' military spokesman Lieutenant Colonel Jo-Ar Herrera told a news conference in Marawi City."
"About 40 foreigners have fought alongside the Philippine militants in Marawi City, most of them from Indonesia and Malaysia, though some came from the Middle East."
"The deaths took to 58 the number of security forces killed, with 20 civilians and more than a hundred rebel fighters also killed in the Marawi fighting."
"At least 200 militants are holed up in a corner of the town. An estimated 500 to 1,000 civilians are trapped there, some being held as human shields, while others are hiding in their homes with no access to running water, electricity or food."
"The military said it was making headway in the town but was proceeding carefully so as not to destroy mosques where some of the militants had taken up positions."
" 'We give premium to the mosques, because this is very symbolic to our Muslim brothers,' Herrera said."
" a significant population of Muslims and Marawi City is overwhelmingly Muslim."
"Herrera said the military was 'validating' reports that the two Maute brothers who founded the group had been killed."
" 'We are still awaiting confirmation,' he said. 'We are still validating those reports but there are strong indications.' "
"On Friday, airstrikes by the Philippine military targeted buildings in three districts of Marawi, where the insurgents were reportedly holding around 100 hostages, including a Catholic priest."
"The marines' deaths added to an overall two-week death tollput at 204. The army listed 21 civilians, 138 militants and 45 police and soldiers killed."
"The Agence France-Presse news agency reported the military as saying that the militants occupied about 10 percent of the city and were using bomb-proof tunnels and anti-tank weapons."
"Washington deployed special forces soldiers to Mindanao in 2002 to train and advise Philippine units then fighting Abu Sayyaf militants."
"Philippine troops are struggling to defeat hundreds of fighters, who rampaged through Marawi on May 23 flying black flags of the Islamic State (IS) group, and have used civilians as human shields, bomb-proof tunnels and anti-tank weapons to fortify their positions."
"A 15-year-old boy was also killed by a stray bullet as he took part in Friday prayers at a mosque in Marawi as the skirmishes raged outside, an AFP video journalist said."
"About 2,000 people are also believed to still be trapped in militant-held areas as insurgents continue to entrench themselves in the city two weeks ito the conflict, which saw them take a Catholic priest hostage, open up two jails and destroy many buildings."
"The US on Monday gave the Philippines hundreds of machine guns, pistols and grenade launchers, which a local commander said would be used in the fight against Islamist militants."
"They initially estimated there were about 100 gunmen but later said there were as many as 500, supplemented by foreign fighters from Chechnya, Saudi Arabia and Yemen."
"The announcement of US help in the embattled southern region comes after Duterte has sought to reduce the Philippines' reliance on the United States and build much closer ties with China and Russia."
China's Economic Collapse, It's Coming! (repeated ad nauseum for at least a decade now)
Morgan Stanley president Kelleher says China 'is just fine' China is "just fine" and the recent worries about its economy was just an excuse to sell the market off after a good run, Morgan Stanley (MS.N) President Colm Kelleher said on Wednesday. "I think there's no new news here, emerging markets will not grow, we know that. Developed markets are carrying the growth, particularly in the U.S. and we are of the view that China is just fine, 6.9 percent growth is okay and we believe those numbers broadly," Kelleher told a conference in Dublin.
Whatever does cause the next global recession, it likely won’t be China. That’s according to Bank of America Merrill Lynch, who gathered its top experts on the nation to mull the "34 questions about China that you were afraid to ask." They concluded the world’s second-largest economy will steer clear of a hard landing and the government will contain the risks arising from its financial market turbulence. While its slowdown will weigh investor confidence, it won’t cause major negative spillovers to the global economy based on an analysis of trade, portfolio and commodity channels.
Lagarde: We have faith in China, despite volatility The head of the International Monetary Fund said Thursday that she's not concerned about volatility in China's markets, which have suffered wild swings in recent weeks. Lagarde remains confident that Chinese authorities will be able to guide the country during its transformation from an economy based on investment and exports, to one driven by consumption.
Why China doesn’t mind being left out of the Trans-Pacific Partnership Beijing already has free trade agreements with more than half of the TPP countries, including Australia, New Zealand, Chile, Peru, Singapore, Brunei and Vietnam, and it can exploit those arrangements to minimize or avoid import duties that would normally apply to made-in-China products. Felipe Caro and Christopher Tang of UCLA's Anderson School of Management explained in Fortune magazine this week how that could work. “To satisfy certain country-of-origin conditions stipulated in TPP, China can manage the supply chain operations of cotton shirts by importing cotton from Pakistan (via its existing free trade agreement with China) and conduct 'upstream' operations, such as fabric design, knitting and dyeing at home. "Then China can ship the fabric to Vietnam (via an existing free trade agreement with China). At the same time, Japan can ship the buttons to Vietnam (via the TPP). Vietnam can perform 'downstream' operations (sewing) and then ship the finished shirts via TPP agreement to Australia, Japan and the United States, cutting off the 5%, 10.9% and 16.5% import duties that would have applied if China had dealt directly with these countries.” And China clearly doesn’t require the TPP to enhance its already sizeable influence in the world.
