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Hong Kong television broadcaster sets up task force to recover the bond default that pushed it into its first financial loss since 2008

Television Broadcasts Limited (TVB), Hong Kong’s dominant free-to-air terrestrial television provider, said it has set up a task force to recover US$106 million lost through two bonds investments in SMI Holdings.The investments in SMI’s secured and unsecured bonds ended in default, forcing TVB to make a HK$500 million write-off that pushed it into a 2018 loss of HK$199 million (US$25.3 million), its first financial loss since 2008, according to Bloomberg data. Without the impairment, TVB would… Source link

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China 

US-China trade war, financial transparency to spur more belt and road projects, says Standard Chartered

The ongoing US-China trade war and Beijing’s commitment to adopt internationally recognised best financial practices will lead to more infrastructure projects in countries covered by the Belt and Road Initiative, according to Standard Chartered.The global bank, which serves Chinese clients’ project financing needs in 45 markets across belt and road, expects continued growth in business this year despite earlier criticism that some projects have mired host nations in “debt traps” because of… Source link

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Hong Kong charges alleged mastermind of city’s largest financial probe in decades with conspiracy to defraud Convoy

Roy Cho Kwai-chee, the alleged mastermind in Hong Kong’s largest financial investigation in decades, has been charged with conspiracy to defraud Convoy Global Holdings by the city’s securities regulator and anti-corruption investigator.Cho allegedly conspired to defraud Convoy and its affiliates, causing more than HK$89 million (US$11.3 million) in losses. He will be brought to the Eastern Magistracy today, according to a joint notice by the Securities and Futures Commission (SFC) and the… Source link

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Singapore 

This 27-year-old financial blogger saved $100k in 3.5 years, Singapore News

“Are you married? Do you intend to have children soon?” These were the exact questions Jeraldine Phneah faced during an HR phone interview with a leading local startup last year. While the questions were not overtly offensive, it was against the Tripartite Guidelines on Fair Employment Practices. In Singapore, it is illegal to ask questions during a job interview about religion, age, race, political affiliation, and, yes, even plans to have children. Unfortunately, this experience is a regular occurrence for many women. Incidents of gender discrimination have emerged in tech…

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Hong Kong issues four more virtual bank licenses to spur innovation and disrupt bricks-and-mortar financial services

Hong Kong’s monetary authority has issued four virtual banking licenses to applicants affiliated with a trio of China’s largest technology companies as well as the city’s stock exchange, in a move to speed up disruption and innovation in one of the world’s best financially served urban centres.The four new licenses go to Ping An Insurance’s subsidiary Ping An OneConnect, Ant Financial Services’ unit Ant SME Services, a Xiaomi-AMTD Group venture called Insight Fintech HK Limited, and the… Source link

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Hong Kong’s stock indexes climb on China’s vow to further open financial sector as Mengniu Dairy cheers newly appointed chairman

Hong Kong stock indexes advanced on the Chinese government’s pledge to open up the country’s financial services sector to foreign competition, while electronic component makers rose on Apple’s better-than-expected quarterly earnings.The Hang Seng Index rebounded from early losses to close Thursday 0.8 per cent higher at a six-day high of 29,944.18, while the China Enterprises Index rose 0.1 per cent to 11,556.72, the third day of gains out of four. Turnover in Asia’s second-largest capital… Source link

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Shanghai can be made a global financial hub – if China fixes some fixable problems

American companies had high expectations when China announced in 2009 its plan to transform Shanghai into an international financial centre by 2020. It wouldn’t be easy. While centres like London, New York and Tokyo have the infrastructure and legal environment needed for traders, asset managers and global banks to execute transactions, China had a non-convertible currency, a closed internet and other characteristics inconsistent with a global trading centre.Still, there was cause for optimism… Source link

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China 

China economy faces threat from obscure financial tool that could trigger domino effect of defaults

A high-profile debt default in China has fuelled concerns over an obscure financial instrument that is growing in popularity among debt-laden companies and which could shock send waves through the industrial economy.Last week, China Minsheng Investment Group, the nation’s largest privately-owned investment group, failed to make a debt payment, which triggered US$800 million in “cross defaults”, according to a statement filed to the Hong Kong stock exchange.Michael Every, Asia-Pacific senior… Source link

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Chen Siqing named ICBC chairman as string of management changes at China’s top financial institution continues

China has named a new chief for Industrial and Commercial Bank of China, the world’s largest lender by assets, people with knowledge of the matter said.Chen Siqing, chairman of Bank of China, was appointed as party secretary of Beijing-based ICBC at an internal meeting on Monday, the people said, asking not to be identified as the matter is private.Chen is replacing Yi Huiman, who became chairman of the China Securities Regulatory Commission, the country’s top securities regulator, in January… Source link

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Singapore 

Driver arrested after car crashes through bollard, injuring 4 at Marina Bay Financial Centre, Singapore News

SINGAPORE – Four people were injured on Monday evening (April 15) after a car crashed into a metal bollard along a pavement at the Marina Bay Financial Centre (MBFC). The car’s driver, a 25-year-old man, has been arrested for causing grievous hurt by negligent act. Police said they were alerted to the accident at the junction of Central Boulevard and Marina Way at 6.08pm. Three female pedestrians and a male car passenger, aged between 35 and 46, were conscious when taken to Singapore General Hospital. Photo: Lianhe Zaobao The Singapore…

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