China

Five missing after boat collision off Singapore

Five sailors were missing after their dredger collided with a tanker off Singapore Wednesday, authorities said, just weeks after a deadly accident in the same area involving a US warship.A search effort was launched for the four Chinese members of crew and one Malaysian after the accident around the busy Singapore Strait, the city-state's MPA (Maritime and Port Authority) said.Seven other Chinese sailors were rescued from the Dominican-registered dredger after it capsized following the c

13 September 2017
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This lowball Singapore takeover takes some explaining

If he were alive today, the rubber and pineapple king of 1930s Singapore would surely be asking whether the custodians of his empire just sold another chunk of it too cheaply.That's the unavoidable conclusion from the drama surrounding the takeover of United Engineers, where a general offer is flirting with failure after the emergence of a rival buyer willing to pay more than the price accepted by OCBC (Oversea-Chinese Banking Corp).United Engineers, a property and construction engineeri

13 September 2017
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UN unanimously backs new sanctions on North Korea

The UN Security Council on Monday unanimously imposed new sanctions on North Korea, slapping a ban on textile exports and restricting shipments of oil products to punish Pyongyang for its sixth and largest nuclear test.

12 September 2017
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Trump to meet 'favourite' premier

When Malaysian Prime Minister Najib Razak meets former golf partner Donald Trump in the White House on Tuesday, the elephant in the room will be a US criminal probe of an investment fund linked to Najib.While ties between the countries are solid, there are points of strain for the two leaders. One wrinkle is a Department of Justice investigation into alleged money laundering and embezzlement at state-owned 1MDB (1Malaysia Development Bhd).

12 September 2017
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China to ban bitcoin exchanges, allows OTC trades

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the 150 billion dollars cryptocurrency market after the country outlawed initial coin offerings last week.The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private.

11 September 2017
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Can bitcoin stand the test of time?

Earlier this week, the world was bombarded with unfavourable news about bitcoin. Chinese media outlet, Caixin, posted an article that said China is planning to shut local bitcoin exchanges. If the report is true, this would be the PBoC's (People’s Bank of China) second move against cryptocurrency in less than a week. The bank declared ICOs (Initial Coin Offerings) illegal on September 4, 2017, which caused bitcoin prices to fall seven percent on September 8, 2017.

10 September 2017
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Thai mall spends $330 mln to attract Chinese tourists

The Platinum Group, whose wholesale fashion mall in Bangkok attracts about 15 million people yearly, expects booming Chinese tourism to support its retail shopping centre due to open next year.The firm is investing about 6 billion baht ($180 million) in the project and is banking on the deep pockets of Chinese visitors to woo retailers, according to President Chanchai Phansopha.

8 September 2017
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Tension in the South China Sea rises

Vietnam has delivered a sharp rebuke to China over military drills in the South China Sea, the second such warning in a week as tensions rise between the countries over the disputed waterway.China and Vietnam have long traded barbs over the strategic and resource-rich South China Sea, which Beijing claims most of.Tensions have flared in recent months, with Vietnam suspending an oil exploration project operated by Spain's Repsol in an area off its coast claimed by Beijing.In June, a meeti

6 September 2017
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China's stealth mission in the South China Sea

As Kim Jong Un’s antics in North Korea capture global attention, China is quietly moving to bolster its grip on the disputed territory in the South China Sea.Last month, a Philippine lawmaker released photos he said showed Chinese fishing, coast guard and navy vessels surrounding a Philippine-occupied isle in the Spratly island chain, preventing planned repairs to a runway.

6 September 2017
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Overhauling China's trillion-dollar power industry

China’s move to create the world’s biggest power company is expected to be the first such government-managed mega-merger by the largest energy consumer.The newly created China Energy Investment Corp. - a combination of Shenhua Group Corp., the nation’s largest coal miner, and China Guodian Corp., one of its top-five power generators - may be the first of multiple consolidations, which Wood Mackenzie Ltd.

29 August 2017
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U.S. navy: China's actions undermining trust

While trust among Southeast Asian nations is improving, especially to counter threats from piracy and terrorism, China is acting to protect its own interests at the cost of others, according to U.S. Rear Admiral Don Gabrielson.Gabrielson, commander of the Logistics Group Western Pacific, said nations should not seek to undermine the “existing system” through unilateral actions, without naming a particular country.

29 August 2017
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