China to remove business restrictions on foreign banks, brokers: Report


China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by premier Li Keqiang on Wednesday said, according to state television.
China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington.
The country caught traders off-guard with a surprise injection into the financial system via loans to banks, ahead of data on Friday which is expected to show a further slowdown in the domestic economy.



Comments

Post a Comment

Popular posts from this blog

Apple Inc adds thrust to its India momentum with a brand new line-up

Image
   In the last few years, if strong headwinds kept Apple’s India business primarily confined to its smartphone portfolio, it has surely weathered the storm now. And for 2021, the Cupertino-headquartered firm has placed its India bet upfront. With sales of its second largest selling product —Macs - on fire, the consumer tech giant has unveiled a new set of offerings to encash on consumers’ growing appetite for premium computers, tablets and over-the-top content. In its first major announcement for the year, Apple Chief Executive Officer (CEO)  Tim Cook  unveiled a range of products like iMac, iPad Pro,  Apple TV  4K, AirTag and iPhone 12 in a new colour. Unlike earlier, when Indian consumers would have to wait longer for Apple’s new flagships, this time, the firm is bringing the entire range to the local market simultaneously with 29 other lead­ing markets of the company. The new iMac, two iPads and iPhone 12 and 12 Mini will be open for ordering starting Ap...
Read more

Trai secy hopes 5G will be introduced in India soon, sees viable use cases

Image
   The fifth-generation technology promises sufficient India-specific use cases along with viable and affordable business models,  Trai  Secretary said on Thursday while expressing hope that  5G  will be introduced in the Indian market very soon. On the issue of spectrum pricing, which has time and again been flagged by players as expensive, Telecom Regulatory Authority of India (Trai) Secretary SK Gupta emphasised that the regulator has made all-out efforts to ensure that price of radiowaves is "reasonable and market-friendly". Gupta further asserted that global comparisons, in this regard, should be done only on equitable parameters taking, into account various variables and future prospects. Speaking at the India Mobile Congress (IMC) 2020, Gupta said  Trai  has already given its recommendation for the auction of spectrum in 3,300-3,600 MHz bands, which is under the telecom department's consideration, and hoped that auctions would be conducted ...
Read more

Tech start-ups stressed in the time of Covid-19, but the big guys rake in

Image
Countries around the world have been announcing economic relief measures to help the corporate sector tide over the devastating impact the pandemic has had on business. However, an analysis of government initiatives across the globe shows that there is hardly any benefit for the tech sector, which some argue has been less hit relatively. The strain is being felt alike in the United States's Silicon Valley and India’s tech ecosystem, which is largely based in Bengaluru and the National Capital Region (NCR). India’s Rs 1.7 trillion-rupee package leaves out any benefit for tech start-ups, save for a provision under which the government will contribute towards a company's share of employee provident fund if it has a staff strength of less than 100, of which 90 per cent are earning less than Rs 15,000. Most don’t make the cut. And in the US, the $377 billion loans (part of a $2-trillion relief plan) allocated to small businesses that employ less than 500 people, wi...
Read more