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From the trade war to Brexit and the Hong Kong turmoil, simmering political issues remain a threat to global growth

Global markets are caught in the crossfire between slowing global growth and increasing policy stimulus.Slowing trade has dragged down industrial activity, and with it gross domestic product and profits growth in the global economy. Global economic growth indicators have been falling since mid-2018, with many showing outright contraction in the manufacturing sector. And, in stock markets, expectations for global profit growth this year have dropped to less than 2 per cent from just under 10 per… Source link

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Hong Kong’s exchange suspends afternoon derivative transaction after reporting ‘connectivity issues’ with its trading system

Hong Kong Exchanges & Clearing Limited (HKEX), the operator of Asia’s third-largest capital market, suspended trading in the city’s derivatives market at 2pm local time, after reporting “connectivity issues” on its trading system.Trading in the “derivative market has been suspended at 2pm,” an exchange spokesman said. “HKEX is aware of some connectivity issues with the Hong Kong Futures Automatic Trading System. We are looking into the matter and will provide updates in due course.”Transactions… Source link

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Singapore 

Singtel warns of scammers who impersonate telco’s staff to ‘troubleshoot’ Internet issues, Singapore News

SINGAPORE – If you receive a call from a person who claims to be a Singtel employee asking for personal details such as Wi-Fi passwords and router numbers, it is likely a scam. Telco Singtel warned customers on Wednesday (Aug 28) of this scam on Facebook. The scammers, who claimed to be Singtel technicians or customer care officers, would offer to troubleshoot customers’ Internet connections. Singtel said that the callers are known to ask for personal details, such as NRIC numbers, Wi-Fi passwords and router numbers. The telco assured the…

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Vietnam 

Land issues continue hindering SOEs’ equitisation – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Hapro retail store in Quảng Ninh Province. After the firm IPO’s in March 2018, SOEs’ equitisation has lagged behind schedule as issues related to land use right certificates remain the most difficult challenge for both regulators and businesses. — Photo baodauthau.vn HÀ NỘI — Issues related to land use right continue to be obstacles to the State-owned enterprises’ process of evaluating the businesses and share prices and executing their equitisation plans, experts said at a meeting on Thursday. According to the Ministry of Finance, 35 of total 127 State-owned enterprises (SOEs) targeted by Decision…

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China 

China claims progress on creating world’s largest trade bloc, but ‘very difficult’ issues remain

A meeting of trade ministers attempting to create the world’s largest trading bloc without the United States wrapped up in Beijing on Saturday, with China claiming further progress, though there were “very difficult” negotiations ahead.Trade delegates to the two-day meeting gave differing opinions on whether negotiators could achieve their stated goal of finishing the Regional Comprehensive Economic Partnership (RCEP) by the end of the year.“The meeting has made important progress in the… Source link

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China 

China’s central bank issues draft rules on financial holding companies in move to rein in risk

China’s central bank on Friday released a draft regulation on financial holding companies, as it seeks to contain the potential spread of risk from their business to other sectors.“There is a regulatory vacuum around some financial holding companies, especially those starting from non-financial businesses, which has led to risk accumulation and exposure,” the People’s Bank of China (PBOC) said in an online statement.The draft rules, which will be finalised after feedback is received by late… Source link

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Singapore 

Singapore issues travel advisory for Hong Kong in light of upcoming protests, Singapore News

SINGAPORE – Amid reports of upcoming protests at two locations in Hong Kong, Singapore’s Ministry of Foreign Affairs (MFA) is advising Singaporeans to avoid the areas. The advisory pertains to Hong Kong International Airport, where a protest is due to start at 1pm on Friday (July 26) and Yuen Long in the New Territories on Sunday. “The Ministry of Foreign Affairs would advise Singaporeans to avoid these locations at these times,” said the advisory, posted on the MFA’s Facebook page. “In recent weeks, several large-scale protests have taken place at multiple venues in Hong Kong. Although mostly peaceful…

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Money 

US-China trade truce ‘better than expected’ but issues remain, says governor of Chinese central bank

People’s Bank of China Governor Yi Gang said the result of the G20 meeting over the weekend was “a little bit better” than expected, but stressed that difficulties remain ahead in solving trade tensions with the US.At an event on Monday in Helsinki, Yi said he will remain cautious in the future because difficulties remain in structural and fundamental issues, though the road map for trade talks agreed by Presidents Donald Trump and Xi Jinping in Osaka is constructive.“But as long as the two… Source link

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China 

China issues new rules on infrastructure financing due to implicit debt concerns

China has taken actions to regulate a major tool for local governments to leverage support for their infrastructure construction after the latest nationwide financial audit indicated continued local violations of rules that threaten to further increase an already mountainous level of implicit debt.The government has worked hard to curb hidden liabilities, including off-budget sheet borrowing and financial guarantees, amid its deleveraging campaign to reduce excess debt and risky lending over… Source link

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China 

Robert Lighthizer: ‘Absolutely’ OK to use tariffs to squeeze nations on non-trade issues

This story is published in a content partnership with POLITICO. It was originally reported by Megan Cassela on politico.com on June 18, 2019.US Trade Representative Robert Lighthizer said on Tuesday he sees no issue with President Donald Trump’s inclination to use tariffs to pressure countries to make policy changes in areas unrelated to trade, specifically when they present threats to national security.Lighthizer, in testifying before the Senate Finance Committee, was asked about Trump’s… Source link

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