Has the Swiss luxury watch market rebounded since the Covid-19 slump? (SCMP)
2022-08-31
Swiss ‘IS’ woman shows no remorse in trial (GT/AFP)
2022-08-30
Credit Suisse Warned by China Regulator to Fix Executive Exodus (Caixin)
2022-08-28
China’s securities regulator told Credit Suisse Group AG to fix the high turnover of senior executives at its securities venture before it will be allowed to roll out its new business on the mainland. Nearly half the senior personnel at its China securities venture left in recent months, prompting the regulator to postpone an on-site inspection, Bloomberg News reported last week. That would have been the final step Credit Suisse needed before being allowed to start building out its wealth management business and expand equity trading services beyond Shenzhen into other cities. Credit Suisse is being urged “to make preparations for on-site inspection of new businesses in accordance with relevant regulations,” the China Securities Regulatory Commission said Friday in response to Bloomberg News. The delay in China is adding to woes at the European lender as it reels from a series of scandals that led to billions dollars of losses, spurred a strategic review of its investment bank, an exodus of talent and thousands of job cuts. The mainland venture’s Chief Financial Officer Annie Qiu resigned recently, following the departures of compliance head Xu Yang, and Chief Information Officer Larry Tung, according to people familiar with the matter. It’s been two years since Credit Suisse won approval to take control of the China venture, but the bank still hasn’t been given a green light to implement the expansion.
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Finance Ministry to issue 3b yuan treasury bonds in Macao in boost for local financial devt (GT)
2022-08-31
Macao Expands mRNA Vaccine Access to Mainland Tourists (Caixin)
2022-08-30
Macao has expanded access to BioNTech’s mRNA-based Covid-19 vaccines to tourists from the Chinese mainland, as Beijing seeks a variety of options to protect the world’s largest population. People travelling to Macao on tourist visas can now get the BNT162b2, also known as Comirnaty, at a cost of 1,000 patacas ($125). A week-long trial service has been carried out at the University Hospital located on the campus of the Macau University of Science and Technology beginning last Wednesday. Previously, Macao provided Covid-19 vaccination services to some non-Macao residents, including those who are worker’s ID holders, students studying in Macao, and prisoners. Macao’s Covid-19 Infection Response Coordination Center had stated that it does not provide vaccines for people who come for short trips or family visits, according to information last updated on Aug. 4. As BioNTech’s partner to commercialize the vaccine in Greater China, Shanghai Fosun Pharmaceutical Co. Ltd. said it has sold more than 8 million doses of the vaccine in Macao, Hong Kong and Taiwan during the first half of this year, with 30 million sold in total since it was launched in the regions in 2021, according to its half-year report published on Monday. Macao also offers Sinopharm’s inactivated vaccine against Covid-19 free of charge. Data from the Macao Centre for Disease Control and Prevention showed it has administered more than 1.2 million inactivated vaccines and 274,000 mRNA shots as of Monday afternoon. MRNA vaccines, led by products developed by Pfizer-BioNTech and Moderna, are not yet available in the Chinese mainland, despite being widely used around the world. Clinical trials show that both these vaccines have among the highest efficacy rates against Covid-19. Experts said China has not been able to master the full set of technologies for the industrialization of mRNA vaccines. While domestic research struggles to catch up, efforts to import foreign-developed shots and obtain technology transfers had fallen behind schedule. Fosun Pharma said during an internal meeting with investors at the end of June that regulatory authorities in Beijing are still taking a wait-and-see attitude toward the mRNA technology route while the company continues to submit vaccination trial data on a rolling basis. Fosun has been awaiting clearance for more than a year. In April, Chinese regulators cleared two homegrown mRNA vaccines for clinical trials while most of the country’s 1.4 billion people have used domestically made vaccines based on the inactivated-virus technology.
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