China 

China’s unsustainable debt levels may trigger large-scale corporate defaults, OECD warns

Risks of large-scale corporate defaults are mounting in China, despite economic growth that “remains robust by international standards”, according to a new report.The Paris-based Organisation for Economic Cooperation and Development (OECD) found that sagging domestic demand and weak export orders have led Chinese authorities to swiftly resort to stimulus measures, through expansionary monetary policy, tax cuts and infrastructure spending.The OECD is an influential intergovernmental economic… Source link

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Home 

China cuts electric car subsidies by up to 60 per cent as it looks to improve technological standards to global levels

The Chinese government’s move to slash subsidies by up to 60 per cent on electric cars is likely to dent sales in the short-term in the world’s largest green car market, say analysts.Late on Tuesday evening, four ministry-level authorities including the Ministry of Finance introduced tougher subsidy policies to improve the technological standards of the NEV industry.Subsidies on NEVs with a driving range of 250-300 kilometres have been reduced to 18,000 yuan (US$2,686) from 34,000 yuan. For… Source link

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Singapore 

‘Candies’ sold online had high levels of erectile dysfunction medicine, Singapore News

The Health Sciences Authority (HSA) has warned the public not to buy or consume two unsafe products sold online, Hickel and Solomon Island Soloco Traditional Candy (Soloco). HSA’s laboratory detected very high levels of tadalafil, an undeclared potent medicinal ingredient used in the treatment of erectile dysfunction, in these products. The amount of tadalafil was up to 30 times higher than the usual prescribed daily dose. HSA was alerted to Hickel by a journalist, while Soloco was detected by the Immigration & Checkpoints Authority at the Woodlands Checkpoint when a…

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Singapore 

HSA issues alert on 5 cosmetic creams with very high levels of mercury and potent undeclared ingredients, Singapore News

SINGAPORE – It promised to give users “white, fluffy, glowing skin” and claimed to be made from “100 per cent natural ingredients”, but in fact contained mercury levels that were more than 40,000 times over the permissible limits. Deeja Cosmetic Wrinkle cream is one of five cosmetic creams which the Health Sciences Authority (HSA) has issued an alert about on Thursday (Jan 31). The four other creams HSA has advised consumers not to purchase or use are Deeja Cosmetic Sun cream, Deeja Cosmetic Dream cream, RDL Babyface Whitening Cream Night…

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China 

China’s LNG imports hit record levels, soybean arrivals tumble to zero amid US trade war

China’s liquefied natural gas imports from the United States hit record levels in November, up 48.5 per cent from the same month last year, customs data showed on Monday. The mainland imported a total of 138,892 tonnes of liquefied natural gas (LNG) in November, data from the General Administration of Customs showed on Sunday. But China’s soybean imports in November from the United States, its second-largest supplier, tumbled to zero from a year ago. Shipments from Brazil last month, though, nearly doubled from a year ago, customs data showed on…

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Home 

Fewer developers submit bids for Kai Tak runway plot even as valuation is slashed to January 2017 levels

The third residential parcel on Kai Tak’s runway missed market expectations as fewer than expected developers submitted tenders, while one surveyor slashed its valuation of the plot to January 2017 levels because of downbeat sentiment, lack of full sea view and retail component. The 97,393 square feet plot on the site of Hong Kong airport’s former runway fetched six bids at the close of tender on Friday noon, missing expectations from surveyors who had expected at least eight bids. Intrepid 98-year-old woman buys US$1.9 million flat as Sino Land’s discounted…

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Home 

‘Micro’ homes at T-Plus development in Tuen Mun priced at levels last seen in 2016

A residential project in Tuen Mun, made up of tiny flats smaller than a car parking space, is offering some of the cheapest new homes seen in the city since prices peaked in 2016. According to a price list released on Wednesday for the first batch of 73 units at T-Plus, the most affordable unit is being offered at HK$2.85 million (US$364,150). The smallest of the 73 flats on Wednesday’s price list was 131 square feet, or slightly bigger than the ultra-compact units with a net area of 128 sq…

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Property 

Surveyors cut valuations of plot at Kai Tak to February levels as tender draws muted response

Surveyors have slashed their valuations for a plot of land on the site of Hong Kong’s former international airport as the tender for the development met with a lukewarm response. The residential plot at Kai Tak received just seven bids on Friday, less than expected, indicating a much cooler appetite among developers than seen during previous tenders at the same site. Several of the city’s property surveyors have reduced their estimates of how much the plot will ultimately fetch once the tender is decided. Cheung Chor-yin, executive director of Citiland…

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Singapore 

Pasar and Iceberg lettuce sold at FairPrice and Sheng Siong recalled after high pesticide levels found, Singapore News

SINGAPORE – A Malaysia-produced lettuce sold at NTUC FairPrice and Sheng Siong supermarkets under the Pasar and Iceberg brand names has been recalled, after the Agri-Food and Veterinary Authority of Singapore (AVA) detected high levels of pesticide in the product. In a statement on Thursday (Oct 4), the authority said the iceberg lettuce was imported from a Malaysian farm by Go Fresh Impex. AVA had detected high levels of Fipronil, a wide-spectrum pesticide, in the product. A wide-spectrum pesticide refers to a pesticide that is designed to kill or manage…

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Investment 

Hong Kong securities watchdog proposes cap on margin financing as risks rise to worrying levels

Hong Kong’s securities watchdog has proposed a new cap on margin financing by brokerages to investors as the risks have risen to worrying levels, but brokers are concerned that the new rules would reduce market liquidity. Under the proposal released on Friday as part of a two-month consultation until October 18, the Securities and Futures Commission (SFC) will impose restrictions on brokers, which stipulates that their total margin financing loan offered to clients to buy stocks, must be between two to five times their respective capital. This compares with four…

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