European stocks rose on Monday, as optimism surrounding second-quarter earnings offset a disturbing rise in coronavirus cases, including in the key U.S. state of Florida.
Regulators in Hong Kong and mainland China are working to expand a pilot that will make it easier for people to remotely open bank accounts in the Greater Bay Area development zone, two sources familiar with the matter said.Under a pilot scheme introduced by Beijing in March last year, Bank of China (Hong Kong), one of the city's three note-issuing banks, started allowing residents to open mainland accounts without having to visit China in person."The service has been well received, with over 100,000 successful applicants so far," said Stephen Chan, general manager of the bank's personal banking and wealth management department. Hong Kong will attract listings by international companies, not just Chinese firms, as Greater Bay Area opens upThe pilot's success has prompted regulators to expand the scheme to other lenders, the sources said.Here is what you need to know about opening bank accounts in the Greater Bay Area.In China, banks offer three types of accounts, each with different features and restrictions. For those who only want to travel in the area and use e-wallets to pay for meals, train tickets or shopping, a type 3 bank account will suffice. After opening such an account, one can link up their banks and transfer money to popular e-wallets such as Alipay, WeChat Pay or others. Daily transfers are, however, limited to 2,000 yuan (US$286), while the annual limit is 50,000 yuan. ATM and other banking services are not provided with these accounts.Those who work in the area and need a higher transfer limit and an ATM card will need a type 2 account. The daily limit on these accounts is set at 10,000 yuan, while a maximum of 200,000 yuan can be transferred in a year. ATM cards can be used to withdraw up to 1,000 yuan per day.Type 1 accounts offer the most comprehensive set of services, from time deposits, loans, remittances, payments and investment to wealth management services. There is no limit on transfers within mainland China, Hongkongers can only remitted 80,000 yuan per day to their mainland accounts.The type 1 bank account will require an in-person visit to a bank in mainland China. Some local lenders such as China Construction Bank (Asia), HSBC, Bank of East Asia, Standard Chartered Bank and Hang Seng Bank allow local customers to fill in the account opening documents in their Hong Kong offices before they visit their mainland units to complete ID verification and the account opening process. These customers need to have a mainland Chinese residential address and a mainland mobile phone number. Hong Kong residents need to present their Mainland Travel Permit while foreigners need to show their passports and visas.Visit a mainland branch on Sunday, as banks see fewer customers on this day than normal working days.For those who want to open type 2 or 3 accounts, Hong Kong permanent residents can open these via the Hong Kong branches of BOC(HK). Foreigners, however, must go to China to open such accounts.Yes, provided that you have accounts in both Hong Kong and the mainland with the same bank. Bank of Communications, BOC, Industrial and Commercial Bank of China (Asia), HSBC, Standard Chartered Bank, Hang Seng Bank and Bank of East Asia all allow customers to transfer funds across the border through mobile and internet banking.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.
Wall Street preps for an uncertain earnings season amid the coronavirus pandemic; PepsiCo reports earnings; Analog Devices reportedly is buying Maxim Integrated for about $20 billion.
China on Monday said it will ban entry to U.S. Senators Marco Rubio and Ted Cruz, Representative Chris Smith and Ambassador for Religious Freedom Sam Brownback over their criticism of the ruling Communist Party’s policies toward minority groups and people of faith.
Google said on Monday that it has partnered with CBSE, a government body that oversees education in private and public schools in India, to deliver a "blended learning experience" across 22,000 schools in the world's second largest internet market by the end of this year. The Search giant, which today also announced plans to invest $10 billion in India in the next five to seven years, said it will train more than 1 million teachers in India this year and offer a range of free tools such as G Suite for Education, Google Classroom, and YouTube to help digitize the education experience in the nation, which like other countries, closed schools earlier this year to prevent the spread of Covid-19. "We must acknowledge that not everyone has access to internet," said Sapna Chadha, Senior Marketing Director at Google India, at an online event Monday.
(Bloomberg) -- Oil edged lower ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world.Futures in New York fell below $40 a barrel. The producer bloc will review the state of the market at an online meeting on Wednesday amid expectations it will soon begin unwinding the output curbs that have helped haul oil back from its plunge in April. Russia’s top oil companies are preparing to increase output next month in the absence of other guidance from the Energy Ministry, according to two people from the industry who spoke on condition of anonymity.The increase in supply would come as the U.S. struggles to control the coronavirus outbreak, clouding the demand outlook. Similarly, in India, the world’s fastest growing energy consumer, more than 50,000 new cases were reported over the weekend.“It seems like OPEC+ will stick with the plan of a bit more production in August,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “With record high inventories it is understandable that the market is not all that positive about an additional 2 million barrels a day or so of supply.”The Joint Ministerial Monitoring Committee, the panel that reviews OPEC+’s progress, will consider whether the alliance should keep 9.6 million barrels of daily output off the market for another month, or taper the cutback to 7.7 million barrels as originally planned. Members are leaning toward the latter option, according to several national delegates who asked not to be identified.Saudi Arabia, meanwhile, gave at least five Asian customers less August-loading crude than they had sought, said people with knowledge of the companies’ procurement. Six other Asian buyers received full allocations, while at least two Indian customers that sought fewer supplies than contracted got roughly what they asked for.“The speed of recovery of oil prices will be a function of how fast the global pandemic situation can be under control and how long OPEC+ will sustain production cuts,” Bank of China International analysts including Xiao Fu wrote in a note to clients.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The "Global Warehouse Racking Market 2020-2024" report has been added to ResearchAndMarkets.com's offering.
