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HNA mulls sale of Swiss aircraft maintenance firm SR Technics, potentially raising US$1 billion

HNA Group, the embattled Chinese conglomerate, is exploring options for Swiss aircraft-maintenance firm SR Technics including a potential sale, people familiar with the matter said.The Chinese group, which grew out of an airline on tropical Hainan island, is working with an adviser on the potential disposal, the people said. HNA’s 80 per cent stake in SR Technics could be valued at US$700 million to US$1 billion, said the people, who asked not to be identified because the matter is private… Source link

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Singapore 

Singapore Budget 2019: $6.1 billion for Merdeka Generation package includes Medisave top-ups, higher Chas subsidies, Singapore News

SINGAPORE – A total of $6.1 billion will be set aside under the Merdeka Generation Package, the bulk of which will go towards easing the burden of healthcare costs for nearly 500,000 Singaporeans. Announcing details of the much talked-about package during his Budget Statement on Monday (Feb 18), Finance Minister Heng Swee Keat called it a “gesture of our nation’s gratitude” for those in that generation who are now aged between 60 and 69. “It will provide them better peace of mind over future healthcare costs, while helping them to…

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China crackdown on fraudulent P2P platforms results in 62 overseas arrests, US$1.5 billion of assets frozen

Chinese police have investigated more than 380 peer-to-peer (P2P) platforms on suspicion of illegal fundraising and frozen assets worth 10 billion yuan (US$1.5 billion), following the dramatic implosion of the once-booming shadow banking sector.China’s Ministry of Public Security said it had arrested 62 suspects who were operators of fraudulent P2P platforms from 16 foreign countries including Thailand and Cambodia, the state-run news agency Xinhua reported on Sunday.This was a rare public… Source link

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Vietnam 

Fisheries industry sets export target of $10 billion – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — The fisheries sector has set itself an export target of US$10 billion this year, the target set by the Government only for 2020, according to the Việt Nam Association of Seafood Exporters and Producers (Vasep). Speaking at a conference to discuss export plans in HCM City on Saturday, Vasep chairman Ngô Văn Ích said exports last year had been worth $9 billion, a year-on year increase of 6 per cent, and met the target. Tra fish exports had surged 26 per…

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The climate could be about to do something it hasn’t done for 50 billion years

Clambering along Clear Water Bay’s mountain trails yesterday, sweltering in an unseasonably hot 26 degrees Celcius, I was reminded afresh of the harm inflicted by Typhoon Mangkut five months ago. Not just the shattered trees, but the silence, and the paucity of butterflies.I cheered myself by recalling the astonishing capacity of nature to recover from the constant onslaught it faces here in Hong Kong. Outside my house, predatory creepers are well on the way to engulfing the wall of flotsam… Source link

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Sun Hung Kai Properties wins Tai Po land parcel at auction for HK$6.31 billion

Sun Hung Kai Properties won a residential parcel in Tai Po for a higher-than-expected HK$6.31 billion (US$804 million) on Friday, its second successful government land tender in a month. The price translates to HK$6,646 per square foot, 69 per cent higher than the previous site in the area which sold for HK$3,932 per square foot in 2016 to Sino Land but still 8.8 per cent lower than the peak of HK$7,284 per square foot paid by Sino Land in 2009 for the site now home to Mayfair by The Sea…

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China’s Lunar New Year spending growth slows to decade low despite record US$148.96 billion sales

Sales growth in China during the seven-day Lunar New Year Holiday slowed to the lowest rate in a decade this month, questioning if the government can unleash the country’s domestic growth potential to counter the slowdown in the economy. National retail and catering revenue rose 8.5 per cent during the holiday to 1.005 trillion yuan (US$148.96 billion), the Ministry of Commerce said on Sunday. But even though the overall sales figure reached a record high, the growth rate fell from the 10.2 per cent witnessed last year to the lowest…

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Sony plans 100 billion Yen share buy-back, hot on the heels of Softbank repurchase plan

Sony Corp. is buying back as much as 100 billion yen (US$910 million) of its own stock, the electronics maker’s first-ever large scale repurchase. The shares rose in early trading in Tokyo on Friday after the company announced the buy-back, which starts Tuesday and will last through March 22. The repurchase makes up 2.4 per cent of the stock, and comes days after Japanese telecoms and technology giant SoftBank Group Corp. announced a 600 billion yen buy-back, it’s biggest-ever. Sony has been seeking to strengthen its financial footing under Chief…

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Chinese-born brothers build billion dollar fortunes in Silicon Valley with network security software firm Fortinet

Cybersecurity has unlocked riches for Ken and Michael Xie. The Chinese-born brothers are now billionaires from their stakes in Fortinet Inc., the Silicon Valley-based network security software firm they co-founded almost two decades ago, according to the Bloomberg Billionaires Index. Spurred by high-profile data breaches and malware attacks, cybersecurity has become a growing priority for companies. Cloud-focused firms including Fortinet and Palo Alto Networks Inc. have benefited as businesses update their computer infrastructures, posing a threat to more established network software providers such as Cisco Systems Inc. and Juniper Networks…

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Reddit said to land China’s Tencent as lead investor in funding round that may value website at US$3 billion

Reddit, the self-billed “front page of the internet”, may be following the footsteps of messaging app Snap in getting China’s social media and gaming giant Tencent Holdings as an investor. The San Francisco-based discussion website is seeking to raise as much as US$300 million in a new funding round and has landed Tencent as a lead investor, according to TechCrunch. Depending on how successful it is in raising money from other investors, Reddit could be valued at US$3 billion, according to the report. Tencent is best known in China as…

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