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‘Chinese pig’ remark lands UBS in trouble as state firm excludes Swiss bank from bond sale

One of China’s biggest state-owned infrastructure companies excluded UBS Group from a bond deal after the bank’s global chief economist sparked a furore with his use of the phrase “Chinese pig”.China Railway Construction Corp decided against hiring UBS as a joint global coordinator on a dollar-bond sale, a CRCC spokesman said. The decision was prompted by last week’s pig remark, sources said earlier. UBS declined to comment.CRCC is the first known corporate issuer to distance itself from UBS… Source link

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Global 

Singapore exports suffer biggest fall in three years as exposure to Chinese economy, US trade war bites

Concerns over Singapore’s exposure to the Chinese economy mounted on Monday after new data showed that its non-oil exports fell by 15.9 per cent in May, the largest decline for more than three years.Exports to China and Hong Kong slumped by 23.3 per cent and 24.8 per cent from a year earlier respectively, showing Singapore’s vulnerability to fluctuations in regional trade as an important trade and shipment hub for Asia-Pacific.Many of the goods bound for China from other nations pass through… Source link

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Vietnam 

Growing Chinese investment in Việt Nam: time to worry? – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Workers at China’s AKA Homewares Company in the southern Long An Province. VNA/VNS Photo Danh Lam   HÀ NỘI – Chinese companies are accelerating investment in Việt Nam – but some local businesses are voicing concerns.   Foreign investment hit a four-year high of US$16.7 billion in the first five months of this year, up 69 per cent compared to the same period in 2018. Chinese investment made up 42.5 per cent of the total according to data released by the Foreign…

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Popular Chinese hotpot chain sets its sights on US, to open first outlet in New York early next year

Xiaolongkan, one of China’s largest hotpot chains, will open its first shop in the US in early 2020 and add nine more restaurants overseas in the next two years, the latest indication of the Chinese hotpot industry’s global ambition.The Sichuan-based chain is bringing its famous spicy hotpot to New York as soon as the first quarter of next year, company officials said. It has just signed a lease for a 500 square metre space in a new commercial complex named Tangram located in Flushing, also… Source link

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China 

Chinese state media warns retaliation against US tariffs could ‘become routine’

Chinese state media has warned the countermeasures Beijing is taking against Washington’s increased tariffs and technology containment strategy could “become routine”.In a commentary on Friday, Taoran Notes – a social media account affiliated with official newspaper Economic Daily – also sought to play down expectations that an anticipated meeting between the Chinese and US leaders later this month could get trade negotiations back on track.It listed areas where China could strike back against… Source link

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China 

Chinese banks rejected nearly US$144 billion in loans last year using credit scoring system, central bank says

Chinese banks used the government’s new centralised credit scoring system to reject loan applications worth nearly 1 trillion yuan (US$144 billion) last year, the People’s Bank of China reported Friday, showcasing that its deleveraging campaign to reduce high debt and risky lending is succeeding.In total, 21 banking institutions rejected loan applications worth 911.7 billion yuan (US$131.7 billion) from “high risk” customers, while also receiving alerts on outstanding “high risk” loans worth 1… Source link

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Chinese stocks cap worst performance this week on growth fears, flood of tech IPOs

China’s stocks dropped by the most this week as concerns mounted that a recovery in growth will falter and supply of new shares will accelerate after a ceremonial launch of a new board to host technology companies.The Shanghai Composite Index fell 1 per cent to 2,881.97 on Friday, trimming the week’s gain to 1.9 per cent. Hong Kong’s Hang Seng Index fell 0.7 per cent to 27,118.35 for a third straight day of losses, as one of the top advisers to the city’s leader suggested lawmakers will delay a… Source…

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Amid the trade war, Asia cannot count on Chinese stimulus to boost growth this time around

The resurgence of US-China trade tensions is weighing on equity market performance in emerging Asia. This begs the question of whether prospective monetary and fiscal stimulus measures from China could give the region the needed boost – but markets would be wrong to pin their hopes on this.Recent data flow paints a weak picture of the economic fundamentals in the region. In China, the official manufacturing purchasing managers index, which gauges sentiment among factory operators, for May came… Source link

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Global 

Chinese buyers look to delay soybean cargoes from American suppliers

Chinese soybean buyers are asking sellers in the United States to delay cargoes due to be shipped in July until August, two sources familiar with the matter said, raising fears of cancellations like ones that roiled the market last year.The contract renegotiations come as the world’s top two economies remain locked in a protracted trade war that prompted China to sharply cut purchases of the oilseed from its second-largest supplier starting from the middle of last year.Soybean imports from the… Source link

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Hong Kong top destination for Chinese IPOs, but new Shanghai tech board poses threat, Baker McKenzie says

Hong Kong is the top destination for Chinese companies seeking to list their shares outside China so far this year, but could face a challenge for initial public offerings from Shanghai’s new technology innovation board, according to a new report by the law firm Baker McKenzie.Thirty-four Chinese companies have raised or are expected to raise more than US$6.8 billion in IPOs in Hong Kong in the first six months of 2019, including new listings by the drug maker Hansoh Pharmaceutical Group and… Source link

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