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Chinese investment giant CMIG misses bond payment, sending shockwaves through US$11 trillion market

An investment giant backed by dozens of the biggest Chinese firms and dubbed the “the aircraft carrier of China’s private companies” by local media has partly suspended trading of its bonds after missing a repayment. The case underlines the mounting pressure in the country’s US$11 trillion bond market, said analysts, as a liquidity crunch forces an increasing number of heavily indebted companies to the brink of default. China Minsheng Investment Group (CMIG) has stopped taking bids for three of its bonds “due to recent price volatilities”, according to a filing…

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China’s demand for Lexus cars lifts Toyota’s third-quarter operating profit higher, but misses forecasts

Toyota Motor’s quarterly operating profit edged up as continued increase in sales in Asia, including China, offset lower sales in North America, its biggest market. Japan’s largest carmaker lowered its full-year net profit forecast to Ұ1.87 trillion (US$17 billion) from a previous view of Ұ2.3 trillion, citing unrealised losses on some of its equity investments, but reiterated its annual operating profit projection of Ұ2.4 trillion. For the October-December quarter, Toyota posted an operating profit of Ұ676.1 billion, up 0.4 per cent from Ұ673.64 billion in the same period a year…

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China 

China’s tech hub Shenzhen misses growth target but leapfrogs Hong Kong into Asia’s top 5, mayor says

Shenzhen failed to meet its economic growth target last year due to worse than expected results in key technology sectors but its mayor remains confident it did enough to overtake Hong Kong and join the ranks of the five biggest city economies in Asia for the first time in its history. The south China boom town has been steadily making ground on Hong Kong in recent years, but its nominal gross domestic product in 2017 fell about US$3.4 billion short of a place among the giants of Tokyo, Seoul, Shanghai,…

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China 

Guangzhou misses its growth target, as trade war and China’s economic slowdown begin to bite

The city of Guangzhou, in China’s manufacturing and exporting heartland, failed to meet its annual growth target for 2018, raising a red flag about the health of the world’s second biggest economy. China’s fourth largest city by growth domestic product (GDP) grew by 6.5 per cent last year, short of the 7.5 per cent target set at the beginning of the year. The shortfall was announced in the local government’s annual work report, delivered to the local parliamentary session on Tuesday by the city’s mayor, Wen Guohui. Wen blamed Guangzhou’s…

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Hong Kong stocks slammed lower as China’s monthly economic data misses expectations

Stocks in Hong Kong and China fell in morning trading on Friday on the back of weak November economic data and rising diplomatic tensions between Beijing and Ottawa. The benchmark Hang Seng Index slipped 1.4 per cent, or 372.24 points, to 26,152.11 as of 11:30am. The Shanghai Composite Index dropped 0.6 per cent, or 14.98 points, to 2,619.07. China’s industrial output expanded by 5.4 per cent in November from the same period of last year, slower than the 5.9 per cent gain recorded in October and below the 5.9 per…

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Singapore 

Falling window at Toa Payoh HDB block narrowly misses 78-year-old man, Singapore News

She was preparing ingredients and chatting with her employees at her yong tau foo stall when she heard a crashing sound at the back of the coffee shop at the foot of Block 116 Lorong 2 Toa Payoh yesterday morning “We were all frightened,” the stall owner, who wanted to be known only as Mrs Teo, 52, told The New Paper in Mandarin. “I thought someone fell from the building or there was a car accident,” she added. Mrs Teo and her two workers quickly went to check what had…

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Global 

China’s Wuzhou International misses US$204 million in bond payments

Troubled mainland Chinese developer Wuzhou International Holdings said it had missed 1.4 billion yuan (US$204 million) in bonds payments and was also facing claims for at least 756 million yuan, adding to a string of earlier defaults and financial woes. The company’s revelation comes amid the rising the number of bond defaults by Chinese companies this year as the government reduced implicit guarantees, in turn moral hazard, to steer the debt market towards a healthier development. State-owned mainland media reported that 21 Chinese companies defaulted in 48.6 billion yuan of…

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