.png){kind=logo}
GC Asia
-
Germany, Belgium join battle over Taxonomy credibility as it goes to wire
Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. A decision may now be delayed until Thursday, although battlelines are now being drawn over the timing.
02.45 PM -
Virgin Active restructuring to set high street precedent
UK gym chain Virgin Active’s restructuring could set a precedent for restructurings of UK retailers. Dozens of retailers have used ‘CVA’ processes to cut their debt burdens, which typically hits their landlords hard but leaves other creditors unscathed. Virgin Active is instead using the new UK ‘super scheme’ restructuring law introduced last year to try to bind landlords and other creditors alike into accepting writedowns.
02.15 PM -
Corporate reporting to enter the age of sustainability
A new acronym is joining the sustainable finance lexicon — the SRD. The EU’s Sustainability Reporting Directive will become the cornerstone of corporate reporting on sustainability, which is the foundation of responsible investing. A draft of it has been leaked, showing that it will impose much stricter rules on companies about reporting their environmental and social impacts, but also contains loopholes.
02.00 AM -
China tightens Star market listing rules
The Chinese securities regulator and the Shanghai bourse have boosted requirements on Star market IPO candidates’ technology credentials, banning the listing of financial and investment companies and tightening scrutiny on financial technology firms.
19 Apr 2021 -
The week in review: China, US join hands to tackle climate crisis, Citi to exit Mainland consumer banking, CBIRC calms market over Huarong worries
In this round-up, Beijing and Washington pledge to fight climate change together, Citi plans to set up onshore securities and futures companies as it ends consumer banking operations in 13 markets including China, and the banking and insurance regulator reassures the market that Huarong Asset Management Co’s operations are stable.
19 Apr 2021 -
The week in review: Beijing slaps record antitrust fine on Alibaba, regulators open up Hainan’s financial sector
In this round-up, China’s top antitrust watchdog fines Alibaba Group Holding a record Rmb18.23bn ($2.78bn) for monopolistic practices, and regulators announce measures to develop and open the financial services sector in the Hainan Free Trade Port.
12 Apr 2021 -
China policy round-up: Beijing cracks down on regional financial institutions, Hainan FTP access rules ease up, Guangzhou reveals ambitious GBA development plan
In this round-up, the State Council flags up risks at regional financial institutions in China, measures have been announced to relax market access in the Hainan Free Trade Port, and the Guangzhou government details a plan to develop the financial industry and support cross-border businesses in the Guangdong-Hong Kong-Macao Greater Bay Area.
09 Apr 2021 -
EU reboots NPL rules as bad debt looms
Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.
08 Apr 2021 -
 from Alamy 7Apr21 575x375.jpg)
Trump exit unleashes Financial Stability Board to act on climate
The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.
07 Apr 2021 -
Macquarie sanctioned by Apra over regulatory breaches
The Australian Prudential Regulation Authority (Apra) hit Macquarie Bank with a A$500m ($378.4m) capital charge on Thursday, having uncovered serious faults in the firm's risk management practices. The announcement came a day after the bank paused its return to the sterling bond market.
01 Apr 2021
