China’s government meets to plan an economic recovery from COVID by maintaining its current plans with macro policies (Bloomberg), while Japan’s government discusses opening up sports betting on baseball and basketball to curb pandemic pressures (FT).

Ping An Insurance Group has moved on an acquisition deal with Founder Securities Co. that could reach as high as 50 billion yuan (Bloomberg News).

More and more young workers are moving out of London as the pandemic limits opportunity and remote work opens up more affordable living elsewhere (Bloomberg).

An eventful shares transaction in South Korea prompted the country’s Supreme Court to clarify securities transaction tax liability for forced share sales (Bloomberg Tax).

China Politburo Reiterates No Sharp Turn in Macro Policies
Bloomberg News
China’s top leaders see economic recovery as unstable; It will keep macro policies consistent to boost investment
China’s top leaders pledged to deepen supply side reform and drive a rebound in domestic demand, staying the course for now to bolster the economy’s recovery.
bloom.bg/3u8ysbeP

Covid hit prompts Japan to rethink rules on sports gambling; Officials hope betting on baseball and football can shore up finances battered by pandemic
Leo Lewis and Kana Inagaki – FT
Japan’s government has begun internal discussions to legalise gambling on football and baseball in a move that would create a combined sports betting market estimated at more than $65bn a year.
on.ft.com/2RcuEKY

Ping An in Talks for Partial Stake in Credit Suisse’s Chinese Partner
Bloomberg News
New Founder Group’s assets include brokerage, technology firms; Ping An said to weigh merging Founder Securities with its unit
Ping An Insurance Group Co. has agreed to acquire a majority stake in the newly-established Founder Group for as much as 50.75 billion yuan ($7.9 billion). The Chinese insurer plans to buy a 51.1% to 70% stake in the new Founder Group, whose assets include Founder Securities Co., Founder Technology Group Corp. and China Hi-Tech Group Co., according to a statement to Shanghai stock exchange on Friday. The size of the deal could range from 37.05 billion yuan to 50.75 billion yuan, the statement said.
bloom.bg/3e66aMs

Young Workers Are Drifting Away From London as Jobs Dry Up
David Goodman – Bloomberg
SpareRoom site shows a plunge in people seeking rooms; Lockdowns and Brexit prompted thousands to leave U.K. capital
An unheralded corner of London’s property market is suggesting the capital has lost a big portion of its young professionals and lower-paid workers since the start of the pandemic.
bloom.bg/3u5yvb6

South Korea Supreme Court Clarifies Securities Transaction Tax Liability for Forced Sale of Shares, in English
Bloomberg Tax
The South Korean Supreme Court April 28 posted online the English version of Decision No. 2017Du52979, clarifying the tax treatment of a forced share sale. A share transaction between two parties was cancelled due to a judgment of fraud. The shares were restored to the original owner and sold in a forced sale, and the proceeds were paid as dividends to the party that was to receive the shares. The court clarified that the sale and dividend payment transaction was taxable under the securities transaction tax because the transaction had the same legal effect as a share transfer…
bit.ly/3aPjqD3

Pin It on Pinterest

Share This Story