Credit Suisse CEO Says He Remains Positive on China, Echoing UBS Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said he remains positive on China, echoing comments by his counterpart at UBS Group AG, following an equity selloff and a deepening economic slowdown.
ADB head optimistic China's economy to grow 6.7 percent MANILA, Philippines – The Asian Development Bank president is optimistic China's economy will post a healthy 6.7 percent growth this year despite jitters over the yuan's depreciation and a plunge in Chinese stocks. Nakao says he does not see a serious adjustment in the Chinese economy because there is much room to expand services and fiscal reforms are being undertaken.
China on right economic path: World Bank economist China is following the right path and is making progress in its bid to rebalance the nation's economy, according to a World Bank economist. Franziska Ohnsorge, a lead economist at the World Bank, said Chinese officials had outlined an economic plan at the Third Plenary Session of the 18th Communist Party of China Central Committee in 2013 and were implementing the reforms to enact that plan. "They are steadily implementing these reforms and these are exactly the reforms that China needs, but they will yield benefits over the long term," she said.
The `Hard-Landing School' Has It Wrong on China, Says Roach The Yale University senior fellow said the economy is in a transition and employment data showing strong urban job growth paint a more positive picture. “You can’t look at top-line GDP and conclude about whether China is going hard or soft,” Roach told Tom Keene on Bloomberg Television. “You have to look at the pieces, the mix, and the mix is far more constructive than the China bears would lead you to believe.”
German, French central bankers warn of overreaction to China Speaking at a meeting of French and German central bank governors and finance ministers in Paris, Bundesbank Governor Jens Weidmann warned against painting everything black and said he did not expect a sharp deterioration in the Chinese economy. “I agree with Jens Weidmann that financial volatility is somewhat excessive. I think we need to look through the short-term (market) swings,” Bank of France Governor Francois Villeroy de Galhau told reporters.
Christine Lagarde, the managing director of the International Monetary Fund (IMF) said here Tuesday that IMF "does not believe that the world's second largest economy will face a hard landing" and that China's decision to transform "from quantity to quality" is the right way.
China hard landing unlikely but debt levels a concern: Fitch "China's financial system is dominated by banks and funded overwhelmingly by retail deposits. Both the banks and borrowers are either state-owned or heavily state-influenced. These factors combine to suggest that the kind of collapse of confidence among creditors that might precipitate a financial crisis is unlikely in China," Fitch said.
Why China's Housing Market Refuses To Crash: Control of interest rates, financing, who can be a buyer, how many houses someone can buy, where people invest their money, the urban markets home buyers are pushed into One of the ways that China’s government influences the direction of the housing market is with interest rates. When they want to cool things down a little, the government charges higher interest rates on loans to developers and home buyers, when they want to heat the market up give more favorable rates. One of the saving graces of China’s housing market, no matter how heated it has appeared, was that home buyers have always been extremely under-leveraged. At 90%, China has one of the world’s highest home ownership rates, but only 18% of the country’s households have mortgages. In large part, this lack of leverage is due to the fact that lending for home purchases are tightly controlled by China’s central and municipal level governments. Who qualifies for mortgages and how much financing they can receive is based on formal calculations which vary from city to city and are continuously adapted to suit current economic conditions. In China’s cities, among other classifications, people are divided up between potential home buyers and what’s known as non-buyers. There are set rules which outline how a non-buyer can become a buyer, which generally consists of living in the city and paying income tax there for a specified number of years. Another way that China’s government quells speculation in the housing market is by simply restricting the quantity of houses that people can buy. For an extended period of time, big cities like Shanghai have had home purchasing restrictions (HPRs) which have limited its residents to only being able to buy one additional house. As I’ve covered earlier, viable investment options for people in China are extremely limited. Interest on bank deposits are less than inflation, the stock market is about as secure as a casino, WMPs have had their attractiveness regulated out of them, and channels to invest overseas are being plugged up. This leaves housing. Basically, Chinese investors are funneled into the housing market, and, in a country with one of the highest savings rates on the planet, this means a huge amount of ready-to-invest capital continuously pouring in. Growing very distinct in 2015 and lasting into this year is a sheer disparity in China’s housing market between big and vibrant tier-one and some tier-two cities — where everybody wants to live — and the rest of the country. While China’s real estate market has usually vacillated in almost uniform waves across the country, we’re now seeing a situation where prices in some cities are exploding while others are posting all time lows. To help rectify this situation, China’s government seems to be engineering a climate in the big, booming cities that’s intended to push buyers into other nearby markets. When looking at China’s housing market one key point to remember is that this isn’t really a free market and can’t be expected to behave like one. Behind the scenes are governmental ventriloquists pulling at proverbial strings, controlling supply and engineering just the right amount of demand.
