
Hanoi is set to change radically next year. Here's how
The directive, issued by Prime Minister Pham Minh Chinh, aims to combat severe air pollution, which contributes to more than 60,000 deaths annually in Vietnam.
City authorities are tasked with preparing for the transition, which includes encouraging a shift to electric vehicles, despite current limited adoption.
The ban raises concerns among Hanoi residents, particularly those relying on motorcycles for income, who question the city's readiness and public transport infrastructure.
Hanoi is the first major Vietnamese city to implement such a ban, aligning with a global trend seen in cities like Amsterdam and numerous European municipalities.
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Finextra
an hour ago
- Finextra
Cathay United Bank partners Avaloq to establish onshore private bank in Taiwan
Taiwan has launched a new Asset Management Hub in Kaohsiung to accelerate the development of onshore private banking and strengthen its position as a regional wealth management centre. 0 As the first bank to establish private banking operations under this initiative, Cathay United Bank, in partnership with its longstanding technology provider Avaloq, is helping to shape the future of onshore private banking in Taiwan. Headquartered in Taipei, Cathay United Bank is a leading financial institution in Taiwan with a strong track record in wealth management. Following the liberalization of local regulations, the bank partnered with Avaloq in 2020 to help establish Taiwan's onshore and offshore private banking sector, leveraging the Avaloq platform's core banking capabilities to enhance operational efficiency and client service. Building on this foundation, the Financial Supervisory Commission (FSC) has now introduced an Asset Management Hub in Kaohsiung to promote the development of Taiwan's onshore wealth management and private banking industry. The initiative is designed to foster homegrown expertise and allows financial institutions to offer a wide range of banking and investment services, including active ETFs and passive multi-asset ETFs, consultancy for family offices and high-value insurance products. Cathay United Bank is taking a pioneering role as the first financial institution to establish private banking operations in the new Kaohsiung Asset Management Hub. The bank is working closely with Avaloq to set up a new booking centre and operational base in Kaohsiung, delivering tailored private banking services to high-net-worth individuals across Taiwan. As a leader in wealth management technology and services, Avaloq has been instrumental in enabling financial institutions across Asia to scale their operations and meet evolving client needs. With over 40 years of experience in wealth management and private banking technology, Avaloq is ideally positioned to support Cathay United Bank's expansion into this new onshore business. Avaloq will provide end-to-end support for Cathay United Bank's private banking operations in Kaohsiung, enhancing operational efficiency across the front, middle, and back office through high straight-through processing (STP) and data consistency. In addition, the Avaloq platform will provide front-office automation, supporting the bank's portfolio management, client relationship management, and client lifecycle management, while ensuring seamless integration with the bank's existing systems. These capabilities will help Cathay United Bank streamline operations, supporting revenue growth and enabling more personalized client service. Robert Fuh, Chief Executive Officer of Private Banking at Cathay United Bank, said: 'Our partnership with Avaloq has played a key role in expanding our wealth management capabilities in Taiwan, Hong Kong and Singapore. We are proud to be the first bank to establish onshore private banking operations in the new Kaohsiung Asset Management Hub, demonstrating our leadership in the Taiwanese financial sector and to serving the needs of Taiwanese investors. We thank the Financial Supervisory Commission (FSC) for this forward-looking initiative, which will help drive growth in Taiwan's financial sector and deliver greater value for investors.' Eliza Chang, Regional Director for North Asia at Avaloq: 'The establishment of the new Asset Management Hub in Kaohsiung marks a significant milestone for Taiwan, and we are delighted to support Cathay United Bank as a pioneer in Taiwan's new onshore private banking sector. We have a strong track record in enabling and developing Cathay United Bank's wealth management operations both onshore and offshore – and this marks an exciting new chapter in our partnership. Our community of clients can depend on our industry expertise, leading platform and understanding of local regulations to support their growth and help them respond quickly to evolving market demands.'


