It’s worth noting that open interest on the CME copper contract, which has a higher speculative profile than the LME product, has imploded since October and is now also back at levels last seen in the first half of 2020.
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An investigation earlier this year by Nine newspapers and 60 Minutes aired allegations lax regulation of the industry was allowing organised criminals to use the pokies as vehicles for money laundering.
The industry body’s plan also urges a mandatory industry Code of Practice for gaming venues that would see the creation of a joint industry-police taskforce on money laundering, access for clubs to state government alerts to help identify suspicious activity, and a secure process to tip off police if someone is seen acting suspiciously.
It’s quite possible that constraints on shipping capacity have slowed the export response but the absence of big inflows at LME locations in Asia has led to speculation the collapse in LME time-spreads may have been the result of a financial rather than physical settlement.
ClubsNSW also proposes that digital entry be required for all gaming venues and calls for a centralised cheque and EFT register so police can see if any person has had multiple big wins on a pokie in a given period.
Wearing a tiny mini skirt and crop top she continued to mix more drinks. Though the news of her 818 tequila line was initially met with backlash upon launch — with people slamming her for her ‘whitewashed tequila’ — the product has done incredibly well with consumers.
** Alibaba’s HK shares fell 2.7% to their lowest since listing. Fellow online giant Tencent fell 1.6% and food delivery company Meituan extended Monday’s tumble by another 3% to hit an almost eight-week low.
SYDNEY, Nov 30 (Reuters) — Hong Kong stocks fell to a one-year low on Tuesday as regulatory concerns hanging over the tech sector and the arrest of gambling boss Alvin Chau kept investors from joining a global bounce out of COVID-19 worries.
Mainland shares steadied. ** At midday, the Hang Seng Index was down 1.09% at 23,591.68, its lowest since September 2020. It has lost more than 7% for the month, the biggest such fall since July.
** Macau gambling firm Suncity Group Holdings Ltd’s shares almost halved upon resuming trade after CEO Alvin Chau was arrested on Sunday.
Investors also feared that the gaming sector might be drifting into the authorities’ crosshairs.
Under the measures from peak body ClubsNSW, police could issue an «exclusion order» banning someone from a venue if there were «reasonable grounds to suspect they are attempting to exploit a community club to launder illicit funds».
A 2019 article by the Economic Information Daily, a unit of China’s state news agency Xinhua, alleged that the annual amount of online betting on websites run by Suncity was more than 1 trillion yuan ($155 billion).
The industry proposal comes as the NSW government is under pressure to establish a public inquiry into money laundering in the state’s pubs and clubs after revelations hundreds of millions of dollars were being «washed» through poker machines.
China’s copper smelters let it be known they planned to deliver metal against the LME squeeze, something they have done in times of past LME tightness.
LME time-spreads have since obligingly collapsed.
Marking a watershed development for the sector, authorities are adopting a zero-tolerance approach to the promotion of gambling in mainland China where it is illegal and are seeking to rein in the flow of Chinese gambling-related funds into Macau and other gaming hubs — outflows that China last year deemed a national security risk.
Outright long positioning has been slashed from 82,538 contracts in October to 50,045, the lowest level since the second quarter of last year, when the world was still recovering from the first COVID-19 hit.
dollar, 0.25% firmer than the previous close of 6.3876, also helped by the better-than-expected manufacturing data. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.10% while Japan’s Nikkei index was up 0.65%. ** Markets are awaiting further details on the virulence of the Omicron coronavirus variant, while Hong Kong expanded a ban on entry for non-residents from several countries and Australia reviews containment steps.
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