Forwarded from 📡Guardians of Hong Kong
#IMF chief called out over pressure to favor China while at #WorldBank
//World Bank leaders, including then-Chief Executive #KristalinaGeorgieva, applied "undue pressure" on staff to boost China's ranking in the bank's "Doing Business 2018" report, according to an independent investigation released Thursday.
The report, prepared by law firm #WilmerHale at the request of the bank's ethics committee, raises concerns about China's influence at the World Bank, and the judgment of Georgieva - now managing director of the International Monetary Fund - and then-World Bank President #JimYongKim.
...the internal reports raised ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff, management reported the allegations to the Bank’s appropriate internal accountability mechanisms.//
Read more:
https://www.reuters.com/business/sustainable-business/world-bank-kills-business-climate-report-after-ethics-probe-cites-undue-pressure-2021-09-16/
Source: Reuters #Sept16
//World Bank leaders, including then-Chief Executive #KristalinaGeorgieva, applied "undue pressure" on staff to boost China's ranking in the bank's "Doing Business 2018" report, according to an independent investigation released Thursday.
The report, prepared by law firm #WilmerHale at the request of the bank's ethics committee, raises concerns about China's influence at the World Bank, and the judgment of Georgieva - now managing director of the International Monetary Fund - and then-World Bank President #JimYongKim.
...the internal reports raised ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff, management reported the allegations to the Bank’s appropriate internal accountability mechanisms.//
Read more:
https://www.reuters.com/business/sustainable-business/world-bank-kills-business-climate-report-after-ethics-probe-cites-undue-pressure-2021-09-16/
Source: Reuters #Sept16
Forwarded from 📡Guardians of Hong Kong
#Economy
No Chinese Stock Left Among Global Top 10 as #Tencent Slides
//Tencent Holdings Ltd. has lost its place among the world’s 10 largest companies by market value, leaving no Chinese company in the list as Bejing’s regulatory crackdown continues to wreak havoc on the stock market.
Hong Kong-listed shares of the gaming and social media company fell 0.5% Thursday, valuing it at $556 billion. That’s just below U.S. chipmaker Nvidia Corp., data compiled by Bloomberg shows.
This is the first time that a Chinese company isn’t among the world’s ten largest since 2017, the data show. Tencent’s unseating follows that of #Alibaba Group Holding Ltd. earlier this year, as China’s tech behemoths face tougher rules on everything from monopolistic practices to data security and kids’ gaming hours.//
Source: Bloomberg #Sept16
https://www.bloomberg.com/news/articles/2021-09-16/tencent-s-slide-leaves-china-with-no-stocks-in-global-top-10
#CCP #HengSengIndex #ChinaMarket #StockMarket
No Chinese Stock Left Among Global Top 10 as #Tencent Slides
//Tencent Holdings Ltd. has lost its place among the world’s 10 largest companies by market value, leaving no Chinese company in the list as Bejing’s regulatory crackdown continues to wreak havoc on the stock market.
Hong Kong-listed shares of the gaming and social media company fell 0.5% Thursday, valuing it at $556 billion. That’s just below U.S. chipmaker Nvidia Corp., data compiled by Bloomberg shows.
This is the first time that a Chinese company isn’t among the world’s ten largest since 2017, the data show. Tencent’s unseating follows that of #Alibaba Group Holding Ltd. earlier this year, as China’s tech behemoths face tougher rules on everything from monopolistic practices to data security and kids’ gaming hours.//
Source: Bloomberg #Sept16
https://www.bloomberg.com/news/articles/2021-09-16/tencent-s-slide-leaves-china-with-no-stocks-in-global-top-10
#CCP #HengSengIndex #ChinaMarket #StockMarket