Investment 

Chinese sportswear maker Xtep reports 23 per cent jump in profit as acquisitions, expansion pay off

Sportswear maker Xtep International Holdings has joined home-grown rivals in reporting stellar first-half earnings as they benefit from China’s growing sportswear market.Fujian-based Xtep posted a 23 jump in net profit and revenue for the six months ended June to 463 million yuan (US$65.5 million) and 3.3 billion yuan respectively, according to a filing to the Hong Kong stock exchange on Wednesday.Rivals 361, Li Ning, and Anta have similarly posted profit gains ranging from nearly 10 per cent… Source link

Read More
China 

Japan overtakes China as the biggest creditor to the US, as Japan’s June Treasuries holdings jump to a 30-month high

Japan surpassed China in June as the top holder of US Treasuries as the trade war between the world’s two largest economies intensified.Japan increased its holdings of US bonds, bills and notes by US$21.9 billion to US$1.12 trillion, the highest level in more than two and half years, according to data released by the Treasury Department on Thursday. Meanwhile, China’s ownership rose for the first time in four months to US$1.11 trillion, up by US$2.3 billion.The last time Japan held the position… Source link

Read More
Home 

Ping An posts biggest jump in interim net profit since 2015, helped by a one-time tax benefit and a stock market rally in China

Ping An Insurance (Group), China’s largest insurer by value, posted the biggest jump in interim net profit since 2015, bolstered by a one-time tax benefit, a stock market rally and growth in its new business units.Net income soared 68 per cent to 97.7 billion yuan in the six months ended June 30, beating the 19 per cent increased expected in a Bloomberg survey of analysts. Revenue rose 17 per cent to 690.25 billion yuan (US$98 billion), while basic earnings per share rose 23.7 per cent to 4.12… Source link

Read More
China 

China’s July corporate bond defaults jump to a four-month high as funding dries up amid risk aversion in a slowing economy

Company bond defaults in China hit a four-month high in July as a slowing economy and risk aversion triggered by the unexpected seizure of Baoshang Bank marred refinancing prospects at weaker firms.Onshore corporate bond defaults reached at least 14.4 billion yuan (US$2.1 billion) from 14 notes in July, according to data compiled by Bloomberg, bringing the total year-to-date defaults to 70.9 billion yuan from 89 bonds.After two straight months of declines through May, bond delinquencies are… Source link

Read More
China 

China loans jump in June as Beijing steps up credit support to boost economy amid US trade war

China’s bank lending rose as expected in June as Beijing stepped up credit support to Chinese corporations and key projects to help stabilise the economy amid the trade war with the United States.Chinese banks extended 1.66 trillion yuan (US$242 billion) of new loans in June, up from lending of 1.18 trillion yuan a month earlier, according to data released by the People’s Bank of China (PBOC) on Friday.The June lending was slightly lower than expectations of 1.70 trillion yuan, according to a… Source link

Read More
Vietnam 

Bình Thuận sees jump in fish catch – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Fishing boats dock at Phú Qúy Island in Bình Thuận Province’s Phú Quý District. VNS Photo Ngọc Diệp   BÌNH THUẬN The south-central province of Bình Thuận has caught and bred more than 100,000 tonnes of fish and other aquatic species in the first half of the year, up 2.02 per cent against the same period last year. Favourable weather and the appearance of a large quantity of pelagic fish in waters offshore contributed to the increase. Fishermen in the province, one of…

Read More
Vietnam 

Deposit interest rates jump as banks compete with strengthening greenback – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Most commercial banks, including major ones, have recently increased their deposit interest rates to high levels especially for long terms. — Photo cafef.vn Compiled by Thiên Lý Việt Capital Commercial Joint Stock Bank (VietcapitalBank) offers the highest deposit interest rate of any bank: 8.6 per cent. The rate is applicable for deposits of 24-60 months. For the same period, it offers 8.7 per cent if the deposits are made online. NamABank and ABBank are also offering high rates of 8.3-8.45 per cent. Most…

Read More
Home 

Hong Kong property deals jump to 22-year high as investors spend US$43.8b in first five months of 2019, but outlook cloudy

Property transactions in Hong Kong in the first five months of the year rose to the highest level since 1997, with buyers splashing out HK$343.7 billion (US$43.8 billion) on homes, car parks, shops and industrial and office units, data from the Land Registry showed on Tuesday.But Ricacorp Properties believes an escalation in the US-China trade war, which saw US President Donald Trump raise tariffs on US$200 billion worth of Chinese goods from 10 per cent to 25 per cent on May 10 and tit-for-tat… Source link

Read More
Home 

Chinese developer happy with 66pc jump in paper value of its investment in The Center, Hong Kong’s most expensive office building

The chairman of Chinese developer Yuzhou Properties is a contented man.Lam Lung-on’s company, which owns a floor of The Center, Hong Kong’s most expensive commercial building, has seen the paper value of his investment grow by 66 per cent in just two years.The value of the 58th floor of the iconic office building in Central, which was sold to a group of investors for HK$40.2 billion (US$5.12 billion) in May 2017, has appreciated to about HK$50,000 (US$6,381) per square foot from about HK$30,000… Source link

Read More
Vietnam 

Ceramic firm shares jump on HoSE debut – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Giant ceramic and tile producer Viglacera on Wednesday started trading its 448.35 million shares on the Hồ Chí Minh Stock Exchange, two weeks after it cancelled its listing on the Hà Nội market. — Photo cafef.vn HCM CITY — Việt Nam’s largest ceramics and tile producer Viglacera Corporation (Viglacera) debuted on the Hồ Chí Minh Stock Exchange (HoSE) on Wednesday. The company started trading its 448.35 million shares on the HoSE at an initial price of VNĐ19,900 (US$0.86) per share, valuing the business at VNĐ8.92 trillion ($383.6 million). The…

Read More