Banks fined big as China’s bond yields plunge, reflecting resolve of central bank
By Mia Nulimaimaiti
China’s central bank has imposed heavy fines on three financial institutions for bond-trading irregularities – the first of such punitive actions after it warned about plunging government bond yields from May.
In circulars released on its website on Monday, the People’s Bank of China said that the institutions – Shanghai East Asia Futures, Hunan Xupu Rural Commercial Bank and Tianjin Xintang Money Brokerage – were involved in misconduct designed to bypass regulatory and internal control requirements.
Three institutions were fined 36.07 million yuan (US$4.94 million), 13.1 million yuan and 11.03 million yuan, respectively. Meanwhile, 13 employees involved in these cases were penalised a total of 2.53 million yuan, while illegal gains of 8.57 million yuan from East Asia Futures were confiscated.
The three institutions were the first to be punished as the central bank has taken a zero-tolerance stance on such trading.
Amid declining returns from traditional assets such as stocks and real estate, investors are increasingly turning to low-risk options, such as government bonds, to diversify their portfolios.
Aggressive trading drove China’s 10-year bond yield down to an all-time low of 1.6981 per cent last week, down from 2.0253 per cent at the end of November. It stood at 1.7136 per cent as of Monday.
Meanwhile, the 30-year yield reached 1.955 per cent on Monday, down from 2.16 per cent earlier this month.
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By Mia Nulimaimaiti
China’s central bank has imposed heavy fines on three financial institutions for bond-trading irregularities – the first of such punitive actions after it warned about plunging government bond yields from May.
In circulars released on its website on Monday, the People’s Bank of China said that the institutions – Shanghai East Asia Futures, Hunan Xupu Rural Commercial Bank and Tianjin Xintang Money Brokerage – were involved in misconduct designed to bypass regulatory and internal control requirements.
Three institutions were fined 36.07 million yuan (US$4.94 million), 13.1 million yuan and 11.03 million yuan, respectively. Meanwhile, 13 employees involved in these cases were penalised a total of 2.53 million yuan, while illegal gains of 8.57 million yuan from East Asia Futures were confiscated.
The three institutions were the first to be punished as the central bank has taken a zero-tolerance stance on such trading.
Amid declining returns from traditional assets such as stocks and real estate, investors are increasingly turning to low-risk options, such as government bonds, to diversify their portfolios.
Aggressive trading drove China’s 10-year bond yield down to an all-time low of 1.6981 per cent last week, down from 2.0253 per cent at the end of November. It stood at 1.7136 per cent as of Monday.
Meanwhile, the 30-year yield reached 1.955 per cent on Monday, down from 2.16 per cent earlier this month.
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By dpa
Jewellery worth more than £10 million (US$12.5 million) as well as designer handbags worth £150,000 have been stolen from a house in Primrose Hill in London.
A white man aged in his late 20s to 30s broke into a house in Avenue Road between 5pm and 5.30pm on December 7 by climbing in through a second-floor window, the Metropolitan Police said.
He took the Hermes Crocodile Kelly handbags, £15,000 in cash as well as items of jewellery worth £10.4 million that included unique pieces.
The suspect was wearing a dark hoodie, cargo pants and a grey baseball cap, and kept his face covered.
Items that were taken include distinctive jewel-encrusted necklaces and bracelets.An emerald and diamond necklace. Photo: Metropolitan Police
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How Hong Kong’s MTR controllers keep 5 million daily commuters on track
By Oscar Liu
In a busy 700 square metre control room in Tsing Yi at the heart of Hong Kong’s busy MTR network, 100 staff no longer dare to eat a particular dim sum dish after it became unexpectedly associated with bad luck.
From frontline controllers to Cheris Lee Yuen-ling, the MTR Corporation’s chief of operating and metro segment, not one of them is willing to risk eating glutinous rice with chicken for breakfast or lunch.
“It happened many years ago when a traffic controller was about to consume a piece of steamed glutinous rice [with] chicken – the one wrapped with a lotus leaf for breakfast,” Lee recalled.
“And then the system started to have many ad hoc situations. He could not have it until dinner. That’s why there is a joke [about] not to take this food for breakfast or for lunch; otherwise, you will have a busy day.”
