Monday, 26 Oct 2020

Standard Chartered Applies to Set Up Securities Firm in China

Robinhood says some customer accounts may have become target of hackers

Fintech startup Robinhood Markets said on Friday some customers might have become a target of hackers because of their personal email accounts being compromised outside of its platform.

The issue did not occur from a breach in the firm's systems, a spokesperson for the company said in a statement.

"We're actively working with those impacted to secure their accounts", Robinhood added.

Robinhood, which is credited with helping popularize trading among millennials, has seen multiple outages since March due to higher-than-usual traffic to its app from a recent upsurge in day trade by retail investors.

Last month, Reuters reported that the firm had increased its latest funding round from investors to $660 million, giving it a valuation of $11.7 billion.

Dog Days of Coronavirus May Bring Germany a Canine Cash Windfall

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German local officials facing depleted coffers as a result of Covid-19 can take comfort from the prospect of more taxpayers seeking canine companionship to get them through the crisis.

Unlike in Britain or the U.S., dog owners in Germany face an annual levy on their pets. In Berlin, the bill amounts to 120 euros ($141) a year, while Munich offers more of a bargain at 100 euros.

The tax netted municipalities 370 million euros in income last year. That total has been steadily rising over the past decade, according a release from the Federal Statistical Office on Friday.

With the popularity of dogs increasing during the pandemic, according to the German Kennel Club VDH, the amount is likely to climb again this year.

Egypt Annual Inflation Accelerates Even as Food Prices Fall

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Annual consumer prices in urban parts of Egypt accelerated 3.7% in September, even as food prices dropped, according to data posted by the state-run statistics agency, CAPMAS.

The annual rate climbed from 3.4% the previous month while, on a monthly basis, prices rose 0.3%. Food and beverage prices declined 2.6% annually in September and fell 0.2% month-on-month.

The central bank unexpectedly cut its benchmark interest rate by 50 basis points last month, saying the move provided “appropriate support” for economic activity and was consistent with achieving price stability over the medium term.

Inflation remains well below the central bank’s target of 9% — plus or minus 3 percentage points — by the end of 2020. Core inflation, the gauge used by the central bank and which strips out volatile and regulated items, is expected to be released later Saturday.

Hong Kong to Demand New Civil Servants’ Allegiance, RTHK Reports

Hong Kong’s Civil Service Bureau will issue a notice demanding all newly hired civil servants affirm their support for the Basic Law and pledge allegiance to the city’s government, Radio Television Hong Kong reported.

Civil servants who joined from July 1 will be required to sign the declaration, RTHK cited Patrick Nip, the bureau’s chief, as saying on a radio program Saturday. A circular on the requirement will be distributed to government departments on Monday, it said.

Civil servants are free to voice their opinions about proposed policies, but must promote them once they are finalized, RTHK quoted Nip as saying. Those who don’t abide by the oaths risk dismissal, he said in the report.

The government will consult civil-servant groups, and employees of all ranks may be asked to sign the declaration, RTHK said.

Eurocrats accused of wasting taxpayers’ cash after splurging £1m on EU history museum

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Brussels plans to fork out on business-class flights and hotels for couriers transporting “artefacts” from across the world to the site.

The European House of History based in the Belgian capital is home to Brexit-bashing items, such as former Labour Party MEP Seb Dance’s handwritten sign “He’s lying to you” used to taunt Nigel Farage.


There is also a UK-EU “always united” scarf worn by Remainers on the final day of membership.

The museum, which cost taxpayers £47million, will spend a further £1.4million fetching relics.

German MEP Nicolaus Fest said: “This is an astonishing waste of money. It would be much cheaper to relocate the fossils that run the Commission.

“Like its collection, the EU will soon be consigned to history if it continues with such frivolous spending.”

Standard Chartered Applies to Set Up Securities Firm in China

In this article

Standard Chartered Plc applied to establish a securities company in China, the China Securities Regulatory Commission said.

The CSRC received the application on Saturday, it said on its website, without providing details.

China’s 7.26 trillion yuan ($1.1 trillion) securities industry is opening up further to foreign investment banks such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., which are allowed to take full control of ventures in the country this year. That’s likely to provide a jolt to the sector, forcing consolidations and winnowing out those that can’t compete.

— With assistance by Edwin Chan, and Yuan Gao

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