China rules out use of AIIB veto

The AIIB was announced in Beijing in 2014, with the aim of boosting investment in infrastructure in Asia and was established formally by the 57 member countries signing the Articles of Agreement in June 2015. China currently has the power to veto decisions, because of its economic size, but “There are still many countries on the waiting list, and when the new members join, China’s voting power will be reduced. Such de facto veto power Read More …

Universities can reap the benefits of the growing 'smart cities' movement, experts say

The ‘smart city’ agenda refers to the growing use of digital technology to improve city life. Globally these developments could be worth more than $400 billion by 2020 according to Arup, the engineering consultancy. The role of universities as hubs for research and development, as well as in educating the individuals that will lead the projects of the future, is clear – but the size and scale of most university campuses also makes them ideal Read More …

China central bank issues first offshore Renminbi bond in London

This is the first RMB note issued outside China and will help to develop an offshore market for the currency, as well as helping cross-border trade and investment, the central bank said, according to Xinhua. The note is worth 5 billion yuan (US$787 million), with an interest rate of 3.1% and falls due in 2016, Xinhua said. China is showing willingness to open up its financial sector and compete globally with this move, said Beijing-based Read More …

Hong Kong law should allow third-party arbitration funding, says Law Reform Commission

The Hong Kong Special Administrative Region (HKSAR) has become a major arbitration centre and parties looking to resolve disputes in the region are starting to take funding options into account, a ‘third party funding for arbitration’ sub-committee of the LRC said in a statement. Legal doctrines of “maintenance and champerty” prohibit the use of third party funding for litigation in most circumstances, and it has been unclear whether this also applies to arbitration, the sub-committee Read More …

China suspends banking technology regulations, says it will conform to WTO rules

China will reconsider planned regulations that encouraged the use of Chinese technology in the banking industry, and said it will conform to World Trade Organisation (WTO) rules, according to a Financial Times report.17 Apr 2015 The China Banking Regulatory Commission (CBRC) and the Ministry of Industry and Information Technology sent a notice to banks to say that the regulations would be reassessed and reissued after feedback, the Financial Times said. “Based on opinions received from Read More …