TikTok banned in India
>India Bans Nearly 60 Chinese Apps, Including TikTok and WeChat
>The move is part of the tit-for-tat retaliation after the Indian and Chinese militaries clashed earlier this month.
>India’s government banned nearly 60 Chinese mobile apps on Monday, including TikTok, citing national security concerns, after a deadly clash between their militaries this month raised tensions between the two countries to the highest level in decades.
>The fighting two weeks ago, along the disputed border between the world’s two most populous countries, left 20 Indian soldiers dead and an unknown number of Chinese casualties. While India has vowed to retaliate, it lags far behind China in military and economic power, leaving it with few options. But Chinese telecommunication and social networking companies have long eyed India’s giant market and its enormous potential. About 50 percent of India’s 1.3 billion citizens are online.
>In addition to TikTok, the popular video-sharing social networking platform, the banned apps include WeChat, UC Browser, Shareit and Baidu Map. Analysts say up to a third of TikTok’s global users are based in India.
>The Chinese apps were “stealing and surreptitiously transmitting users’ data in an unauthorized manner to servers which have locations outside India,” India’s Ministry of Electronics and Information Technology said in a statement Monday. “The compilation of these data, its mining and profiling by elements hostile to national security and defense of India, which ultimately impinges upon the sovereignty and integrity of India, is a matter of very deep and immediate concern which requires emergency measures,” the statement added.
Chinese government posts video of Three Gorges Dam releasing water, a month before the flood season.
>June 29 Three Gorges Dam discharges water first time in 2020, in response to potential flooding risk.
Wuhan (Hankou) water level hourly from Chinese government: first flood warning level breached at 25m. Next warning at 27m, critical warning at 29m.
Nearly 3 billion US dollars of gold bars in Wuhan found to be counterfeit gold plated copper:
>Chinese firm dumps 83 tonnes of fake gold on the market
>Over $2bn of loans may have been backed by fake gold, finds corruption probe.
>An investigation has uncovered one of the biggest gold counterfeiting scandals in recent history.
>The probe, carried out by Chinese news outlet Caixin found that Wuhan Kingold Jewelry, the largest privately-owned gold processor in central China’s Hubei province, used at least 83 tonnes of counterfeit gold as collateral for loans amounting to 20 billion yuan ($2.8 billion) from over a dozen Chinese financial institutions. According to the report, the faked collateral is equivalent to 22% of China's annual gold production and 4.2% of the state gold reserve as of 2019. In short, more than four percent of China's official gold reserves may be fake.
>The counterfeit metal was discovered in February when one of Kingold’s lenders, Dongguan Trust, decided to liquidate its collateral to cover defaulted debts. Following the discovery, three other Kingold creditors also performed tests on the gold in their vaults and found it was fake.
>One of China’s largest gold jewellery manufacturers, Wuhan-based and NASDAQ-listed Kingold Jewelry, is being accused of depositing fake gold bars as collateral to obtain loans from 14 Chinese financial institutions. The 83 tonnes of gold were purportedly valued at 20.6 billion yuan (A$4.2 billion) but many of them have turned out to be gilded copper, according to reports from Beijing.
>Two New York law firms have already begun investigations into securities fraud on behalf of investors in Kingold Jewelry Inc (NASDAQ: KGJI). The story broke after a Beijing-based website investigated complaints and then posted the news under the headline: “The mystery of [US]$2 billion of loans backed by fake gold”.
>Kingold is denying it lodged fake bars with Chinese lenders such as China Minsheng Trust, Hengfeng Bank, Dongguan Trust and Bank of Zhangjiakou. The trust companies involved are largely what are known as “shadow banks”.
Indian soldiers conduct chemical weapons drilll.