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Beleaguered Siberia iron ore miner gets boost from Brazil mine shutdowns

IRC, a small Siberia iron-ore miner already benefiting from President Xi Jinping’s Belt and Road Initiative, has got another boost: a recent surge in ore prices as a result of mine shutdowns halfway across the world in Brazil.The company has been loss-making, debt-laden and afflicted with construction delays. But thanks to project-financing support from the Chinese and Russian governments, IRC has finally seen light near the end of the tunnel after nearly a decade of project development.Last… Source link

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New law gives Hongkongers tax break of US$7,650 in a bid to boost their inadequate pension savings

Hong Kong’s lawmakers unanimously passed an amended law on Wednesday that allows up to HK$60,000 (US$7,650) in tax deductions in a bid to encourage more voluntary retirement savings in pension schemes and address the shortfall.The change comes into effect on April 1 and taxpayers will be able to claim the deduction on their tax returns in the new financial year.“The tax law change is aimed at encouraging more people to better prepare for their retirement,” said Wong Ting-kwong, a lawmaker from… Source link

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Ecommerce 

Instagram will now let you buy things directly through the app in a move likely to boost Facebook’s coffers

After years of ogling beautiful images of food, fashion and design on Instagram, people will now be able to buy things they see and like directly through the app – providing instant gratification for the trend-obsessed and a new source of income for parent Facebook.Starting Tuesday, the photo-sharing app is testing a shopping feature, called Checkout, with a handful of retailers including Nike Inc. and designer fashion platform Revolve.“Over time, as we are creating value for people, this could… Source link

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China 

Li Keqiang says it’s time for Chinese government to ‘turn the blade inward’ to boost jobs growth

China has pledged to create more than 11 million new jobs this year – equivalent to the population of Belgium and more than that of Hong Kong – as it tries to ensure social stability amid an economic slowdown and rising tensions with foreign countries.Wrapping up the annual legislative sessions on Friday, Premier Li Keqiang said Beijing was aware of the downward pressure from the economy, with GDP growth slowing to 6.6 per cent last year – its weakest pace since 1990.But he ruled out any… Source link

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Vietnam 

Government to better policies to boost automobile industry – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The Government will provide policy support for automakers, but not at the cost of breaking its international integration commitments, Prime Minister Nguyễn Xuân Phúc has said.— VNA/VNS Photo Vũ Sinh HÀ NỘI — The Government will provide policy support for automakers, but not at the cost of breaking its international integration commitments, Prime Minister Nguyễn Xuân Phúc has said. The Government leader made the statement at a meeting with representatives of relevant ministries, localities and…

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Can China boost short-term growth while maintaining long-term prospects? Li Keqiang may have the blueprint

Premier Li Keqiang’s government work report, unveiled on the opening day of the National People’s Congress, argued that Beijing would do well to safeguard near-term growth without undermining the long-term sustainability of the economy.The question is: can Beijing achieve this daunting task against a challenging local and global backdrop, and with a smaller policy toolkit to deploy compared with five or 10 years ago?Let’s take a look at what has been proposed for the task. First, the government… Source link

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Vietnam 

Bank stocks boost VN markets – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Commercial banks lifted Vietnamese markets on Tuesday as investors got a boost from positive changes on global bourses. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 1.70 per cent to close at 1,001.32 points. Successfully passing the 1,000 point level, the VN Index marked its highest level since October 8, 2018. The VN-Index had dropped 1 per cent over three consecutive days. On the Hà Nội Stock Exchange, the HNX Index was up 1.14 per cent…

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China 

China may be banking on market reforms rather than interest rate cuts to boost growth, analysts say

Plans by China’s central bank for financial market reforms suggest it is unlikely to start cutting benchmark interest rates in the near future despite domestic demand and economic growth continuing to weaken, analysts said.People’s Bank of China (PBOC) governor Yi Gang said on Sunday that the central bank would pursue structural reforms to increase market competition in setting lending rates that would result in lower real financing costs, especially for small and micro private sector… Source link

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China 

European Central Bank makes moves to boost struggling euro zone after growth forecast slashed

Europe’s central bank delivered a fresh round of monetary stimulus in a bid to shore up the weakening economy as it cut its growth forecast by the most since the advent of its quantitative-easing programme.European Central Bank (ECB) president Mario Draghi said the euro-zone economy will now expand only 1.1 per cent this year, a drop of 0.6 percentage point from forecasts just three months ago. A package of help from new loans for banks to a longer pledge on record-low rates is intended to… Source link

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Vietnam 

Women power helps boost Việt Nam’s economy – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News By Mai Hương HÀ NỘI – As far as Việt Nam’s economy is concerned, sisters really are doing it for themselves. More and more women are running businesses across the country. There are around 145,000 small-and-medium-sized enterprises (SMEs) currently run by women in Việt Nam. Such SMEs businesses play a crucial role for growth, contributing 30 per cent of GDP and more than half of job creation. And a quarter of all SMEs nationally are run by women. But it’s…

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