Beijing to step up regulation of finance, technology sectors

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“In recent years, the internet, big data, cloud computing, artificial intelligence, blockchain and other technologies have accelerated their innovation and are increasingly integrated into the entire economy and society,” Xi said.

According to the head of state, China must strengthen its digital economy as part of its national rejuvenation objective. The digital economy has been identified by China as one of its main growth drivers for the coming decades, making technological self-sufficiency a top national priority. Beijing has increased funding for strategically important industries such as semiconductors and artificial intelligence, as well as introduced laws to make the country’s powerful

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QBE Hong Kong bundles home cover with smart device

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QBE has teamed up with smart home security firm Kangaroo to provide home insurance customers in Hong Kong with devices that detect and prevent damage from water and humidity.

Customers that buy a home insurance policy online from QBE Hong Kong will receive a free Water + Climate Sensor from Kangaroo. The device has a recommended retail price of HK$250.

Water damage is the second-most common loss event for homeowners (excluding natural catastrophe). According to QBE, a water damage claim costs US$5,000 on average.

“We have listened to customers tell us how important it is that they feel safe in

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Munich Re declares preliminary Q3 results

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Munich Re’s third-quarter result was burdened by high losses from natural disasters, the company has announced.

Munich Re estimates that windstorm Bernd, which led to flooding and flash floods in Germany and surrounding countries, will cost about €600 million (about SG$937.63 million) in the segments’ property-casualty reinsurance and ERGO Property-casualty Germany. In the US, Hurricane Ida caused losses of about €1.2 billion in property casualty reinsurance.

However, Munich Re achieved a preliminary result of about €0.4 billion in Q3 (consensus: -€10 million), driven by positive performance in all segments and a high investment result. The result was also due in

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US moves in as Bitcoin king after China ban on crypto

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Two months after Beijing banned crypto mining this year, new data has revealed that the US has overtaken China as the world’s biggest source of bitcoin mining.

China’s share of the global hashrate — the computational power required to create bitcoin — fell from 44% to zero between May and July, showed figures published by the Cambridge Centre for Alternative Finance.

The country accounted for three-quarters of the global hashrate in 2019. The US share of the global hashrate increased from 17% in April to 35% in August, while Kazakhstan rose 10 percentage points to 18% in the same period.

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