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Chinese AI firms hunker down as reports indicate they are next on US export hit list

iFlytek executive Hu Yu may have spoken too soon when he made a positive comparison of his company to Huawei Technologies during a new product launch in Shanghai earlier this week. The president of the Chinese voice recognition leader boasted on stage that it had a lot in common with Huawei, the global telecoms leader that is considered a national security threat by the US. “Huawei and iFlytek are very similar in DNA. Both are the kind of companies persistent enough to take 10 years to… Source link

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China 

Trade war to hit high-end US fashion brands dependent on specialised Chinese manufacturing

High-end US fashion brands have become more reliant on China for manufacturing, making them more vulnerable to an increase in trade war tariffs, a new study shows.While imports of basic apparel items such as T-shirts and underwear can easily be shifted to lower-cost production hubs such as Vietnam, Cambodia or Bangladesh, China has become so specialised in the manufacturing of higher-value goods such as accessories and coats, that US brands may be forced to stomach the tariff hike.Research from… Source link

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China 

Taiwan helps technology firms pivot production towards Southeast Asia as US tariffs hit mainland

Taiwan, home to many of the world’s leading electronics producers, is helping its manufacturers to expand beyond mainland China as increased US tariffs threaten the global technology supply chain.US President Donald Trump’s decision to increase tariffs on US$200 billion of mainland Chinese imports last week will have convinced any undecided Taiwanese companies of the need to shift some production away from the mainland, Kung Ming-hsin, Taiwanese minister-without-portfolio in charge of economic… Source link

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Property 

Shenzhen home sales rose 66 per cent, hit 30-month high, according to April data

Shenzhen home sales touched a record high in April amid falling mortgage rates, population influx and a cyclical upturn in sentiment, according to official data.But industry analysts and agents were quick to point out the surge in April reflected mostly an increase in March and early April, when buyers returned to the market with an upbeat outlook and pushed up sales volumes. This is because of a lag between actual sales and official registration.According to data from the official Shenzhen… Source link

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Few takers for flats priced above HK$10 million at Centra Horizon in Tai Po as buyers’ confidence takes a hit

Investors’ appetite for new flats priced above HK$10 million (US$1.27 million) is showing signs of waning as they are hesitating to dig deeper into their pockets for large units, fearing a prolonged US-China trade war could hurt economic outlook.As of 5pm on Monday, developer Billion Development and Project Management only managed to sell 160 out of 307 units on offer at its Centra Horizon project in Pak Shek Kok, Tai Po, according to agents. Most of the units sold were priced below HK$6… Source link

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Singapore 

Mother pleads guilty to slapping 23-month-old son who fell and hit head, resulting in cerebral palsy, Singapore News

SINGAPORE – A mother who was frustrated with her 23-month-old son slapped him so hard that he fell over and hit his head on a metal table leg. This caused the boy to be so severely injured that he would from now on need help with his daily living needs. On Friday (May 10), the 27-year-old mother pleaded guilty to three charges of child abuse. She cannot be named to protect the identity of the child. The court heard the victim was the second of the woman’s three sons. The…

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Vietnam 

VN stocks plummet, insurance stocks hit hard – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Vietnamese stock market was hit strongly in Monday morning’s trade as financial stocks, especially insurers, suffered from profit-taking pressure. — Photo tinnhanhchungkhoan.vn Vietnamese shares tumbled on Monday morning, dragged by financial stocks. The benchmark VN-Index on the Ho Chi Minh Stock Exchange dipped 1.34 per cent to close at 961.09 points. The VN-Index fell total 0.56 per cent last week. More than 86.7 million shares were traded on the southern bourse, worth VND1.7 trillion (US$73.4 million). Market trading condition was negative with 234 declining stocks versus 55 gainers.…

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Corporate China hit by worst earnings on record in 2018, as trade war bites

This is the worst annual earnings season ever for China’s corporate sector, with a record 452 out of 3,602 public companies incurring annual losses, as the effects of the year-long US-China trade war seep into corporate earnings.By the end of April, the number of loss-making companies had doubled from 2017, while the proportion of such companies also hit an all-time high of 12.5 per cent, according to data provider Wind. The combined net profit of companies listed on the Shanghai and Shenzhen… Source link

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Singapore 

230 Zhenghua Primary students hit by food poisoning, Singapore News

In a third incident of food poisoning this month, 230 pupils from Zhenghua Primary School suffered from gastroenteritis last Wednesday and Thursday. In a joint statement yesterday, the Ministry of Health and the Singapore Food Agency said the case is currently under investigation. They added: “As part of the investigation, a joint inspection of the school canteen was conducted on 17 April 2019. Sixteen food handlers were sent for stool screening. “Food and environmental swabs were also taken for laboratory analysis.” Of the 230 pupils, two were hospitalised but have…

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Asian investment in property within region hit record high last year, to rise another 10pc in 2019, Colliers International says

Asian investment in property within the region rose 10 per cent to US$98 billion – a record high – last year, property consultancy Colliers International said on Thursday. It is expected to record double-digit growth in 2019 as well.Asian investment in property within Asia was almost double that of Asian investment in property globally in 2018, Colliers said in a report, and is forecast to rise by another 10 per cent this year to US$108 billion. Investment in property beyond Asia actually fell… Source link

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