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Roy Cho, alleged Enigma Network mastermind of Hong Kong’s biggest fraud case, claims trial as he pleads innocence

Roy Cho Kwai-chee, the alleged mastermind in the fraud involving Hong Kong’s largest independent financial advisory firm Convoy Global Holdings, pleaded not guilty along with two associates at a court hearing on Thursday.The trial will take place on May 4 next year. No further details were disclosed and the trio continue to be released on bail.If convicted, the District Court can impose jail sentences of up to seven years on each of them.Cho, 55, a former executive director at Convoy, was… Source link

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Global 

Amazon sellers feeling the heat of US-China trade war contrary to Donald Trump’s claims, survey shows

American third-party vendors who sell on Amazon, the world’s largest e-commerce platform by revenue, singled out tariffs imposed by the United States on Chinese goods as the main reason their costs are increasing, slashing their margins and forcing them to push up prices on consumers, a new survey revealed.Some 72 per cent of Amazon sellers have seen their cost per unit increase by some 17 per cent since the beginning of the trade war last year, according to a survey of Amazon vendors conducted… Source link

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Why US claims that China is a currency manipulator are groundless

Last month, the US Treasury Department designated China a currency manipulator. China is also accused of breaking its promise made at the G20 summit not to engage in competitive devaluation. In fact, China has done more than any other major economy in honouring its commitment to hold the value of its currency.The renminbi’s effective exchange rate index has appreciated significantly since the global financial crisis. According to the Bank for International Settlements, from early 2009 to July… Source link

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Singapore 

Maid on trial for murder of employer: Defence claims police statements not made voluntarily, Singapore News

SINGAPORE – The lawyer defending an Indonesian domestic worker accused of murdering her employer contended in court on Tuesday (Aug 13) that the maid was distressed when photographs of her left breast were taken by a male police officer. Daryati, then 23, was also feeling giddy, nauseous and in pain from injuries to her hand. She was in a state of  “oppression” at the time and was therefore not fit to give a statement to the police that day, argued Mr Mohamed Muzammil Mohamed. Daryati, who turns 27 on Wednesday,…

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China 

China claims progress on creating world’s largest trade bloc, but ‘very difficult’ issues remain

A meeting of trade ministers attempting to create the world’s largest trading bloc without the United States wrapped up in Beijing on Saturday, with China claiming further progress, though there were “very difficult” negotiations ahead.Trade delegates to the two-day meeting gave differing opinions on whether negotiators could achieve their stated goal of finishing the Regional Comprehensive Economic Partnership (RCEP) by the end of the year.“The meeting has made important progress in the… Source link

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Global 

China claims progress towards world’s biggest trade deal, but India remains biggest roadblock to RCEP

The Regional Comprehensive Economic Partnership involves the 10 Asean nations of Indonesia, Thailand, Malaysia, Singapore, Philippines, Vietnam, Myanmar, Cambodia, Brunei and Laos, as well as China, Japan, South Korea, Australia, New Zealand and India. Photo: EPA Source link

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Singapore 

Singaporean principal of Melaka religious school claims trial to sexual abuse charges, Singapore News

MELAKA – A 36-year-old Singaporean principal of a religious education institution in Tanjung Minyak, Melaka, has claimed trial at the Session Court here to three counts of sexual abuse on a 15-year-old male student. Muhammad Firdaous Abdul Rashif faces a total jail term of up to 60 years if he is convicted. He was charged on Wednesday (July 24) with attempting to kiss the victim in the mouth and rub his genitals against the victim when the student was 14 years old. The father of five was also accused of sexually…

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China 

Trade war is harming American economy more than China’s, claims official sent to US to defend Beijing’s position

The United States has sustained more economic losses than China related to the year-long trade war, a Chinese government official sent to the US to defend Beijing’s position in the stand-off and seek input from foreign policy specialists said on Wednesday.China’s slower economic growth is due more to government efforts to cut manufacturing overcapacity and rebalance towards a service economy and less about the trade war, Bi Jiyao, vice-president of the Chinese Academy of Macroeconomic Research,… Source link

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Singapore 

HSA warns Singapore-based Riway to stop making false cancer cure claims, Singapore News

The Health Sciences Authority (HSA) has warned a Singapore-based company to stop making false and misleading claims that its health supplement product can treat or cure cancer. HSA said it has also directed Riway Singapore to educate its sellers to ensure they do not make false claims about the product. Investigations are ongoing, said the HSA spokesman, in response to queries from The Straits Times. “We will take the necessary enforcement actions if there are contraventions against the relevant laws,” said the spokesman. “Sellers who falsely advertise health products are…

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Global 

China ridicules US basic for tariffs as ‘real’ trade imbalance is only a third of what Donald Trump claims

China’s “real” trade surplus with the United States is only about a third of the figure published by Washington, according to the Ministry of Commerce, in Beijing’s latest move to undercut the economic foundation for US President Donald Trump’s tariffs on Chinese products.US Commerce Department figures show that the US had a US$419 billion deficit with China in 2018, while China’s customs data showed a surplus of US$323 billion.However, in a statement published on Thursday, China’s Commerce… Source link

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