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China joins global central bank gold rush as its foreign exchange reserves stabilise

China has joined a global central bank gold rush in the last two months by increasing its official gold reserves, even though the purchase remains modest compared to the volume of the mainland’s foreign exchange reserves, according to data released by the People’s Bank of China on Monday. The country’s gold reserves rose slightly to 59.94 million ounces at the end of January from 59.56 million ounces at the end of December 2018, marking a second straight month of increase. The latest gold purchase by the world’s second-largest economy came…

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Vietnam 

Huyndai joins venture with VN auto firm – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Representatives of Huyndai Motor and Thành Công Group sign the co-operation agreement. — Photo en.yna.co.kr Viet Nam News HÀ NỘI — The Republic of Korea’s carmaker Hyundai Motor Company on Thursday said it would set up a joint venture (JV) with Vietnamese firm Thành Công Group to boost sales in the emerging market, according to news website Yonhap. On January 23, the two parties signed an initial agreement to establish a sales JV with the goal of selling 100,000 vehicles in Việt Nam by 2020. The joint…

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Xavier Rolet, one of the brains behind London-Shanghai Stock Connect, joins hedge fund CQS

Xavier Rolet, former London Stock Exchange chief executive and one of the brains behind the London-Shanghai stock connect, which is expected to launch in early 2019, has been named as the chief executive of London-based hedge fund CQS. Rolet takes over in January and will help the company expand globally, particularly in Asia and mainland China. “I have know [CQS founder] Michael Hintze for 35 years – we both worked at Goldman Sachs in New York. We knew we could work well together, as a team, to expand our trading…

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Tencent joins Naspers in US$1 billion funding for Indian food delivery service Swiggy

Tencent Holdings joined Naspers Ltd. in a US$1 billion investment in Indian food delivery service Swiggy, which gains a potentially valuable ally in China’s largest social media and gaming company. Naspers led the financing, which snagged new backers Hillhouse Capital and Wellington Management in addition to existing investors DST Global, Meituan Dianping and Coatue. The funding round, which Bloomberg reported on in October, marks Swiggy’s third for 2018 and largest to date. Naspers, Africa’s most valuable company, said it put up US$660 million. “Swiggy has 10 times the number of…

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Calvin Klein licensee joins growing horde of companies moving production out of China to counter US tariffs

Hong Kong fashion company Global Brands Group will further reduce the amount of goods its sources from China after moving some of the production to other countries in the region to get around US tariffs slapped on Chinese apparel exports, officials said on Wednesday. The licensee of brands such as Juicy Couture and Calvin Klein has cut its overall production in China from 60 per cent to 39 per cent, and aims to reduce it to below 30 per cent, according to chief executive Rick Darling. Global Brands, which was…

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China 

China central bank adviser Liu Shijin joins chorus urging government to embrace pro-market reforms

China should adopt a market-based growth strategy and respond to international criticism by further opening up its economy, an adviser to the central bank said on Tuesday. Liu Shijin’s comments that China could only “win favourable international conditions” by “standing on a higher platform” add to a growing chorus from economists and government advisers calling for Beijing to embrace reforms. The volume of such pro-market comments in recent weeks suggests a growing debate in policymaking circles about what the government should do to end the trade war. Liu, deputy head…

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Vietnam 

Batdongsan.com.vn joins Asia’s largest property technology group – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The ceremony to announce batdongsan.com.vn is now a member of Asia’s leading property technology group PropertyGuru. — VNS Photo Viet Nam News HÀ NỘI — Singapore-based property technology group PropertyGuru has increased its investment in batdongsan.com.vn to hold a controlling stake in Việt Nam’s leading property portal, the two companies announced at a press conference in Hà Nội on Wednesday. Accordingly, batdongsan.com.vn is now a fully consolidated member of PropertyGuru. No financial details of the deal were disclosed. PropertyGuru made its first strategic investment in batdongsan.com.vn…

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Hong Kong firm Summer Capital joins fundraising for Swiss crypto-bank SEBA Crypto AG

Hong Kong investment firm Summer Capital has taken a stake in start-up SEBA Crypto AG, which aspires to be the first cryptocurrency investment bank, pending approval of its license application before Swiss authorities. Summer Capital spokesman Jack Chung said he expects SEBA, which is headquartered in the affluent Swiss municipality of Zug, to receive approval as a banking and securities dealer by the Swiss Financial Market Supervisory Authority. Approval by regulators will support the development of cryptocurrency banking services, enabling SEBA to subsequently extend its services to Asian blockchain companies…

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