China 

China government spending flat in August as tax cuts drain revenue, delay projects

Government spending in China was virtually flat in August, the first time this year it has not increased, as lower revenue following personal and business tax cuts held back projects meant to help stabilise growth.Total government expenditure in August – including both the central and local governments – declined 0.2 per cent to 1.511 trillion yuan (US$212 billion) compared to the same month last year, based on calculations from data released by the Ministry of Finance this week. Total… Source link

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Vietnam 

Garment firm reports growth in August revenue – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A TNG garment and textile factory in Thái Nguyên Province. The company has earned VND3.16 trillion worth of revenue in the first eight months. – Photo baothainguyen.org.vn HÀ NỘI – TNG Trading and Investment JSC (HNX: TNG) has announced its revenue in August rose 20 per cent yearly to VNĐ553 billion (US$23.8 million). In August, net profit was VNĐ30 billion. After eight months, the firm’s revenue and net profit were up 34 per cent each year on year to VNĐ3.16 trillion and VNĐ157 billion. In 2019, the company has…

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China 

China’s industrial engine slowed to new 17-year low in August, even before new US trade war tariffs took effect

China’s industrial engine continued to stutter in August, with a key gauge of the country’s manufacturing output slumping to a new 17-year low, in the last month before the United States imposed new tariffs on Chinese-made goods.Industrial production, which measures China’s industrial output, including manufacturing, mining and utilities, grew at 4.4 per cent last month, down from 4.8 per cent in July, which in itself was the lowest rate since February 2002. This was well below a poll of… Source link

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Vietnam 

Automobile sales decrease in August – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  An auto manufacturing line of Thaco Group in Chu Lai Open Economic Zone in Quang Nam province. — VNA/VNS Photo HÀ NỘI — Sales of automobiles saw a month-on-month decline of 19 per cent to about 21,480 vehicles in August, according to the Vietnam Automobile Manufacturer Association (VAMA). In the month, sales of all vehicle types dropped, with passenger cars down 21 per cent, commercial ones falling 12 per cent and special-use vehicles dropping 37 per cent. The figures of both domestically-assembled and imported automobiles plummeted 18…

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Global 

China outstanding bank loans fell in August, backing new moves to boost credit to support economy

The growth in China’s outstanding bank loans fell again in August, supporting the central bank’s decision to start easing credit conditions and suggesting further steps ahead to support an economy pressured by the trade war with the United States.The country’s commercial banks extended 1.21 trillion yuan (US$170.22 billion) in new loans in August, in line with expectations and higher than the 1.06 trillion yuan in July, according to data released by the People’s Bank of China on Wednesday… Source link

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Home 

Chinese traders snap up US$7.5 billion worth of cheaper Hong Kong shares of dual-listed companies in busy August

Net inflow into Hong Kong stocks through the southbound Stock Connect surged in August to US$7.5 billion, as mainland investors snapped up shares listed in Hong Kong that were trading at attractive discounts compared to their China-listed counterparts, analysts said.The August inflow was the third largest recorded since the Stock Connect was launched in November 2014, said Frank Benzimra, head of Asia equity strategy at Societe Generale.The surge comes as an index tracking the average price… Source link

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Global 

China exports fall unexpectedly in August, as trade war continues to slam industrial economy

China’s exports fell unexpectedly in August, as the trade war with the United States continued to hit the world’s second largest economy.Exports fell by 1 per cent last month after growing 3.3 per cent in July. The August result was the 2.1 per cent growth expected in poll of analysts conducted by Bloomberg.July’s expansion now seems like an anomaly, likely driven by front-loading as new tariffs of 15 per cent on about US$110 billion of Chinese goods that took effect on September 1. American… Source link

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China’s foreign exchange reserves up US$3.5 billion in August despite yuan drop

China’s foreign exchange reserves rose unexpectedly in August, even as the yuan posted its biggest monthly drop in 25 years amid escalating trade tensions with the United States.The country’s forex reserves – the world’s largest – rose by US$3.5 billion from the previous month to US$3.1072 trillion, according to figures released on Saturday by the central bank.Economists polled by Reuters had expected the total to fall by US$4 billion from July to US$3.1 trillion, largely due to fluctuations in… Source link

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Total UPCoM firms reach 850 in August – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Bình Sơn Refining and Petrochemical JSC was among five large-cap companies on the Unlisted Public Company Market (UPCoM) that were favoured by foreign investors in August. — Photo tinnhanhchungkhoan.vn HÀ NỘI — The total number of companies trading on the Unlisted Public Company Market (UPCoM) reached 850 as of August 30, the Hà Nội Stock Exchange (HNX) has announced. The total amount of shares being put up for sale was 39.6 billion, worth VNĐ396.6 trillion (US$17 billion). In August, three companies debuted on the secondary stock market, which is…

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Home 

Citibank says Hong Kong credit card spending dropped in August amid protests

Citibank, Hong Kong’s largest foreign lender, said credit card spending on retail had dropped in recent months, with the special administrative region hit hard by 13 weeks of unprecedented social unrest.The bank, a major credit card issuer in the city, found spending by its credit card customers on retail purchases had dropped year on year in August, Lawrence Lam, consumer business manager at Citibank (Hong Kong), said on Wednesday. He was speaking at the unveiling of new digital services.Lam,… Source link

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