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China’s social e-commerce sector to more than double to US$185 billion in sales by 2021

Social e-commerce has been growing exponentially in popularity among Chinese consumers for the past three years. Its GMV, or total volume of sales, is expected to keep growing at a fast pace to reach 1.3 trillion yuan (US$185 billion) this year and more than double to reach 2.86 trillion yuan in 2021, according to a report released by China Internet Watch (CIW).The sector saw its sudden surge two years ago when GMV grew 255.8 per cent to reach 626.85 billion yuan, up from 176.20 billion yuan a… Source link

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China 

Chinese petrochemical firm set to double capacity of Louisiana methanol plant under construction

Chinese petrochemical firm Shandong Yuhuang Chemical is planning to double the capacity of a US$1.9 billion methanol plant currently under construction in St James Parish, Louisiana, despite a full-fledged trade war between the two countries.“We are definitely considering building a second phase,” said Charlie Yao, president and chief executive of YCI Methanol One, the US subsidiary of Shandong Yuhuang, on the sidelines of an investment conference in Washington earlier this month.“The project… Source link

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Hyatt Hotels shrugs of trade war, lays out plan to double its Greater China presence

Hyatt Hotels Corp, one of the world’s largest luxury hospitality companies, plans to double its capacity in Greater China within the next four years, according to the head of the company’s Asia-Pacific operations.David Udell, president Asia-Pacific, Hyatt Hotels, said that the company’s strategy would focus on both domestic and overseas visitors, citing statistics from China’s newly formed Ministry of Culture and Tourism.The ministry announced that domestic travel within China had grown to 5.54… Source link

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Ecommerce 

Alibaba’s online mall chief wants to double sales in three years by selling more American cherries and Australian baby formula

One of Jack Ma’s closest lieutenants just laid down a plethora of ambitious goals for Alibaba Group.Jiang Fan, who runs the company’s two biggest e-commerce businesses, wants to double transaction volumes on its Tmall service in three years. Alibaba does not disclose dealings over the platform, which helps brands and companies sell goods to 600 million-plus buyers, but it is one of the single largest online retailers in China’s US$1 trillion e-commerce arena.China’s largest company, which also… Source link

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Chinese electric vehicle maker Nio scraps Shanghai factory plan after losses double to US$1.4 billion

Chinese electric vehicle start-up Nio cancelled a plan to build its second factory in Shanghai after reporting a full year 92 per cent year-on-year increase in net losses to US$1.4 billion.The US-listed Nio has partnered with Chinese state-owned carmaker JAC Motors to produce its ES8 electric model since 2016. The company said on Tuesday that the decision would allow Nio to focus on the joint manufacturing model in the long term, which was in line with the government’s new policy issued last… Source link

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Double double happiness? Canada’s Tim Hortons opens first China cafe, as diplomatic row brews between Ottawa and Beijing

Tim Hortons has arrived in China, joining the high-stakes battle to sell coffee in a massive country that mostly drinks tea.The Canadian coffee-and-doughnut chain, run by Burger King-owner Restaurant Brands International Inc, plans to focus on “everyday value” as it muscles up against the ambitious plans of local and foreign players such as Starbucks Corp.So Tim Hortons finally opened in Shanghai, China…. quite different eh? pic.twitter.com/Mw1i633xiy— XQ (@MissXQ) February 26, 2019In Canada,… Source link

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Vietnam 

Credit limit to double for the poor – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Agribank will apply a consumer lending package of about VNĐ5 trillion with quick procedures and documents for poor borrowers. — Photo Agribank Viet Nam News HÀ NỘI — The Government will double the credit limit for poor people seeking loans without collateral, as part of efforts to reduce poverty and prevent loan sharks. Under a new decision, which will take effect from March 1 this year, poor households will be allowed to borrow a maximum of VNĐ100 million (US$4,300) instead of VNĐ50 million as before, for up to…

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Singapore 

MAS to double individual limit on Singapore Savings Bonds, allow purchases via SRS funds, Singapore News

The Monetary Authority of Singapore (MAS) will double the individual limit for holding Singapore Savings Bonds (SSB) and allow investors to buy the instruments using their Supplementary Retirement Scheme (SRS) funds, the financial sector agency announced on Monday. The maximum amount of SSB that an individual can hold will be raised to S$200,000 from the current S$100,000, MAS said. Both changes will take effect from Feb 1, 2019. The SSB programme has garnered about S$3.7 billion of investments from close to 100,000 individual investors since its launch in October 2015, MAS…

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It’s ‘Luckin’ good as Chinese Starbucks challenger sees valuation double with another US$200 million

Chinese coffee chain operator Luckin Coffee has raised US$200 million in its latest funding round, doubling the valuation of the Starbucks challenger in just five months. The B round of fundraising was led by its existing investors including Singapore sovereign wealth fund GIC, China International Capital Corporation, Joy Capital and Centrium Capital, the company said in a statement on Wednesday. The latest investment follows a July A round when Luckin raised US$200 million at a valuation of US$1 billion, bringing the Xiamen-based start-up unicorn status in the six months since…

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Hong Kong remains vigilant against risks of virtual assets even as fintech investments more than double, financial minister says

Investment in Hong Kong’s fintech industry more than doubled last year to US$550 million, far surpassing Singapore, a testament to the joint efforts of successive governments and regulators to promote the sector, according to Hong Kong financial secretary Paul Chan Mo-po. The Greater Bay Area will inject new momentum and provide a bigger market for Hong Kong’s fintech development, while the opening of the high-speed rail link and the Hong Kong-Zhuhai-Macau Bridge will foster closer collaboration between the region’s cities and create more convenience, Chan said in a speech at…

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