Global 

Commerce chief Wilbur Ross says no date for next round of US-China talks

This story is published in a content partnership with POLITICO. It was originally reported by Doug Palmer on politico.com on August 14, 2019.US Commerce Secretary Wilbur Ross suggested on Wednesday that the United States and China have not determined when to hold their next round of face-to-face trade talks.“I don’t believe a date has been set,” Ross said in an interview on CNBC. Instead, the next step in the long-running negotiations is “perhaps another phone call in a couple of weeks”.He made… Source link

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Money 

China’s ex-‘super bank’ chief faces probe as Beijing’s financial sector corruption crackdown continues

The former chairman of a state lender known as “Beijing’s super bank” is being investigated for “a serious disciplinary violation”, according to a statement from the Communist Party’s enforcement agency on Wednesday.Hu Huaibang, who was chairman of China Development Bank (CDB) for more than five years until his retirement in September last year, is suspected to be the latest in an already long line of heavyweight financial officials toppled by Beijing’s anti-corruption campaign.Also former… Source link

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Next IMF chief must stand up to Trumpian protectionism, but need not be European

Rarely has the need to select a new head of the International Monetary Fund on merit been greater than now, and yet the usual manoeuvring to ensure that the job goes to someone of European nationality continues. As a result, potentially strong candidates from, say, China or Japan and elsewhere in and beyond Asia are sidelined.Christine Lagarde is stepping down after eight years at the helm of the IMF to head the European Central Bank, which will benefit from her presence – as will Europe as a… Source link

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‘Let the police do their job’: Hong Kong stock exchange chief cautions against military intervention

The head of the Hong Kong stock exchange has cautioned against Chinese military intervention in Hong Kong, saying it is not up to the People’s Liberation Army to do the police’s job.Addressing a group of business and professional executives on Thursday, HKEX chief executive Charles Li Xiaojia said the PLA was “supposed to be here to point outside enemies. It’s not supposed to help Hong Kong to deal with our problems.”Li’s comments come amid concerns that PLA troops could be mobilised to help… Source link

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Money 

New EU chief Ursula von der Leyen vows to uphold the rules-based order ‘the European way’

The European Union on Tuesday picked Ursula von der Leyen as its first female chief executive, ushering the hawkish German minister onto a path of potentially more challenging EU-China relations.In her speech, the ally of German Chancellor Angela Merkel vowed to uphold a rules-based order “the European way”.“We want multilateralism, we want fair trade, we defend the rules-based order because we know it is better for all of us,” von der Leyen said following her selection in Brussels. “We have to… Source link

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Deutsche Bank overhaul could see new investments, hiring in Asian operations, APAC chief executive says

Deutsche Bank is cutting 18,000 jobs and shuttering its equity sales and trading business worldwide as part of a massive restructuring after years of struggling with profitability, but Werner Steinmueller sees opportunity in the upheaval.The bank’s Asia-Pacific chief executive said the capital released by closing the equity trading operations will allow the company to reinvest in its Asian business, expand its corporate bank in parts of the region and add jobs in its wealth management business … Source link

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China 

Subsidy cuts could sound the death knell for China’s cheap electric carmakers as entry-level vehicles face huge price rises, says Xpeng chief

Drastic cuts to government subsidies that have propped up China’s electric carmakers could create an existential crisis for those at the budget end of the scale.Manufacturers who have been selling their vehicles for 60,000 yuan (US$8,715) or less will be forced to drastically raise their prices to cope with the withdrawal of financial support, according to Brian Gu, vice-chairman and president of Xpeng, a company seen by many as a challenger to Tesla.Being unable to absorb cuts of up to 60 per… Source link

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Volatile stock prices are driving Singapore’s Temasek to look at private assets, chief executive Pillay says

Temasek International Chief Executive Officer Dilhan Pillay says the S$313 billion (US$230 billion) investment firm will be more cautious when investing in the public markets this year as it increases bets on unlisted companies globally.In his first interview since taking over the role in April, Pillay told Bloomberg Television that the past year had shown it was almost impossible to accurately predict geopolitical events. About 42 per cent of the Singapore government-backed investor’s assets… Source link

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US-China trade talks to resume by phone in coming week, Donald Trump’s chief economic adviser Larry Kudlow says

US and Chinese officials will talk by phone in the coming week as they seek to resolve a growing trade war between the two countries, said Larry Kudlow, US President Donald Trump’s chief economic adviser.“They’re on the phone,” Kudlow told reporters at the White House on Wednesday. “They will be on the phone this coming week. And they will be scheduling face-to-face meetings. Lots of communications.”Trump has said a new round of trade talks with China is under way, ending a stalemate between… Source link

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Beware volatility, warns HKMA chief Norman Chan, as Hong Kong leaves interest rate unchanged in lockstep with US Fed

Hong Kong’s de facto cental bank has reiterated its warning for borrowers and investors to beware of volatile market changes, as it kept the city’s base interest rate unchanged in lockstep with the US Federal Reserve’s monetary policy overnight.“Future direction of fund flows has become more uncertain in view of the increased uncertainties in the Fed’s monetary policy direction. The public should stay vigilant in managing the potential risks arising from market volatilities,” said Norman Chan… Source link

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