Bank of Canada still bullish on China despite economic slowdown The Chinese economy has the potential to grow at 6 per cent a year for another 15 years, more than doubling its economy and sustaining its appetite for Canadian goods, senior deputy governor Carolyn Wilkins said Tuesday. “China’s demand for commodities should remain high and grow from a higher base, even if the country’s economic growth is slower and less reliant on natural resources,” Ms. Wilkins said in remarks prepared for a speech to the Vancouver Board of Trade. She argued that China’s slowdown to a more sustainable pace is “not only inevitable, it’s desirable.”
HSBC’s Gulliver upbeat on China economy, reforms Gulliver said China’s growth target of 6.5 to 7 percent is still robust, while the central bank has room for further cuts in interest rates and lenders’ reserve requirement ratio, the Hong Kong Economic Journal reported. The country’s ability to pursue reforms has been underestimated while its currency valuation moves should be seen as progress rather than regression, he said. He said China is capable of boosting domestic consumption to offset any gap in growth targets given its enormous fiscal reserves.
China debt a risk but authorities are handling it: Moody's "Not only do the authorities know what the situation is, but they have the tools and the intention , the willingness to address the issue (of) high leverages," Moody's managing director Atsi Sheth told CNBC's "Squawk Box" on Tuesday. "China's growth and its growth outlook is still quite robust. This is a low-income economy playing the catch-up model….A lot of China's debt is still domestically generated; there are domestic savings that led to this debt creation as opposed to foreign borrowing …. That gives it some stability and support," added Sheth
China debt fears cloud the real picture, says AXA Fear about the build-up of debt in China ignores the fact that most of it is internal and much of it will be converted into long-term financial assets, says a senior manager at one of Europe's biggest funds group. The main distinction with other developing economies, he says, is that most of the debt load is domestic, meaning little foreign currency exposure. The other is that an important chunk of it comprises short-term bank loans to special-purpose vehicles set up to fund local government infrastructure. These will ultimately be repackaged as long-term bonds and sold, via banks, to institutional investors such as pension funds and insurance companies, including outside China, says Tinker. Oxford Economics is less alarmist, agreeing with Tinker that much of the debt has been sunk into capital stock that will pay for itself. The problem, it says, are in sectors such as heavy industry and manufacturing where returns on investment have been declining.
China's economic reforms have received a vote of confidence from heads of key international economic organisations such as the World Trade Organisation (WTO), International Monetary Fund (IMF) and World Bank In a joint statement with China, they said fundamentals of the Chinese economy remain positive in the long term, thanks to its efforts in developing new growth drivers. The statement noted that China's economic structure has "improved" and that consumption and the services sector have become the major driving forces of the economy.
Bangladesh retrieves a fifth of $81 million stolen in cyber heist
This is an automatic summary, original reduced by 20%.
DHAKA Bangladesh's central bank has retrieved just under a fifth of the $81 million that was stolen from its account at the New York Federal Reserve in February, a Bangladesh Bank official said on Saturday. Philippines authorities handed over $15.25 million to Bangladesh's ambassador to the Philippines, said the Bank's deputy governor Abu Hena Mohammad Razee Hassan, who heads its financial intelligence unit. In February, unknown hackers used stolen Bangladesh Bank credentials to try to send three dozen SWIFT messages to transfer nearly $1 billion from its Fed account. A Bangladesh Bank delegation went to Manila this week to work on moving back part of the funds. A Philippine court in September adjudged that Bangladesh Bank was the rightful owner of around $15.25 million surrendered by casino boss Kim Wong and his Eastern Hawaii Leisure Company, according to a court order. Wong, who returned $4.63 million and 488.28 million pesos to Philippine authorities from millions of dollars he took from two Chinese high-rollers, has denied any role in one of the world's biggest cyber heists.
