Global asset managers that have been opening shop in China are grappling with rampant scams where online fraudsters dupe investors with juicy returns using their brands and logos, a practice known in the market as “pig butchering.” | Reuters
The online rackets add reputational risks for global asset managers already suffering from trademark disputes, geopolitical worries, and cut-throat competition in China.
“There are too many swindlers in China … and investigators may not own adequate technology and human resources to bust each and every case.”Fidelity International, which will launch its first mutual fund in China on April 3, said on its website that its name and logo is being used “inappropriately” on some websites and social media applications in China.
“Swindlers mushroom when the economy is bad,” said an executive at a consultancy that serves global asset managers in China. Scams using Van Eck’s brands first emerged in China’s southern Guangdong and Southwestern Guangxi provinces, and later sprung up in central Sichuan province, the source said. Fraudsters typically shut down operations after money is raised.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. businesses in China are more pessimistic about prospects -surveyU.S. businesses operating in China are increasingly pessimistic about their prospects in the world’s second-largest economy, according to a survey released Wednesday by the American Chamber of Commerce in China. | Reuters
Read more »
How much does US lag global progress on paid maternity leave?Although a handful of US states offer paid maternity leave, as do some companies, there is no national provision.
Read more »
Mega Global names new CEO, aims for IPOSTO. TOMAS, Batangas — Food canning giant Mega Global Corp. on Wednesday named its new chief executive officer (CEO) as the firm prepares for a public listing.
Read more »
Brazil's Amazon must be protected to reach global climate goal, US envoy says'The reality is that the Amazon is the test of all of our humanity,' says US climate envoy John Kerry.
Read more »
‘Wholesome’ South Korean reality TV proves a global hitThe challenge is straight from Greek mythology: hold a boulder aloft as long as possible. Korean car dealer Jo Jin-hyeong
Read more »
India PM Modi calls for common ground on global issues at G20 meetingIndia, which holds the presidency of the bloc this year, declines to blame Russia for the war and seeks a diplomatic solution while sharply boosting its purchases of Russian oil.
Read more »