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Hong Kong retail giant AS Watson to spend HK$1 billion on digital transformation in the next decade

AS Watson Group, the flagship retail unit of Hong Kong conglomerate CK Hutchison, may fork out HK$1 billion (US$128 million) on digital innovation in the next decade, according to Dominic Lai, group managing director.The group’s iconic Watsons health and beauty chain of stores is one of Hong Kong’s most instantly recognisable retail brands, with a proud history going back about 175 years. But in the era of e-commerce and digitalisation the company has worked hard to stay ahead, investing in… Source link

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Embattled pay TV operator i-Cable makes another attempt to turn around a decade of losses with Guangdong network tie-up

I-Cable Communications, Hong Kong’s biggest pay TV operator, on Tuesday formalised a partnership with Guangdong Radio and Television (GRT) that will allow it to air programmes to the Chinese TV group’s customers.But analysts are circumspect about the benefits of the tie-up on i-Cable’s bottom line, saying it is unlikely to yield any long-term “material” benefit.Irene Leung Shuk-yee, chief operating officer of i-Cable, said that the deal with GRT also involves joint production of TV shows,… Source link

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China 

US-China trade war could slash US$1 trillion from US economy in a decade warns Chamber of Commerce

The year is 2029, the US-China trade war is still being waged, and it has cost the American economy US$1 trillion.That is the warning contained in a new report commissioned by the US Chamber of Commerce, which calculates the cumulative hit to US growth over the next decade should trade tensions with China continue to escalate.The study, conducted by the Rhodium Group, unpacks the economic impact of three rounds of tit-for-tat tariffs to date and also estimates the effect of a tariff increase to… Source link

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China 

China economy slows further as industrial output growth slumps to lowest in a decade

China’s economy slowed further in the first two months of 2019 as the growth of industrial production fell to its lowest rate in a decade.Industrial production growth slowed to 5.3 per cent in January and February compared to the same period last year, down from 5.7 per cent growth in December, according to data released on Thursday by the National Bureau of Statistics (NBS). The result was below the 5.6 per cent expected by analysts in a Bloomberg survey.The January and February output growth… Source link

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China 

China must take lessons from Japan’s lost decade amid slowdown, says former central bank governor

The law, which is due to come into effect on January 1, 2020, will make it illegal for officials to misuse critical information or to provide it to local Chinese firms, on pain of administrative or even criminal punishment. Beijing is also promising a level playing field for investors with the new law, in an effort to reassure the global investment community as China’s attractiveness as an investment destination wanes amid rising costs at home and growing hostilities abroad. The foreign investment law stipulates clearly that China will give equal…

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China 

China growth to slow to 2 per cent over next decade as structural issues take hold, research firm says

China’s economic growth will slow to 2 per cent in the coming decade, well below the level forecast by major global institutions, according to research from Capital Economics, as the country becomes “another normal emerging economy.”“Growth has halved over this past 10 years, and our projection is if they continue with this policy set-up [and structural issues], growth will halve again over the next 10 years,” Mark Williams, chief Asia economist for the research firm, said at a conference in… Source link

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Chinese surveillance camera supplier Hikvision posts slowest profit growth in a decade

Hangzhou Hikvision Digital Technology, a key camera supplier for China’s surveillance system, reported the slowest annual pace of profit growth in more than a decade amid growing headwinds in overseas markets. Net income in 2018 rose 20.5 per cent to 11.3 billion yuan (US$1.76 billion), the Hangzhou-based company said in a filing to the Shenzhen Stock Exchange on Thursday. Revenue climbed 23 per cent to 51.2 billion yuan. The company said it maintained a high level of investment into research development while continuing to develop domestic and overseas markets. Its…

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China’s Lunar New Year spending growth slows to decade low despite record US$148.96 billion sales

Sales growth in China during the seven-day Lunar New Year Holiday slowed to the lowest rate in a decade this month, questioning if the government can unleash the country’s domestic growth potential to counter the slowdown in the economy. National retail and catering revenue rose 8.5 per cent during the holiday to 1.005 trillion yuan (US$148.96 billion), the Ministry of Commerce said on Sunday. But even though the overall sales figure reached a record high, the growth rate fell from the 10.2 per cent witnessed last year to the lowest…

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How the US took more than a decade to build its case against Huawei

The United States has been investigating Huawei Technologies for possible violations of trade sanctions since at least 2007, when FBI agents questioned its founder in New York about the Chinese telecommunication equipment manufacturer’s business activities in Iran. The founder, whose name was redacted in the indictment filed on Monday in the US, was identified in the documents as “Individual-1”. He said at the time that Huawei was compliant with US export laws and did not deal directly with any Iranian company, according to the 13-count indictment unsealed in federal court…

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CK Asset plans to convert New Territories hotel into Hong Kong’s biggest housing estate of the last decade

A hotel in the New Territories will be converted into what may be the biggest private housing estate to be built in Hong Kong in the last decade, under plans submitted by CK Asset Holdings, the flagship company of retired tycoon Li Ka-shing. The conglomerate has submitted an application to redevelop its 1,100-room Harbour Plaza Resort City hotel in Tin Shui Wai into a dense housing estate comprising 5,000 flats, according to a document filed with the town planning board. It is just too exaggerated. Unfortunately, our developers only look…

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