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Newpaper24 - Global online News around the World fad51efe-109a-11e8-851b-21ca695cbae4_image_hires_085134 Shanghai’s subsequent technology concedes defeat in housing conflict, drawdown housing fund to pay lease - NEWPAPER24  Newpaper24 - Global online News around the World fad51efe-109a-11e8-851b-21ca695cbae4_image_hires_085134 Shanghai’s subsequent technology concedes defeat in housing conflict, drawdown housing fund to pay lease - NEWPAPER24

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Shanghai’s subsequent technology concedes defeat in housing conflict, drawdown housing fund to pay lease – NEWPAPER24

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Shanghai’s subsequent technology concedes defeat in housing conflict, drawdown housing fund to pay lease

2018-02-14 00:32:57



An rising variety of youthful workers in Shanghai, annoyed on the metropolis’s runaway property market, are dipping into necessary financial savings accounts that have been meant to facilitate residence possession.

For a lot of, the hole between wages and residential costs has been stretched to the purpose the place it not is smart to avoid wasting as much as get on the housing ladder. 

Ye Qiuyang, 32, determined to withdraw funds from her account, benefiting from relaxed guidelines on fund withdrawals that got here into impact in August.

“It was simply useless cash since I wouldn’t have the ability to use the housing fund to purchase a house,” Ye mentioned. “No less than, it’s not a dormant account if we’re allowed to withdraw a part of the funds.”

The Shanghai resident is amongst a brand new technology of white-collar staff searching for to entry funds that have been beforehand held in belief by the state.

Below the rule change, workers who’re non householders within the metropolis are allowed to withdraw a most 2,000 yuan (US$315) a month to make use of in direction of their rental housing bills. 

These searching for to withdraw funds don’t want to supply a leasing contract when submitting documentation.

A story of two cities: how residence costs have an effect on Hong Kong and Shanghai’s competitiveness

Shanghai established its provident fund in 1991, turning into the primary mainland metropolis to institute the necessary financial savings plan.

The fund, modelled after Singapore’s Central Provident Fund, was designed to supply low and medium-income residents inexpensive financing for residence purchases.

Deposits made into the fund can be utilized as collateral for residence loans at lending charges under the alternate options supplied by way of native banks.

That is an costly metropolis the place you at all times really feel you might be wanting cash

Ye Qiuyang, Shanghai resident

Full time workers are required to contribute 7 per cent of their wage to the account on a month-to-month foundation. Employers make an identical 7 per cent contribution.

Ye, who’s single, contributes 2,100 yuan into the provident fund account, primarily based on her 15,000 yuan a month wage.

Ye’s contributions thus far entitle her to a 500,000 yuan mortgage from the provident fund in direction of a house buy. Nevertheless, Ye mentioned the town’s housing market, the place a two-bedroom house goes for a mean of 5 million yuan, is properly past her attain. As a substitute she has opted to withdraw from the provident fund to subsidise her life-style.

“That is an costly metropolis the place you at all times really feel you might be wanting cash,” Ye mentioned. “To have an additional 2,000 yuan a month for my disposal will not be dangerous.”

On the finish of 2016, the excellent worth of Shanghai’s provident fund totalled 318.2 billion yuan, up 16.7 per cent from a 12 months earlier.

The general public housing fund in Shanghai has been a supply of bitterness amongst native workers since 2010, when the town launched limits on residence purchases. In consequence, many account holders have been within the awkward place of contributing to provident funds that have been blocked from property funding. 

Those that have already got no less than two residential properties within the metropolis are prohibited from making use of for residence loans from the housing fund, whilst they’re mandated to make month-to-month contributions.  

As a substitute, in lots of circumstances particular person accounts are accumulating as a nest-egg that may solely be accessed upon retirement.

“We hope the town authorities can develop the scope for the usage of the useless cash,” mentioned Wang Qingyu, an official with a Shanghai state-owned firm. “In spite of everything, the residing prices are excessive and lots of middle-income earners are tightening purse strings as a part of their wages are deposited within the [provident] account.”

Shanghai’s lack of inexpensive properties continues to be main headache for metropolis’s authorities

Anecdotal proof confirmed that a rising variety of white-collar workers in Shanghai save little – if something in any respect – from their month-to-month salaries.

Many millennials, these aged at 20 to 34, have stopped saving, representing an financial departure from their dad and mom’ technology in a rustic which has been identified historically for its excessive financial savings charge.

“It’s not that we don’t wish to save, we’re simply unable to avoid wasting,” mentioned Ye, who mentioned that she spends freely on luxurious items reminiscent of garments and cosmetics. “Take me for instance. I gave up saving as a result of I realised that even when I save, say 100,000 yuan a 12 months, proudly owning a flat in Shanghai stays a daydream.”

