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Nearly 70pc of companies in Asia don’t trust blockchain technology, survey says

Most companies across the Asia-Pacific remain slow to adopt blockchain technology, according to a recent survey, because they are still grappling to understand how reliable it is.About 68 per cent of companies in the region cited the lack of understanding and education as the reason their senior management and executives have not adopted the technology, the poll by London-based consultancy Ernst & Young has found.Another 66 per cent of the survey’s respondents said they needed to know the risks… Source link

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China cracks down on subsidies to zombie companies as US trade war hits economy

As part of its goal to make the economy more efficient, China unveiled a new reform plan on Tuesday to make it easier for companies, including zombie state-owned enterprises, to be closed down.It intends to better allocate resources to unleash the economy’s growth potential, which is under pressure from the trade war with the United States, by lowering the cost of closing down insolvent firms.The government “must fully employ the decisive role of the market in resource allocation, standardise… Source link

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Vietnam 

VN companies named among top 300 Asian businesses – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A cow is fed at a Vinamilk cattle farm. Vinamilk and four other Vietnamese firms were recognised by Nikkei Asia Review among the top 300 companies in Asia. — Photo vietnamfinance.vn HÀ NỘI — Five Vietnamese companies are among the 300 largest and fastest-growing businesses in Asia, according to Nikkei Asia Review’s exclusive ranking. They are Vietnam Dairy Products JSC (Vinamilk), Commercial Bank for Foreign Trade of Vietnam (Vietcombank), FPT Corporation (FPT), PetroVietnam Gas Corporation (PV Gas) and real estate firm Vingroup. The firms were recognised for their market value and growth potential. Vinamilk, Vietcombank…

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Chinese companies’ cash heading for Europe, North America drops to five-year low as capital controls, scrutiny abroad puts the brakes on investment

Chinese companies invested just US$12.3 billion in the advanced economies of Europe and North America in the first half of the year, the lowest amount since 2014 and almost a fifth less than last year, according to data compiled by law firm Baker Mckenzie.The decline has been almost entirely down to state-owned firms turning their backs on the EU and America, a research report issued by the firm on Thursday found. Private firms accounted for 94 per cent of the total spend in the first six… Source link

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Property 

Fear of protests disrupting operations forces companies in Admiralty to look for co-working space

Some big companies in Admiralty are seeking co-working space as part of contingency plans to prevent any disruption to their operations in case of prolonged protests in the central business district, but such talks are mostly exploratory, say market observers.“We have received inquiries from big corporates in Admiralty to rent flexible working space as their plan B,” said Thomas Hui, chief executive of co-working space operator theDesk.He said that companies were looking at anywhere between 10… Source link

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Gadfly lawyer calls for probe, class action into Seazen’s disclosure as Chinese companies’ tardiness come under spotlight

A Chinese gadfly lawyer has sounded the clarion call for regulators to look into the tardiness of public disclosures, as a handful of Shanghai-listed companies have found themselves rudderless in recent days amid the city’s crackdown on crime.Yan Yiming, who made his name in a 1999 suit against a Chinese listed company for false reporting, is urging the China Securities Regulatory Commission (CSRC) to investigate Seazen Holdings for the four days that it’s taken the developer to disclose the… Source link

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Not enough Hong Kong-listed companies are conducting due diligence before deals, accounting firm Grant Thornton says

Only 41 per cent of business transactions disclosed by Hong Kong-listed companies last year included detailed investigations into the assets and operations being traded, accounting and audit firm Grant Thornton said on Wednesday.A study by the firm of all corporate transaction announcements filed to the city’s stock exchange by publicly listed companies last year, also found that about 30 per cent of all China deals pertained to assets in the “Greater Bay Area”.The numbers highlighted that not… Source link

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Samsung and other South Korean companies’ exodus from China is an example to Western firms fleeing trade war tariffs

Upon landing in Australia in 2017 to attend a seminar, a senior politician with South Korea’s parliamentary defence committee was greeted by Julie Bishop, then Australia’s foreign minister, who had a burning question: “How are you dealing with the China threat?”Bishop was referring to the treatment of South Korean firms in China, which escalated after Seoul agreed in 2016 to a long-standing request from the United States to allow the deployment of the Terminal High Altitude Area Defence system … Source link

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Global 

US slaps import duties of more than 400 per cent on Vietnamese steel to prevent companies exploiting loophole

The US Commerce Department imposed duties of more than 400 per cent on steel imports from Vietnam, accusing some businesses of shipping products from the Southeast Asian nation to evade the levies in a further escalation of tension between the two trading partners.In three preliminary circumvention rulings on Vietnamese steel, the Commerce Department said certain products produced in South Korea and Taiwan were shipped to Vietnam for minor processing before being exported to US as corrosion… Source link

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First-half M&As by Hong Kong-listed companies shrink to six-year low as trade war, weaker yuan deterred dealmaking

Mergers and acquisitions declined in Hong Kong to a six-year low during the first half of 2019, as economic uncertainties wrought by the US-China trade war deterred deal makers, while tightened capital controls on the mainland stymied fund flows.Deals involving Hong Kong-listed companies fell 14 per cent to US$45.8 billion in the first six months, the second year of declines, marking the lowest first-half M&A activity since 2013, according to data by Refinitiv.“The slow down was the result of a… Source link

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