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Hong Kong, China stocks fall as dramatic slump in US retail sales hits markets

Hong Kong and China stocks got off to a poor start on Friday after a dramatic fall in US retail sales, and a resurfacing of scepticism over a possible trade deal being reached dragged markets down. The Hang Seng Index, Hong Kong’s benchmark, slumped by more than 300 points within a quarter of an hour of the market opening before clawing back some ground to trade 0.81 per cent, or 230.84 points, lower at 28,201.21. In mainland China the CSI 300, which tracks blue chips listed in Shenzhen and Shanghai,…

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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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As Foxconn changes US manufacturing plans, job promises fall short

It has been 18 months since Foxconn Technology Group, the world’s largest electronics contract manufacturer, announced to great fanfare that it was building a US$10 billion factory to make television screens on farmland in southeastern Wisconsin in the United States. The plan was as big as it was audacious: Fuelled with billions in taxpayers subsidies, the Taiwanese company, formally known as Hon Hai Precision Industry, would build a 22 million square-foot campus, filled with 13,000 highly paid workers. In the process, it would transform the sleepy village of Mount Pleasant,…

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Singapore 

MOH, AVA investigating after 14 children fall ill following lunch at Toa Payoh Sparkletots, Singapore News

SINGAPORE – A Friday (Feb 1) lunch at a Toa Payoh pre-school left 14 children vomiting and having diarrhoea. On Sunday, a spokesman from the Agri-Food and Veterinary Authority of Singapore (AVA) said the AVA and the Ministry of Health (MOH) are investigating an outbreak of gastroenteritis at the pre-school. The spokesman added that as of Saturday, 14 of the cases were reported to have developed symptoms of gastroenteritis. A spokesman for the PAP Community Foundation (PCF), which manages the Sparkletots pre-school at Toa Payoh West, said that about 40…

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Hong Kong bankers and brokers see their bonuses fall by a fifth after dismal year for stock markets

If Hong Kong’s bankers and stockbrokers were hoping to bring home some extra bacon as the Year of the Pig got under way, they may have been disappointed. According to industry experts, they received smaller bonuses than usual thanks to the dismal performance of the stock market in 2018. Chinese companies traditionally dish out their bonuses before or at the beginning of the Lunar New Year, which this year falls on February 5. The bonuses paid to many bankers heading into the Year of the Pig was down by about…

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Vietnam 

‘Kingdom of Garlic’ faces challenges as prices fall – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News LÝ SƠN — The mass trade of imitation products and a lack of Geographical Indication (GI) are seen as major reasons behind falling prices for Lý Sơn garlic, the product known as the ‘King of Garlic.’ Vice Chairwoman of the Lý Sơn District people’s committee Phạm Thị Hương said the market connection between the island and mainland remained poor. Hương said one kilogramme of garlic on the island was now being sold for just VNĐ25,000 (US$1.10) to VNĐ30,000 ($1.30), while more than 100 tonnes…

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China 

China’s smartphone shipments fall to pre-2014 level as economic slowdown bites, says report

China’s economic slowdown and consumers pulling back on spending have taken a toll on its smartphone industry, with shipments to the world’s largest phone market retreating to the level before 2014, according to an industry report from research firm Canalys. Global smartphone makers shipped about 396 million phones to mainland China last year, down 14 per cent from the previous year’s 459 million units, according to the report. The decline, which Canalys described as “the most dramatic in history”, brought the annual shipment figure down to the period before 2014,…

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Credit Suisse predicts steep fall in global smartphone output as demand and China economy slow

Global smartphone production in the first quarter of this year is expected to drop 19 per cent as major handset makers feel the effects of softer demand and weak consumer sentiment in China, according to a technology research report from Credit Suisse. Production volumes are expected to slow at Apple, Samsung and Chinese smartphone makers and “the bottom is not yet in sight,” according to Credit Suisse analysts, who revised down a previous forecast for a drop of 14 per cent to 19 per cent. Output of Apple Inc.’s iPhones…

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Hong Kong, China stocks fall on new Huawei arrest and ahead of trade data

Hong Kong and China stocks dropped in early Monday trading, as traders cautiously awaited a spate of trade and economic data from China and weighed the arrest of a Huawei sales director on spying charges in Poland. The Hang Seng Index declined 1.3 per cent, or 346.12 points, to 26,321.15 as of 9.59am, after it recorded its biggest weekly gain since early November last week. The Shanghai Composite Index dropped 0.3 per cent, or 8.13 points, to 2,545.7. Huawei fires Chinese sales director arrested in Poland on spying charges, says…

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Carmakers rise after China vows to boost spending on autos as car sales fall for the first time in more than 20 years

Mainland Chinese carmakers got a shot in the arm on Wednesday, as their shares surged after the national economic planning agency said it would make plans to bolster domestic spending on autos. But whether the rally is sustainable remains to be seen, with incentive details yet to be unveiled. Shares of auto companies including Great Wall Motor and Geely Automobile Holdings traded in Hong Kong jumped, buoyed by talks that policies to boost car consumption were in the works, as woeful sales in December dimmed the outlook for the auto…

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