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Pacquiao vs Algieri Live Stream Boxing [WATCH DIRECT HQD BROADCAST FROM VENETIAN MACAO'S COTAI ARENA,MACAU,CHINA]
Hello,everybody Welcome to Watch the live telecast 12 rounds - welterweight division (for WBO title) Boxing between Manny Pacquiao vs. Chris Algieri Live Online TV Broadcast. From any where you can watch this exclusive match Live without any additional software. CLICK HERE FOR WATCH LIVE ONLINE CLICK HERE FOR WATCH LIVE ONLINE CLICK HERE FOR WATCH LIVE ONLINE CLICK HERE FOR WATCH LIVE ONLINE Match Schedules: Competition: Manny Pacquiao vs. Chris Algieri HBO Boxing PPV(welterweight title) Date: Saturday, Nov. 22 // 9:00 p.m. ET (HBO PPV) Where : Venetian Macao's Cotai Arena, Macau, China Live/Repeat: Live Las Vegas is home for most of the biggest matches in boxing, but Macau, China has emerged as a desired location for one of the sport’s biggest stars. Even though HBO Pay-Per-View had never even broadcast a fight outside of the United States until a year ago, Manny Pacquiao is set to fight in Macau for the second time in 12 months. Pacquiao will put his WBO Welterweight Championship on the line against Chris Algieri this weekend. In Nov. 2013, he fought outside of Las Vegas for the first time in over six years, defeating Brandon Rios at the Venetian Macao. Fighting in Macao instead of Las Vegas has become a smart financial decision for Pacquiao, who along with Floyd Mayweather Jr., is the sport’s most popular athlete. Because he is fighting outside of the country, Pacquiao doesn’t have to worry about being taxed by the U.S. government on the at-least $20 million that he’s guaranteed to earn. By fighting in Macau, Manny is not subject to United States income tax," Top Rank CEO Bob Arum told USA Today. "Most of that would be at 39.6 per cent. We are talking millions of dollars he can save." Few athletes have ever equaled Pacquiao’s more than $300 million in career earnings, but the boxer has found himself in financial trouble. He’s currently battling the Philippine government, who’s looking for $75 million for unpaid taxes, stemming from fights in the U.S. The fight won’t draw massive PPV numbers in Macau. Pacquiao vs. Rios did around 475,000 buys, much less than the 750,000-800,000 buys that Pacquiao’s Las Vegas Fight with Timothy Bradley drew in April. However, moving the fight to Macau is more than worth it for Pacquiao and his promoter. According to the Los Angeles Times, Pacquiao’s purse is nearly three times what he would be guaranteed in Las Vegas, because of the fee paid by the Venetian. Holding the fight in Macau will also increase the number of viewers, since it will be broadcast live on free Chinese TV. Arum and Ed Tracy, CEO of Sands China and operator of the Venetian Macao, have estimated that between 200 million and 300 million Chinese people could tune into the fight. While Pacquiao will benefit from fighting in Macau, the bout couldn’t come at a better time for the city. Approximately 80 percent of Macau’s income derives from casino revenue, and business has been on the decline. The city’s revenue had been seven times that of Las Vegas at the start of 2014, but October was the worst month for casino revenue, since the city began keeping records. The 23 percent decrease marked the fifth straight month of declining income. With the fight being held in another continent, the start time will still accommodate viewers in the United States. HBO PPV begins its live broadcast at 9 pm. ET on Saturday night, but the undercard won’t allow Pacquiao and Algieri to enter the ring until approximately two hours later. The 13-hour time difference means the match will take place on Sunday in the early afternoon in Macau. Even before Pacquiao and Rios fought in China, starting a boxing match early in the day in another country was nothing new. The “Thrilla in Manila” between Muhammad Ali and Joe Frazier was fought in the morning so it could be broadcast in primetime in the United States. We needed to make sure our technical and production items would be addressed and we quickly concluded that fans would be able to see the same television pay-per-view experience they were accustomed to seeing," HBO’s Senior vice president of sports operations and PPV Mark Taffet told ESPN, before the company first broadcast a fight in Macau. Algieri has never fought outside of the United States. In the biggest fight of his career, the 30-year-old is guaranteed to make approximately $1.5 million.
