China sentences Canadian tycoon to 13 years for financial crimes

BEIJING (AP) — A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a string of billionaire financial crimes and his company was fined $8.1 billion, announced a court. Xiao Jianhua was convicted of misusing billions of dollars in bank and insurance deposits controlled by his Tomorrow Group and offering bribes to officials, Shanghai No. 1 Intermediate People’s Court said on its social media account . Xiao was fined 6.5 million yuan ($950,000) and his company 55 billion yuan ($8.1 billion), the court said. Xiao was last seen in a…

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China sentences Canadian tycoon to 13 years for financial crimes

BEIJING (AP) — A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a string of billionaire financial crimes and his company was fined $8.1 billion, announced a court. Xiao Jianhua was convicted of misusing billions of dollars in bank and insurance deposits controlled by his Tomorrow Group and offering bribes to officials, Shanghai No. 1 Intermediate People’s Court said on its social media account . Xiao was fined 6.5 million yuan ($950,000) and his company 55 billion yuan ($8.1 billion), the court said. Xiao was last seen in a…

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What Rakesh Jhunjhunwala said about investing through mutual funds

Rakesh Jhunjhunwala, the Indian billionaire investor who is admirably called the ‘Warren Buffett of India’ because he set an exemplary example of how to create wealth from the stock market died on August 14 in Mumbai. A qualified CA and the son of an Income Tax officer, Jhunjhunwala had entered the stock market in 1985 when the Sensex was at 150 points with only ₹5000. The journey that began with ₹5,000 and has left this world today leaving a wealth of $5.8 billion (according to Forbes data) to his family. He is no longer with us, but his investment principles…

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Top financial services news of the day

Fed’s Bullard leans toward a September hike of 0.75 percentage points The president of the Fed of St. Louis, James Bullard said he is considering supporting another major rate hike at the central bank’s policy meeting next month, adding that he is not ready to say the economy has seen the worst increase in inflation. Wall Street is betting the Fed is bluffing in a high-stakes inflation game The market rally reflects the belief that inflation has peaked and rates will fall sometime next year, a prospect that Fed officials have tried to dismiss. The Central Bank of Turkey cuts…

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Consumer confidence falls to lowest level since 1974

British consumer confidence fell to a record low in August as cost-of-living pressures and a weak economic outlook continued to mount. Research firm GfK’s consumer confidence barometer fell to minus 44 in August from minus 41 in July, the lowest level since the survey began in 1974 and below expectations of economists that consumer confidence remained unchanged from the previous month. All five measures fell, reflecting acute concerns as the cost of living rises, said GfK’s director of client strategy, Joe Staton. UK inflation hit a new four-decade high of 10.1% in July, the highest rate among Group of Seven…

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The City Council approves economic development agreements for TIF districts | news

ENID, Okla. — An economic development agreement is now in place between the city of Enid and a renewable energy service provider, along with an amended economic development agreement with Transportation Partners and Logistics. Enid city commissioners on Tuesday evening approved an economic development agreement with Takkion and an amendment to an existing economic development agreement with TP&L on 66th. The 7-0 vote, Commissioner Jerry Allen said Tuesday, “ends a big problem” for the Enid community. “New jobs, new investment and new things happening with old things we already have — it’s a great day,” he said during the meeting….

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The audit regulator strengthens the rules with a new register

The Financial Reporting Council plans to gain greater control over auditors with a register that will determine who can audit the financial statements of large listed companies or financial institutions — so-called public interest entities — and who cannot. The country’s audit and accounting regulator requires audit firms and certain key individuals who currently audit these entities to apply for inclusion in a newly created index. If a company or person is deemed not to be “fit and proper”, they will not be admitted to the PIE register or will be removed from it, according to the regulator. All audit…

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Crypto firms that 'eliminate risk' may create 'opacity in financial conduct': Regulation Bitcoin News

Crypto firms that ‘eliminate risk’ may create ‘opacity in financial conduct’: Regulation Bitcoin News

According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean that financial institutions should avoid or eliminate risks by wholesale termination of customer relationships with entities such as crypto-asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to be successfully managed”. A threat to financial integrity South Africa’s main banking industry regulator, the Prudential Authority, has said that decisions by some banks to end relationships with crypto entities “may pose a threat to financial integrity in general”. In…

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