China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday. The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources. Chinese regulators had asked Ant to consider folding up most of its financial businesses into a holding company that would be subject to more stringent capital requirements, two sources told Reuters in December. The country’s central bank, People’s Bank of China, has said Ant controls a range of financial institutions, including sec...
We share the best adventure travel books 2021 and explain why each should be on your reading list From a cross-country road trip in a hostile America to boundless sand dunes in remote China, our crop of adventure travel books 2021 have one thing in common: their journeys are more than just physical. There are tales of derring-do, but beyond the sparkly appeal of adventure are stories of recovery, rebirth and the healing power of nature. In Nepal, one man re-attempts Everest after a lethal earthquake. In the UK, another walks back from the brink of suicide while, in the US, a woman emerges from a three-year battle with leukaemia. Ultimately, these are tales of not just exploration and adventure but of courage, curiosity, resilience and hope. Adventure travel books 20...
The U.S. Senate on Friday confirmed President Joe Biden’s nominee, retired Army General Lloyd Austin, to serve as Secretary of Defense – the first Black American in the role. The vote was an overwhelming 90-2 in the 100-member chamber, far more than the simple majority needed. Lawmakers from both parties said they were pleased that Austin would be installed to lead the Pentagon just two days after Biden was sworn in as president on Wednesday. Senator Jack Reed, the incoming Democratic chairman of the Senate Armed Services Committee, noted the wide range of challenges facing the country – including the coronavirus pandemic and competition with China and Russia. “General Austin is an exceptionally qualified leader with a long and distinguished career in the U.S. military,” Reed said before t...
Anti-coup protests ring out in Myanmar’s main city
The din of banging pots and honking car horns reverberated through Myanmar’s biggest city of Yangon late on Tuesday in the first widespread protest against the military coup that overthrew elected leader Aung San Suu Kyi. The party of the detained Nobel Peace laureate called for her release by the junta that seized power on Monday and is keeping her at an undisclosed location. It also demanded recognition of her victory in a November election. A senior official from her National League for Democracy (NLD) said he had learned she was in good health a day after her arrest in a military takeover that derailed Myanmar’s tentative progress towards full democracy. The U.N. Security Council was due to meet later on Tuesday amid calls for a strong global response to the military’s latest seizure o...