HBO™|| Pacquiao vs Algieri Live Boxing || Preview, Prediction, Streaming Info || Watch.Fight.Card.Venetian.Macao.in.Macau.China.on.Saturday
Get a preview, results, and full fight coverage here for Manny Pacquiao vs. Chris Algieri live on HBO PPV. HBO Boxing Pacquiao vs. Algieri is live this Saturday, November 22 on PPV. CLICK HERE FOR WATCH LIVE ONLINE CLICK HERE FOR WATCH LIVE ONLINE CLICK HERE FOR WATCH LIVE ONLINE CLICK HERE FOR WATCH LIVE ONLINE Manny Pacquiao will defend his WBO Welterweight Championship against undefeated Chris Algieri on Saturday night in China. The show has a flight time of 9:00 p.m. ET / 6:00 p.m. PT. Pacquiao (56-5-2, 38 KO) and Algieri (20-0, 8 KO) will be battling for Pacquiao's WBO welterweight title at a catchweight of 144 pounds (or 143+1). Pacquiao, 35, is the heavy favorite in the fight, but the 30-year-old Algieri has beaten the odds already this year, when he toppled Ruslan Provodnikov on June 14 to win the WBO junior welterweight title. (Algieri has since been stripped of that belt.) The undercard fighters will also be weighing in, of course. Vasyl Lomachenko (2-1, 1 KO) will defend his WBO featherweight title against Chonlatarn Piriyapinyo (52-1, 33 KO); Zou Shiming (5-0, 1 KO) will face Kwanpichit OnesongchaiGym (27-0-2, 12 KO) in a 12-round flyweight bout; and Jessie Vargas (25-0, 9 KO) will meet Antonio DeMarco (31-3-1, 23 KO) in a junior welterweight bout, also set for 12 rounds, with Vargas' "regular" WBA title at stake. Las Vegas is home for most of the biggest matches in boxing, but Macau, China has emerged as a desired location for one of the sport’s biggest stars. Even though HBO Pay-Per-View had never even broadcast a fight outside of the United States until a year ago, Manny Pacquiao is set to fight in Macau for the second time in 12 months. Pacquiao will put his WBO Welterweight Championship on the line against Chris Algieri this weekend. In Nov. 2013, he fought outside of Las Vegas for the first time in over six years, defeating Brandon Rios at the Venetian Macao. Fighting in Macao instead of Las Vegas has become a smart financial decision for Pacquiao, who along with Floyd Mayweather Jr., is the sport’s most popular athlete. Because he is fighting outside of the country, Pacquiao doesn’t have to worry about being taxed by the U.S. government on the at-least $20 million that he’s guaranteed to earn. By fighting in Macau, Manny is not subject to United States income tax," Top Rank CEO Bob Arum told USA Today. "Most of that would be at 39.6 per cent. We are talking millions of dollars he can save." Few athletes have ever equaled Pacquiao’s more than $300 million in career earnings, but the boxer has found himself in financial trouble. He’s currently battling the Philippine government, who’s looking for $75 million for unpaid taxes, stemming from fights in the U.S. The fight won’t draw massive PPV numbers in Macau. Pacquiao vs. Rios did around 475,000 buys, much less than the 750,000-800,000 buys that Pacquiao’s Las Vegas Fight with Timothy Bradley drew in April. However, moving the fight to Macau is more than worth it for Pacquiao and his promoter. According to the Los Angeles Times, Pacquiao’s purse is nearly three times what he would be guaranteed in Las Vegas, because of the fee paid by the Venetian. Holding the fight in Macau will also increase the number of viewers, since it will be broadcast live on free Chinese TV. Arum and Ed Tracy, CEO of Sands China and operator of the Venetian Macao, have estimated that between 200 million and 300 million Chinese people could tune into the fight. While Pacquiao will benefit from fighting in Macau, the bout couldn’t come at a better time for the city. Approximately 80 percent of Macau’s income derives from casino revenue, and business has been on the decline. The city’s revenue had been seven times that of Las Vegas at the start of 2014, but October was the worst month for casino revenue, since the city began keeping records. The 23 percent decrease marked the fifth straight month of declining income. With the fight being held in another continent, the start time will still accommodate viewers in the United States. HBO PPV begins its live broadcast at 9 pm. ET on Saturday night, but the undercard won’t allow Pacquiao and Algieri to enter the ring until approximately two hours later. The 13-hour time difference means the match will take place on Sunday in the early afternoon in Macau. Even before Pacquiao and Rios fought in China, starting a boxing match early in the day in another country was nothing new. The “Thrilla in Manila” between Muhammad Ali and Joe Frazier was fought in the morning so it could be broadcast in primetime in the United States. We needed to make sure our technical and production items would be addressed and we quickly concluded that fans would be able to see the same television pay-per-view experience they were accustomed to seeing," HBO’s Senior vice president of sports operations and PPV Mark Taffet told ESPN, before the company first broadcast a fight in Macau. Algieri has never fought outside of the United States. In the biggest fight of his career, the 30-year-old is guaranteed to make approximately $1.5 million.
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