China 

China presses on with interest in UK’s high speed rail project with high level meeting in Beijing

China is pressing ahead with its interest in the United Kingdom’s controversial HS2 project, the largest high speed rail project in Europe, despite growing concerns over its cost and economic benefits.Members of China’s government and biggest state-owned railway companies met with HS2 chief executive Mark Thurston in Beijing earlier this month, signalling China’s interest in the £55.7 billion (US$72.9 billion) project, which will be funded by British taxpayers. China is bidding for construction… Source link

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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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Impact of low interest rates on Asia-Pacific commercial property prices likely to be limited, says UBS

The pause in US Federal Reserve interest rate increases is unlikely to boost commercial property prices in Asia-Pacific, according to a new report from UBS.Citing historically low rental yields, driven in part by high pricing, the report noted that in Asia-Pacific cities outside Australia, the “marginal benefit from an extended period of low interest rates is very limited”.“Yields across most APAC markets are at their lowest in the last 10 years. Obviously, that does not mean prime yields… Source link

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Slowdown in Australia’s property market won’t dampen Chinese investor interest

Chinese real estate developers and investors have more than their fair share of problems at home. Whether it is a sharp slowdown in the economy, softening demand for new office space in coastal cities or tighter capital controls that have curbed overseas acquisitions, mainland property companies face significant challenges. Yet, for those that have sought refuge in Australia’s property market, it has been the worst of both worlds of late. In the year to June 30, 2018, China was the leading… Source link

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Singapore 

Parliament: In public interest for police to reveal past offences of driver who filmed PM Lee’s son Li Yipeng, says Shanmugam, Singapore News

SINGAPORE – The Police had stated the criminal record of the driver who filmed Prime Minister Lee Hsien Loong’s son after picking him up, because it was in public interest to give a fuller explanation and background as to why they were investigating the matter, Minister of Home Affairs K Shanmugam said on Monday (April 1). A 31-year-old Singaporean man had offered PM Lee’s son, Mr Li Yipeng, a ride in a private car last month and circulated videos from the encounter. The man’s past criminal records then emerged on…

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China 

US Federal Reserve surprisingly ends rate hike cycle, says no more interest rate rises this year

US Federal Reserve Chairman Jerome Powell speaks during a press conference in Washington, on March 20, 2019. The Fed left interest rates unchanged after concluding a two-day policy meeting, in a move that met market expectations and reflected the central bank’s patient approach regarding monetary policy changes. Photo: Xinhua Source link

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Tencent to consider bid for US$3 billion AS Watson stake, as rival Alibaba shows interest

Chinese internet giant Tencent Holdings is weighing a bid for part of Temasek Holdings’ stake in global retailer AS Watson Group, people with knowledge of the matter said.The Singapore state investment company is considering selling around a 10 per cent stake in the world’s largest health and beauty retail group for about US$3 billion, according to the people, who asked not to be identified because the information is private. That is just under half of its 25 per cent holding.Shenzhen-based… Source link

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Hong Kong’s monetary authority steps in for the second time in a week to prop up the local dollar as interest rate gap widens

Hong Kong’s de facto central bank has stepped into the foreign exchange market for the second time in a week, spending HK$3.925 billion (US$500 million) in its latest outing to prop up the local currency and keep it within the limits of a trading band with the US dollar.The local currency changed hands on Wednesday morning at 7.8498 per dollar, hovering near the 7.8500 lower limit of a trading band introduced in 2005. The interventions this week will reduce the city’s aggregate balance of… Source link

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Vietnam 

CPTPP helps drive Canadian firms’ interest in Việt Nam – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — A conference was held in Toronto, Canada on Monday to help small-and-medium-sized enterprises (SMEs) in the country study the Vietnamese market and take advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Addressing the event, themed “CPTPP: Việt Nam”, Canadian Minister of Small Business and Export Promotion Mary Ng affirmed the significance of the relationship between Canada and Việt Nam, two members of the CPTPP, as well as the position of Việt Nam as the largest trade partner of Canada in…

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China 

China may be banking on market reforms rather than interest rate cuts to boost growth, analysts say

Plans by China’s central bank for financial market reforms suggest it is unlikely to start cutting benchmark interest rates in the near future despite domestic demand and economic growth continuing to weaken, analysts said.People’s Bank of China (PBOC) governor Yi Gang said on Sunday that the central bank would pursue structural reforms to increase market competition in setting lending rates that would result in lower real financing costs, especially for small and micro private sector… Source link

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