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On September 15th, the market generally expected the Federal Reserve to cut interest rates by 25 basis points this week, but uncertainty remained about the direction of the policy once it was implemented. Marc Giannoni, Barclays chief US economist, stated that with inflation remaining subdued, the FOMC will judge that downside risks to achieving its employment goals are increasing. He added that the Feds economic projections remained largely unchanged, but the dot plot indicated three rate cuts (each 25 basis points) this year, one each in 2026 and 2027, while the median long-term interest rate forecast remained unchanged at 3.0%.Yunfeng Financial (00376.HK) rose more than 18% and was recently approved to provide virtual asset trading services.Hong Kong stocks opened low and ended high, with the Hang Seng Tech Index up 1% and the Hang Seng Index up 0.23%. Bilibili (09626.HK) rose more than 5%, leading the constituent stocks.On September 15th, Nvidia announced that it is considering adopting TSMCs most advanced process technology, the A16 process, which will enter mass production in the second half of next year and is expected to be used in its future Feynman architecture. This process will utilize backside power supply technology. This will be the first time that AI applications will dominate TSMCs most advanced process technology.The State Council Information Office will hold a press conference on the national economic situation in ten minutes.

Crown Resorts in Australia Will Face Disciplinary Action

Charlie Brooks

Apr 06, 2022 09:50

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Crown stated in a statement on Wednesday that it would cooperate completely with the VGCCC on the findings of the royal commission report.


Crown's shares fell 0.5 percent in early trade.


According to the Royal Commission into Casino Operators and Licensing (RCCOL), the China Union Pay process involved the use of the China Union Pay bank card from 2012 to 2016 to "allow international patrons to access funds in order to gamble at Crown Melbourne," circumventing Chinese currency restrictions.


The RCCOL discovered that "Chinese clients were aided in moving up to A$160 million in money unlawfully."


"As a starting step, we are acting on the Royal Commission's conclusions that Crown's China Union Pay scheme violated critical Victorian regulatory requirements, was unlawful, and represented significant misconduct," VGCCC Chair Fran Thorn stated, indicating that more action would follow.


Crown was found ineligible to maintain a gaming license in Melbourne in October, but was permitted to operate its highest-earning casino under monitoring.


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