The bustling control centre oversees 10 of the city’s train lines, but does not cover light rail services in Yuen Long and Tuen Mun or the Guangzhou-Shenzhen-Hong Kong Express Rail Link.
Lee described the room in Tsing Yi station as the “brain” of Hong Kong’s rail network.
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By Oscar Liu
In a busy 700 square metre control room in Tsing Yi at the heart of Hong Kong’s busy MTR network, 100 staff no longer dare to eat a particular dim sum dish after it became unexpectedly associated with bad luck.
From frontline controllers to Cheris Lee Yuen-ling, the MTR Corporation’s chief of operating and metro segment, not one of them is willing to risk eating glutinous rice with chicken for breakfast or lunch.
“It happened many years ago when a traffic controller was about to consume a piece of steamed glutinous rice [with] chicken – the one wrapped with a lotus leaf for breakfast,” Lee recalled.
“And then the system started to have many ad hoc situations. He could not have it until dinner. That’s why there is a joke [about] not to take this food for breakfast or for lunch; otherwise, you will have a busy day.”
The bustling control centre oversees 10 of the city’s train lines, but does not cover light rail services in Yuen Long and Tuen Mun or the Guangzhou-Shenzhen-Hong Kong Express Rail Link.
Lee described the room in Tsing Yi station as the “brain” of Hong Kong’s rail network.
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South Korea court issues arrest warrant for impeached President Yoon
By Agence France-Presse
A South Korean court has issued an arrest warrant for impeached, suspended President Yoon Suk-yeol, investigators said on Tuesday, over his short-lived bid to impose martial law on the country.
“The arrest warrant and search warrant for President Yoon Suk-yeol, requested by the Joint Investigation Headquarters, were issued this morning,” the Joint Investigation Headquarters said in a statement.
“No schedule has been set for future proceedings,” it added.
Investigators probing Yoon over his declaration of martial law requested the warrant on Monday after the suspended president failed to report for questioning a third time.
Yoon briefly suspended civilian rule this month, plunging South Korea into its worst political crisis in decades.
He was stripped of his presidential duties by parliament over the action, but a constitutional court ruling is pending on whether to confirm the impeachment.
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By Agence France-Presse
A South Korean court has issued an arrest warrant for impeached, suspended President Yoon Suk-yeol, investigators said on Tuesday, over his short-lived bid to impose martial law on the country.
“The arrest warrant and search warrant for President Yoon Suk-yeol, requested by the Joint Investigation Headquarters, were issued this morning,” the Joint Investigation Headquarters said in a statement.
“No schedule has been set for future proceedings,” it added.
Investigators probing Yoon over his declaration of martial law requested the warrant on Monday after the suspended president failed to report for questioning a third time.
Yoon briefly suspended civilian rule this month, plunging South Korea into its worst political crisis in decades.
He was stripped of his presidential duties by parliament over the action, but a constitutional court ruling is pending on whether to confirm the impeachment.
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China’s factory activity continues expanding in December
By Daisy Wu
A major gauge of China’s factory activity has stayed in expansionary territory for three months in a row, adding momentum to the country’s economic recovery as the external environment is poised to become more fraught in 2025.
The official manufacturing purchasing managers’ index (PMI) – an indicator of sentiment among factory owners – fell to 50.1 in December compared with 50.3 a month earlier, according to data released by the National Bureau of Statistics (NBS) on Tuesday.
The index has stayed above the 50-point threshold since October, signaling expanding economic activity.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 signals contraction.
Within the manufacturing PMI, the subindex for new export orders rose to 48.3 in December, compared with 48.1 in November.
Meanwhile, China’s non-manufacturing PMI – which tracks activity in the service and construction sectors – expanded to 52.2 in December after a neutral reading of 50 was reported the previous month.
Breaking it down, the construction sector subindex inched up to 53.2 in December, an increase from 49.7 in November. The service sector subindex, meanwhile, rose to 52 from 50.1.
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By Daisy Wu
A major gauge of China’s factory activity has stayed in expansionary territory for three months in a row, adding momentum to the country’s economic recovery as the external environment is poised to become more fraught in 2025.
