Property 

Causeway Bay retail landlord offers to cut rent by 44 per cent as Prada closes flagship store next year amid dwindling foot traffic

The landlord of Prada’s retail store in Causeway Bay is offering to slash monthly rent by 44 per cent next year when the Italian fashion house shuts its flagship outlet on Hong Kong Island, succumbing to dwindling shoppers’ foot traffic.The Milanese company will close its 15,000-square foot (1,393 square metre) store at Plaza 2000 along Russell Street, for which Prada pays HK$9 million (US$1.15 million) in monthly rent, when its seven-year lease expires in June 2020, according to its landlord… Source link

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As Hong Kong lenders trim staff, prospects tighten for some expat bankers unless they change roles, take a pay cut

As Deutsche Bank and other big banks reduce staff, expatriate financial workers who are made redundant and want to stay in Hong Kong may find it more difficult if they are unwilling to learn a new language, shift to a different area of the industry, or take a more junior role at a reduced salary, according to headhunters.The job prospects are particularly tight for trading and banking positions tied to equities, as firms have begun reducing headcount against the backdrop of more uncertain… Source link

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Shanghai’s bourse asks banks, bondholders to cut debtors some slack to ensure financial stability through China’s 70th birthday

Shanghai’s stock market operator is stepping into the workout plans of corporate debtors on its bourse, aiming to calm nerves and buy more time for borrowers while the capital markets had been roiled by a deteriorating trade war and a slowing economy.During an August 5 meeting, the Shanghai Stock Exchange (SSE) asked holders of Hawtai Motor Group’s 5 billion yuan (US$284 million), five year puttable bond issued in 2016 to extend a put deadline to after China’s National Day celebrations on… Source link

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Qingdao flat prices cut by 5 per cent as city heeds warning of China’s top decision-making body

Qingdao is the first city to offer new flats at a discount after China’s top decision-making body warned against using property as a tool to stimulate the economy.A developer in the coastal city of Shandong province was offering a new batch of flats at Wenlan Mansion at 10,000 yuan (US$1,441) per square metre – 5 per cent lower than the previous lot – just days after the Communist Party’s Politburo underscored a hawkish stance on cooling the housing market.That means those who bought homes in… Source link

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Money 

China’s exporters will be forced to downsize, cut jobs, relocate if Trump follows through with tariff threat

Traditional export manufacturers in China’s Pearl and Yangtze River Delta regions already struggling under the weight of existing tariffs levied by the Trump administration expect the new tariffs on US$300 billion of Chinese imports to cause their businesses to shrink, force them to lay off workers, and for some, speed up relocation plans.Fears run deep that the trade war between China and the United States will last for several years, with tariffs truces like the one agreed between President… Source link

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HSBC to cut 2 per cent of its workforce as lender looks to reduce costs

HSBC said it plans to slash as much as 2 per cent of its workforce as the lender looks to reduce its costs in a more challenging market environment.As of June 30, the bank, which is based in London, but generates more than half of its revenue in Asia, employed about 238,000 people worldwide.As part of its second quarter results, the bank said that it had set aside severance costs of US$248 million in the first half of the year related to its efforts to cut costs. The company said…

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Vietnam 

Good short-term effects for Việt Nam after Fed’s rate cut – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Inside a BIDV office. Local commercial banks slashed lending rates by 0.5-1 per cent after the US Federal Reserve announced a rate cut on August 1. — Photo vietnamplus.vn HÀ NỘI — The US Federal Reserve’s latest rate cut will benefit commodity and equity markets in the short term, according to specialist Nguyễn Trí Hiếu. The US central bank on Thursday announced its first rate cut since 2008 by 25 basis points to the range of 2-2.25 per cent. The rate cut would increase the value of investment into equity…

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Vietnam 

Banks unexpectedly cut lending rates to aid businesses – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  State-owned banks, including VietinBank, offer new preferential interest rates for short-term loans from today. — Photo VietinBank HÀ NỘI — Some banks have unexpectedly announced they would cut interest rates on Vietnamese đồng loans in the Government’s priority sectors to support firms in 2019, starting from today. Lê Đức Thọ, VietinBank’s chairman, said this is the second time banks have cut lending rates this year to follow up on the Government’s instruction to support domestic production and businesses, contributing to promoting the country’s economic growth. Under the move, State-owned banks,…

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China 

Fed cut could spark China interest rate reform, rather than easing from the central bank

Beijing could use Wednesday’s expected US Federal Reserve interest rate cut to usher in long-awaited market-oriented interest rate reform.With the Chinese economy facing growing pressure from the trade war with the United States, the reform plan would have the ultimate aim of lowering financing costs for small companies, thereby improving business conditions for those hardest hit by tariffs and depressed market sentiment.The Fed’s first cut in a decade will mark the reversal of its rate… Source link

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US Federal Reserve rate cut could boost Hong Kong-listed bank shares, weigh on weaker property developers, experts say

Investors have been waiting for this week.Finally, after weeks of hints by officials and endless market speculation, investors will learn whether the US Federal Reserve will cut its benchmark rate by a quarter of a percentage point, as expected.If it does that, Hong Kong-listed bank stocks could get a temporary lift, while weaker property stocks, especially those ones whose focus isn’t residential, could be weighed down, experts say.Those sectors with big debt, like airlines, could see their… Source link

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