Singapore 

LTA to review end-2020 deadline for PMD safety certification after recent fire incidents, Singapore News

SINGAPORE – The Land Transport Authority (LTA) is reviewing whether to bring forward its end-2020 deadline that will ban all personal mobility devices (PMDs) without a safety certification from public paths, in the light of recent fire incidents. Currently, riders of non-UL2272 certified PMDs are allowed to ride their devices on public paths until Dec 31, 2020, despite a ban on the sales of such devices kicking in early this month. However, in response to queries from The Straits Times, LTA said: “In view of recent fire incidents related to the…

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Home 

Creditors seize HNA unit’s assets in Singapore, China and US after CWT missed payment deadline on US$179 million of loans

Lenders to HNA Group’s CWT International seized control of assets in Singapore, China and the US after the unit failed to repay amounts due on its credit facility.Assets that are being taken over include shareholdings of Singapore-based CWT, with investment properties in the US and golf courses in China, according to a statement. Lenders had threatened to take control of the assets unless CWT made payments by 9am on April 17 tied to a HK$1.4 billion (US$179 million) loan taken out in September… Source link

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China 

Brexit deadline looms for Asia-bound ships as slow boats to China set sail from the UK

Dozens of cargo ships will set sail on Friday from the United Kingdom on journeys that will see them enter Asian ports after the United Kingdom has left the European Union. The status of these container ships is causing headaches among officials at the British Consulate General in Hong Kong, the South China Morning Post understands, ahead of the planned Brexit on March 29, with some journeys lasting as long as 48 days. The officials are concerned that ships could be “stranded at sea” in the case of a no…

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US stocks surge on optimism about deal to end China trade war, after Trump suggests he might let tariff deadline ‘slide’

US stocks marched higher on Tuesday amid renewed optimism over the potential for a trade deal between the US and China. Technology, financial and health care stocks powered much of the rally, which gave the benchmark S&P 500 index its biggest gain this month and capped a three-day winning streak. The wave of buying also drove a 372-point gain for the Dow Jones Industrial Average, ending the average’s four-day run of losses. US President Donald Trump said Tuesday that he might let a March 2 deadline slide in trade talks…

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Hong Kong stocks fall, China opens flat as investors hold fire ahead of trade war truce deadline

China’s benchmark stock indexes were trading flat on Tuesday morning after starting the Lunar New Year strong on Monday, while Hong Kong shares opened lower. Traders said that after the rebound enjoyed by both the China and Hong Kong bourses so far this year, investors had recoiled from making further big bets ahead of news from US-China trade negotiations in Beijing later this week. The Hang Seng Index opened down 0.41 per cent, or 115.2 points, at 28,028.66. “The Hang Seng Index has risen by as much as 3,000 points…

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China 

Trade war truce deadline played down by China media on eve of latest round of talks in Beijing

The March 1 deadline for trade negotiations between China and the United States is a “media topic created by the US side” and it could be extended to a later date such as May 1, said an opinion piece posted by a number of Chinese official media outlets on the eve of the latest round of trade talks between Beijing and Washington. The opinion piece, which was first published on a social media account, Taoran Notes, on WeChat on Sunday, is not a direct statement from the Chinese government, but…

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Donald Trump and Xi Jinping unlikely to meet before March 1 deadline, US officials say, dashing hopes of deal to end trade war and spurring stocks sell-off

US President Donald Trump and Chinese President Xi Jinping are unlikely to meet before their countries’ March 1 deadline to reach a trade deal, two US administration officials and a source familiar with the negotiations said on Thursday. The countries had taken a 90-day hiatus in their trade war to hammer out a deal, and another round of talks is scheduled for next week in China. White House economic adviser Larry Kudlow told reporters on Thursday that the leaders of the two economic superpowers could still meet later. “At some…

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Mnuchin: US, China committed to reaching trade deal by deadline

Both sides in the US-China trade negotiations are making a “big commitment” to reach an agreement by the March 1 deadline, US Treasury Secretary Steven Mnuchin said on Wednesday. Chinese President Xi Jinping and his US counterpart Donald Trump agreed to a 90-day truce in the ongoing trade war, but US tariffs on US$200 billion in Chinese imports are due to more than double to 25 per cent if no deal is reached. Treasury Secretary Steven Mnuchin upbeat after first day of US-China trade war talks in Washington Mnuchin told…

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China 

China’s trade surplus with US hits record level as businesses scramble to beat tariff deadline

China’s trade surplus with the US rose to a new high of US$35.5 billion last month as businesses raced to prepare for a threatened increase in tariffs over the new year. China’s exports to the US rose by 9.7 per cent year-on-year to US$46.2 billion in November, while imports dropped 25 per cent to US$10.6 billion, according to data published by the General Administration of Customs in China on Saturday. But China’s overall trade last month was worse than expected: both exports and imports slowed to 5.4 per cent and…

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Global 

The Canada-US trade negotiation deadline has been blown, so what’s next in this high-stakes stand-off?

Does anyone remember Ross Perot, the Texan billionaire who, while running for President on an independent ticket in 1992, predicted “a giant sucking sound of jobs going south” if the North American Free Trade Agreement (Nafta) came into force? Two years later, Nafta was signed, radically reducing tariffs between the US, Mexico and Canada. Ross Perot did not become US President. And 26 years later, who heard the sucking sound? Best academic estimates suggest a net 120,000 manufacturing jobs were lost to the US economy – about 0.1 per cent…

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