Singapore 

Lazada customer alerts site of allegedly fraudulent activity after receiving a key ring instead of keyboards , Singapore, Digital News

A disgruntled Lazada user has gone onto Facebook to decry the online shopping site’s reliability after he allegedly (1) failed to receive the items he ordered and (2) failed to get a refund for a product that was wrongly sent. “It is no longer safe,” declared Howard Toh about shopping on Lazada in a Facebook post that has since gone viral after he recounted his experience last Saturday. According to Toh, he purchased three sets foldable wireless keyboards off Lazada — items that didn’t arrive at all. What he got…

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Home 

China stocks rise in morning trading despite disappointing April manufacturing activity data

China stocks rose in morning trading on Wednesday despite disappointing April manufacturing activity data, with pork and chicken producers leading the advance.The Shanghai Composite Index was up 0.4 per cent at 3075.74 by noon close, on track to end a three-session losing streak, in which the index has shed 3 per cent.The benchmark looks set to record its first monthly loss this year, after Chinese markets entered consolidation mode in April, having led globally with a 24 per cent rally in the… Source link

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Investment 

Standard Chartered first quarter profit up 2 per cent as weak markets, lower wealth management activity weigh

Standard Chartered said on Tuesday that its profit rose 2 per cent in the first quarter, as a weak market environment and lower wealth management activity weighed on its results and trading revenue at its closest banking rivals.The bank, one of three lenders authorised to issue Hong Kong’s currency notes, reported a profit of US$818 million in the first quarter, compared with US$803 million in the same period a year ago.In the quarter, Standard Chartered took a previously announced charge of US… Source link

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China 

China’s services activity quickens in March – official PMI

China’s services industry saw faster growth in March, while its factory activity in China recovered as well, according to an official survey released on Sunday.The official non-manufacturing purchasing managers’ index (PMI) rose to 54.8 in March from 54.3 in February, well above the 50-point mark that separates growth from contraction.The fast-growing services sector accounts for more than half of China’s economy and has helped buffer the impact of slowing manufacturing. But it softened late… Source link

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China 

Trade war, intense overseas scrutiny will weigh down China’s M&A activity in 2019, PwC analysts say

The trade war with the US and heightened scrutiny of Chinese dealmaking overseas could weigh heavily on China’s mergers and acquisitions in the year ahead, according to global accounting firm PwC.The prospect of the current trade negotiations between the world’s two largest economies ending in stalemate is potentially a “strong blow” that would crimp cross-border deals, said senior analysts at the company on Tuesday.Even if a satisfactory resolution were reached, the level of political scrutiny… Source link

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China 

Bad start continues for China economy as private data shows manufacturing activity weakest since 2016

China’s factory activity contracted for a second consecutive month in January, with the pace of the downturn picking up speed, due in large part to the effects from the ongoing trade war with the United States. The Caixin Purchasing Managers’ Index (PMI), which tracks the activities of small- and medium-sized manufacturing enterprises, fell to 48.3 from 49.7 in December, well below the 49.5 reading analysts expected in a Reuters poll. The January reading is the lowest since February 2016. Readings below 50 indicate that manufacturing sector activity contracted during the…

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Home 

Chinese tech under the microscope: US agencies step up reviews of research activity on American campuses

Huawei Technologies, China’s largest smartphone maker, broke into the American consciousness this month when its chief financial officer Meng Wanzhou was detained in Vancouver, British Columbia, on a warrant from the US, which seeks to extradite her on charges she committed fraud and violated sanctions against doing business with Iran. But while her bail hearing made headlines over several days, US agencies had been stepping up reviews of Huawei’s activities on several fronts well before then, especially in efforts to track and monitor China’s participation in advanced research conducted at…

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Global 

US-China trade war could ‘severely undermine’ global merger activity in 2019, says Baker McKenzie report

The trade war between the United States and China could weigh heavily on sentiment for corporate deals as soon as next year if the world’s two largest economies are unable to reach an accord on trade in the coming months, legal experts said. In a new report, the law firm Baker McKenzie said an escalation of trade tensions could knock as much as 0.8 percentage points off global gross domestic product by 2020 and “severely undermine” the ability of companies to operate across borders. Worldwide GDP growth is expected to…

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Money 

Central bank deputy governor: STO business ‘essentially an illegal financial activity in China’

The People’s Bank of China officially banned security token offering (STO) businesses on Saturday, in another blow to digital currencies in mainland China. An STO is an initial coin offering (ICO) backed by tangibles such as assets, or profit or revenue of a company. An ICO is fundraising activity that allows digital currency start-ups to raise funds through the creation and sale of digital “tokens”. Explainer: What is an ICO, and why is China’s central bank banning it? Pan Gongsheng, a deputy governor of the People’s Bank of China, the…

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Home 

Chinese manufacturing activity little changed at very low level in October, Caixin PMI data show

Chinese manufacturing sector growth was little changed at a very low level in October amid pressures from the US trade war, data from financial news outlet Caixin showed. The data released Thursday comes after the Chinese government signalled Wednesday night that it will enact new measures to combat “growing downward pressure” on the economy. The manufacturing purchasing managers’ index compiled by Markit and published by Caixin inched up to 50.1 in October, just above the 50.0 level forecast by analysts in a Bloomberg survey and the reading of 50.0 in…

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