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Police in eastern China’s Zhejiang province have detained Yu Faxiang, the chairman of Hong Kong-listed Haichang Ocean Park, as authorities investigate alleged mismanagement following defaults on multibillion-yuan wealth products issued by a firm under his control.It is the latest crackdown on mainland China’s shadow banking system, continuing years of government efforts to clean up the sector.Police have imposed “criminal compulsory measures” against Yu and were conducting a probe into his alleged wrongdoings, Haichang, mainland China’s largest marine theme park operator, said in an exchange filing on Tuesday, adding that it had been notified by Yu’s family about the matter.The development…

Police in eastern China’s Zhejiang province have detained Yu Faxiang, the chairman of Hong Kong-listed Haichang Ocean Park, as authorities investigate alleged mismanagement following defaults on multibillion-yuan wealth products issued by a firm under his control.It is the latest crackdown on mainland China’s shadow banking system, continuing years of government efforts to clean up the sector.Police have imposed “criminal compulsory measures” against Yu and were conducting a probe into his alleged wrongdoings, Haichang, mainland China’s largest marine theme park operator, said in an exchange filing on Tuesday, adding that it had been notified by Yu’s family about the matter.The development…

LONDON: Oil prices were little changed on Tuesday as potential sales of Venezuelan crude seized by the United States were countered by heightened supply disruption fears after Ukrainian attacks on Russian vessels and piers. Brent crude futures rose 7 cents to $62.14 a barrel by 0959 GMT. U.S. West Texas Intermediate (WTI) crude was up 4 cents at $58.05. Prices had risen by more than 2% on Monday, with Brent registering its biggest daily gain in two months and WTI climbing the most since November 14. “Following Monday’s sharp rise in the oil price … heavy oversupply is thwarting any…

The Pakistan Stock Exchange (PSX) witnessed a largely range-bound session on Tuesday, as cautious investor sentiments kept trading at the benchmark KSE-100 Index confined within a narrow band. During the trading session, the KSE-100 Index showed a mixed trend, opening on a positive note and gaining early momentum. However, after midday, the market experienced a gradual decline, reflecting some profit-taking and cautious trading. At close, the benchmark index settled at 171,073.73, marginally down by 130.44 points or 0.08%. All eyes were set on the bidding for the 75% stake in the Pakistan International Airlines (PIA) on Tuesday, with three consortia…

For years, Nepal’s government has faced pressure to reduce rubbish in the Himalayas, where decades of commercial mountaineering have left large amounts of discarded gear, human waste and other debris on some of the world’s tallest peaks.Last week, the authorities in Kathmandu finally took firm action. They approved a landmark five-year plan to clean up Nepal’s mountains, seeking to curb waste through stricter monitoring and limiting the number of climbers on Mount Everest, the world’s highest peak.“There was an absence of a unified document that clearly defined the responsibilities of several stakeholders who are involved and how to tackle the…

KYIV, Ukraine (AP) — Russia fired more than 650 drones and three dozen missiles at Ukraine in a large-scale attack that began during the night and stretched into daylight hours Tuesday, officials said. At least three people were killed, including a 4-year-old child, two days before Christmas.The barrage struck homes and the power grid in 13 regions of Ukraine, causing widespread outages in bitter temperatures, Ukrainian President Volodymyr Zelenskyy said, a day after he described recent progress on finding a peace deal as “quite solid.”The bombardment demonstrated Russian President Vladimir Putin’s intention of pursuing the invasion of Ukraine, Zelenskyy said…

China has drafted a law on Antarctic affairs, as Beijing looks to protect its interests and strengthen its role in the governance of the southernmost continent.The draft “Antarctic Activities and Environmental Protection Law” was submitted to the Standing Committee of the National People’s Congress, the country’s top legislature, on Monday for the first review, state media reported.“The legislation on Antarctic activities and environmental protection will help better coordinate, manage and regulate Antarctic-related activities … and will also provide strong legal support for China’s participation in global Antarctic governance,” according to official news agency Xinhua.It said the administrative permission system –…

Russia’s shipments of liquefied natural gas (LNG) to China soared last month, consolidating Moscow’s role as the top energy supplier to the world’s second-largest economy even in the face of Western sanctions.Imports of LNG from Russia surged 142.6 per cent, year on year, to 1.6 million tonnes, displacing Australia to become one of China’s top two biggest suppliers alongside Qatar last month, according to the latest customs data.Russian LNG accounted for 23.5 per cent of China’s total shipments in November, more than doubling its 11 per cent share from a year prior.Meanwhile, Australian shipments of LNG continued to slide, falling…

As climate change fuels more frequent floods and storms across Southeast Asia, forests and wildlife are being pushed to their breaking point, with conservationists and scientists warning of a worsening impact on ecosystems due to a lack of oversight and countermeasures.In late November, cyclone-driven rains battered Indonesia’s Sumatra island, triggering floods and landslides that killed more than 1,000 people, left hundreds missing and forced hundreds of thousands from their homes, according to officials.The recent natural disasters have also caused wildlife fatalities. On November 29, villagers in an isolated part of Aceh, Sumatra, discovered a dead elephant buried in mud after…

The Long March 12A, China’s first state-owned reusable rocket, made its debut launch on Tuesday morning but the recovery of the first stage was a failure.It was China’s second failed bid this month to return an orbital-class booster to Earth, a feat that has so far only been achieved by the US.The second stage of the rocket entered its predetermined orbit after its launch at 10am, according to Chinese state news agency Xinhua.The reusable rocket, designed by the Shanghai Academy of Spaceflight Technology under the China Aerospace Science and Technology Corporation, was launched from the Jiuquan Satellite Launch Centre in…