Chinese gaming shares fall as regulators announce new proposals

China’s $45bn (£31.3bn) gaming industry has been dealt a blow by proposals to limit the time and money spent on the sector. New rules including spending limits for online games, a ban on games from rewarding players for logging in every day and a ban on lucky draw features from being offered to minors were announced by regulators last week, sparking panic among investors. Shares in Tencent fell by more than 12% on Friday, losing more than $43bn in market value, while NetEase shares fell by more than 24%. BiliBili,…

Australia politics live: no vote came from ‘grievance camp’, Labor MP says; trade minister to urge China to review wine tariffs

From 1h ago No vote came from ‘grievance camp’, Labor MP says Marion Scrymgour: With the failure of the referendum, we are stuck with a Constitution built on a deliberate plan for exclusion and discrimination by way of race, which still retains a race power rather than a mechanism for recognising the special relationship the commonwealth government must have with its First People as a result of the way this continent was colonised. That is something which we are all going to have to accept and do our best to…

Macau shuts all casinos in bid to contain worsening Covid outbreak

Macau has shut all its casinos for the first time in more than two years as authorities struggle to contain the worst coronavirus outbreak yet in the world’s biggest gambling hub. The city’s 30-plus casinos, along with other non-essential businesses, will shut for one week from Monday and people have been ordered to stay at home. Police would monitor flows of people outside, the government said, and stringent punishments would be imposed for those who disobeyed. Hospitals, pharmacies, supermarkets and fresh food markets are some of the essential services that…

US sues casino mogul Steve Wynn to compel him to register as an agent of China

The US Department of Justice on Tuesday sued Steve Wynn, the billionaire former casino mogul and senior Republican fund raiser, to compel him to register under the Foreign Agents Registration Act as an agent of China. The department said Wynn, 80, had contacted then-US president Donald Trump and members of his Republican administration in 2017 to convey China’s request to cancel the visa of or otherwise remove a Chinese businessperson who had sought political asylum in the United States. In a statement the Department of Justice said it was seeking…