The official manufacturing purchasing managers’ index (PMI) – an indicator of sentiment among factory owners – fell to 50.1 in December compared with 50.3 a month earlier, according to data released by the National Bureau of Statistics (NBS) on Tuesday.
The index has stayed above the 50-point threshold since October, signaling expanding economic activity.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 signals contraction.
Within the manufacturing PMI, the subindex for new export orders rose to 48.3 in December, compared with 48.1 in November.
Meanwhile, China’s non-manufacturing PMI – which tracks activity in the service and construction sectors – expanded to 52.2 in December after a neutral reading of 50 was reported the previous month.
Breaking it down, the construction sector subindex inched up to 53.2 in December, an increase from 49.7 in November. The service sector subindex, meanwhile, rose to 52 from 50.1.
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Taiwan’s latest legislative punch-ups suggest democracy is in retreat
By Hilton Yip
While South Korea’s impeached President Yoon Suk-yeol has attracted notoriety for his stunning failed bid to impose martial law, there is another democracy in the region where the ruling party has been behaving with audacity.
On December 20, Taiwan’s legislature became the scene of intense clashes between the ruling and opposition legislators, involving wrestling, kicking and the throwing of water. Legislators from the ruling Democratic Progressive Party (DPP) had broken into the building overnight and barricaded the doors with furniture to prevent the opposition from entering.
Meanwhile, protesters supporting the DPP tried to storm the building. As farcical as it all was, the scuffle is a worrying sign that Taiwan’s democracy may be backsliding.
While punch-ups in the legislature are practically a tradition going back decades, this year’s clashes – including those in May, July and one other time this month – have been significantly more violent and disruptive. And, unusually, they were almost always provoked by action taken by the ruling political party. That the ruling party is resorting to antics normally reserved for the opposition is both ironic and worrying.
The ruling DPP is doing this because it has been reduced to a legislative minority against the opposition coalition of the Kuomintang (KMT) and Taiwan People’s Party (TPP). As such, the DPP is unable to get its way in the legislature or prevent the opposition coalition, which holds the majority, from passing bills and amendments.
The May 17 scuffle in Taiwan’s Legislative Yuan occurred because the DPP wanted to prevent the opposition from passing a package of bills to widen the powers of the legislature, especially in its oversight of the president, among others, requiring the president to answer questions directly from legislators.
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By Hilton Yip
While South Korea’s impeached President Yoon Suk-yeol has attracted notoriety for his stunning failed bid to impose martial law, there is another democracy in the region where the ruling party has been behaving with audacity.
On December 20, Taiwan’s legislature became the scene of intense clashes between the ruling and opposition legislators, involving wrestling, kicking and the throwing of water. Legislators from the ruling Democratic Progressive Party (DPP) had broken into the building overnight and barricaded the doors with furniture to prevent the opposition from entering.
Meanwhile, protesters supporting the DPP tried to storm the building. As farcical as it all was, the scuffle is a worrying sign that Taiwan’s democracy may be backsliding.
While punch-ups in the legislature are practically a tradition going back decades, this year’s clashes – including those in May, July and one other time this month – have been significantly more violent and disruptive. And, unusually, they were almost always provoked by action taken by the ruling political party. That the ruling party is resorting to antics normally reserved for the opposition is both ironic and worrying.
The ruling DPP is doing this because it has been reduced to a legislative minority against the opposition coalition of the Kuomintang (KMT) and Taiwan People’s Party (TPP). As such, the DPP is unable to get its way in the legislature or prevent the opposition coalition, which holds the majority, from passing bills and amendments.
The May 17 scuffle in Taiwan’s Legislative Yuan occurred because the DPP wanted to prevent the opposition from passing a package of bills to widen the powers of the legislature, especially in its oversight of the president, among others, requiring the president to answer questions directly from legislators.
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South Korea’s Jeju Air, Azerbaijani jet crashes mark deadliest year in aviation since 2018
By Bloomberg
Commercial aviation has suffered its deadliest year since 2018 after the Jeju Air Co. disaster in South Korea and last week’s downing of an Azerbaijan Airlines plane.
Fatalities on board passenger aircraft jumped to 318 this year with the two recent accidents, data compiled by Cirium shows. That is by far the highest death toll since more than 500 people died in 2018, a year marked by the first of two Boeing Co. 737 Max crashes.
