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Geely sees speed bumps ahead as its car sales and earnings sputter while China’s economic engine loses power

Geely Automobile Holdings, whose founder Li Shufu is the largest single shareholder of Daimler, said sales of its portfolio of brands including Lynk and Volvo are likely to remain flat this year in China, as economic growth slows down in the world’s largest vehicle market.The Zhejiang-based carmaker sold 44 per cent fewer vehicles in December, causing Geely to miss its 2018 sales target by 5 per cent.Car sales in China sputtered last year, as three decades of double-digit percentage growth… Source link

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Why the yuan will rise, even though China faces a ‘tough economic battle’ in 2019

Lowering the goal for growth in China’s economy earlier this month, Premier Li Keqiang warned of a “tough economic battle ahead”. Only last week, figures showed that Chinese industrial output for the first two months of 2019 hit a 17-year low. It would be easy for investors to be downbeat on China and the yuan, but that might be a costly error. Admittedly, the timing of the Lunar New Year holiday is likely to have distorted the industrial output data, yet it is undeniable that China’s economy… Source link

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China 

Asia’s exports slump to deepen as global economic slowdown hits regional powerhouses

Asia’s exports slump is expected to deepen, with analysts saying regional trade is heading for its lowest point since 2015. Amid a slowdown in global demand, Asian exports will continue to decline until at least April, according to an index compiled by Nomura Bank. The index combines eight economic elements to predict exports three months in advance for China, Hong Kong, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand and it shows a rocky road ahead. … Source link

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Telecom, Ping An Insurance shares rise in Hong Kong; China stocks mixed on data showing continuing economic weakness

Hong Kong shares were flat while mainland benchmarks were mixed, as China released data showing continuing weakness in the economy, with industrial output slowing to its lowest level in a decade.The Shanghai Composite Index was down about 0.52 per cent at 11.43 am HK time, while the CSI 300, which tracks blue chips listed on the Shanghai and Shenzhen bourses, posted teensy gains. Hong Kong’s Hang Seng was up within the first hour of trading, by 0.2 per cent, but ticked lower at 11:43am by 0.16… Source link

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Global 

China’s private companies making a pig’s ear out of paying their bills as economic slowdown bites

Few companies are more symbolic of the horrible year experienced by China’s private sector in 2018 than Chuying Agro-Pastoral Group.The pig breeder from Henan, a province in Central China’s Yellow River Valley, defaulted on a bond worth a total of 1.5 billion yuan (US$223 billion) last year. It then made headlines in China in November when it offered to repay holders of debt it had defaulted on with ham or pork products.To compound matters, large numbers of its livestock starved to death, with… Source link

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China 

China has the largest number of property billionaires, as decades of economic growth fuelled urbanisation and demand for a roof over every head

China has the world’s largest community of property tycoons, as a generation of developers grew wealthy over three decades of rapid economic growth, which fuelled the aspiration to have a roof over every head.The second-largest economy had 108 dollar-denominated billionaires, out of 239 around the world, according to the 2019 Hurun Global Real Estate Rich List. The United States, with an economy that’s one and half times larger, has 26 real estate billionaires, while the UK has 17, and Hong… Source link

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Hong Kong and China stocks tread lower as investors worry over economic outlook

Hong Kong and China stocks edged lower in early trading on Wednesday as uncertainties over the mainland’s economic outlook resurfaced.The benchmark Hang Seng Index fell 150 points, or 0.5 per cent, to 28,771.56, after rising 400 points gain in the previous session.The Shanghai Composite Index was marginally lower, losing 2.35 points, or 0.08 per cent to 3,057.96. As of Tuesday the index had gained about 23 per cent thus far this year, making it the world’s best performing equity gauge this year… Source link

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Vietnam 

Conference discusses measures to create breakthrough in economic growth – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — Capitalising on the advantages and opportunities brought by economic integration to achieve a breakthrough in economic development and promote the business community and institutional reform will be Việt Nam’s focus in the near future, according to the Ministry of Planning and Investment. Speaking at the Vietnam Economic Conference on the theme “Breakthrough Opportunity for Business Growth” in HCM City yesterday, Deputy Minister Nguyễn Văn Hiếu said Việt Nam has become a member of most global multilateral financial organisations, signed more than 60…

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China vehicles sales falls for eighth straight month in February, damping hopes of economic upturn

China’s vehicles sales fell for the eighth straight month in February, a further decline that could dampen Beijing’s plan to bank on the industry to bolster consumption to stabilise the country’s slowing growth.Sales for all vehicle fell 13.8 per cent in February compared with the same period in 2018, the China Association of Automobile Manufacturers (CAAM) said on Monday.The world’s second-largest economy and biggest car market sold 1.48 million vehicles in February, with CAAM suggesting that… Source link

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China’s stocks stabilise after falling most in five months as traders await key economic data

China’s stocks stabilised after the biggest plunge in five months, as traders weighed the sustainability of the rally and await more economic data that gives an idea on the performance of the world’s second-largest economy.The Shanghai Composite Index rose 1.3 per cent, or 38.61 points, to 3,008.47 on Monday. It tumbled 4.4 per cent the most since October on Friday after brokerages, including Citic Securities, said investors should sell some stocks with the biggest gains this year.Hong Kong’s… Source link

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