Vietnam 

HCM City Tax Department releases list of firms in tax debt – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  People submit tax documents at HCM City’s Tax Department. —VNA/VNS Photo Hoàng Hùng HCM CITY — HCM City’s Tax Department has announced a list of nearly 1,700 companies with total unpaid tax debt of almost VNĐ4.5 trillion (US$193.5 million). Thành Ngân Real Estate Ltd Company owes the biggest debt – more than VNĐ190 billion ($8.17 million). The second biggest debtor is the HCM City branch of Bình Dương Stone Construction Ltd Company, owing VNĐ120 billion ($5.16 million), and the third is No. 8 Construction and Investment Joint Stock Company with debt of…

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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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Vietnam 

Bad debt handling to be audited – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

            HÀ NỘI The handling of bad debt among credit institutions would be audited this year in order to formulate recommendations for effectively implementing a National Assembly resolution, according to the State Audit Office of Việt Nam (SAV). Under the SAV’s plan, the process would be carried out at the State Bank of Việt Nam, the Việt Nam Bank for Industry and Trade (Vietinbank), the Bank for Investment and Development of Việt Nam (BIDV), the Việt Nam Asset Management Corporation and…

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Singapore 

Debt recovery firm director admits to offences including harassment and fighting in public, Singapore News

SINGAPORE – Vantage Debt Recovery is a legitimate business but some of the methods used by the company’s director Jasmine Tan Su Ling were definitely unlawful. In 2016, Tan and a group of men went to the workplace of a purported debtor. There, she hurled vulgarities at the man and threatened to report him to the police for “molesting” her. On two occasions in 2017, she sent two men to the flat of another man where they harassed members of the household including his wife and maid. The court heard…

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Home 

French asset manager Ostrum launching US$500 million Asian infrastructure debt fund

A French asset management company is targeting infrastructure projects in Asia-Pacific, including the Belt and Road Initiative, where the funding needs are estimated at US$22.6 trillion by 2030.Ostrum Asset Management, an affiliate of Natixis Investment Managers with €257.6 billion (US$290.3 billion) in assets under management, said that it was planning to raise up to US$500 million this year through a dedicated Asian infrastructure debt fund.The company said it plans to invest the funds… 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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Home 

China local governments forced to rob Peter to pay Paul to honour rising debt mountain

Local governments in China are being forced to rely on new loans to repay debt and fund ongoing construction projects with authorities struggling to honour their existing financing, according to Chinese researchers.The murky local government debt mountain, incurred through local government financing vehicles (LGFVs) and agreements, is one of the key risks hanging over the world’s largest economy and one the central government has been trying to contain by allowing local authorities to issue… Source link

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Singapore 

Sorry, Singapore: Malaysia dumps assets to cope with US$245 billion debt, Singapore News

A year into a new ruling administration, Malaysia continues to grapple with a whopping 1 trillion ringgit debt (US$245 billion, S$332 billion) – but as it goes on a selling spree of “non-strategic assets”, questions are being asked over who is benefiting from the exercise and whether the moves could cause ties with neighbouring Singapore to take a further hit. Government-linked investment company Khazanah, which has resolved to pare down its “non-strategic” assets, has so far got rid of its stakes in telcos, health care groups, banks and properties. Reports…

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China 

China pours more money into cheap loans to help regions deal with debt pile and aide economy

China will look to tackle existing debt piles and contain the “grey rhino” risk in heavily indebted regions with a pilot programme to restore local financial capability.Trillions of yuan in debt, built up over the past decade of government stimulus, has been one of the most persisting threats to the world’s second largest economy, where the scale could be further be inflated as Beijing shows no sign of dumping the debt-fuelled model to counter the economic slowdown, compounded by the fallout… Source link

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Home 

HK Express deal exposes Chinese conglomerate HNA Group’s key assets as debt repayment pressure mounts

HNA Group has to be smart about its asset disposals as the sale of Hong Kong Express Airways barely makes a dent on the distressed Chinese conglomerate’s debt obligations and exposes its income-generating assets, say analysts.HNA on Wednesday agreed to sell the low-cost carrier to Hong Kong-based Cathay Pacific Airways for HK$4.93 billion (US$628 million). According to a stock exchange filing on Wednesday, Cathay will pay HK$2.25 billion in cash and repay HK$2.68 billion of debt held by HK… Source link

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