string(13) "markets-macro"

Macro

December 9, 2021

Gamble from home

On Tuesday, Bloomberg reported that Wynn and Melco, two of Macau’s six casino operators, had decided to close the VIP rooms in their properties. ICYDK: Casinos lease VIP rooms to independent promoters who in turn facilitate gambling by wealthy players, including by loaning them money. The move comes… Username Password Remember Me Forgot… Read More »

On Tuesday, Bloomberg reported that Wynn and Melco, two of Macau's six casino operators, had decided to close the VIP rooms in their properties.
ICYDK: Casinos lease VIP rooms to independent promoters who in turn facilitate gambling by wealthy players, including by loaning them money.
The move comes...

sources

Bloomberg: Some Macau Casinos to Shut Junket-Operated VIP Rooms, Sources Say

December 9, 2021

Regulators call Shanghai insurance companies bad socialists

Yesterday, Shanghai’s local Banking and Insurance Regulatory Commission and the city’s Science and Technology Committee issued a policy urging insurance companies to do a better job at helping tech SMEs get financing. Background: If you’re a tech SME, getting a loan is hard. That’s because: Tech s…

Yesterday, Shanghai’s local Banking and Insurance Regulatory Commission and the city’s Science and Technology Committee issued a policy urging insurance companies to do a better job at helping tech SMEs get financing.
Background: If you're a tech SME, getting a loan is hard. That's because:

Tech s...

sources

The Paper: 上海：适当降低科技履约贷利润考核权重，合理放宽赔付率考核

Shanghai.gov: 关于进一步做好科技型中小微企业贷款履约保证保险工作的意见

December 9, 2021

Getting creative with insurance

On Wednesday, the Shanghai branch of the China Banking and Insurance Regulatory Commission (CBIRC) published an opinion encouraging insurance companies to do more to help small firms in the tech sector access credit. The Shanghai CBIRC said that insurance companies should: Provide credit enhancemen…

On Wednesday, the Shanghai branch of the China Banking and Insurance Regulatory Commission (CBIRC) published an opinion encouraging insurance companies to do more to help small firms in the tech sector access credit.
The Shanghai CBIRC said that insurance companies should:

Provide credit enhancemen...

sources

CBIRC: 中国银行保险监督管理委员会上海监管局上海市科学技术委员会关于进一步做好科技型中小微企业贷款履约保证保险工作的意见

December 9, 2021

VIE negative list

Yesterday, FT reported that regulators are preparing a negative list to restrict certain sectors — specifically tech companies — from using variable interest entities (VIEs) as a workaround to list overseas and attract foreign investment. Don’t panic: Companies with existing VIEs structures are fine…

Yesterday, FT reported that regulators are preparing a negative list to restrict certain sectors — specifically tech companies — from using variable interest entities (VIEs) as a workaround to list overseas and attract foreign investment.
Don’t panic: Companies with existing VIEs structures are fine...

sources

FT: China to tighten rules for tech companies seeking foreign funding

December 9, 2021

AMC advisor on walled gardens

On Wednesday, Wang Jian, a policy advisor to the Anti-Monopoly Commission (AMC), weighed in on the recent regulatory push to bring down walled gardens. What he said: Regulators shouldn’t go overboard in forcing big tech platforms to become more interoperable. And his opinion carries weight: AMC is …

On Wednesday, Wang Jian, a policy advisor to the Anti-Monopoly Commission (AMC), weighed in on the recent regulatory push to bring down walled gardens.
What he said: Regulators shouldn't go overboard in forcing big tech platforms to become more interoperable.
And his opinion carries weight: AMC is ...

sources

Caijing: 王健：完全的互联互通不可行，也不必要

December 9, 2021

Pop corn

It looks like corn exploded this year (Yicai): The domestic corn harvest broke records in 2021 – up 4.6% from last year’s levels. Imports are also up over 236% y/y – topping 26 million tons in the first ten months of 2021. Some context: We’ve been working our way through National Bureau of Stati…

It looks like corn exploded this year (Yicai):

The domestic corn harvest broke records in 2021 – up 4.6% from last year's levels.
Imports are also up over 236% y/y – topping 26 million tons in the first ten months of 2021.

