China 

Shenzhen takes economic top spot – again – but Hong Kong is more liveable, study finds

Shenzhen was the most economically competitive city in China in 2018 for a fifth consecutive year but Hong Kong leads the pack in living environment, business environment and development sustainability, according to an annual ranking by a Beijing-based think tank.Shenzhen overtook Hong Kong as the most economically competitive Chinese city in the rankings for 2014 and has held on to the top spot since, with Hong Kong second.The list is compiled by the National Academy of Economic Strategy at… Source link

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Singapore 

Second chance at life: Singaporean finds liver donor after son posts appeal on social media, Singapore News

SINGAPORE – When his father’s chronic hepatitis B infection took a turn for the worse last month, Mr Leslie Tan decided to post an appeal for a liver donor on social media. He and his family were not sure if they could find any donors through the Facebook post. But within days, a 36-year-old stranger, Mr Lin Hanwei, offered his father a new lease of life. Mr Tan, 24, who is a student at Nanyang Technological University, told The Straits Times that it was “pure luck and coincidence” that Mr…

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Property 

China takes top spot for private equity property investment in Asia in Q1, while Hong Kong finds itself in dogfight with India

Global private equity funds – the most agile investor in the cross-border real estate world – poured US$5.1 billion into China and Hong Kong property in the first quarter of this year, making the spots the top and third most favoured destinations respectively in Asia, according to Knight Frank.China absorbed US$3.6 billion of private equity capital in the first quarter while Hong Kong took in US$1.53 billion. By comparison, $1.56 billion went to second-placed India and $1.3 billion to Japan,… Source link

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Home 

Hang Seng Index drops by the most in five weeks as Hong Kong’s biggest protest rally in decades finds city on edge

Hong Kong stocks fell by the most in five weeks, as traders pocketed their profits from a recent run-up in prices after the city’s police fired tear gas on demonstrators protesting a controversial extradition proposal.The Hang Seng Index fell 1.7 per cent to 27,308.46, its biggest daily decline since a 2.4 per cent plunge on May 9 amid escalating tensions between the United States and China over trade.“The main issue the market is facing is still the Sino-US trade tussle. We have not seen the… Source link

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Home 

1MDB scandal fallout driving up regulatory costs for financial institutions in Asean, report finds

Compliance costs are on the rise in Southeast Asia as financial institutions and regulators continue to grapple with the fallout of 1Malaysia Development Berhad (1MDB) scandal, according to a report by global analytics provider LexisNexis Risk Solutions.Financial executives in Asean expect their costs to meet global anti-money-laundering (AML) and sanctions regulations to increase by as much as 9 per cent this year, according to the True Cost of AML Compliance report.That is on top of increases… Source link

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Singapore 

HIV data leak: US jury finds Mikhy Farrera-Brochez guilty of intending to extort Singapore govt, Singapore News

LEXINGTON, Kentucky – American fraudster Mikhy Farrera-Brochez was found guilty of all three charges against him relating to stolen identification documents from Singapore by a jury in Kentucky on Tuesday (June 4). The verdict, reached at the end of a 1 ½ day trial, means he is likely to get a jail term of between 18 and 24 months, his lawyer Adele Burt Brown told reporters. The 34-year-old was convicted of intending to extort the Singapore government in two e-mails he sent on Jan 22 and Feb 18 this year,…

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Home 

Hong Kong Bankers Club finds new home in Nexxus Building, to stay in Central

The Hong Kong Bankers Club, a hub for the city’s top bankers and financial professionals, will move to Nexxus Building on 41, Connaught Road in Hong Kong’s Central district, in October 2020, according to a letter sent to its members on Friday seen by the South China Morning Post.The 42-year-old club has hosted many dignitaries, including members of Hong Kong’s various regulatory authorities such the Hong Kong Monetary Authority and the Securities and Futures Commission. It also has individual… Source link

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Home 

US-China trade war hurting American companies in China as tariffs cut into demand, survey finds

Three-quarters of US companies operating in China said the escalating trade war between Washington and Beijing was hurting their business, according to a new survey by the American Chamber of Commerce in China and its sister organisation in Shanghai.More than half of respondents said that higher tariffs imposed by both countries were cutting into demand for their products and 42 per cent said they were experiencing higher manufacturing costs. Of those surveyed, 38 per cent said they were seeing… Source link

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Singapore 

FairPrice investigating after customer finds numerous bugs in packet of white fungus, Singapore News

When groceries that Stomp contributor Justin ordered from NTUC FairPrice arrived at his home, he discovered numerous bugs in a packet of white fungus. The Pasar Dried White Fungus cost $1.85 and was part of an online order made on May 10. It was delivered on May 11. The product had a packing date of March 27, 2019. Justin told Stomp: “Dozens of bugs could be seen inside and some were even alive. “Look at the brown little dots in the pictures. It’s utterly disgusting.” In response to a Stomp…

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Property 

Wheelock gets second time lucky, finds buyer for house in Asia’s priciest address after offering extra sweeteners

The developers of Mount Nicholson, Asia’s priciest address, have found a new buyer for a 7,978 square feet villa, four months after the previous buyer reneged on a deal.On Monday, Wheelock Properties sold House 16 at the ultra exclusive development on The Peak for HK$720 million (US$91.74 million), or HK$90,248 per square foot. It was also HK$1.88 million, or 0.3 per cent, cheaper than the cancelled sale.Wheelock did not identify the buyer.The new deal allows for the transaction to be completed… Source link

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