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Sydney casino war battle lines redrawn amid china crackdown

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Judge dismisses challenge to tribal education services. Tribes lose challenge to reorganization of Bureau of Indian Education. Wilton Rancheria signs Boyd Gaming as casino manager, but who finances construction is unclear.

Tribe honors top Indian-owned businesses of All Tags Victor's Picks. Accident Gambling Addiction 1 Article on this Issue View Full Issue History William Hill article William Hill happy with independence despite industry consolidation UK -- The boss for British gaming and sportsbetting firm William Hill has reportedly declared that the operator can survive and thrive on its own after last year Gaming Lotteries Massachusetts Gaming article Australia axes Asian-led mega-casino plan Australia -- A Chinese-Australian investment consortium's plans to build a multibillion-dollar mega- casino on the Gold Coast were canned by the state government For Star Chief Executive Officer Matt Bekier, tourists and repeat business from locals are a more reliable market than international high-stakes gamblers.

The looming battle with Crown kick-started refurbishments in Sydney, as well as renovations and developments along the eastern seaboard costing up to an additional AUD2.

The company, which once relied on China for almost all its high-roller income, now aims to generate half of it from other Asian nations.

Crown announced its plans for the new Sydney resort in , promising hotel rooms and suites. More accessible to a wider pool of players because of the lower stakes, such tables can also be more profitable than high-roller operations.

Casino owners typically lavish those VIPs with expensive extras such as private jets, access to luxury yachts or other exclusive experiences.

Once there, gamblers can play at both resorts, meaning Star could benefit from customers that Crown is losing from Melbourne, according to Bekier.

The CBRC has launched eight sets of rules in the months since March, and Guo imposed a June 12 deadline for banks to submit written assessments on their lending and other practices, according to an internal notice seen by Reuters.

That deadline has now been extended to mid-August, the sources said. While some lenders made the original deadline, adjusting their operations based on their assessments and feedback from the regulator, others have been unable to comply and have been given the extension.

The decision not to pressure banks who failed to meet the deadline reflects official worries that a tougher stance on banks could weigh on lenders and leave them and the economy weaker, the sources said.

The decision, which has not been officially announced, comes ahead of a party. One of the sources said the CBRC would not issue fines and has been avoiding any form of censure since the official deadline expired in June.

The CBRC did not respond to a request for comment. In July, President Xi Jinping announced the establishment of a new financial oversight body to improve coordination among regulators.

While Xi said the power central bank would play a bigger role in managing risks in the financial system, the role of the CBRC in the new committee is unclear.

Those concerns will loom over the National Congress of the Communist Party later this year, a gathering held every five years at which major reshuffles of senior leaders can be expected.

Two people at the CBRC said regulators were worried that some banks - especially small- and mid-sized banks that rely heavily on the interbank market - could strain under more scrutiny, which could hurt the overall financial system and slow growth.

CBRC officials say they have found that on-site inspections to crack down on regulatory arbitrage and enforce rules on interbank lending and wealth management products have been tougher in practice than in theory.

Part of the issue is a lack of resources. The CBRC has not received increased resources, even as demands on the regulator grow, officials at the regulator said.

Salaries have stayed flat, and fallen in some cities, and staff is sparse outside the capital. The euro, in particular, gained more than 3 per cent against the dollar last month.

The yuan strengthened around 0. The yuan is forecast to weaken to 7. It is predicted to trade at 6. Spies, blockchain and Alibaba: It also inspired the then-trade consultant to set up Inscatech — a global network of food spies.

In demand by multinational retailers and food producers, Inscatech and its agents scour supply chains around the world hunting for evidence of food industry fraud and malpractice.

In the eight years since he founded the New York-based firm, Weinberg, 52, says China continues to be a key growth area for fraudsters as well as those developing technologies trying to counter them.

Another approach companies are pursuing uses digital technology to track and record the provenance of food from farm to plate.

Alibaba Group Holding Ltd. China strengthened its food safety law in in response to the spate of scandals.

Last month, Beijing emphasized to authorities the need to be upfront in disclosing food safety issues. His firm mainly uses informants on the ground to sniff out where in the production process food-fraud is taking place,.

This means blockchain is likely useless for protecting against food-fraud unless every piece of data is scrutinized to be accurate.

By recording the identity of those who input data into the chain, the technology removes the anonymity that has helped food-fraud to thrive, he said.

The role of humans in recording the supply chain will also diminish, said Yiannas. This year, there have been nine campaigns by short sellers against Hong Kong-listed companies as of mid-July, a record for the period, according to data from Activist Insight.

This time last year there had been only two and in six. But calling out these frauds is not for the faint-hearted. Those betting against companies encounter a bitter response from their targets, as well as from the shareholders in those companies and from the Chinese authorities.

The short sellers say the backlash can come in the form of litigation, smear campaigns, arrests, hacking of their information, surveillance, physical assault and death threats - against them, their staff and even their families.

Dan David, the year old co-founder of U. David claims the company has implausibly low expenses and salary costs, while its tax filings display troubling inconsistencies.

The company has denied the allegations, which it says are misleading and based on selective information. The short sellers borrow stock in a company and then sell it to take a short position — their hope being that they can buy the stock back at a lower price and close out the position at a profit.

David and other short sellers focused on mainland Chinese stocks listed in Hong Kong say that poor regulation, weak enforcement and small public floats means there are more stocks overvalued in the territory than in other major markets.

Some companies may have used accounting tricks to overstate their profitability, or have over-promised — perhaps they have a fad product whose popularity will fade quickly.

