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Hong Kong financial regulators sought to calm market fears on Saturday as global financial firms in Hong Kong weighed cutting ties with local clients after the United States imposed sanctions on senior Hong Kong and Chinese officials.
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Members of Singapore’s Lim family have asked a court to stop law firm Rajah & Tann Singapore (R&T) from working for court-appointed supervisors to two companies in the Lims' embattled oil trading empire, Evan Lim Chee Meng told Reuters.
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Japan, Australia and some other nations are readying incentives to attract banks and asset managers in Hong Kong that are worried about the new security law imposed by China, but finance sector experts said even if they move, it will be to Singapore.
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Global wealth managers are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China’s new national security law, according to six people with knowledge of the matter.
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China’s parliament passed national security legislation for Hong Kong on Tuesday, setting the stage for the most radical changes to the former British colony’s way of life since it returned to Chinese rule 23 years ago.
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China is fast-tracking a new law to help prevent infectious diseases and other “biological threats”, but some experts said a provision aimed at deterring false information could discourage potential whistleblowers and put the public at risk.
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For the first time since September 2004, no merger and acquisition deal worth more than $1 billion was announced worldwide last week, according to data provider Refinitiv, as the new coronavirus stifles global M&A.
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India has stepped up scrutiny of investments from companies based in neighbouring countries, in what is widely seen as a move to stave off takeovers by Chinese firms during the coronavirus outbreak.
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Hong Kong’s judicial system is under increasing duress as signs grow that the Communist Party leadership in Beijing wants to bring the city’s courts to heel. Three senior judges told Reuters the independence of the judiciary is now under threat.
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Japanese Prime Minister Shinzo Abe is poised to declare a state of emergency over the coronavirus, giving governors stronger legal authority to urge people to stay home and businesses to close.