The Shanghai authorities has pledged to construct 700,000 rental properties by 2020 to ease considerations concerning the metropolis’s lofty property costs.

“Given the sky-high property costs and home-buying restrictions, the general public housing fund is technically of little use to many contributors,” mentioned Bob Zhou, chief government of Shanghai-based funding group Yinshu Capital. “It’s time to give the contributors extra choices to utilize the cash held in these accounts.”



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Hong Kong’s JETCO newest to supply cashless funds with smartphone-based platform – NEWPAPER24

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Newpaper24 - Global online News around the World aa67e43a-0cdd-11e8-a09e-8861893b1b1a_image_hires_225921 Hong Kong’s JETCO newest to supply cashless funds with smartphone-based platform - NEWPAPER24

Hong Kong’s JETCO newest to supply cashless funds with smartphone-based platform

2018-02-08 14:59:25



Hong Kong money machine community operator Joint Digital Teller Providers (JETCO) has joined the frenzy of firms providing cashless funds with the launch on Thursday of a smartphone-based service provider cost system.

Clients will have the ability to pay retailers with their smartphones by scanning QR codes, a characteristic of mainland opponents Alipay and WeChat Pay, which dominate the cellular cost market in China.

JETCO’s platform joins old school bank cards, the pay as you go Octopus card, Apple Pay, Samsung Pay in addition to the mainland Chinese language operators in an more and more crowded cashless cost world in Hong Kong. The corporate had already launched a peer-to-peer cash switch service in April 2016.

“We wish to obtain a cashless society in Hong Kong by penetrating the small cash-and-cheque shops, which nonetheless characterize 40 per cent of town’s outlets, corresponding to cha chaan teng [tea restaurants],” stated Angus Choi, chief govt officer of JETCO.

Hong Kong lags behind mainland China within the adoption of cashless cost strategies, partially due to the next share of bank card holders within the metropolis and the recognition of the Octopus card amongst retailers.

“It’s going to take some time,” Choi stated. “The important thing precedence is to coach Hong Kong customers in utilizing cashless cost strategies.”

Hong Kong gradual to go cashless? Blame success of Octopus card, minister says

Cardholders of eight banks, together with Financial institution of East Asia and Financial institution of Communications (Hong Kong), can obtain the JETCO cellular utility and pay any vendor by scanning its QR code, both an digital one on the display or a sticker.

Clients will even have the ability to use the cost choice in on-line procuring, by selecting it when settling payments and getting into a password within the JETCO Pay utility. Contact ID and Face ID shall be obtainable to finish transactions within the coming months, Choi stated. Extra member banks are set to affix later this 12 months.

The day by day most transaction quantity for the app is HK$5,000 (US$640), a restrict set by the Hong Kong Financial Authority for web banking accounts.

“[It is] not sufficient and we’re speaking with the authority to extend that restrict, as a result of funds are very totally different from peer-to-peer transactions,” Choi stated.

JETCO operates about three,000 ATMs in Hong Kong, Macau and mainland China. The community has round 30 member banks, embody Financial institution of China (Hong Kong), Financial institution of Communications (Hong Kong), Financial institution of East Asia, and Citibank.



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350 million banknotes price HK$10 billion: Hong Kong’s love affair with lai see money  – NEWPAPER24

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Newpaper24 - Global online News around the World c2d5ee80-1300-11e8-949a-3357302fbab7_image_hires_131316 350 million banknotes price HK$10 billion: Hong Kong's love affair with lai see money  - NEWPAPER24

350 million banknotes price HK$10 billion: Hong Kong’s love affair with lai see money 

2018-02-17 04:04:47



Regardless of the recognition of bank cards and cell funds, folks in Hong Kong persist with money for lai see packets. 

This contributes to a requirement for about 350 million banknotes price nearly HK$10 billion (US$1.28 billion) simply inside the two weeks earlier than Lunar New Yr yearly, based on the Hong Kong Financial Authority. 

What’s altering is that some financial institution clients are keen to simply accept notes that aren’t newly printed, with about half prepared to simply accept used banknotes in good situation for his or her lai see packets.

“Since 2006, the HKMA has been advocating using good-as-new notes for lai see due to environmental issues. Due to the help of the general public and the note-issuing banks, the Share of good-as-new notes issued within the run-up to every Chinese language New Yr has elevated from 20 per cent in 2006 to about 45 per cent lately,” stated an authority spokeswoman. 

HSBC, Customary Chartered Financial institution and Financial institution of China (Hong Kong), town’s three note-issuing banks, stated they’ve recorded a rise within the variety of folks utilizing good-as-new notes for lai-see, a follow that’s extra environmentally pleasant.

To fulfill the demand for forex notes, many banks lengthen opening hours about two weeks forward of Lunar New Yr for purchasers, who queue as much as trade previous notes for brand new ones. Senior members of households give lai see packets to youngsters and single folks as a approach of giving them blessings.

