Illegal virtual currency trading to be curbed

China has been cracking down hard on illegal transactions related to virtual currency trading, Economic Information Daily reported on Monday. The country's financial regulator has demanded all-around inspection and solving of illegal actions involving speculation in virtual currency using the concept of blockchain, the newspaper said, quoting a source close to the Office of the Leading Group for the Special Campaign against Internet Financial Risks. Payment institutions are required to step up investigations and clean-up the payment and settlement process, an official circular showed. Trading venues of virtual currency will be overhauled, said announcements issued by Shanghai and Shenzhen, among other regions.

State-owned bank issues tier-2 capital bonds

Bank of China (BOC), one of China's four biggest lenders, has issued its second batch of tier-2 capital bonds totaling 30 billion yuan ($4.27 billion) to augment its capital. With a maturity term of 10 years, the fixed-rate bonds were issued at a coupon rate of 4.01 percent and the issuers hold the right of redemption at the end of the fifth year. The subscription ratio, the number of purchase requests to the number of bonds available, stood at 2.66, said BOC. The bank completed the issuance of the first batch of capital bonds in September this year, which were valued at 40 billion yuan.

Xiaomi smartphone sales rise in Europe

Chinese tech firm Xiaomi saw robust smartphone sales growth in the European market in the third quarter of the year, according to a report by global technology market research firm Canalys. Xiaomi had a market share of 10.5 percent with handset shipments reaching 5.5 million units in the third quarter, up from 3.2 million units in the same period last year. The growth was driven by aggressive market expansion and a strong volume product portfolio, said the report. Xiaomi ranked fourth in terms of shipments after Apple, whose shipments reached 9.8 million units.

Tesla receives 146,000 orders for Cybertruck

US top electric vehicle manufacturer Tesla Inc has received 146,000 reservations for its new Cybertruck since it was unveiled only two days ago, Tesla CEO Elon Musk disclosed over the weekend. The all-electric pickup truck with a futuristic design was launched in Los Angeles, Southern California. "146,000 Cybertruck orders so far, with 42 percent choosing dual, 41 percent tri and 17 percent single motor," Musk tweeted Saturday, adding that the massive volume of pre-orders were made "with no advertising and no paid endorsement," which reflected consumers' huge interest in the new truck.

Subaru to recall 17,479 faulty vehicles in nation

Japanese automaker Subaru will recall 17,479 vehicles sold in the Chinese market over safety hazards, said China's market regulator. The recall, set to begin on Dec 2, affects 10,487 Foresters manufactured between Sept 3, 2018 and June 19, 2019, according to a statement posted on the website of the State Administration for Market Regulation. Meanwhile, 6,992 XV models produced between Aug 9, 2017 and Aug 1, 2019, would be recalled. A defective program in these cars' engine control unit might cause a short circuit and lead to unintended engine stop, posing safety risks, said the statement.

Israeli firms to import more goods from China

The number of Israeli businesses importing goods from China jumped 55.3 percent year-on-year in 2018, according to an annual report released on Sunday by the Israel's Central Bureau of Statistics. The report said 43,810 Israeli importers of goods did business with Chinese companies in 2018, compared to 28,212 in 2017. Meanwhile, the number of Israeli businesses exporting to China in 2018 was 4,006 compared to 3,871 in 2017, an increase of 3.5 percent. Thus, the total Israeli companies that traded with China in 2018 was 47,816, a 49-percent increase from 32,083 in 2017.

Britain's public sector borrowing increases

The public sector net borrowing in Britain for October 2019 totaled 11.2 billion pounds ($14.49 billion), the highest October borrowing figure since 2014, according to the Office for National Statistics (ONS). The October figure was 2.3 billion pounds more than the same month last year, said the ONS. Meanwhile, borrowing in the current financial year-to-date (April 2019 to October 2019) was 46.3 billion pounds, 4.3 billion pounds more than in the same period last year. This is the highest April-to-October borrowing for two years. Of the total 11.2 billion pounds borrowed by the public sector in October, central government borrowed 7.6 billion pounds, local government borrowed 1.0 billion pounds and the Bank of England's contribution was 2.5 billion pounds.

Supermarket sales in Japan drop by 4.1%

Japan's supermarket sales in October decreased 4.1 percent from a year earlier on a same-store basis, hit by bad weather including a typhoon and the consumption tax hike on Oct 1, details from the Japan Chain Stores Association showed. According to the association's figures, sales at 10,522 supermarkets operated by 55 companies totaled 975.2 billion yen ($9 billion). In September, sales on a same-store basis logged the first rise in six months due to heightened demand before the 2-percentage-point tax increase. The industry body's figures also showed that sales of household items, such as home appliances and toilet paper, dropped 7.2 percent from a year earlier, reflecting decreased demand following the last-minute rush to beat the tax hike.

Overseas credit card spending up in S. Korea

South Koreans' overseas credit card spending grew in the third quarter despite the falling number of tourists to Japan, central bank data showed. South Korean travelers spent $4.74 billion abroad with credit card in the July-September quarter, up 1.4 percent from the previous quarter, according to the Bank of Korea (BOK). South Koreans who went on an overseas trip shrank amid the ongoing campaign to boycott Japanese products and tour to Japan, but the tourists spent more in the quarter. The number of South Korean tourists going abroad declined to 7.12 million in the third quarter from 7.14 million in the second quarter.