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Yahoo
15 hours ago
- Business
- Yahoo
Asia Morning Briefing: U.S. BTC ETF Inflows Dwarf Hong Kong's as Local Investors Stick With Stocks
Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook from CoinShares continues to highlight the gap in investor enthusiasm between the U.S. and Hong Kong when it comes to bitcoin (BTC) ETFs and other listed digital asset products. Digital asset products in the U.S. generated $4.36 billion in inflows last week, accounting for nearly the entire global total of $4.39 billion, according to CoinShares. In Hong Kong, inflows into crypto ETFs totaled just $14.1 million (USD). The disparity comes despite strong demand for exchange-traded products in Hong Kong overall. From July 14 to 18, Hong Kong-listed ETFs saw approximately $880 (USD) million in net inflows, according to data from Hong Kong Exchanges and Clearing. Most of this capital was invested in equity-focused funds that track local stocks and sector themes, with crypto accounting for only 1.6 percent of total ETF inflows. Even within the U.S., where equity ETFs saw net outflows of $11.75 billion and bond funds brought in $5.55 billion, crypto funds defied the trend by drawing in capital at record pace. The contrast highlights the increasing importance of crypto as a distinct asset class in American portfolios, whereas in Hong Kong, investors continue to view it as a niche asset class. However, a path may be forming that could shift the dynamic. At Consensus Hong Kong in February, Yifan He, CEO of Red Date Technology, suggested a potential regulatory route for mainland Chinese investors to gain exposure to crypto, without breaking mainland China's crypto ban. Speaking on stage, He pointed to the Qualified Domestic Institutional Investor (QDII) program, which already allows select mainland investors to purchase U.S.-listed ETFs using RMB. A similar structure, he argued, could be adapted to Hong Kong's spot bitcoin and ether ETFs. Under this model, mainland investors would not directly hold crypto, but would gain exposure through licensed intermediaries, mirroring how they currently trade Hong Kong or overseas equities. "If they have a system for you to buy and sell in RMB, but never move money outside China, then it's just another regulated investment product," He said. While capital controls remain the core barrier, the proposal reflects a changing tone in Beijing. "I see some signal from financial regulators," He said at the time. "They're beginning to talk about bitcoin, saying we need to pay more attention and do more research on digital assets." This would not amount to China unbanning crypto, but rather integrating it within an approved sandbox. Such a move could dramatically increase participation in Hong Kong's crypto ETFs, which have struggled to gain traction despite strong infrastructure and regulatory clarity. For now, though, U.S. dominance in crypto fund flows remains unchallenged. However, if Beijing were to permit crypto exposure through Hong Kong's ETFs, the flow dynamics in the region could look significantly different in the years ahead. Market Movements: BTC: Bitcoin (BTC) is currently trading above $117,000, remaining locked in a tight range. ETH: Ethereum (ETH) surged near $3,800 on Monday, up 13% year-to-date, as analysts pointed to signs of a potential turnaround after months of underperformance. Gold: Gold rose 1.2% to $3,391.90 on Tuesday, supported by a weaker dollar and growing expectations of lower interest rates. Nikkei 225: Japanese stocks rose as markets reopened Tuesday, with the Nikkei 225 up 1.12% to 40,254.18, as investors reacted to the ruling party's loss of its upper house majority in weekend elections. S&P 500: US stocks closed mixed Monday, but the Nasdaq and S&P 500 still hit fresh record highs. Elsewhere in Crypto: Robinhood CEO Acknowledges OpenAI Crypto Stock 'Controversy', But Is Doubling Down (Decrypt) Pudgy Penguins CEO predicts NFT mania, crypto gaming comeback (Blockworks) BitGo Files to Go Public as Crypto Market Surges Past $4 Trillion (CoinDesk)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Yahoo
Death sentence suspended for former official at Chinese defence gear supplier, state media reports
BEIJING (Reuters) -The former deputy general manager of a Chinese state-owned supplier of defence gear, He Wenzhong, was handed a death sentence with a two-year reprieve over charges linked to bribery, the national broadcaster CCTV reported on Monday. During his tenure at China Electronics Technology Group Corp from 2006 to 2023, He accepted more than 289 million yuan ($40.28 million) in kickbacks and bribes, CCTV reported. The investigation into He by China's anti-graft watchdog was made public last April. He's suspended death sentence means capital punishment will only be carried out if he commits further crimes during the period of reprieve. Otherwise, he will face a life sentence after two years. ($1 = 7.1744 Chinese yuan renminbi)
Straits Times
2 days ago
- Straits Times
Death sentence suspended for former official at Chinese defence gear supplier, state media reports
Find out what's new on ST website and app. BEIJING - The former deputy general manager of a Chinese state-owned supplier of defence gear, He Wenzhong, was handed a death sentence with a two-year reprieve over charges linked to bribery, the national broadcaster CCTV reported on Monday. During his tenure at China Electronics Technology Group Corp from 2006 to 2023, He accepted more than 289 million yuan ($40.28 million) in kickbacks and bribes, CCTV reported. The investigation into He by China's anti-graft watchdog was made public last April. He's suspended death sentence means capital punishment will only be carried out if he commits further crimes during the period of reprieve. Otherwise, he will face a life sentence after two years. REUTERS
