Huawei founder predicts limited impact from Trump decision to allow sales of some US tech products to the company

US President Donald Trump’s move to relax a US trade ban on Huawei Technologies will not have much impact as the company will concentrate on its own business, according to its founder and chief executive Ren Zhengfei.“President Trump’s statements are good for American companies. Huawei is also willing to continue to buy products from American companies,” Ren said in a statement, according to a Financial Times report.“But we don’t see much impact on what we are currently doing. We will still… Source link

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Asia, impact investing to gain as US$15 trillion change hands among world’s wealthiest families over next decade

Asia and impact investing look to gain as wealth is transferred between generations among the world’s wealthiest families over the next decade.As much as US$15.4 trillion will be passed down from one generation to the next until 2030, according to Global wealth researcher Wealth-X. The company looked at people holding US$5 million in assets or more, which amounted to 2.6 million people collectively holding US$57 trillion in assets.The biggest transfers are expected to take place in Europe and… Source link

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Global 

China’s migrant workers worried by dwindling jobs, low pay, as US trade war impact runs deep

On a normal Wednesday afternoon, a migrant worker in his mid-20s from Hubei province is deciding which shirt to buy from a budget shop next to a large electronics factories in Dongguan, one of China’s most prosperous manufacturing cities located in the southern province of Guangdong.Li Zhong opts for a white shirt costing 79 yuan (US$11.5), changing out of the brown T-shirt he arrived in at the shop, with the hope that his new purchase will make him stand out from the crowd during his interview… Source link

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Shipping experts are ‘highly worried’ about rising military tensions in the Strait of Hormuz, surging rates, and the impact on energy-dependent Asia

The cost of chartering very large oil tankers to sail through the Strait of Hormuz in the Persian Gulf may rise by as much as a third, as shipowners and charterers pass on rising insurance and fuel costs following recent tanker attacks that threaten a vital artery for global energy supplies, according to experts.Tim Huxley, director of Mandarin Shipping, said charter rates for supertankers, could go up by as much as US$10,000 per day, lifting the current benchmark for very large crude carriers … Source link

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CK Asset says impact of protests on Hong Kong’s property market will be minimal, but trade war remains a long-term worry

The massive street protests triggered by the extradition bill will not have as big an impact on the city’s property market as the US-China trade war, according to a top executive of CK Asset Holdings, Hong Kong’s second largest developer.“There were only 20 days for consultation, which was obviously not enough,” said executive director Justin Chiu Kwok-hung on Tuesday, becoming the first major developer to publicly comment on the political issue that galvanised Hongkongers. “[The protests] show… Source link

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Money 

China relaxes infrastructure project finance rules, but analysts warn it will have limited economic impact

China’s latest stimulus move to bolster economic growth by relaxing restrictions on how the proceeds of local government bonds are used, paving the way for a new wave of infrastructure investment, will only have limited impact on the overall economy, analysts warned.Local governments can now use the funds raised as equity capital for major infrastructure projects having previously needed to fund the minimum equity ratio requirement, usually 20 to 30 per cent of total investment in the project,… Source link

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China unveils 5G and NEV spending action plan to boost consumption to cushion US trade war impact

China has released a two-year action plan to promote the purchase of consumer goods from new energy vehicles to 5G handsets in the latest move to offset the escalating trade war with the United States that continues to hit the world’s second largest economy.In a joint circular published on Thursday, the National Development and Reform Commission (NDRC), the Ministry of Commerce and the environment protection ministry vowed to promote the upgrading and recycling of cars, home appliances,… Source link

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Taiwan wafer foundry TSMC expects short-term impact from US ban on China’s Huawei

Washington’s move to ban US companies from doing business with China’s Huawei Technologies will have a short-term impact on wafer foundry Taiwan Semiconductor Manufacturing Co (TSMC), its chairman said on Wednesday, although he was upbeat on the outlook for this year.TSMC previously said shipments to Huawei were not affected by US action aimed at curbing the telecoms equipment maker’s access to American technology, and that it would continue to be a supplier to Huawei.“It certainly will have… Source link

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US-China trade war impact on stock market is ‘controllable’, insists China’s securities watchdog chief

China’s stock market has already absorbed the shocks from the escalation of the trade war with the United States and any future risks are “controllable”, according to China’s securities market watchdog chief, in an attempt to calm nerves as the tensions between Beijing and Washington further threaten investor confidence.The benchmark Shanghai composite stock index lost nearly 6 per cent in May as the trade negotiators failed to reach a deal to end the trade war, which has rumbled on since July… Source link

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China 

Beijing warns US farmers may lose China market for good, but plays down tariffs impact at home

US farmers cannot afford to lose the Chinese market, but farmers in China will be able to withstand the impact of American tariffs, according to a top agriculture official in Beijing.Han Jun, vice-minister of agriculture and rural affairs, said China’s retaliatory tariffs on American products – the latest of which took effect on Saturday – now covered “virtually all US agricultural product exports to China”, warning that US farmers could lose the Chinese market for good.“If the US doesn’t lift… Source link

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