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Chinese Regulators Order Tech Companies to Standardize Financial Businesses A photo of the flag of the People’s Republic of China. (radiowood, https://flic.kr/p/7asMfM; CC BY-NC 2.0, https://creativecommons.org/licenses/by-nc/2.0/) On April 29, Chinese regulators from the China Banking Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange announced that they have ordered 13 of China’s biggest tech companies, including Tencent and ByteDance, to “standardize” their online financial businesses. Regulators will likely require firms to spin off payments programs and may even eliminate some firms’ insurance, wealth management and lending practices. The People’s Bank of China stated that some of the firms will need to set up financial holding companies to house certain parts of their businesses. Financial holding companies are subject to heightened restrictions on their assumption of financial risk. (One comme ....
Belgium’s battered horeca sector has been devastated by the health pandemic, with dire warnings of possible fresh bankruptcies in the industry. The country’s coronavirus consultative committee, which met on Friday (5 February), offered a ray of hope for bars, cafes and restaurants, both in Brussels and the rest of the country. Federal minister for small businesses, David Clarinval said: If we reopen contact professions such as hairdressers, beauty salons we will have to wait at least three weeks to see how it goes. If all is going OK, we could hope for the reopening of other sectors in March, writes Martin Banks. ....