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FedEx slashes profit outlook in fresh sign trade war is wounding US corporate giants

Blaming a weakening global economy, FedEx sharply slashed its profit outlook in the latest sign that trade tensions are dragging down US corporate titans.The forecast sent the courier’s shares tumbling and signalled deepening trouble for FedEx as the US and China battle over tariffs – a stand-off that has also ensnared manufacturing giants such as Caterpillar and Deere. FedEx, which already announced an employee-buyout program in January, said it would pare its cargo-jet fleet to contend with… Source link

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China pushing ahead with controversial corporate social credit rating system for 33 million firms

China is moving forward rapidly its plans for a controversial social credit rating system that will include 33 million companies, raising fears of reprisals among foreign firms as Beijing seeks to extend its control over the business environment in the country.The National Development and Reform Commission (NDRC) is pushing ahead with social credit-based supervision of all commercial entities from large firms to small, independently owned and operated business, prompting complaints over… Source link

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Vietnam 

Corporate bond issuance rises in eight months, transparency still biggest concern – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Cash notes being counted in exchange for bond notes. Commercial banks were still the biggest corporate bond issuers, raising total VNĐ56 trillion, 47.9 per cent of the total recorded in the first eight months of the year. – Photo vietnambiz.vn HÀ NỘI – A total of VNĐ117 trillion (US$5.03 billion) worth of corporate bond notes were raised in the first eight months of 2019, according to SSI Securities Corporation’s research unit. The figure means the successful issuance rate in the first eight months was 90.8 per cent…

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Vietnam 

Vicem misses US$50.3 million in corporate valuation – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Vicem cement plant. — Photo baoxaydung.com.vn HÀ NỘI — The pre-equitisation valuation of the Việt Nam Cement Industry Corporation (Vicem) done by the independent auditor was off by nearly VNĐ1.17 trillion (US$50.3 million), according to the State Audit of Việt Nam. The State audit agency said in a filing to the Ministry of Construction that the value of Vicem as of October 2018 was VNĐ28.22 trillion, including the State capital value of VNĐ27.8 trillion, Thời báo Kinh tế Việt Nam (Vietnam Economic Times) newspaper reported. According to the corporate evaluation…

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Vietnam 

Banks warned about risks of real estate corporate bonds – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    The State Bank of Việt Nam’s headquarters in Hà Nội. The central bank has instructed local banks to better control risks in corporate bond investment. Photo SBV HÀ NỘI The State Bank of Việt Nam (SBV) has instructed local banks to better control risks in corporate bond investment, especially bonds of real estate firms. According to the SBV, after reviewing the business performance of banks in the first half of this year, it saw the corporate bond investment of some banks facing risks as the ratio of such…

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Vietnam 

Corporate bond an effective tool to raise capital – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Bond interest rate now stands at 13-14 per cent per year, therefore strongly attracts the capital of individual investors. — Photo baomoi.vn HÀ NỘI — Bond issuance is becoming a popular channel for firms to raise capital for its efficiency and convenience. In the first six months of 2019, listed companies on the Hồ Chí Minh Stock Exchange (HOSE) raised more than VNĐ19 trillion (US$812 million) via share issuance, up 17.2 per cent compared to 2018. But this only met part of the capital demand as both listed and…

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Vietnam 

Banks dominate corporate bond market in first seven months of 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Customers make transactions at a VPBank branch. VPBank was the biggest bond issuer in the last seven months with total value of nearly VNĐ13 trillion (US$552 million). — Photo courtesy of VPBank HÀ NỘI — Banks have been the main player in the corporate bond market so far this year, with eight of the top 10 biggest issuers being financial institutions. Vietnam Prosperity Bank (VPBank) topped the list with bond issuance reaching VNĐ12.86 trillion (US$552 million) in value in the first seven months of the year, the latest debt market report from MB Securities Joint Stock Company…

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Vietnam 

Securities regulator unveils corporate governance code – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Việt Nam Corporate Governance Code for Best Practices for public companies was launched on August 13. — VNS Photo Việt Dũng HCM CITY — The first ever Việt Nam Corporate Governance Code of Best Practices, a set of recommended practices for Vietnamese public companies, has been issued by the State Securities Commission of Việt Nam. It was developed with technical support from the International Finance Corporation (IFC) and assistance from the Swiss State Secretariat for Economic Affairs. With practices that go beyond the minimum legal requirements, it aims to encourage…

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Money 

Chinese tycoon Li Jianhua fights daughter over Canada real estate fortune in lawsuits depicting knife violence, fraud and corporate turmoil

Tycoon Li Jianhua once planned to live next door to his daughter in Vancouver after he retired from a career that has brought him political prestige and great wealth in China.Two multimillion-dollar mansions were built on a steep and wooded hillside overlooking Vancouver and the Salish Sea, side by side in the exclusive British Properties neighbourhood.It was a fitting location for the former deputy in the National People’s Congress, China’s parliament – in a corporate profile he called himself… Source link

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China 

China’s July corporate bond defaults jump to a four-month high as funding dries up amid risk aversion in a slowing economy

Company bond defaults in China hit a four-month high in July as a slowing economy and risk aversion triggered by the unexpected seizure of Baoshang Bank marred refinancing prospects at weaker firms.Onshore corporate bond defaults reached at least 14.4 billion yuan (US$2.1 billion) from 14 notes in July, according to data compiled by Bloomberg, bringing the total year-to-date defaults to 70.9 billion yuan from 89 bonds.After two straight months of declines through May, bond delinquencies are… Source link

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