International Business Times
3 days ago
- Business
- International Business Times
Algorithms for Everyone: Breaking the Enterprise Monopoly on Business Intelligence
The artificial intelligence boom has transformed entire industries, but it has largely bypassed the businesses that form the backbone of the American economy. While tech giants deploy sophisticated machine learning algorithms to optimize everything from ad targeting to supply chains, the nation's 30 million small businesses remain stuck making critical decisions based on intuition rather than data. Lin He thinks that's about to change. The veteran data scientist has spent the last decade solving complex analytical challenges for major corporations—from detecting hundreds of millions in potential fraud to optimizing marketing budgets worth tens of millions of dollars. Now she's targeting a much larger problem: bringing enterprise-grade business intelligence to businesses priced out of the AI revolution. The Trillion-Dollar Technology Desert Small businesses generate nearly $6 trillion annually and employ 60 million Americans, yet most operate with 1990s-era technology. Family restaurants track inventory on spreadsheets, neighborhood clinics schedule appointments with paper calendars, and local retailers make purchasing decisions based on gut feelings rather than data patterns. This creates competitive disadvantage that compounds daily. While Amazon uses predictive algorithms and Walmart leverages machine learning for logistics optimization, small businesses fight with their hands tied behind their backs. "Many small business owners are sophisticated AI consumers in their personal lives," He observes. "They rely on GPS apps that optimize driving routes and streaming services that predict entertainment preferences. But when they walk into their businesses, they're making decisions the same way their grandparents did." McKinsey estimates that widespread AI adoption among small businesses could add $2.6 trillion to the U.S. economy by 2030, yet enterprise AI solutions remain prohibitively expensive for most SMEs. From Gaming Giants to Corner Stores He's expertise was forged in environments where milliseconds translate to millions in revenue. At major gaming companies, she built systems optimizing player experiences while maximizing business outcomes in real-time. Her breakthrough work created algorithms that adapted marketing strategies instantly, predicting which users would make purchases and adjusting offers accordingly. "The gaming industry taught me that sophisticated technology is worthless if it doesn't solve real business problems," she explains. That philosophy drives SmartScale AI, her venture to make enterprise-level business intelligence accessible to businesses with thousand-dollar budgets rather than hundred-thousand-dollar ones. Reinventing the Economics of Intelligence Traditional business intelligence platforms were designed for large corporations with dedicated IT departments. SmartScale AI takes a different approach, using AI not just to analyze data but to manage entire technology infrastructure. The platform employs dynamic resource allocation—algorithms automatically scaling computing power based on demand—reducing infrastructure costs by 70%. Pre-configured industry modules eliminate custom development needs, while intuitive interfaces ensure business owners need no technical training. "We're not creating simpler versions of enterprise tools," He emphasizes. "We're using more sophisticated technology to make user experience simpler." Early pilots show promising results. A local bakery reduced food waste by 25% while increasing sales 15% through better demand forecasting. A medical practice optimized scheduling to reduce patient wait times 30%. Building Without Silicon Valley Strings Unusually for a tech startup, SmartScale AI pursues growth without venture capital. He bootstraps with personal investment while building sustainable revenue through service partnerships and subscriptions. This reflects both philosophical conviction and strategic calculation. Avoiding venture pressure enables focus on solutions serving small business needs rather than investor expectations. "Venture capital optimizes for rapid scale and maximum returns," He explains. "But small businesses need sustainable, reliable, affordable solutions." Bootstrap approach enables flexible pricing. Initial subscriptions start at $500-1,000 monthly—generating meaningful revenue while remaining affordable for businesses with hundreds of thousands in annual revenue rather than millions. The Competitive Imperative As international competition intensifies, American small businesses' ability to leverage technology becomes increasingly critical. Countries like China and South Korea have made substantial SME digitization investments, while the EU launched comprehensive digital transformation initiatives. He's background spans continents and industries, from optimizing NYC transit routes to detecting international fraud. Her credentials include Columbia and Georgia Tech degrees, expertise across programming languages and cloud platforms, plus measurable business impact at scale. "American small businesses have always succeeded through innovation and adaptability," He observes. "Now they need tools amplifying those strengths rather than requiring them to become technology experts."
