Singapore 

Former attorney-general Walter Woon joins Lee Suet Fern’s legal defence team, Singapore News

Legal heavyweights Walter Woon and Tan Chee Meng are lined up on opposite sides in the disciplinary tribunal looking into any possible misconduct by Mrs Lee Suet Fern in preparing the last will of her late father-in-law and founding prime minister Lee Kuan Yew. Professor Woon, a Senior Counsel and former attorney-general, will act for Mrs Lee, an addition her husband Lee Hsien Yang said would “strengthen the defence team of Mr Abraham Vergis” from Providence Law Asia. The Law Society (LawSoc) has appointed Senior Counsel and WongPartnership deputy chairman…

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China 

Hong Kong-listed Prada joins luxury brands in lowering prices in China

Prada has joined other luxury brands in reducing prices to reflect lower value-added tax in China, but analysts and buyers are doubtful whether this is enough to boost sales in China amid a softening in consumption.From April 1, Prada Group has reduced prices on all Prada and Miu Miu products sold through its directly operated stores in China and online by 3 per cent, the company said in an email on Wednesday evening.China lowered its VAT for the manufacturing sector from 16 to 13 per cent… Source link

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Home 

Former Hong Kong Financial Secretary John Tsang joins virtual insurer Bowtie as a senior adviser

Former Financial Secretary and Chief Executive hopeful John Tsang Chun-wah has joined Hong Kong’s first virtual insurer, Bowtie Life Insurance, as a senior adviser.Analysts said the appointment of a well-known figure like Tsang could give the digital start-up a secret weapon as it battles for market share with big, established insurance companies.Speaking to the South China Morning Post after his appointment, Tsang declined to disclose how much he would be paid for the new role. He said he… Source link

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Hong Kong belatedly joins mainland China in bull market club as upbeat sentiment lifts stocks

It’s official: Hong Kong is finally in a bull market.A mix of good news drove market sentiment. The Hang Seng Index jumped 1.8 per cent to close at 29,562.02 on Monday, the first trading session of the second quarter, gaining 20.2 per cent since a recent low in October.The Hong Kong market has gained over HK$5 trillion (US$637 billion) in value since October 30.The benchmark is a latecomer to the club. China’s major indices, including the Shanghai Composite, the large-cap CSI 300 and the… Source link

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Home 

Carrie Lam joins homebuyers in expressing concern about prices rebound after Fed halts rate increases

Hong Kong’s head of government Carrie Lam Cheng Yuet-ngor has chimed in with a growing chorus of concern about a recent rebound in the city’s home prices, a day after the US Federal Reserve said it would not be increasing interest rates this year.“It does worry [me] because housing prices have already become very unaffordable, and they will become even more unaffordable if the reverse that we have seen since January this year is going to continue in the foreseeable future,” Lam said on the… Source link

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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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