The Guardian
3 hours ago
- The Guardian
Trump permits Nvidia to sell advanced chips in China, CEO says
Nvidia's CEO, Jensen Huang, says the chipmaker has won approval from the Trump administration to sell its advanced computer chips used to develop artificial intelligence to China. 'Today, I'm announcing that the US government has approved for us filing licenses to start shipping H20s,' Huang told reporters in Beijing. The news came in a company blog post late on Monday. 'The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,' the post said. Huang also spoke about the coup on China's state-run CGTN television network in remarks shown on X. Chinese buyers have lined up to buy the semiconductors in response to the news, according to early reports. 'It's so innovative and dynamic here in China that it's really important that American companies are able to compete and serve the market,' he said. He noted that half of the world's AI researchers are in China. Huang recently met with Donald Trump and other US policymakers and this week is in Beijing to attend a supply chain conference and speak with Chinese officials. The broadcast showed the executive meeting with Ren Hongbin, the head of the China Council for Promotion of International Trade, host of the China International Supply Chain Expo, which Huang was attending. Nvidia is an exhibitor. Nvidia has profited enormously from rapid adoption of AI, becoming the first company to have its market value surpass $4tn last week. However, the trade rivalry between the US and China has been weighing heavily on the company and the industry writ large. Sign up to TechScape A weekly dive in to how technology is shaping our lives after newsletter promotion Washington has been tightening controls on exports of advanced technology to China for years, citing concerns that knowhow meant for civilian use could be deployed for military purposes. The emergence of China's DeepSeek AI chatbot in January renewed concerns over how China might use the advanced chips to help develop its own AI capabilities that would compete with those from the US. In January, before Trump began his second term in office, the Biden administration launched a new framework for exporting advanced computer chips used to develop artificial intelligence, an attempt to balance national security concerns about the technology with the economic interests of producers and other countries. Then in April, Trump's White House announced that it would restrict sales of Nvidia's H20 chips and AMD's MI308 chips to China. Nvidia had said the tighter export controls would cost the company an extra $5.5bn, and Huang and other technology leaders have been lobbying Trump to reverse the restrictions. They argue that such limits hinder US competition in a leading-edge sector in one of the world's largest markets for technology. They've also warned that US export controls could end up pushing other countries toward China's AI technology.


The Guardian
4 hours ago
- The Guardian
Trump permits Nvidia to sell advanced chips in China, CEO says
Nvidia's CEO, Jensen Huang, says the chipmaker has won approval from the Trump administration to sell its advanced computer chips used to develop artificial intelligence to China. 'Today, I'm announcing that the US government has approved for us filing licenses to start shipping H20s,' Huang told reporters in Beijing. The news came in a company blog post late on Monday. 'The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,' the post said. Huang also spoke about the coup on China's state-run CGTN television network in remarks shown on X. Chinese buyers have lined up to buy the semiconductors in response to the news, according to early reports. 'It's so innovative and dynamic here in China that it's really important that American companies are able to compete and serve the market,' he said. He noted that half of the world's AI researchers are in China. Huang recently met with Donald Trump and other US policymakers and this week is in Beijing to attend a supply chain conference and speak with Chinese officials. The broadcast showed the executive meeting with Ren Hongbin, the head of the China Council for Promotion of International Trade, host of the China International Supply Chain Expo, which Huang was attending. Nvidia is an exhibitor. Nvidia has profited enormously from rapid adoption of AI, becoming the first company to have its market value surpass $4tn last week. However, the trade rivalry between the US and China has been weighing heavily on the company and the industry writ large. Sign up to TechScape A weekly dive in to how technology is shaping our lives after newsletter promotion Washington has been tightening controls on exports of advanced technology to China for years, citing concerns that knowhow meant for civilian use could be deployed for military purposes. The emergence of China's DeepSeek AI chatbot in January renewed concerns over how China might use the advanced chips to help develop its own AI capabilities that would compete with those from the US. In January, before Trump began his second term in office, the Biden administration launched a new framework for exporting advanced computer chips used to develop artificial intelligence, an attempt to balance national security concerns about the technology with the economic interests of producers and other countries. Then in April, Trump's White House announced that it would restrict sales of Nvidia's H20 chips and AMD's MI308 chips to China. Nvidia had said the tighter export controls would cost the company an extra $5.5bn, and Huang and other technology leaders have been lobbying Trump to reverse the restrictions. They argue that such limits hinder US competition in a leading-edge sector in one of the world's largest markets for technology. They've also warned that US export controls could end up pushing other countries toward China's AI technology.