The Irish Sun
3 days ago
- General
- The Irish Sun
The unbelievable night ‘burning flood' river of whiskey ran through Dublin & claimed 13 lives – but not from flames
WILLIAM Cheetham was walking the streets of Dublin on a warm June night in 1875 when word spread of "burning flood" in the Liberties - within an hour he would be staggering drunk, and the next morning pronounced dead. The 18-year-old is one of 13 known casualties of the Great Advertisement 6 The Great Dublin Whiskey Fire of 1875 broke out on June 18 6 The fire indirectly claimed the lives of at least 13 people 6 Fire service historian and author Las Fallon believes the tragedy claimed even more lives Retired Dublin firefighter Las Fallon described the devastating event as "both a fire and a flood" - but a fledgling fire service had the ingenious idea to utilise manure to battle the blaze. The fire, which started on the evening of June 18, 1875, is believed to have begun in Malone's Bonded Storehouse on Chamber Street, where some 5,000 barrels of whiskey and spirits were being stored before bottling. Advertisement An excise officer was the last person in the storehouse that day, locking up without incident by 4.45pm. At 8pm, however, the alarm had been raised that a fire had started in the building. Las, a retired member of He said: "The first anyone knew of the fire is when it pushed through the roof of the warehouse; that's a well-developed fire; that's a fire that's been building up and building up and building up. "There was no indication of this. Nobody was smelling smoke as they went around and looking to see if there was a glow in the window or something." Advertisement He further explained: "There's an inferno within the building. The barrels, of course, are bursting; they're adding more fuel to the fire. "Some of them are exploding and actually been thrown clear of the building. And most of those are landing on the streets outside and bursting open, and again, just adding to the fire out there. "The burning whiskey is starting to flow out of the building, and the extraordinary thing about this fire is that it's both a fire and a flood. It's a burning flood." As the fire intensified, the whiskey began to flow down Ardee Street, onto Chamber Street, and then onto Mill Street. A FLOOD OF FIRE At this stage, the fire brigade had been alerted, with reports of strange blue flame being spotted from the roof of the storehouse. Advertisement Las explained: "People talk about the flames on the roofs, where the extraordinary thing about it was the blue flame. That's alcohol burning, you know, like Christmas pudding with the brandy on it." Arriving on the scene, Dublin Fire Brigade - founded only 13 years prior and comprising only 25 men - attempted to contain the rapidly spreading flood of burning whiskey. Quickly, they realised they couldn't extinguish the flames with water from their hand-pumped engines as the CUNNING PLAN Luckily, the DFB's Chief Officer Captain James Ingram, had a cunning, albeit disgusting, plan to stop the blaze. At first, Ingram had his men and a number of requisitioned Advertisement When this failed to slow the flow, Ingram had his men seek out manure depots scattered across the city. At the time, Dublin was a horse-drawn city, and as a result, large areas were needed to store the massive amounts of manure produced each day. Ingram believed this manure could be used to stop the spread of the fire by stacking it throughout the streets in the form of makeshift barricades. DISGUSTING MEASURES While mainly animal manure was used, human waste gathered from pits outside tenant flats and animal products from tanneries in the area were also used to bolster the disgusting barricades. While unsavoury, the barricades did succeed in containing the fire by slowing the flow of whiskey and allowing the alcohol to burn off safely into the air. Advertisement While Ingram and his men fought to contain the fire, however, an even stranger spectacle was taking place in the surrounding streets. Since the fire had started, people had been pouring into the Liberties - in fact, 150 police officers had been deployed to tackle the crowd. "The burning whiskey is starting to flow out of the building, and the extraordinary thing about this fire is that it's both a fire and a flood. It's a burning flood." Las Fallon Fire Service Historian Dublin, at the time, was a very poor city. Many residents lived difficult lives with little in the way of entertainment. The bright blue fire produced colour and spectacle, which drew spectators in from all over the city. And it didn't take long for these spectators to realise what was now flowing down the streets in large quantities. Advertisement People immediately began to drink the whiskey - getting down on their hands and knees and using hats and shoes to scoop up the spirits. DIRTY DRINK The whiskey, however, was undiluted and not fit for human consumption. It was also flowing through human and animal waste, as well as dirty street gutters. Unsurprisingly, people immediately began to get sick. Due to the higher strength proof of the whiskey, many also quickly became ludicrously drunk. Advertisement 6 This