People walk past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. Jason Lee | Reuters – Advertisement – On Monday, the China Securities Regulatory Commission said Ant Group’s controller Jack Ma, executive chairman Eric Jing and CEO Simon Hu were summoned and interviewed by the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange.Also on Monday, regulators issued draft rules that sought to raise standards for online lending and limit the amount available for borrowing.The next day, the Shanghai Stock Exchange suspended the Ant IPO, citing the meeting and a change in the financial regulatory environment.PBOC Deputy Governor Liu Guoqiang told reporters on Friday the Shanghai Stock Exchange’s decision was made out of consideration for consumers’ interests and investors’ protection, ensuring healthy and stable development of the financial market in the long-term and in accordance with law.He also pledged that the central bank will “in accordance with the idea of regulating development and encouraging innovation, continue to carry out financial supervision according to law.” Liu said there must be equal financial innovation, protection of the economy and prevention of systemic financial risks.The two officials were speaking at a press conference on efforts to improve the financial system’s support for businesses and economic growth in China. They did not comment specifically on Ma’s controversial speech last month, which appeared to criticize regulators.Fintech’s role in a state-dominated systemChina’s state-dominated banking sector has preferred to lend to state-owned businesses, rather than privately run businesses. The argument is the private and far smaller companies lack proof for their ability to repay a loan in an environment without a standard credit score system.Smaller businesses have turned to other sources, including the off-balance sheet shadow banking sector, which refers to activities performed by financial firms outside the formal banking sector and can be subject to lower levels of regulatory oversight.More recently, big data analysis run by companies such as Ant and collaboration with banks have helped to better qualify businesses’ ability to take on loans.As of the end of June, the balance of China’s commercial banks’ consumer loans sourced from tech firms was 1.43 trillion yuan ($216.08 billion), according to the PBOC. – Advertisement – BEIJING — Just days after the abrupt suspension of Ant Group’s IPO — which was set to be the world’s largest offering — China’s financial authorities emphasized the need to ensure sufficient regulation.But they did not discourage entities from working with Ant — an Alibaba-affiliate which runs one of the two major mobile payments systems in the country, Alipay, and operates many subsidiaries for tech-driven business lending and personal investment. Ant also has many partnerships with major banks and financial institutions.Ant Group’s dual listing in Shanghai and Hong Kong was originally planned for Thursday, but it was called off just two days before then.- Advertisement – Chinese authorities stepped up efforts to improve lending to privately run, smaller businesses in the wake of the coronavirus pandemic this year. According to the PBOC’s Liu, policies such as reducing fees and deferring debt repayment have released 1.25 trillion yuan into the economy as of October, nearing the goal of 1.5 trillion yuan for the year.Chinese regulation can initially be far looser than in other countries, allowing rampant growth of an industry before cracking down harshly. One example is the peer-to-peer lending industry, in which many companies took money from investors by claiming to use technology to connect consumers with loans or high-yielding investment products before they collapsed and regulators stepped in.At Friday’s press meeting, Liu Fushou, Chief Counsel of China Banking and Insurance Regulatory Commission, said the number of operating peer-to-peer lending companies declined from a peak of around 5,000 companies to currently three lenders, which he did not name. The scale of loans and participating individuals has declined for 28 straight months — or two years and four months, he added.“On one hand, we support reasonable innovation in the financial industry under the premise of controllable risks,” the banking commission’s Liu said. “At the same time, (we) maintain that innovation serves the real economy and must contribute to it.” At the end of October, China’s financial stability committee said at a meeting that financial technology is developing quickly, and the relationship between financial development, stability and security must be handled well.- Advertisement – “At the same time, (regarding) Ant Group, as a large privately run enterprise, we also hope everyone, in accordance with the rules and regulations, can together maintain and carry out cooperative business,” said Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission. That’s according to a CNBC translation of his Mandarin-language remarks.As mobile payments and online banking emerged in China over the years, Liang said the commission had issued relevant financial industry licenses, while keeping consumers’ interests in mind.
Ecosse IP (EIP) has recently completed pre-trial tests of its newest product, the Ambient Lifter (AL10T), in Buckie Harbour, UK. These tests form part of the development of EIP’s new range of subsea lifting products, the company said.The recent tests follow on from trials completed in September 2018 in which the Ambient Lifter successfully lifted 5Te from the seabed. Building on the results of last year’s harbour trials, the engineering team at EIP has scaled up the Ambient Lifter, increasing the lifting capacity from 5Te to 10Te and adding an ROV garage and docking interface to form an integral element of the subsea solution provided by EIP’s Ambient Lifter product range.The tests are a pre-cursor to full harbour trials scheduled for March 2019, which are being supported by the Oil & Gas Technology Centre (OGTC).Dorothy Burke, EIP managing director, said: “We are delighted with the way in which the Ambient Lifter performed during these tests: the scaled-up model AL10T performed well, successfully demonstrating it can be manoeuvred with the integrated ROV and can lift a 10Te weight. A full harbour trial is scheduled for March with clients and trade organisations planned to attend. We are delighted the Oil & Gas Technology Centre (OGTC) is supporting our next trials and also look forward to working with Oceaneering and Aleron on the next phases through to commercialization.”
Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Jockeys and stalls handlers in Britain will be required to wear masks when horse racing hopes to resume next month during the coronavirus pandemic. The British Horseracing Authority is hoping to get government approval to return on June 1 for the first time since March.Completion of an online education module and screening of all participants before they can attend an event are among the initial protocols. They will include health-related questions and temperature checks before people are allowed to enter racecourses.Social distancing restrictions will be employed, along with face coverings for those likely to get closer than two meters, including jockeys, trainers, stalls handlers, stable staff and valets.The BHA is also planning an ongoing surveillance program to monitor the coronavirus, including some testing.___ There has been no play in the top tier due to the coronavirus crisis since March 12. Teams have recently returned to training at club facilities, but with players practicing individually. Barcelona is top of the league with a two-point lead over Real Madrid after 27 of 38 rounds.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 The Czech league restarted under strict conditions on Saturday.Teplice beat visiting Liberec 2-0 without spectators as the First League resumed after a 73-day stoppage. The teams entered the stadium separately and players were not allowed to shake hands or celebrate goals together.The restart was made possible after the government eased restrictions that contained the coronavirus outbreak. The Czech Republic has not been as badly hit by the pandemic as the likes of Italy, Spain, France and Britain.One player from league leader Slavia Prague and another one from Mlada Bolestav tested positive for the coronavirus in a mandatory initial round of testing and were quarantined. All the tests in the second round of testing were negative. The government allowed a maximum of 150 people at Teplice’s stadium on Saturday even though current restrictions limit gatherings to 100 people. That number will increase to 300 next week.Six rounds of games in the regular season and the playoffs remain in the league, which is scheduled to be completed by July 15.___The soccer league in Spain will be allowed to resume from June 8, Spanish Prime Minister Pedro Sánchez said Saturday. While the top tier, La Liga, can play from this date, it has already said it wants to resume play on June 12. It is unclear when the first games will be held. The Latest: British jockeys need masks when racing returns May 23, 2020 Associated Press
Facebook Twitter Google+ Published on February 20, 2018 at 10:53 pm Contact Andrew: [email protected] | @A_E_Graham When Jasmine Nwajei drives right, she knows exactly what move she’s going to employ.The redshirt senior puts her body between the defender and the ball, and as she prepares to launch, slightly bumps the defender with her left shoulder to create separation and potentially draw a foul.Nwajei’s signature move, coupled with intense defensive effort off the bench, have carved her niche in Syracuse’s (20-7, 8-6 Atlantic Coast) rotation this season. After leading the country in points per game at Wagner two years ago, Nwajei moved on to Syracuse for a chance to grow, and has learned how to contribute despite a reduced role.“Every time she comes in,” point guard Tiana Mangakahia said, “she changes the tempo of the game.”At Wagner, Nwajei was the star, scoring 30 or more points 15 times her junior season, her last with the Seahawks. She finished the 2015-16 season averaging 29.0 points per game, the top mark in all of women’s Division I basketball.AdvertisementThis is placeholder textNwajei went to Wagner to play for head coach Lisa Cermignano, she said. Early on in her career for WU, things went well for Nwajei, but she felt the pressure of being the top scorer.Scoring in bunches was what Nwajei needed to do at Wagner, she said, because the confidence in her teammates finishing plays wasn’t there. If her team needed a bucket, she would go get it. This season at Syracuse, that pressure hasn’t been there.In games and in practice, Nwajei said, she feels more comfortable giving up the ball, and trusts her teammates to finish plays more than ever.“Me passing to someone and them scoring is the same feeling I get when I score,” Nwajei said.Just passing the ball in the first place has been a tough transformation for Nwajei.Coming to Syracuse, she was expecting a similar role to what she had at Wagner, she said. As someone who views herself as a versatile offensive threat, she was frustrated to be relegated to the bench after being the go-to option at WU.Still, though, after a transfer and sitting out a year, Nwajei accepted that she would need to adapt.“It came with time, really,” Nwajei said. “Maturity, growth. Got to understand that this is your situation and you’ve got to make do.”Kevin Camelo | Digital Design EditorThat adjustment meant finding ways to maximize her production in significantly fewer minutes. In her final season at Wagner, Nwajei averaged 36.6 minutes a game. At Syracuse, she’s clocking in 9.1 a night with two games left in the season.In playing more than 27 fewer minutes each game, Nwajei needs to make her shots count, and she’s currently shooting 42.4 percent from the field, fourth best of any SU rotation player this season.Part of the way she’s been particularly efficient is using her drive-and-bump move. By using her body to protect the ball, she almost always gets the shot up. More importantly, by initiating contact while the defender’s feet are still moving, she puts herself in a situation with more positive than negative outcomes.