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Uber CEO acknowledges self-inflicted wounds as company reveals strong growth, huge losses ahead of listing

Uber is providing a look into its business in the lead-up to its hotly anticipated debut on the stock market, revealing strong growth but an ongoing struggle to overcome huge losses and repair its reputation.Documents released overnight on Thursday offered the most detailed view of the world’s largest ride-hailing service yet. The massive filing shows Uber has been generating the robust revenue growth that entices investors, but also racked up about US$8 billion in losses over its 10 years in… Source link

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China stocks post modest gains as market takes breather after huge two-day rally

Bears and bulls were locked in a tight battle in China’s stock markets on Tuesday following a huge, two-day rally on Friday and Monday.In mainland China, the Shanghai Composite Index swung between gains and losses before ending the day 0.2 per cent higher at 3,176.82. the gauge failed to breach the 3,200 level, but trading volume surged above 1 trillion yuan (US$145 billion) for a second straight day.In Hong Kong, early gains by the Hang Seng Index – a result of an overnight rally in US stocks … Source link

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Vietnam 

Vietjet unveils huge promotion, offers free tickets – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A Vietjet aircraft. — VNS Photo Viet Nam News HCM CITY — Vietjet Air will launch a promotion on Wednesday offering 1.1 million super saver tickets priced at zero đồng on its website. They will be available from noon to 2pm from Wednesday to Friday on all domestic routes for travel between June 4 and December 31. The promotion is aimed at celebrating its newest routes from Cần Thơ to Nha Trang, Đà Lạt, Hải Phòng, Vinh, and Thanh Hóa, the budget carrier said. With these…

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Joint ventures the only way out for developers eyeing huge commercial site atop high-speed rail terminus worth US$14 billion

Even the wealthiest of Hong Kong developers do not have enough cash to bid individually for a prime commercial site atop the high speed rail terminus in Kowloon that is likely to fetch about HK$110 billion (US$14 billion), which will compel them to form consortiums to spread the risk of developing such a huge project, say market watchers.The government is determined to sell the 632,917 square foot plot, expected to yield a total gross floor area of 3.16 million sq ft, as a whole. It is also… Source link

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China’s tech economy faces huge risks if basic science research ignored, warns Tencent founder Pony Ma

Chinese technology tycoon Pony Ma Huateng, the founder and chief executive of internet giant Tencent Holdings, emphasised the importance of basic science to establish a solid foundation in technology, warning of the huge risks faced by the country’s tech development if it is ignored.“Our achievements are like tall buildings built on the beaches. If the foundations [of basic science research] are not solid, the future risks are very high,” Ma said in an interview with China’s state-run CCTV… Source link

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Vietnam 

Huge investment to touch down in Đà Nẵng – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News ĐÀ NẴNG — The central city aims to accelerate economic growth from 7.68 per cent to 12 per cent, while more drastic measures and administrative reforms are needed to turn the city into an as a destination to investment and tourism. The city’s Party Secretary, Trương Quang Nghĩa, spoke at the Spring Dialogue 2019 on Friday, stating that this year will be a benchmark for the socio-economic Master Plan in 2030. Despite the existence of 27,000 businesses with total investment of VNĐ193 trillion (US$8.5…

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Vietnam 

Đồng Nai witnesses huge hike in two-month FDI – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News ĐỒNG NAI — The flow of foreign direct investment (FDI) money into the southern province of Đồng Nai reached US$186.4 million in the first two months of this year, three times higher than in the same period last year. Of that amount, $149 million came from 15 newly licensed projects while the remaining $37.4 million was added to nine existing projects, the provincial Department of Planning and Investment said. The projects are in the fields of high technology and supporting industries, including some environmentally friendly projects. …

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Banks earn huge services profits – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – Many banks have seen their service earnings accelerate, buoyed by increasing investment for the business segment and rising market demands. Financial statements recently released reveal the total net profit from service activities of 14 listed banks with total assets of more than VNĐ100 trillion (US$4.27 billion) last year rose by 21 per cent compared to the previous year to VNĐ24.6 trillion (US$1.05 billion). In the group of large-sized banks, three State-owned banks –Vietcombank, VietinBank and BIDV – led the way in terms of earning profits…

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Vietnam 

No huge pressure on exchange in 2019: forecast – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Experts have forecast minimal pressure on exchange rates in 2019, with little chance of significant volatility. According to a recent report by SSI Securities Corporation, the continued devaluation of Chinese yuan could pressure the Vietnamese đồng. However, after overcoming the most difficult period – beginning of the US-China trade war, market members and management agencies are now prepared. The company predicted the volatility of the US dollar against Vietnamese đồng would be the same as 2018 with little chance for sudden…

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Garment and textile sector expect huge challenge – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The garment and textile sector was forecast to suffer the most from goods origin regulations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Bùi Kim Thùy, the country representative for Việt Nam at the US–ASEAN Business Council. The CPTPP, which took effect in Việt Nam earlier this week, is expected to bring huge opportunities and also challenges to Việt Nam. However, materials for the garment and textile sector may still prove a headache. “Everyone said with the CPTPP, the…

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