year marks the 150th anniversary of the great Dublin whiskey fire Credit: Las Fallon Las mentions one instance where attendees of a wake left to enjoy the free drink. He said: "On Chamber Street, there was a wake taking place, and the corpse was laid out, and the family and friends were there, and the people there grabbed the corpse to preserve it from the fire. "They ran off up the street, but apparently what they did with him is they got him kind of to a safe distance and propped him up in a doorway when they realised that the streets, you know, despite the danger, were flowing with streams of whiskey." BARNYARD MADNESS He also explained that the area held a lot of livestock, which only added to the chaos and confusion. Advertisement He said: "There were a lot of stables in the area; people went into the stables and freed the horses naturally enough, you know, a humanitarian thing to do, but a lot of the horses ended up running into the stream and started to get burned on their hoofs, so they're stampeding around the place and they can't get out of it no matter where they go. "A lot of people kept pigs, so there's a lot of pigs running around the street. Pigs are squealing running around, horses are squealing, there's donkeys, there's people running with all kinds of domestic animals." He added: "There are great images of people running down the street trying to carry a goat under the one arm and a couple of chickens under the other." LOST COST Despite all this, Ingram and his crew extraordinarily had the fire under control by 1.30am the next morning. In total, adjusting for inflation, over €6million in whiskey is estimated to have been lost in the fire. Advertisement Much of the Liberties was also destroyed, including many businesses and poor tenement buildings. Given the scale and intensity of the fire, however, it is surprising that more wasn't destroyed and that nobody was killed as a direct result of the flames. For their efforts, Ingram and his men received little in the way of thanks. THE COVER UP Las explained: "A brilliant bit of firefighting, brilliant bit of thinking, and very progressive for its day, but absolutely not going to make its way into a Victorian newspaper. Imagine. What did they spread? How did they stop it?" The fire, which was scrupulously mocked in foreign papers, played into unfavourable stereotypes of the Irish and threatened future business and investment in the city. Advertisement As a result, by the time the fire had been extinguished the following morning, a concerted effort was underway by the city council to downplay the events and kill the story. While no one is known to have directly died in the fire, several people did die in the following days as a result of the polluted whiskey. Two dozen people were reported to be hospitalised due to alcohol poisoning. And 13 of these - including Cheetham - later died as a result. "You know, there are great images of people running down the street, you know, trying to carry a goat on the one arm and a couple of chickens under the other." Las Fallon Fire Service Historian And Las believes that it is likely that even more people died. He said: "A lot of the people who died, in my estimation, died in the days afterwards when the cover-up had started. And they're dying of things like gastroenteritis. You know, it's a direct result of the drink. Advertisement "I mean the amount of people in the hospital unconscious from drinking, that didn't get up the next morning. "You know, a certain number would have contracted things like gastro, which would be the one to scream out as a big killer there. "Especially in the days before antibiotics or any form of effective treatment for it. So the people are dying, but the majority are dying at a time that the city has decided that this didn't happen." A FORGOTTEN FIRE The people who died following the fire were largely forgotten, if not outwardly mocked at the time. At a meeting following the fire, Lord Mayor Peter Paul McSwiney is quoted as saying: "On inquiry, I was happy to learn that no life was lost during the great conflagration." Advertisement Even Ingram, the man who stopped the fire and helped create the Dublin Fire Brigade, was largely overlooked, being buried in an unmarked grave in Mount Jerome Cemetery. 6 Retired firefighter Las Fallon wants James Ingram to be honoured Currently, Las is attempting to commission a plaque for Ingram at the old fire brigade headquarters on Taylor Street. So far, his request has been met by delays. This year marks the 150th anniversary of the Great Dublin Whiskey Fire, a remarkable story of ingenuity, tragedy, whiskey and excrement. Due to both time and interference, however, little evidence of the fire remains and most people, even those from the Liberties area, are unaware of the fascinating story. Advertisement The few rumours which do persist often say little of the men who fought bravely to stop fire, and even less of the people, like William Cheetham, who lost their lives in the aftermath. The Great Liberties Whiskey Fire by Las Fallon is available in good bookstores now. 6 Las Fallon's The Great Liberties Whiskey Fire tells the story of the blaze
