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Mengniu Dairy moves to buy Australia baby milk formula maker Bellamy for US$1 billion as part of global expansion goals

China Mengniu Dairy has offered A$1.5 billion (US$1 billion) to take over Australian infant milk formula maker Bellamy, reflecting the dairy products giant’s goal to expand aggressively abroad.The Inner Mongolia company said on Monday that it would buy Bellamy at A$13.25 a share, which represents a 59 per cent premium to the Australian company’s closing price of A$8.32 on Friday.The deal, accepted by Bellamy’s board, is subject to a review by Australia’s Foreign Investment Review Board, Mengniu… Source link

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Global 

China outstanding bank loans fell in August, backing new moves to boost credit to support economy

The growth in China’s outstanding bank loans fell again in August, supporting the central bank’s decision to start easing credit conditions and suggesting further steps ahead to support an economy pressured by the trade war with the United States.The country’s commercial banks extended 1.21 trillion yuan (US$170.22 billion) in new loans in August, in line with expectations and higher than the 1.06 trillion yuan in July, according to data released by the People’s Bank of China on Wednesday… Source link

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Hong Kong stock exchange moves to embrace volatility curbs to protect against ‘fat finger’ mistakes, big share price swings

History has shown some swings of stocks or whole markets can create panic and heavy losses, suggesting why the operator of Hong Kong’s stock market is looking at wider use of volatility curbs.On October 19, 1987, Hong Kong’s benchmark Hang Seng Index dropped 33.33 per cent on a single day. It became known as “Black Monday.” It not only was the Hang Seng’s biggest fall ever, but the turmoil spread globally, with the US Dow Jones Industrial Average plummeting 22.6 per cent.Blue chips also haven’t… Source link

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Global 

China imports worth US$250 billion a step closer to 30 per cent tariff as US moves ahead with Trump’s plan

The United States has early steps to increase import tariffs on US$250 billion of Chinese goods to 30 per cent from the start of October, indicating that at least for now, the Trump administration has no plans to step back from its plan to escalate further its trade war with China.The office of the US Trade Representative (USTR) on Thursday published a notice in the US Federal Register – the official record of US government administrative actions – inviting comments from stakeholders ahead of… Source link

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Vietnam 

VN stocks up slightly as CPI moves forward – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Vinamilk paper bottles. The company shares jumped 3 per cent on Thursday. — Photo baodautu.vn HÀ NỘI — Vietnamese shares moved up little on Thursday as retailers and food companies were boosted by the increase of August consumer price index (CPI). The benchmark VN-Index on the Hồ Chí Minh Stock Exchange inched up 0.14 per cent to close at 978.59 points. The VN-Index dropped as much as 0.40 per cent during the day. According to the General Statistics Office, CPI in August is up 0.28 per cent from July –…

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Money 

US moves quickly to implement Donald Trump’s trade war tariff increase on Chinese-made consumer goods

The two tranches of tariffs covered by the September and December increases include consumer goods not previously subject to tariffs, with US President Donald Trump holding back on the tariff increase on some products, such as smartphones, toys and laptops, to protect retail sales over the Christmas period. Photo: AFP Source link

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Hong Kong Monetary Authority moves to steady ship amid protests, US-China trade war, introduces new funding facility for city’s banks

Hong Kong Monetary Authority, the city’s de facto central bank, has introduced new ways in which the city’s lenders can borrow from it, a move aimed at strengthening the banking system at a time of unprecedented social unrest.The new measures also enhance the current system banks can use to borrow from the monetary authority should they face an unexpected liquidity crunch, it said in a circular to all banks on Monday.“This is part of our ongoing work to maintain the integrity and stability of… Source link

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Singapore 

Football fans raise eyebrows over Cristiano Ronaldo’s dance moves in new Shopee ad, Singapore News

It’s rather difficult for football fans to sit through this 30-sec-long commercial. After all, the clip sees Cristiano Ronaldo dancing awkwardly to the tune of Baby Shark. In a new ad put out by online shopping platform Shopee’s, crowds in the stadium stands did not erupt in cheers after the football star scored a free-kick during a match.  Why? They were busy buying things on their mobile phones. The footballer cottoned on to things, said “Shopee?”, and then joined them in the online shopping frenzy. Although the clip has been viewed over 9.9 million…

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Caught in the middle of trade war, Huawei may seize 90-day US trade reprieve to plan next moves

“As we continue to urge consumers to transition away from Huawei’s products, we recognise that more time is necessary to prevent any disruption,” Ross said in the Commerce Department announcement. “Simultaneously, we are constantly working at the department to ensure that any exports to Huawei and its affiliates do not violate the terms of the Entity Listing or Temporary General Licence”, he said, referring to the mechanism that allows US companies to continue buying and selling with Huawei despite the inclusion of the company and many of its affiliates on…

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BlackRock moves Hong Kong media forum after protesters alid siege to airport and disrupted traffic

BlackRock, the world’s biggest asset manager, has rescheduled its Asia Media Forum set for next month in Hong Kong as protesters disrupted operations at the city’s airport for a second consecutive day.The invitation-only forum, in which journalists meet global and regional executives from the company, was set to take place during the first week of September. It has now been rescheduled to February 2020, BlackRock said.“The power of this convening lies in the diverse range of perspectives… Source link

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