China 

China tipped to start rate cutting ‘road map’ as early as next week, as economic slowdown deepens

As pressure builds on China’s central bank to contain the impacts of the ongoing US trade war and a broad-based economic slowdown, analysts are tipping it to start an extended cycle of interest rate cuts as early as next week, through its new Loan Prime Rate system.This would bring the People’s Bank of China (PBOC) into line with a global monetary easing cycle led by the US Federal Reserve and the European Central Bank and follows the PBOC’s decision on Friday to pump 900 billion yuan (US$126… Source link

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Vietnam 

MIC mulls cutting voice call charges – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Ministry of Information and Communications (MIC) wanted to reduce charge for connecting voice calls. — Photo vienthonglaocai.vn HÀ NỘI — The Ministry of Information and Communications (MIC) wants to cut the connecting charge for calls between two mobile networks from the current VNĐ440 to VNĐ270 per minute. The ministry is collecting opinions for a draft circular on the issue. The proposed charge would be also applied for voice calls between local fixed networks and mobile networks. Both of the above-mentioned rates include the connection charges paid to enterprises when…

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Evergrande, Country Garden among Chinese developers cutting prices to boost sales, further weighing down sluggish economy

Winter has come for China’s otherwise frenzied housing market, as the country’s top property developers slash prices to boost sluggish sales.China Evergrande, the country’s third-largest developer by sales, said it was launching a two-month campaign offering discounts of up to 22 per cent on 532 projects across China, starting from Tuesday.Local media reported that the company, chaired by billionaire Xu Jiayin, who is known as Hui Ka-yan in Hong Kong, has asked employees, even those not in… Source link

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Vietnam 

NA mulls cutting road fees – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The market price of petroleum would have to be accepted for the petrol price stabilisation fund to be removed. Photo baogiaothong.vn HÀ NỘI — The National Assembly (NA) Standing Committee has proposed removing the road maintenance fund and petrol price stabilisation fund. Nguyễn Đức Hải, Chairman of the NA’s Committee on Finance and Budget said the legal system on managing and using the funds was complex and unclear. In addition, no agency at central or local levels had been assigned to manage the funds. Hải said the collection for the funds has seen shortcomings and still depends on the State…

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Allan Zeman says he’s open to cutting rents to help Hong Kong businesses get through protest turmoil

Prominent Hong Kong businessman Allan Zeman, who has made his name famous through high-end restaurants and is a significant landlord in Central, says he is open to cutting rents to help tenants survive the protests that have rocked the city.Business for some restaurants is off by as much as 40 per cent, estimated Zeman, who said he remains bullish on the city’s future despite the grim economic toll that the US-China trade war and months of protests have taken on its economy.Retail outlets have… Source link

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Hong Kong follows US Fed in cutting interest rate for the first time since 2008 as trade war weighs down on world economy

Hong Kong’s monetary authority cut the city’s base lending rate for the first time in more than a decade, reducing the cost of money in a slowing economy that had been squeezed by a year-long US-China trade war.The city’s de facto central bank reduced the base rate by 25 basis points to 2.5 per cent effective August 1, in lockstep with a widely expected cut of the same amount by the US Federal Reserve, the first reduction since the 2008 Global Financial Crisis.“A lower interest rate will… Source link

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China has ‘price to pay’ for cutting US dollar share of forex reserves, analysts say

China’s sharp reduction in US dollar asset holdings has increased the risk of its investment portfolio, analysts have said in response to a disclosure of historical data by the agency charged with managing its foreign exchange reserves.The State Administration of Foreign Exchange (Safe) on Sunday disclosed that it had cut the portion of US dollar-denominated assets in its reserves portfolio to 58 per cent in 2014, below the international average of 65 per cent and down sharply from the 79 per… Source link

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Monetary authority seeks to keep Hong Kong at cutting edge of tech, regulatory developments, launches Academy of Finance

The Hong Kong Monetary Authority took a concrete step towards developing more world-class financial leaders in the city on Wednesday with the launch of its Academy of Finance.The academy, first mentioned by Financial Secretary Paul Chan Mo-po in his budget in February 2018, will invite about 100 top executives from Hong Kong’s banking, finance and insurance industries to participate in a development programme involving workshops and research as members.“There will be no exams, no classroom… Source link

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China 

Having dumped US$25 billion in assets, Wanda still about halfway through cutting its debt burden

Dalian Wanda Group has gone through a severe slimming exercise ever since it was placed on a watch list by Chinese regulators in April 2017 – for highly leveraged acquisitions around the world – as part of a government drive to crack down on debt and prevent private-sector borrowings from hurting China’s financial system.Other companies on the watch list include Anbang Group, HNA Group, Fosun Group and CEFC China.Wanda, the flagship of Wang Jianlin, China’s wealthiest man, is not halfway… Source link

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Vietnam 

Ministry focuses on cutting business prerequisites – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The Ministry of Planning and Investment said that focus should be placed on simplifying customs checks as well as deregulation of business prerequisites. File Photo HÀ NỘI – The Ministry of Planning and Investment (MPI) was hastening the effort of cutting business prerequisites in term of quality to ensure the deregulation to truly benefit firms, Minister Nguyễn Chí Dũng said. Dũng said that the ministry in the first quarter of this year proposed prerequisites to be removed for 22 business lines and amended for four others to ensure the consistency…

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