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Ousting of HSBC CEO John Flint shows ‘increased ruthlessness’ of bank’s board, S&P says

The abrupt departure of HSBC chief executive John Flint shows the “increased ruthlessness” of HSBC’s directors and their unwillingness to tolerate middling performance by the bank, S&P Global Ratings said on Tuesday.On Monday, HSBC said that Flint, a career HSBC executive, had stepped down by mutual agreement with the company’s directors after 18 months in the top job and the board of directors believed a change was needed to navigate “an increasingly complex and challenging global environment”… Source link

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Singapore 

Man found guilty of molesting Scoot stewardess on board flight to Singapore, Singapore News

SINGAPORE – Reeking of alcohol, a man boarded a Singapore-bound Scoot flight in Cochin, India with his fly unzipped. The passenger, Vijayan Mathan Gopal, 39, later molested a stewardess by touching her buttock, placing his hand on her right thigh and cupping her face with his hands. After a trial, District Judge Salina Ishak found the Indian national guilty of three molestation charges on Monday (Aug 5). The Singapore permanent resident committed these offences between 4am and 8.14am on Nov 2, 2017. Deputy Public Prosecutor Jane Lim said in her…

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Most of China’s high-flying tech stocks on new STAR board begin falling back to earth

All but four of those high-fliers on the new STAR tech board in China plummeted in early trading Tuesday, as investors took profits from jaw-dropping gains as high as 521 per cent at one point.China Railway Signal & Communication, which specialises in train control systems, led the declines, with a 16.1 per cent loss to 10.3 yuan.The stock surged 110 per cent from its offering price of 5.85 yuan on Monday, recording 9.8 billion yuan (US$1.4 billion) in transaction and making it the most traded… Source link

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Skyrocketing STAR board drags down broader China, Hong Kong stocks

Extraordinary gains by the debutantes of Shanghai’s new technology innovation board dragged down the broader China and Hong Kong markets on Monday, as frenetic investors withdrew from the main boards to pile into the Nasdaq-style bourse.The 25 stocks that debuted on the first day of trading in the board, also known as the STAR board, recorded gains between 84 per cent and 400 per cent from their initial offering prices. The new board is part of China’s efforts to encourage more funding and… Source link

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China’s new Star Market may be a boon to stocks trading on main board, according to history

The opening of China’s new Nasdaq-styled technology board bodes well for investors betting on stocks trading on the main board, if history is any guide.There has been anguish among traders that the Science and Technology Innovation Board, also known as the Star Market, would drain liquidity from existing equities. Indeed, the Shanghai Composite Index dropped as much as 1.5 per cent on Monday morning while the stocks trading on the new board enjoyed stunning gains.The benchmark gauge has fallen… Source link

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China, Hong Kong markets open lower after protests, start of new tech board in Shanghai

Welcome to a fresh week, traders. China’s new STAR technology board, which starts trading today, is expected to turn into a hotbed for speculators. The end of Sunday’s tense protests ended in violence, with rod-wielding attackers beating demonstrators at a Hong Kong railway station. The protests are weighing on business sentiment in the city, hurting some retail sales, discouraging some Chinese tourists to come, and prompting some foreign investors to think about Hong Kong’s long-term… Source link

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Xiaomi founder Lei Jun to have his third listed company with Kingsoft Office set for new Shanghai tech board

Lei Jun, the founder of Chinese smartphone maker Xiaomi, will soon have a third listed company under his belt after his office software firm Kingsoft Office moved a step closer to trading shares on China’s newly launched technology innovation board in Shanghai.Beijing Kingsoft Office Software’s response to an inquiry from the Shanghai Stock Exchange on its listing application has been updated, according to information published on Monday by the Sci-Tech Innovation Board, known as the STAR… Source link

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Singapore 

MOH, CPF Board address allegations that cancer-stricken woman forced to seek treatment at private hospitals, Singapore News

SINGAPORE – The Health Ministry (MOH) and the Central Provident Fund (CPF) Board have issued a statement to correct what they described as misleading information that had been put out after a couple went public with their difficulties in paying for cancer treatment. The statement on Friday (July 12) denied allegations that the cancer-stricken wife was forced to seek private treatment at Parkway Cancer Centre (PCC) and Mount Elizabeth Hospital, and not the National of University of Hospital. MOH and the CPF Board also highlighted the help made available to…

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China’s technology board may unleash speculative frenzy as it starts trading in two weeks

China’s Nasdaq-styled board for home-grown technology companies risks turning into a hotbed for speculators when it kicks off trading in two weeks.While the companies seeking to list on the board have priced their initial public offerings much higher than the industry average, the speculative mood could still send the stocks surging on debut, investors including Hengsheng Asset Management and Xunfunds Investment Management said. It underscores a key risk facing Chinese policymakers, who are… Source link

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Malaysia’s sovereign wealth fund appoints SenseTime founder to board as it seeks to expand tech investments

Malaysia’s sovereign wealth fund has appointed the founder of artificial intelligence start-up SenseTime as a board member – marking the first time a foreign national has been formally appointed to such a position at Khazanah Nasional.Tang Xiao’ou, a mainland Chinese national and professor at Chinese University of Hong Kong, will advise on AI-related matters, according to an announcement on Monday.The fund also appointed Malaysian national Lau Seng Yee, senior executive vice president and… Source link

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