This year started and ended with tragedies in Japan and South Korea during attempted landings, among the most dangerous phases of flight. Fatal aviation accidents remain very rare, and one major incident can suddenly turn a statistically safe year into one of the worst.
“The recent spike falls into the margins of unpredictability,” said Darren Straker, a former head of air accident investigation units in the United Arab Emirates and Hong Kong. He suggested airline crews could be better trained to respond to so-called outlier events.
Investigators have yet to determine why a Jeju Air Boeing 737-800 – a predecessor to the Max – careered down the runway at Muan International Airport early on Sunday with no landing gear deployed and smashed into a concrete wall. All but two of the 181 people on board died as the wrecked jet exploded into a ball of fire.
The fatal Jeju Air crash was the airline’s first, and ranks as the worst civil air accident ever in South Korea.
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By Bloomberg
Commercial aviation has suffered its deadliest year since 2018 after the Jeju Air Co. disaster in South Korea and last week’s downing of an Azerbaijan Airlines plane.
Fatalities on board passenger aircraft jumped to 318 this year with the two recent accidents, data compiled by Cirium shows. That is by far the highest death toll since more than 500 people died in 2018, a year marked by the first of two Boeing Co. 737 Max crashes.
This year started and ended with tragedies in Japan and South Korea during attempted landings, among the most dangerous phases of flight. Fatal aviation accidents remain very rare, and one major incident can suddenly turn a statistically safe year into one of the worst.
“The recent spike falls into the margins of unpredictability,” said Darren Straker, a former head of air accident investigation units in the United Arab Emirates and Hong Kong. He suggested airline crews could be better trained to respond to so-called outlier events.
Investigators have yet to determine why a Jeju Air Boeing 737-800 – a predecessor to the Max – careered down the runway at Muan International Airport early on Sunday with no landing gear deployed and smashed into a concrete wall. All but two of the 181 people on board died as the wrecked jet exploded into a ball of fire.
The fatal Jeju Air crash was the airline’s first, and ranks as the worst civil air accident ever in South Korea.
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Is building new attractions the way forward for Hong Kong’s tourism sector?
By Ng Kang-chungJiang ChuqinOscar Liu
Hong Kong needs to build more infrastructure to host international mega-events if the local government is serious about upgrading the city into a top regional travel destination, tourism sector leaders have said.
While the industry veterans were generally positive about the government’s latest blueprint to develop the tourism trade, which was unveiled on Monday, some said the city needed to make several quick fixes to attract more visitors.
Entertainment tycoon Allan Zeman, dubbed the “father of Lan Kwai Fong”, a top nightlife district in Central, suggested that hosting more mega cultural events could help Hong Kong “move up the tourism scale”.
“People like to go to exciting cities – cities that never sleep. If we can have two or three mega international events every month, we are getting close to that,” the Lan Kwai Fong Group chairman said.
He also urged the city to capitalise on the recent panda mania by building a park with themed restaurants, shops, games and rides.
“We have six pandas [in Ocean Park] but people go to look at them and then leave,” Zeman said. “We need to take it to another level.”
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By Ng Kang-chungJiang ChuqinOscar Liu
Hong Kong needs to build more infrastructure to host international mega-events if the local government is serious about upgrading the city into a top regional travel destination, tourism sector leaders have said.
While the industry veterans were generally positive about the government’s latest blueprint to develop the tourism trade, which was unveiled on Monday, some said the city needed to make several quick fixes to attract more visitors.
Entertainment tycoon Allan Zeman, dubbed the “father of Lan Kwai Fong”, a top nightlife district in Central, suggested that hosting more mega cultural events could help Hong Kong “move up the tourism scale”.
“People like to go to exciting cities – cities that never sleep. If we can have two or three mega international events every month, we are getting close to that,” the Lan Kwai Fong Group chairman said.
He also urged the city to capitalise on the recent panda mania by building a park with themed restaurants, shops, games and rides.
“We have six pandas [in Ocean Park] but people go to look at them and then leave,” Zeman said. “We need to take it to another level.”
