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Hong Kong’s financial watchdog reports quarterly loss amid slump in trading turnover, damper on levy income

Hong Kong’s Securities and Futures Commission (SFC) reported a loss for the second quarter, as shrinking stock market turnover dampened levy income for the market watchdog.The SFC lost HK$52.69 million (US$6.63 million) for the three months to the end of June, its first quarter for the new financial year, compared with a gain of HK$7.34 million during the same quarter a year earlier.The loss was mainly due to a 12 per cent year-on-year decline in levy income collected from investors on stock… Source link

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China 

China’s consumers unwilling to spend income despite need to offset trade war impact, survey shows

China will need to come up with more incentives to convince consumers to spend to support economic growth, the results of a survey by the central bank released on Wednesday suggested.Consumers surveyed by the People’s Bank of China (PBOC) reported that income constraints and a preference to save money amid economic uncertainties were limiting their spending.Chinese consumers generally prefer not to spend their income immediately, with a large proportion of those surveyed responding that they… Source link

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IMAX to roll out 40 new theatres across China, after boom in first-half box office income

IMAX China Holdings, the exclusive licensee of ultra-wide screen IMAX film technology in Greater China, will join forces with South Korean cinema chain CGV to provide 40 new theatres on the mainland, after IMAX theatres posted record first-half box office income in the country.More than half of the new theatres will adopt IMAX’s new laser projector technology, which provides brighter images and sharper resolution, according to Jim Athanasopoulos, chief financial officer of IMAX China, the Hong… Source link

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China’s middle income claim causes uproar as Weibo users ask ‘why am I not that rich?’

A claim that Chinese citizens are receiving salaries “above the average level of other middle-income countries” has caused an uproar on China’s main social media network, forcing the National Bureau of Statistics to defend its statement.Many users questioned why they are not being paid in the region of the nominal gross national income (GNI) per capita of US$9,732 for 2018, which the National Bureau of Statistics (NBS) claimed in a statement released on Monday as part of a publication… Source link

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Italy woos wealthy global investors with resident scheme that caps tax on global income at €100,000, abandons property ownership requirement

Italy’s new residency programme designed to attract wealthy foreign investors without exposing them to progressive income tax on global earnings is expected to draw an increasing number of applications this year, as awareness of the scheme, and the benefits of owning or renting central European property become more widely known, according to experts. The New Resident Regime, unveiled by Rome in 2017, charges an annual flat tax of €100,000 (US$114,000) on worldwide income, plus an additional … Source link

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Vietnam 

Industry has important role to overcome middle income trap in VN – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Workers process garment products. Policies on developing the industrial sector will play an important role to overcome middle income trap in Việt Nam. — Photo vietstock.vn HÀ NỘI — Policies to develop the industrial sector will be the key to keeping Việt Nam’s out of the middle income trap, according to experts. The middle income trap is closely tied to economic growth, so if growth doesn’t stay high and for decades and there is not high income per capita, the nation will fall into the middle income trap, Deputy Director of the…

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Singapore 

5 ways to earn side income from home in Singapore without putting in much effort, Singapore News

The idea of having a side income appeals to just about every Singaporean, because after all, you can never have too much money. But once you actually factor in the amount of time and effort needed to earn money outside of your day job, most people get turned off-after all, the idea of having to slave away giving private tuition or doing freelance work when you’re already exhausted from working long hours in your regular job is not appealing. And dealing with bargain hunters and straight up weirdos on Carousell…

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Shanghai Commercial Bank’s 2018 profit up 17 per cent on higher interest income, forfeited Hong Kong Life deposit

Shanghai Commercial Bank said on Tuesday that its profit rose 17 per cent in 2018, driven by higher interest income, particularly in the US, and an “extraordinary contribution” resulting from the failed sale of Hong Kong Life Insurance.The bank, which went private in 2017, reported a profit of HK$2.85 billion (US$363 million) for the year ended December 31, up from HK$2.43 billion a year earlier.“In the year ahead, the bank will take a more cautious approach to preserve good credit quality and… Source link

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Chinese brokerage Citic Securities’ net profit for 2018 falls following decline in fee, commission income

Citic Securities, one of mainland China’s leading brokerages, said its net profit for the full year of 2018 declined by 17.9 per cent to 9.39 billion yuan (US$1.4 billion), just shy of a Bloomberg consensus forecast of 10.02 billion yuan.The company said poor performance by Chinese equities last year, which squeezed its commission and fee income, was to blame.Its overall operating revenue was down 14 per cent to 37.2 billion yuan. The operating income at its brokerage business, which was the… Source link

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PetroChina flags a US$1.5 billion writedown from selling assets, even as its 2018 net income doubles

PetroChina warned of a US$1.5 billion write-down from the disposal of some assets as it estimated full-year net income more than doubled last year. Shares fell. China’s biggest oil and gas producer lost as much as 2.3 per cent in Hong Kong Tuesday. Huatai Financial Holdings (Hong Kong) cut its rating on the stock to hold and slashed its price target by 40 per cent, cautioning that PetroChina faced a weak fourth quarter due to write-offs and large inventory losses. The company said in a filing Monday that net income…

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