Critics say short sellers are cynical opportunists who destroy shareholder value for their own gain. The shorts counter by saying they are a force for good, going to great lengths to expose fraud and persistent problems with listing and governance standards in the city.

In a statement, an SFC spokesman. He typically sets to work screening for a range of tell-tale signs, including auditors, brokers and investment banks that have a track record of working for questionable companies.

They can spend months pulling business registrations, poring over tax filings, counting truck traffic or point of sale terminals sometimes after installing cameras , appraising land claims, and quizzing nearby residents.

But such tactics can backfire. Sometimes it is worse than that. David and Block have also received anonymous threatening emails. One received by Block in mentioned his wife Kathy, asking: As Chinese companies grow savvier to short tactics, betting against them has become riskier.

It is unclear if Block made or lost money on his December campaign against China Huishan Dairy after the company quickly halted its stock and announced the chairman was increasing his stake.

The share price subsequently rose and stabilised until plummeting 85 per cent on March The resource-rich economy grew 5.

Indonesia has been struggling to accelerate growth to create more jobs for its million population, but analysts say a 5 per cent growth rate, the level produced every quarter since the start of , is not enough.

President Joko Widodo promised to revive growth to 7 per cent during his fiveyear term, which ends in This year, he set a target of 5.

But some economists said even that could be hard to achieve, and authorities are already hinting at further monetary easing and spending to support the economy.

The average wage of construction workers and farmers also fell in the quarter, he said. Political instability was another potential factor, researchers at University of Indonesia said in a note ahead of the data, referring to regional elections in April.

During a bitterly fought contest in Jakarta, where the incumbent Christian and ethnic Chinese governor was put on trial and later jailed for alleged blasphemy, religious tensions reached the highest in decades.

By sector, growth in trade, manufacturing and agriculture sectors also cooled in April-June. Capital Economics highlighted risks to growth.

BI slashed its benchmark rate six times in to 4. The government has also obtained parliamentary approval to increase spending this year, including on infrastructure.

Samsung scion Jay Y. Lee fought back tears and denied wrongdoing yesterday as prosecutors sought a year jail term on charges that include bribing the former president to help cement control of the South Korean tech giant.

He will face the longest prison term on record for a South Korean conglomerate executive if the court finds him guilty when it makes a ruling Aug.

Other charges he faces include wrongfully transferring assets overseas and hiding the proceeds of a crime. He stopped several times during his speech, holding back tears.

Lee Jae-yong, vice chairman of Samsung Group, attends his final trial on his alleged bribery charge related to a nation-rocking scandal that led to the ouster of South Korean President Park Geun-hye at the Seoul Central District Court in Seoul.

Secretary of State Rex Tillerson of escaping U. Tillerson visits Bangkok today after attending regional meetings in Manila at the weekend.

A narrowing trade gap would also reduce the risk of Thailand being labelled by Washington as a currency manipulator - the last thing Thailand wants as it struggles with a baht currency that exporters find uncomfortably strong.

According to Thai customs-cleared figures, imports rose 35 per cent from a year earlier in the first six months of while exports to the United States rose 7 per cent.

Secretary of State Rex Tillerson speaking to members of the press in Manila, yesterday. After being put on the U.

About 40 per cent of Thai exports to the United States come from U. Although the Trump administration has indicated no specific action against Thailand, Trump has ordered a study into the causes of U.

Financial intelligence agency AUSTRAC said the bank made 53, contraventions of the anti-money laundering and counter-terrorism financing Act, particularly with regards to so-called intelligent deposit machines, or IDMs, rolled out in CBA is defending against the charges.

The error went unnoticed until , the bank said. We recognise that there are other serious allegations in the claim unrelated to the TTRs.

Francisco Vieira Machado, No. WeWork declined to disclose the value of the deal. WeWork also named Matt Shampine, currently head of marketing and revenue for Asia, as general manager of Korea.

Within three years UrWork plans to open sites in 32 cities around the world - it is already working to expand operations in New York, London, Singapore and Los Angeles.

Still, Lee said WeWork can stand out by offering , members access to more than locations in 52 cities across 15 countries.

ESR, an Asian logistics developer, has been conducting due diligence on Sabana REIT and is set to complete its talks in a few months, said the sources.

They, however, said ESR has not yet agreed on terms of a deal. Late last year it agreed to buy up to In January, ESR also bought an 80 per cent indirect stake in the manager of that trust.

The sources requested anonymity as the talks are private. REITs get their earnings from rentals and pay out most of their taxable income as dividends to investors.

Sabana came under criticism from some investors this year after its already-underperforming unit price fell further in December following a fund raising announced by the company to finance its acquisitions.

Last week, Sabana said it was still evaluating non-binding proposals from several parties. Australia job ads climb for fifth month Australian job advertisements rose for a fifth straight month in July, suggesting a strong pick up in employment seen in recent months could run for a while yet.

A monthly survey by Australia and New Zealand Banking Group released yesterday showed total job advertisements increased by 1.

Ads of , were up After sharp increases in employment from March to June, the government measure has finally caught up with the strength seen in ads and nudged the jobless rate down to 5.

The internet and telecoms giant said profit for the quarter through June increased to SoftBank has not released a forecast for the current business year ending March, saying there are too many uncertain factors.

SoftBank is a prolific investor in technology startups, with founder and chief executive officer Masayoshi Son instrumental in creating Vision Fund.

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Sydney Casino War Battle Lines Redrawn Amid China Crackdown Video

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