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Japan’s Ishiba moves into ‘haunted’ PM home, but ghosts the least of his woes
By Julian Ryall
Shigeru Ishiba began moving into the Japanese prime minister’s official residence in central Tokyo on Saturday, playing down concerns that the location is haunted by spirits that sought to overthrow previous leaders of the nation.
Given Ishiba’s precarious position as head of a party that suffered defeat in October’s general election, and he is only clinging on to power in a minority government, ghosts of governments past might be the least of his worries.
Ishiba assumed the post of prime minister in October but continued to live at the accommodation set aside for members of the Diet. The delay in Ishiba moving into his official residence has been put down to renovations being carried out since Fumio Kishida stepped down and left the property.
He is, however, aware of the rumours that the site has been the location for a number of spectral goings-on, replying to a question from a reporter about suggestions the residence is haunted by saying: “I’m not particularly afraid.
“It might be frightening to actually see something, but it is not something that we are worried about.”
The expansive and futuristic building was only completed in April 2002 and, near the Diet in the Nagatacho district of Tokyo, is known as the Kantei. Less well-known than many other national leaders’ homes – certainly less famous than the White House, No. 10 Downing Street or the Kremlin – it also serves as the primary office of the chief cabinet secretary and is the location of the national crisis management centre.
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By Julian Ryall
Shigeru Ishiba began moving into the Japanese prime minister’s official residence in central Tokyo on Saturday, playing down concerns that the location is haunted by spirits that sought to overthrow previous leaders of the nation.
Given Ishiba’s precarious position as head of a party that suffered defeat in October’s general election, and he is only clinging on to power in a minority government, ghosts of governments past might be the least of his worries.
Ishiba assumed the post of prime minister in October but continued to live at the accommodation set aside for members of the Diet. The delay in Ishiba moving into his official residence has been put down to renovations being carried out since Fumio Kishida stepped down and left the property.
He is, however, aware of the rumours that the site has been the location for a number of spectral goings-on, replying to a question from a reporter about suggestions the residence is haunted by saying: “I’m not particularly afraid.
“It might be frightening to actually see something, but it is not something that we are worried about.”
The expansive and futuristic building was only completed in April 2002 and, near the Diet in the Nagatacho district of Tokyo, is known as the Kantei. Less well-known than many other national leaders’ homes – certainly less famous than the White House, No. 10 Downing Street or the Kremlin – it also serves as the primary office of the chief cabinet secretary and is the location of the national crisis management centre.
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China’s financial corruption crackdown reeled in dozens of naughty bankers in 2024
By Sylvia Ma
China’s financial sector has undergone profound changes, marked by intensified anti-corruption efforts, as the industry takes on the critical task of preventing risks and propping up the country’s real economy.
The heightened scrutiny is part of the broader transformation that the sector has seen in recent years, along with shrinking profitability and widespread pay cuts, amid mounting economic challenges from slumping stock and property markets.
Around 90 financial-industry executives have been investigated so far this year, with 70 per cent of the cases involving the banking system, according to the Central Commission for Discipline Inspection (CCDI), China’s top anti-corruption agency.
This is slightly down from last year, when more than 100 financial cadres or executives were placed under investigation, with a similar proportion of about 70 per cent coming from the banking system.
Among those investigated this year were three high-level officials directly managed by the central government, among which Zhang Gengsheng, a former vice-president of state-owned China Construction Bank, was the latest to fall.
The CCDI said last month that Zhang was under investigation for “serious violations of party discipline and the law”, a common euphemism for corruption.
Lou Wenlong, a former vice-president of the Agricultural Bank of China, was reportedly arrested earlier this month on bribery charges, after the CCDI announced an investigation into him in May.
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By Sylvia Ma
China’s financial sector has undergone profound changes, marked by intensified anti-corruption efforts, as the industry takes on the critical task of preventing risks and propping up the country’s real economy.
The heightened scrutiny is part of the broader transformation that the sector has seen in recent years, along with shrinking profitability and widespread pay cuts, amid mounting economic challenges from slumping stock and property markets.
Around 90 financial-industry executives have been investigated so far this year, with 70 per cent of the cases involving the banking system, according to the Central Commission for Discipline Inspection (CCDI), China’s top anti-corruption agency.