Some context: We've been working our way through National Bureau of Stati...

sources

Yicai: “疯狂”的玉米：何以产量、进口量“双高”

December 9, 2021

Ask not for whom the bell tolls

The suspense is killing us. On Tuesday, Bloomberg reported that China Evergrande Group failed to pay a bond coupon due Monday. The payment was originally due on November 6, but Evergrande had a 30-day grace period in which to come up with the cash. Evergrande has a habit of making bond payments at…

The suspense is killing us.
On Tuesday, Bloomberg reported that China Evergrande Group failed to pay a bond coupon due Monday.

The payment was originally due on November 6, but Evergrande had a 30-day grace period in which to come up with the cash.

Evergrande has a habit of making bond payments at...

sources

Bloomberg: Evergrande Bondholders Yet to Be Paid as Grace Period Ends

Reuters: China Evergrande shares hit new low amid debt crisis; Kaisa misses pay date

December 9, 2021

Chip tension

Here’s some interesting stats we saw from Monday’s SCMP report: “In the first 10 months of this year, Taiwanese investments on the mainland reached US$4.3 billion, which was the second-lowest amount of capital outlay in a decade and about a third of the US$14.6 billion total recorded in 2010,…

Here’s some interesting stats we saw from Monday’s SCMP report:

“In the first 10 months of this year, Taiwanese investments on the mainland reached US$4.3 billion, which was the second-lowest amount of capital outlay in a decade and about a third of the US$14.6 billion total recorded in 2010,...

sources

SCMP: US-China tech war: semiconductor links across Taiwan Strait face political headwinds

December 9, 2021

Zhou Hongyi on 6th plenum

Qihoo 360 founder Zhou Hongyi penned a (now deleted) article in the Ministry of Science and Technology-affiliated newspaper Science and Technology Daily, laying out his own reflections on the 6th plenum. Recap: Qihoo 360 is China’s most prominent cybersecurity firm. What Zhou learned fro…

Qihoo 360 founder Zhou Hongyi penned a (now deleted) article in the Ministry of Science and Technology-affiliated newspaper Science and Technology Daily, laying out his own reflections on the 6th plenum.
Recap: Qihoo 360 is China's most prominent cybersecurity firm.
What Zhou learned fro...

sources

ST Daily: 坚持科技报国承担新时代赋予的新使命

December 9, 2021

Baidu’s Robin Li on the 6th plenum

This week, Chinese tech titans have been reflecting on what the Central Committee’s 6th Plenum means for their companies. And they seem to be coming to the same conclusion: The Party wants to see big tech invest more in making breakthroughs via R&D. Yesterday, in an interview with Economic I…

This week, Chinese tech titans have been reflecting on what the Central Committee's 6th Plenum means for their companies.
And they seem to be coming to the same conclusion:

The Party wants to see big tech invest more in making breakthroughs via R&D.

Yesterday, in an interview with Economic I...

sources

Economic Information Daily: 百度公司董事长兼首席执行官李彦宏：在“两基一底”持续发力　助力国家科技自立自强

December 9, 2021

Hey, what’s going on in there?

On Monday, the Wall Street Journal ran a story on China’s tightening information controls, which are making it more difficult for outsiders to understand what’s happening in the country. The skinny: The piece rolled several different developments together, but focused in part on the Data Secur…

On Monday, the Wall Street Journal ran a story on China’s tightening information controls, which are making it more difficult for outsiders to understand what’s happening in the country.
The skinny: The piece rolled several different developments together, but focused in part on the Data Secur...

sources

WSJ: China Increasingly Obscures True State of Its Economy to Outsiders

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