Most firms and senior administration additionally give lai see packets to their employees as a blessing on their first day again at work after the Lunar New Yr break.

Making new banknotes for lai see isn’t environmental pleasant because it requires 532 tonnes of cotton to supply 400 million banknotes, which occupy 666 cubic metres of space for storing – sufficient to fill 26 20-foot containers, based on statistic supplied by the financial authority. 

With extra folks now accepting used banknotes in good situation, the necessity for printing new banknotes has been minimize by 45 per cent, or about 160 million items, saving greater than 200 tonnes of cotton in consequence.

Since 2006, the HKMA has been advocating using good-as-new notes for lai see due to environmental issues

HKMA spokeswoman

Banks have additionally developed digital lai see for shoppers. HSBC simply launched a lai see characteristic in its PayMe app, which permits customers to ship pink packets with private messages. The Financial institution of East Asia was the first in Hong Kong to launch digital lai see, known as i-Laisee, earlier than Lunar New Yr in 2016. However these have performed little to decrease demand for banknotes.

“The demand for banknotes for lai see packets is powerful and just like earlier years,” stated a spokeswoman for Financial institution of East Asia. She stated HK$20 banknotes had been the preferred. 

“Though the development of utilizing i-Laisee is rising annually and we foresee an increasing number of folks, particularly tech-savvy clients, utilizing i-Laisee, it’s nonetheless too early to say it may substitute the normal lai see packet,” she stated.

“Though an rising variety of persons are distributing digital lai see, bodily lai see with banknotes of HK$20 or HK$50 in pink packets stays a preferred Chinese language conventional follow. We don’t see digital lai see changing bodily lai see any time quickly,” stated a Financial institution of China (Hong Kong) spokeswoman.



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Uganda Challenged to Enhance Espresso High quality – NEWPAPER24

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Newpaper24 - Global online News around the World aa-logo-rgba-no-text-128x128 Uganda Challenged to Enhance Espresso High quality - NEWPAPER24

Uganda Challenged to Enhance Espresso High quality

2018-02-17 15:08:01


Uganda has been tasked to enhance its espresso high quality if it needs to promote its product at a premium worth on the worldwide market.

Audio system on the just-concluded African Fantastic Espresso convention held at Serena resort in Kampala noticed that whereas Uganda was upping its espresso manufacturing ranges, its Robusta and Arabica coffees acquired unfavorable differentials on the world market due to poor high quality.

This implies it fetches much less cash than it will have if it was rated positively.

Agriculture minister Vincent Ssempijja stated the nation was decided to work on espresso high quality. He stated it’s only then that the nation can promote its espresso at a premium.

Poor high quality for Ugandan espresso comes as a result of farmers choose inexperienced bellies. The opposite drawback is poor post-harvest dealing with, the place farmers dry cofee on naked floor – which impacts the eventual class of the espresso.

Konrad Brits, the director of Falcon Coffees in UK, stated “Ugandan farmers haven’t been taught deal with their espresso. The dealing with may be very poor, ensuing into the unfavorable differentials we see immediately.”

Uganda is the second greatest producer of espresso in Africa after Ethiopia. The nation produced four.6 million baggage as at finish of final 12 months, in line with the Uganda Espresso Growth Authority (UCDA).

The nation fetched as much as $500m after the cash-crop’s costs edged up.

As at January 31, 2018 the common worth ranged between 115 US cents per pound (zero.45kg) and 143.77 US cents, in line with the Worldwide Espresso Organisation (ICO). Robusta offered at 88 US cents.

The difficulty of local weather change was additionally raised as one of many challenges already beginning to impression manufacturing. That it additionally impacts uniqueness and flavour.

Judith Ganes, President of J. Ganes Consulting LLC, a commodity advisory providers agency, stated: “Some small espresso producing nations are getting extinct and not as related to the market.”

She stated world espresso manufacturing was going up frequently however the smallest espresso producers aren’t capable of sustain.

“A lot of the smallest producers are right here in Africa,” she stated. This might be as a result of they nonetheless rely upon archaic methods to develop the crop – reliant on rain, work with out fertilizers and have smaller farms that do not make any financial sense.

Ganes added that whereas quite a lot of provide is prone to come from Brazil subsequent 12 months, the market already is aware of what’s there and it’s already factored into the present international costs. This implies the worldwide espresso costs are unlikely to considerably hunch within the subsequent two years.

International locations like Uganda can take this benefit to money in on the excessive costs.

Uganda has just lately gone on a attraction offensive to extend espresso manufacturing by distributing free seedlings to farmers. The nation tasks its manufacturing to achieve 20 million baggage yearly within the early 2020s.

Whereas this may doubtless improve earnings, it is not going to be sufficient if farmers aren’t taught higher agronomical practices.



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