This is slightly down from last year, when more than 100 financial cadres or executives were placed under investigation, with a similar proportion of about 70 per cent coming from the banking system.
Among those investigated this year were three high-level officials directly managed by the central government, among which Zhang Gengsheng, a former vice-president of state-owned China Construction Bank, was the latest to fall.
The CCDI said last month that Zhang was under investigation for “serious violations of party discipline and the law”, a common euphemism for corruption.
Lou Wenlong, a former vice-president of the Agricultural Bank of China, was reportedly arrested earlier this month on bribery charges, after the CCDI announced an investigation into him in May.
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Jimmy Carter’s funeral to be held at Washington National Cathedral on January 9
By Reuters
A state funeral for Jimmy Carter, the former US president who died on Sunday at the age of 100, will be held at the Washington National Cathedral on January 9, according to the US Army.
US President Joe Biden, who last year said Carter had asked him to deliver the eulogy at his funeral, has directed that January 9 be a national day of mourning for Carter throughout the US.
The official six-day state funeral for Carter begins on Saturday as his remains travel by motorcade through his hometown of Plains, Georgia, the Army said in a statement.
The motorcade carrying Carter will stop at the farm where he grew up. There, the National Park Service will ring the historic farm bell 39 times – Carter was the 39th US president.
Carter’s remains will then be carried to Atlanta, where he will lie in repose at the Carter Presidential Centre until the morning of January 7.
His body will then be flown to Washington where he will lie in state in the rotunda of the US Capitol until his national funeral ceremony.
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By Reuters
A state funeral for Jimmy Carter, the former US president who died on Sunday at the age of 100, will be held at the Washington National Cathedral on January 9, according to the US Army.
US President Joe Biden, who last year said Carter had asked him to deliver the eulogy at his funeral, has directed that January 9 be a national day of mourning for Carter throughout the US.
The official six-day state funeral for Carter begins on Saturday as his remains travel by motorcade through his hometown of Plains, Georgia, the Army said in a statement.
The motorcade carrying Carter will stop at the farm where he grew up. There, the National Park Service will ring the historic farm bell 39 times – Carter was the 39th US president.
Carter’s remains will then be carried to Atlanta, where he will lie in repose at the Carter Presidential Centre until the morning of January 7.
His body will then be flown to Washington where he will lie in state in the rotunda of the US Capitol until his national funeral ceremony.
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North Korea’s Kim vows to further solidify Russia ties in New Year letter to Putin
By Reuters
North Korean leader Kim Jong-un pledged to solidify the country’s comprehensive strategic partnership with Russia in his letter to President Vladimir Putin on Monday, state media KCNA reported on Tuesday.
In the message, Kim sent New Year greetings to Putin and all Russians, including their troops and expressed his willingness to further step up bilateral ties, which he said the two leaders have elevated to a new height this year, through new projects, KCNA said.
Kim “wished that the New Year 2025 would be recorded as the first year of victory in the 21st century when the Russian army and people would defeat neo-Nazism and achieve a great victory”, KCNA said.
Kim and Putin signed a mutual defence treaty at a summit in June, which calls for each side to come to the other’s aid in case of an armed attack.
North Korea has since dispatched tens of thousands of troops to Russia to support its war against Ukraine, and Seoul and Washington said that more than a thousand of them have been killed or wounded.
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By Reuters
North Korean leader Kim Jong-un pledged to solidify the country’s comprehensive strategic partnership with Russia in his letter to President Vladimir Putin on Monday, state media KCNA reported on Tuesday.
In the message, Kim sent New Year greetings to Putin and all Russians, including their troops and expressed his willingness to further step up bilateral ties, which he said the two leaders have elevated to a new height this year, through new projects, KCNA said.
Kim “wished that the New Year 2025 would be recorded as the first year of victory in the 21st century when the Russian army and people would defeat neo-Nazism and achieve a great victory”, KCNA said.
Kim and Putin signed a mutual defence treaty at a summit in June, which calls for each side to come to the other’s aid in case of an armed attack.
North Korea has since dispatched tens of thousands of troops to Russia to support its war against Ukraine, and Seoul and Washington said that more than a thousand of them have been killed or wounded.
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