Singapore 

21 loan sharks caught in major bust in Johor; many of their targets are those working in Singapore, Malaysia, Singapore News

JOHOR BARU – Illegal moneylenders now operate from luxury condominiums and high-end houses across Johor state as they offer loans to those desperate for fast cash. Many of their targets are those working in Singapore, and the moneylenders charge interest rates of between 24 per cent and 60 per cent annually. Those who are blacklisted by financial institutions also turn to these syndicates. However, those who fail to pay up are usually threatened or harassed by members of these syndicates. Police have arrested 21 people, including a woman, following a series…

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Chanel cruise show in Hong Kong cancelled amid protests, other major events scrapped or in deep freeze

Three of the biggest fashion and social events in the Hong Kong calendar, including luxury brand Chanel’s cruise show, have been cancelled because of anti-government protests. And the trend is set to continue, with brands unlikely to host regional or global launch events in the city for the foreseeable future because mainland Chinese celebrities and influencers won’t attend.According to sources close to Chanel, including international clients who were set to attend the event, its cruise 2020… Source link

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China Evergrande first major mainland developer to report profit decline as cooling measures hit sales

China Evergrande, the country’s third largest property developer by sales, posted a 45 per cent plunge in first-half core profit on Wednesday, becoming the first among the mainland’s top developers to report a decline in earnings.The sharp fall in core earnings – its first drop since the first half of 2016 – came after the central government rolled out a slew of cooling measures to curb property price growth earlier this year.Interim core profit came in at 30.35 billion yuan (US$4.2 billion),… Source link

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Ride-hailing firm Grab plans major investment in Vietnam

Singapore-based ride-hailing firm Grab is set to invest “several hundred million dollars” in Vietnam where the company sees its next major growth market, just weeks after it unveiled a $2 billion plan in Indonesia.The proposed investment is the latest example of a top-notch regional brand deepening its commitment to Vietnam, one of Asia’s fastest growing economies. It also shows the eagerness of Grab, which has raised billions of dollars from investors, to put its cash to work.“We’re very… Source link

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Hong Kong’s major developers call for an end to violent protests, saying it’s taking a toll on business, ordinary people

Hong Kong’s developers have finally broken their silence with an appeal for peace and love amid the public unrest.The Real Estate Developers Association (Reda) said the protests against the now suspended extradition bill, that have taken a violent turn in recent days, was disrupting businesses and people’s lives.“Recently, Hong Kong has been affected by the violent behaviour of a small group of people who have derailed the peaceful demonstrations, affecting business groups and the general… Source link

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Bitcoin tops US$11,000 level as major cryptocurrencies rally amid trade tensions

Bitcoin climbed past the US$11,000 level for the first time since mid-July to lead gains among the biggest cryptocurrencies, as risk assets across Asia tumbled on escalating trade war tensions.The largest cryptocurrency surged as much as 12 per cent from Friday’s close and traded at US$11,565 at 12:50pm in Hong Kong, according to consolidated Bloomberg pricing. The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies jumped as much as 7.2 per cent, as rival digital coins… Source link

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Money 

Alaska scraps plan to partner with China on major natural gas project over fears of ‘risks to the state’

A plan for Alaska and partners in China to advance a major liquefied natural gas project has been scrapped due to safety concerns from the state’s new administration.The plan, which was formed under independent ex-governor Bill Walker, has been dropped by his successor, Republican Governor Mike Dunleavy, according to the Alaska Journal of Commerce. Joe Dubler, interim president of the Alaska Gasline Development, said the corporation, which has been working on the state’s behalf, did not renew a… Source link

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China 

China’s weak exports in first half of 2019 are also bad news for its major trading partners

While the meagre 0.1 per cent rise in exports in the first six months of 2019 was bad news for China, it was even worse for many of its trading partners, with a flat performance by the world’s second large economy causing ripples through the tightly integrated supply chains created by globalisation.A decline in Chinese exports automatically dampens its demand for imports of components used in finished exports and that, in turn, hurts every other economy that sells to China.The biggest drop in… Source link

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China 

Apple said to ask suppliers, including Foxconn, to explore major shift out of China to Southeast Asia

Apple has asked its largest suppliers to consider the feasibility of shifting 15 to 30 per cent of its output from China to Southeast Asia in a dramatic shake-up of its production chain, the Nikkei reported.The US tech giant asked “major suppliers” to evaluate the cost of such a migration, the newspaper cited multiple sources as saying. Those included iPhone assemblers Foxconn Technology Group, Pegatron and Wistron, MacBook maker Quanta Computer, iPad maker Compal Electronics and AirPods makers… Source link

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China awards 5G licences to country’s major telecoms network operators and cable network giant

China’s Ministry of Industry and Information Technology (MIIT) on Thursday granted commercial 5G licences to the country’s three telecommunications network operators and the nation’s cable network giant, signalling major new investments in the world’s largest mobile market amid a raging tech war with the United States.Hong Kong-listed carriers China Mobile, China Unicom and China Telecom, as well as China Broadcasting Network, were each awarded a licence to run commercial 5G services, according… Source link

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