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Mainlanders snap up Hong Kong insurance products in first quarter, amid fears of trade war, forex losses

Mainlanders spent HK$12.77 billion (US$1.63 billion) on life and medical insurance products in Hong Kong during the first quarter, reflecting a rise of 8 per cent from a year earlier, according to data released by the Insurance Authority on Friday.“The trade war between the US and China has led to a volatile stock and currency market in mainland China since mid last year. This has led more mainlanders to come to Hong Kong to buy insurance products to provide protection for their families and to… Source link

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Huawei orders employees to cut meetings with US, sends American workers home, Financial Times reports

Tech giant Huawei has ordered its employees to cancel technical meetings with American contacts and has sent home numerous US employees working at its Chinese headquarters reported the Financial Times on Friday.The moves come amid growing US-China tensions over trade and technology in which Huawei has been a main target.The newspaper quoted Huawei’s chief strategy architect, Dang Wenshuan, as saying that American citizens working in research and development were repatriated two weeks ago, after… Source link

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Singapore 

The 6 people you will meet at university orientation, Lifestyle, Singapore News

Orientation. If you are a socially awkward being like me, school orientations may be the worst situation to get yourself stuck in. Being surrounded by a bunch of strangers in an unfamiliar environment? Please show me the nearest emergency exit. But in all seriousness, if your school requires orientation to be a compulsory programme, you may want to prep yourself for it before heading in. Here are the five types of people you may meet at school orientations, and one that you will definitely will. THE HYPER ‘CHEERLEADER’ Always positive…

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Hang Seng Index thuds to a four-month low, as May sees index rattled for 9.4 per cent loss

Hong Kong and China equity indexes ended May trade with respective monthly losses, led lower by the sustained selling in the mainland’s blue chip CSI 300 index, which posted a loss of 7.24 per cent for the period as investors fretted that the escalation of the US-China trade war could spin the world into a recession.The Hang Seng Index closed out Friday trade down 0.79 per cent or 213.79 points at 26,901.09. The level was its lowest since mid-January, dragging its loss for May to 9.42 per cent… Source link

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Foreign investors accelerate selling of China equities in May, as net US$7.8 billion exits via stock connect

Foreign investors accelerated their exit from mainland equities during May, with data at the close of Friday trade showing the largest single month of selling through exchange links since December 2016, amid growing pessimism towards equities as trade tensions between China and the US continue to escalate.A total of 53.7 billion yuan (US$7.78 billion) worth of Chinese equities were sold in May, almost three times the outflow in April, according to Bloomberg data. This marks the greatest monthly… Source link

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German supermarket chain Aldi to enter China with two physical Shanghai stores

German discount supermarket chain Aldi will open two pilot stores in China next Friday, reflecting the retailer’s first physical presence in the world’s second-largest economy.The stores, set to open on June 7, will be in the Jing’an and Minhang districts of Shanghai, making China the 11th country the retailer operates in.The privately-owned supermarket chain has been selling goods online in China since 2017 via Alibaba’s online retail platform Tmall, and last year launched an online flagship… Source link

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China 

China’s 8.34 million graduates fighting for fewer jobs as vacancies dwindle and gap years increase, survey shows

China’s 8.34 million graduates are facing a tougher and more competitive job market than their counterparts 12 months ago as a record number of applicants compete for a dwindling number of vacancies in an economy that is struggling to maintain stable growth in the midst of the trade war with the United States, a survey of students showed.The number of job openings for each new graduate applicant dropped to 1.41 this year from 1.54 last year, according to Zhaopin, an online job recruitment… Source link

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China 

Explainer: China’s manufacturing outlook weakens showing economic slump is yet to hit bottom

China’s manufacturing outlook took a sharp downturn in May, suggesting that the economic slump has yet to reach bottom, analysts said.The manufacturing purchasing managers’ index (PMI) is a gauge of sentiment among factory operators and is based on a survey, the responses to which are aggregated into a number. A number above 50 signifies a positive economic outlook, while below 50 means sentiment is in contraction.May’s figure was 49.4, the first time the manufacturing PMI has slipped into… Source link

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HMV’s liquidation sale now unlikely as creditors opt to sell 100,000 records and DVDs by tender. The culprit? Hong Kong’s sky-high rents

HMV’s much anticipated liquidation sale is unlikely to happen now after the troubled retailer’s creditors on Friday decided to opt for a tender sale to clear out roughly 100,000 CDs, DVD, Blu-Ray discs and other remaining stock.They blamed Hong Kong’s famously high rents for the decision to call off what would have been the city’s largest liquidation sale in a decade. The plan now is to sell off the whole collection in one go to the highest bidder.“The creditors worried that a liquidation sale… Source link

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Singapore 

US addition of Malaysia, Singapore to ‘monitoring list’ over currency practices met with ridicule , World, Singapore News

The United States’ move on Wednesday to include Southeast Asian economic powerhouses Malaysia, Singapore and Vietnam on a list of countries it is scrutinising for unfair currency practices has been met with strong official pushback – as well as a healthy amount of ridicule from analysts. While nine countries – including China, and US treaty allies Japan, Germany and South Korea – were named on the latest list of countries requiring extra attention, none were identified as currency manipulators. Some regional observers questioned whether the inclusion of the Southeast Asian…

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