China 

China’s unsustainable debt levels may trigger large-scale corporate defaults, OECD warns

Risks of large-scale corporate defaults are mounting in China, despite economic growth that “remains robust by international standards”, according to a new report.The Paris-based Organisation for Economic Cooperation and Development (OECD) found that sagging domestic demand and weak export orders have led Chinese authorities to swiftly resort to stimulus measures, through expansionary monetary policy, tax cuts and infrastructure spending.The OECD is an influential intergovernmental economic… Source link

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Corporate tax secrecy is hurting everyone – even investment funds want to see more transparency

Who would dream of putting an end to the culture of secrecy shielding multinational companies’ account books and fortunes hidden in tax havens? There are the usual suspects, of course: tax activists including academics, churches and trade unions, who are up in arms over revelations from the likes of the Panama Papers or Paradise Papers.But not only them. A recent consultation exercise by the Global Reporting Initiative reveals that the strongest advocates of tax transparency may be investment… Source link

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Vietnam 

Gov’t agencies blamed for lack of corporate transparency – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The slow listing of post-equitisation firms, including State-owned enterprises (SOEs), may make Vietnamese firms less attractive regarding a lack of corporate transparency and government agencies managing those firms must be blamed for the problem.— Photo vov.vn HÀ NỘI — The slow listing of post-equitisation firms, including State-owned enterprises (SOEs), may make Vietnamese firms less attractive regarding a lack of corporate transparency and government agencies managing those firms must be blamed for the problem. According to the State…

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Vietnam 

TCH plans to issue 1.2 million convertible corporate bonds – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The financial services and investment firm Hoàng Huy Group plans to issue 1.2 million corporate bonds, worth VNĐ1.2 trillion (US$51.5 million), to raise capital for future business projects. — Photo vietnamfinance.vn Viet Nam News HÀ NỘI — Hoàng Huy Investment Financial Services JSC (TCH) plans to issue VNĐ1.2 trillion (US$51.5 million) worth of convertible corporate bonds in 2019 at the par value of VNĐ1 million ($43) for each bond. The bonds will mature in three years from the issuance date and the bond yield rate is set at…

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Citi turns to AI for the early work in approval of corporate loans – and chooses Hong Kong for first testing

US banking giant Citigroup has begun tapping artificial intelligence to analyse companies’ financial statements in the approval process for corporate loans – an unusual step because to date AI technology has concentrated on retail consumer loans. Citigroup developed the technology and chose Hong Kong for its first tests. The technology enables computers to scan and read hard copies of clients’ financial statements and automatically calculate indicators such as current ratio and leverage ratio… Source link

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JPMorgan develops its own digital coin to speed up corporate global payments

JPMorgan Chase is turning to cryptocurrency to modernise one of its most central businesses. The biggest US bank said it has developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement released on Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a decentralised public ledger of transactions that offers more speed because it does not rely on a central record keeper. “Many of our clients move money in different ways and they’re looking for a more…

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Vietnam 

Firms investing abroad urged to pay attention to corporate social responsibility – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Vietnamese firms should focus on environmental protection and corporate social responsibility when investing abroad to develop sustainably and promote the socio-economic development of their host countries, experts have urged. The existing legal system does not clearly state the corporate responsibility of overseas projects operated by Vietnamese firms. However, firms cannot ignore corporate responsibility if they want their projects to develop and bring long-term economic benefits. According to Phạm Quang Tú from Oxfam Việt Nam, when investing abroad, Vietnamese firms must clearly…

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Rare boardroom spat draws spotlight on corporate governance at Hong Kong-listed company

Shares of China Traditional Chinese Medicine Holdings plunged on Monday after an independent non-executive director resigned, accusing the company of governance shortcomings, including a lack of transparency and improper approval processes for director pay. In an open letter to shareholders of China TCM, independent non-executive director Zhou Bajun said he would resign with effect on Monday owing to the company’s governance problems, reflecting a rare public spat over a board position at a listed Hong Kong company. China TCM shares ended Monday’s session 5.9 per cent lower at HK$4.81, paring…

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China’s corporate default storm continues to rage at the start of 2019 after a record year

Two weeks into 2019, five Chinese companies are already likely to default on 3.5 billion yuan (US$ 446.25 million) worth of debt, after a record US$17 billion default wave took the country by storm in 2018 amid a worsening economic slowdown and soaring refinancing costs facing the cash-starved private sector. Beijing Kang Dexin Composite Material, a hi-tech material firm that supplies optical film products to Apple and carbon fibre materials to Mercedes-Benz, tumbled by its maximum-allowed 10 per cent on Tuesday to a record low of 6.46 yuan on the…

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What’s US$120 million? That’s peanuts in the rarefied, jet-set world that Carlos Ghosn and corporate executives live in

Handcuffed and wearing plastic slippers, Carlos Ghosn appeared in a Japanese court Tuesday to rebuff prosecutors’ allegations of financial wrongdoing. As he defended himself against charges he failed to disclose income from Nissan Motor, his sunken cheeks and greying hair underscored his downfall from the apex of the business world where he built a nine-figure fortune. Ghosn, 64, amassed a net worth of about US$120 million over the decades he spent atop the automotive industry, according to an analysis by the Bloomberg Billionaires Index. He owns about US$60 million of…

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