The "Automotive Lane Warning System Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The European Union should draw up a list of active substances used in medicines whose production should be brought back to Europe to reduce dependency on China, German Health Minister Jens Spahn said on Monday. Spahn told a news conference in Berlin it was not a question of shifting the production of all drugs back to Europe but that the goal was to reduce dependency on China. "It should not be up to China to decide whether we have sufficient protective masks," Spahn said, adding Germany wants to push forward efforts towards more independence during its EU Council Presidency, which began on July 1.
Dublin, July 13, 2020 -- The "Aircraft Lightning Protection Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's.
The "Wireless Fire Detection Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
New York, July 13, 2020 -- Reportlinker.com announces the release of the report "Global Printing Inks Industry" - https://www.reportlinker.com/p05361263/?utm_source=GNW 6.
The "Advanced Marine Power Supply - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global stocks rallied on Monday, as traders geared up for a wave of corporate results and took in their stride news of a spike in coronavirus cases in the key state of Florida.
If you want to catch the gist Ubisoft's Forward livestream without spending well over two hours, we’ve got a supercut that captures the juicy parts in just 10 minutes. Enjoy!
Moody's has decided to withdraw the rating for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity.
ANNOUNCEMENT A.P. Møller - Mærsk A/S – Transactions in connection with share buy-back program On 24 May 2019, A.P. Møller - Mærsk A/S (the Company) announced a share buy-back.
Dublin, July 13, 2020 -- The "Technology Landscape, Trends and Opportunities in the Global OLED Display Market" report has been added to ResearchAndMarkets.com's.
(Bloomberg) -- Manchester City won its appeal against a ban from the Champions League, in a victory for the club’s owners, Abu Dhabi’s royal family and U.S. private equity firm Silver Lake.Soccer governing body UEFA had barred the English Premier League team from Europe’s most prestigious competition for two seasons and fined it 30 million euros ($34 million) for overstating sponsorship revenue between 2012 and 2016.The independent Court of Arbitration for Sport in Switzerland said Manchester City did not hide equity funding as sponsorship contributions, but did fail to cooperate with UEFA authorities. The fine was also reduced to 10 million euros.At stake was a potential 100 million euros a season in revenue, the ability to hang onto top players who want to compete at the highest level and pride in one of the world’s most famous soccer clubs. No team from any of the big five leagues in Europe has ever been banned from the Champions League for breaching its financial fair play rules.Since being acquired by Abu Dhabi in 2008, Manchester City has grown to become the world’s sixth-biggest soccer club with annual revenue of more than 600 million pounds, according to Deloitte’s Money League. Last year it won the Premier League, the world’s richest soccer competition. Silver Lake owns around 10% of Manchester City, valuing it at about 5 billion pounds.Under the financial fair play rules introduced in 2011, teams have to balance their spending within revenues and are prevented from accumulating debt. Rivals say that breaches of the regulations allow the offending teams to spend more on top players, distorting competition.Javier Tebas, president of Spain’s La Liga, called Manchester City’s spending “financial doping” and said it’s essential for the sport to put an end to rule-breaking.The CAS decision has implications for this season’s race to qualify for next season’s Champions League tournament. Chelsea, Leicester City, Manchester United, and Wolverhampton Wanderers are all competing to join Liverpool, but now only two of them will qualify, instead of three had City been banned.The threat of being banned from the Champions League for overspending has been widely acknowledged as having helped to improve the profitability of Europe’s soccer clubs. In 2011, according to UEFA, the region’s 900 or so teams in top divisions went from a combined 1.7 billion euro-loss in 2011, to a 140-million-euro profit in 2018, according to UEFA.(Additional context in 8th, 9th paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The "Hazmat Suits - Global Market Outlook (2018-2027)" report has been added to ResearchAndMarkets.com's offering.
S&P; 500 companies are expected to report a collective 44% decline in second quarter profits this earnings season, which will kick-off with JPMorgan and Citigroup on Tuesday.
Dublin, July 13, 2020 -- The "Technology Landscape, Trends and Opportunities in the Global Natural Language Processing Market" report has been added to.
New York, July 13, 2020 -- To support this nation’s historic movement towards racial justice, the Open Society Foundations today is announcing investments totaling $220 million.