3 h. ago Singapore money laundering: UBS, UOB among banks hit with millions in penalties

The Monetary Authority of Singapore (MAS) has issued nine banks, capital markets services licence holders and trust companies composition penalties totalling S$27.45 million (US$21.55 million) over breaches tied to a S$3 billion (US$2.36 billion) money-laundering case that shook the city state. MAS said on Friday the latest regulatory moves marked the end of enforcement action against financial institutions with connections to the case. All nine financial institutions have accepted the penalties...

Economics

4 h. ago France fines Shein US$47 million for ‘deceptive’ pricing amid EU scrutiny

The French government has fined online retailer Shein €40 million (US$47 million) for “deceptive marketing practices” and incomplete information about the environmental impact of its products. The penalty was announced just days after a European Union official said on Monday that he was “deeply concerned” about the millions of small parcels entering the region every day, many from Chinese-founded platforms like Shein and Temu. The fine by France’s Ministry of Economy followed investigations...

Economics

6 h. ago Hong Kong police arrest woman, 21, in connection with 8 fake official scams

A 21-year-old woman has been arrested in Hong Kong over her suspected involvement in eight phone scams impersonating officials, which resulted in losses of HK$3.7 million (US$471,343). The force said on Friday that the woman was apprehended in Ngau Tau Kok two days ago on suspicion of obtaining property by deception after a fake police warrant card was found in her possession. She is currently being held for questioning. According to police, the suspect was believed to have been involved in...

Events

6 h. ago Woman arrested in Hong Kong over impersonating officials in scams netting HK$3.7 million

A 21-year-old woman has been arrested in Hong Kong on suspicion of impersonating officials in eight phone scams that resulted in losses of HK$3.7 million (US$471,340). The force said on Friday that the woman was apprehended in Ngau Tau Kok two days ago on suspicion of obtaining property by deception after a fake police warrant card was found in her possession. She is currently being held for questioning. According to police, the suspect was believed to have posing as officials in eight scam...

Politics

10 h. ago Will China’s latest vow to tackle solar panel oversupply have desired impact?

China has vowed to reduce excessive competition and oversupply in its solar photovoltaic (PV) industry, which is continuing to explore global markets. Industry and Information Technology Minister Li Lecheng told 14 representatives from solar PV manufacturers and industry associations on Thursday that the “industry must be governed in accordance with laws and regulations, and disorderly low-price competition should be comprehensively addressed”, the ministry said in a statement released after...

Politics

11 h. ago Beijing Chunlizhengda Medical Instruments Co., Ltd.'s (HKG:1858) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?

Beijing Chunlizhengda Medical Instruments Co., Ltd.'s (HKG:1858) Financials Are Too Obscure To Link With Current Share Price Momentum: What's In Store For the Stock?  simplywall.st

Economics

12 h. ago China’s EV price war dashes profit hopes of 90% of brands, AlixPartners says

China’s EV price war dashes profit hopes of 90% of brands, AlixPartners says  South China Morning Post

Economics

18 h. ago China Snubs U.S. Crude for Third Month, Even as Ethane Trade Restarts

China Snubs U.S. Crude for Third Month, Even as Ethane Trade Restarts  Crude Oil Prices Today | OilPrice.com

Politics

22 h. ago China's industry ministry is set to tackle price war in solar sector

China's industry ministry is set to tackle price war in solar sector  Reuters

Events

34 h. ago Sabah bribery scandal: Singapore firm comes under Malaysian scrutiny

Malaysia’s anti-corruption agency is now targeting a Singapore-registered mining company as part of its investigation into a bribery scandal in Sabah that has already seen two state lawmakers and a businessman charged in court on Monday. The case captured public attention after the businessman, Albert Tei Jiann Cheing, released covert videos showing state lawmakers engaged in bribe negotiations with him, implicating several prominent figures in Malaysia’s second-largest state. Despite claiming...

Politics

37 h. ago Emperor’s financial struggle mirrors current state of Hong Kong real estate

Hong Kong developer Emperor International Holdings’ struggles reflect the highs and lows the city’s property sector has endured over the past few years. Just over five years ago, residential and commercial real estate prices and rents were hitting record highs. Developers reported robust earnings and had access to cheap financing, boosting their confidence – and that of investors – to spend more on new projects or acquire existing income-generating properties. But this golden era ended abruptly....

Politics

47 h. ago Chinese sellers bracing as Amazon Prime Day sale and tariff pressure to collide

Ahead of Amazon’s annual Prime Day sales event, Chinese sellers are already walking a tightrope as they try to strike a balance between staying competitive and adjusting to Washington’s tariffs. Gloria Gu, an Amazon seller based in Zhejiang province, said her outlook for this year’s summer event – extended this year to a record four days, July 8-11 – was “not optimistic”. Her company mainly sells household consumables – low-margin products that are highly price-sensitive. “Depending on the item,...

Politics

53 h. ago BYD, Geely bank on big discounts to set record car sales, dent smaller rivals

China’s leading electric vehicle (EV) makers from BYD to Geely Auto sustained their strong sales last month as big price cuts lured new buyers, helping boost their market share and heaping pressure on smaller, unprofitable rivals. BYD, the world’s largest EV builder, delivered 382,585 vehicles in June for its best month this year, the Shenzhen-based company said in a filing on Tuesday. While deliveries were little changed from May, they jumped 12 per cent from a year earlier. Geely, China’s...

Economics

53 h. ago Lafufu? Australian consumer watchdog warns of fake Labubu toys online

The soaring global popularity of Labubu has prompted Australia to sound a warning over knock-off monster toys flooding online platforms as scammers try to exploit the collectibles frenzy fuelled by social media and celebrity endorsements. The pointy-eared, sharp-toothed dolls – designed by Hong Kong artist Lung Ka-sing and sold by Beijing-based Pop Mart – have attained cult status, commanding eye-popping prices and sparking in-store chaos as fans from Sydney to Singapore and London line up for...

Events

55 h. ago Even China's top leadership has had enough of companies' aggressive price

Even China's top leadership has had enough of companies' aggressive price-cutting  Business Insider

Politics

55 h. ago China Communist Party magazine calls for crackdown on price wars

China Communist Party magazine calls for crackdown on price wars  Reuters

Events

57 h. ago Xpeng defies China’s EV price war with steady sales as Tesla and local rivals try to keep pace

Xpeng defies China’s EV price war with steady sales as Tesla and local rivals try to keep pace  CNBC

Economics

2 d. ago Tesla upgrades Model 3 and Model Y in China, hikes price for long

Tesla upgrades Model 3 and Model Y in China, hikes price for long-range sedan  Teslarati

Politics

3 d. ago China’s Xi calls for oversight, Trump’s Golden Dome: SCMP daily highlights

Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. Trump’s Golden Dome: will the numbers add up to deter China in the Indo-Pacific? The planned defence system could make it harder for the PLA to strike US bases like those in Guam and Okinawa, or warships trying to defend Taiwan. 2. Beijing sanctions South China Sea legal claim architect Francis Tolentino China has sanctioned the former Senate majority...

Politics

3 d. ago Rare earth magnet users jolted into paying premium prices for ex

Rare earth magnet users jolted into paying premium prices for ex-China supply  Reuters

Economics