“I’m going to get a foul or I’m going to get an and-1,” Nwajei said.Although the stat sheet may not reflect it as much, Nwajei is a tenacious defender, her teammates said. She brings athleticism and length to the 2-3 zone, and always plays with energy. Nwajei’s play style lends itself to clogging passing lanes, closing out shooters and keeping the ball in front of her. It hasn’t always translated to the stat sheet, but at Wake Forest on Feb. 11, it did.Nwajei played 15 minutes, scored eight points, swiped four steals and grabbed five rebounds, and according to her teammates, helped turn around a game SU was losing on the road.“She’s definitely great coming off the bench,” freshman Amaya Finklea-Guity said, “and really bringing us up and really bringing that energy, really bringing that fire that we need.”Coming to SU, Nwajei thought things would be similar to what they were at Wagner. They’re not. Still, she’s evolving her game, learning to make the most of the minutes she’s playing, but always remembering how she got to SU in the first place.“You have to adapt,” Nwajei said. “That’s just the way of life.” Comments
Standard Chartered Bank has announced that football legend and Ivorian icon, Didier Drogba, will be endorsing the Bankâ€™s first digital bank in Africa as its â€˜Digital Bank Ambassadorâ€™.As part of this role, the former Chelsea star will be promoting the digital bank inÂ CÃ´te d’Ivoire, set to disrupt the traditional banking sector in the nation.Drogba will lend his voice and image rights through a series of marketing and community engagement activities over the next 12 months as part of the campaign.Â He also becomes the first person in CÃ´te dâ€™Ivoire to open a fully digital account at Standard Chartered Bank. Set to launch in Abidjan, CÃ´te d’Ivoire onÂ March 14, 2018, Standard Charteredâ€™s first and fully digital retail bank in West Africa marks an important milestone in the Bankâ€™s path towards innovation and has been designed with continuous feedback from its clients.Commenting on the new collaboration, Regional CEO, Africa & Middle East, Sunil Kaushal, said:Â â€œWe are thrilled to be working with Didier Drogba to launch our first digital bank. Drogba is an inspiration, not only due to his athletic excellence, but also for his generosity and commitment to giving back to his fellow Ivorians.Drogbaâ€™s priorities and ideals are very much in line with the bank, making him an ideal partner for this momentous new offering.Â The launch of our digital bank in CÃ´te d’Ivoire is an important chapter in our developing turnaround story for the region.Â Going digital also means progression, not just for our business, but also for our clients, and we look forward to revealing details of our first-ever digital bank very soonâ€.Regional Head of Corporate Affairs and Brand and Marketing, Africa and Middle East, Olga Arara Kimani, said:Â â€œDidier Drogba was the natural choice for us to launch this exciting, truly digital bank. He is a hero and a role model in CÃ´te d’Ivoire and has always demonstrated his strong emotional ties to his home country. This partnership opens up a great opportunity tocontribute to the social and economic wellbeing of the country where we have been operating since 2001.Â The campaign which Drogba will spearhead aims at not only raising awareness for our innovative digital offering but also at further enhancing financial literacy across the country, and this is an exceptionally important undertaking for the future ofÂ CÃ´te d’Ivoire.â€Speaking on his new endorsement, Drogba said:Â â€œI am excited to be working with Standard Chartered Bank and honoured to be chosen to support their efforts to enhance accessibility to banking services for the people of my country.â€œThis is an initiative which I am truly proud to be a part of, as the cause is close to my heart. I am also looking forward to spending more quality time inÂ CÃ´te d’IvoireÂ and getting involved in a cause that is of high importance to the local community. I am truly grateful for this opportunity and canâ€™t wait to engage with my fans on social media to spread the word.â€Chief Executive Officer, CÃ´te d’Ivoire, Isaac Foly, said:Â â€œNot only am I thrilled to be working with Didier Drogba on behalf of Standard Chartered Bank, I am thrilled to be working with him as a fellow Ivorian. Drogba represents the true values and ideals of our great country and has truly been a role model for the young population of CÃ´te d’Ivoire. We look forward to working with Drogba to help increase access to financial services across the country. Throughout his career, he has never forgotten where he came from and always made his fellow Ivorians proud. This, indeed, makes him the perfect partner for this launch.â€ThroughÂ the launch of the digital bank, Standard Chartered Bank and Drogba hope to bridge the gap between the traditional banking model and the new, digital savvy generation in CÃ´te d’Ivoire, aiming to make banking services simple, more accessible and convenient.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram