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‘Chinese pig’ remark lands UBS in trouble as state firm excludes Swiss bank from bond sale

One of China’s biggest state-owned infrastructure companies excluded UBS Group from a bond deal after the bank’s global chief economist sparked a furore with his use of the phrase “Chinese pig”.China Railway Construction Corp decided against hiring UBS as a joint global coordinator on a dollar-bond sale, a CRCC spokesman said. The decision was prompted by last week’s pig remark, sources said earlier. UBS declined to comment.CRCC is the first known corporate issuer to distance itself from UBS… Source link

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Vietnam 

Aquatic firm sets to withdraw from two sub units – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Fish is processed by workers at Hùng Vương Corporation. — Photo tinnhanhchungkhoan.vn HÀ NỘI — Aquatic producer and exporter Hùng Vương Corporation plans to sell its stake in two smaller seafood processing firms. Hùng Vương wants to sell its 90 per cent stake in Hùng Vương Bến Tre Seafood Processing Co Ltd, worth VNĐ180 billion (US$7.74 million). In addition, the firm plans to cut its ownership in An Giang Fisheries Import and Export JSC to below 50 per cent from nearly 80 per cent. Hùng Vương holds more than…

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Squeezed by trade war, Chinese co-working firm Atlas pivots to ‘Greater Bay Area’, offers rent-free periods to Hong Kong businesses

Guangzhou-based co-working space provider Atlas wants Hong Kong companies to set up shop in a three-storey facility it is opening in Shenzhen’s Futian business district in July – and is offering a three-month rent-free periods as well as discounts to sweeten the deal.Founded by Ron Chen Sze Long, the son of Chen Zhuo Lin, chairman of mainland Chinese property company Agile Property, Atlas is looking to offset a drop in leasing demand amid an escalating trade war between the United States and… Source link

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Singapore 

Missing lawyer Jeffrey Ong, linked to $33m case involving Allied Tech, arrested and charged with cheating another firm, Singapore News

SINGAPORE – Managing partner of JLC Advisors law firm, Jeffrey Ong Su Aun, who is allegedly linked to missing monies totalling more than $33 million, has been arrested and is now facing a cheating charge. The 41-year-old Singaporean lawyer was caught in Malaysia and was taken back to Singapore on May 30. He was charged with one count of cheating on June 1 in a Singapore district court. On Feb 19, Ong allegedly deceived CCJ Investments into believing that Suite Development had entered into a loan agreement with it. He…

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Vietnam 

Japanese firm acquires 17 per cent of Fecon – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Raito Kogyo Group from Japan has become a strategic partner of Fecon Corporation (FCN) after buying 19.5 million shares, equal to a 17.13 per cent stake.—  Photo baodautu.vn HÀ NỘI — Raito Kogyo Group from Japan has become a strategic partner of Fecon Corporation (FCN) after buying 19.5 million shares, equal to a 17.13 per cent stake. The shares were converted from two lots of convertible bonds that Raito Kogyo had bought from the Japan South East Asia Growth Fund (JSEAG), a member of the Development Bank of Japan (DBJ). JSEAG bought the convertible…

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Vietnam 

Ceramic firm shares jump on HoSE debut – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Giant ceramic and tile producer Viglacera on Wednesday started trading its 448.35 million shares on the Hồ Chí Minh Stock Exchange, two weeks after it cancelled its listing on the Hà Nội market. — Photo cafef.vn HCM CITY — Việt Nam’s largest ceramics and tile producer Viglacera Corporation (Viglacera) debuted on the Hồ Chí Minh Stock Exchange (HoSE) on Wednesday. The company started trading its 448.35 million shares on the HoSE at an initial price of VNĐ19,900 (US$0.86) per share, valuing the business at VNĐ8.92 trillion ($383.6 million). The…

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China 

Just add H²0 to go? Chinese firm claims its hydrogen-powered car can travel 500km fuelled by water

A car company based in central China claimed it has built a hydrogen-powered vehicle that could travel up to 500 kilometres powered only by water.The prototype made by Qingnian Cars in Nanyang, a city in Henan province, made its maiden journey on Wednesday when local Communist Party chiefs visited the plant, according to the Nanyang Daily newspaper.The vehicle is not known to have been tested over longer distances, but Pang Qingnian, chief executive of the company, told Securities Times that it… Source link

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Vietnam 

Trường Thành Furniture to acquire ceramics firm to raise capital – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  HÀ NỘI — Trường Thành Furniture Corporation (HoSE: TTF) would acquire Thiên Thanh Sanitaryware JSC on Tuesday to avoid the risk of cumulative losses outpacing charter capital, cafef.vn reported. After the merger, Trường Thành Furniture will take over the business activities of Thiên Thanh Sanitaryware JSC. The acquisition was approved at the former’s extraordinary shareholder meeting in late October 2018. At another extraordinary shareholder meeting the following month, shareholders in Trường Thành approved a plan to issue 96.6 million shares to swap for Thiên Thanh shares at a rate of 8.21 to 1.…

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Funeral firm Fu Shou Yuan takes up Xi’s call for ‘shared future of mankind’, wants to service Belt and Road countries too

They make your clothes, your smartphones, your electronics and your cars, among other numerous items of daily use. And now a Chinese company wants to handle your funeral too.One of the latest companies to answer Chinese President Xi Jinping’s call to build a “shared future for mankind” is Fu Shou Yuan, the country’s biggest funeral services provider.“President Xi said it was a target for China to build ‘a community with a shared future for mankind’. We think the service by our company provides… Source link

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Chinese MSCI constituent firm Kangmei Pharmaceutical faces 600,000 yuan fine for misstating cash position by 29.9bn yuan

Listed Chinese company and MSCI global index constituent Kangmei Pharmaceutical is facing a 600,000 yuan (US$86,775) fine for falsifying its cash position by as much as 29.9 billion yuan, top watchdog Chinese Securities Regulatory Commission said on Friday.According to the commission, the company used fraudulent bank documents to inflate its cash deposits and falsified business certificates to inflate its income between 2016 and 2018, leading to “major” falsifications in its financial reports… Source link

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