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Stocks on the Hang Seng Index face their worst slumps in operating income since the 2008 Global Financial Crisis

Hong Kong stocks are poised for their worst quarter since 2015 and corporate earnings are unlikely to save them.After a sell-off erased more than US$600 billion from the city’s equities, attractive valuations stood as a potential bright spot. But those multiples don’t look so good when analysts keep slashing their profit forecasts for 2019. Their call for an average 19 per cent slump in operating income would be the biggest contraction for Hang Seng Index companies since the global financial… Source link

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HSBC reshuffles decks as the bank braces for a more challenging operating environment

John Flint, then-HSBC chief executive, declared in June of last year that it was time for the bank “to get back into growth mode”.Under his predecessor Stuart Gulliver, the lender, once known in its advertising as the “world’s local bank”, had cut thousands of jobs, shrunk its global footprint from 87 countries to 67 and spent tens of millions of dollars to revamp its compliance following a scandal over its money-laundering controls that saw it pay US$1.9 billion in a settlement with US… Source link

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Huawei unveils smart displays under Honor brand equipped with alternative operating system to Android

Huawei Technologies debuted its much-anticipated operating system in smart displays by Honor, one of its brands, as the Chinese telecoms equipment giant prepares for a possible future without access to Google’s Android.The new Honor smart displays come with a pop-up camera for video chat and facial recognition and allow all devices equipped with the company’s self-developed Harmony OS to interact in a seamless way, Honor president George Zhao Ming said on Saturday.Users can share information,… Source link

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Inside Huawei’s secretive plans to develop an operating system to rival Google’s Android

Seven years ago, in a villa facing a lake in Shenzhen, a small group of top Huawei Technologies executives headed by founder Ren Zhengfei held a closed-door meeting that lasted for several days.Their mission was to brainstorm ideas around how Huawei should respond to the rising success of Google’s Android smartphone operating system (OS) around the world – software that it used on its own handsets. The underlying concern was that dependence on Android could render the company vulnerable to a US… Source link

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Vietnam 

Most SOEs operating at a profit: audit – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  HÀ NỘI – Most State-owned enterprises were operating at a profit but still needed to improve their operational efficiency, according to a report by the State Audit Office of Việt Nam (SAV). In 2018, the SAV audited financial reports and the use of State capital at 253 enterprises under 31 State-owned corporations. The audits found that 30 out of 31 State-owned corporations made a profit in 2017 and contributed significantly to the State budget. However, the SAV revealed a number of errors in accounting at SOEs and said there was US$467.8 million in outstanding taxes…

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Singapore 

5 teens arrested for wilful trespass after hiding in Ikea Tampines beyond operating hours, Singapore News

SINGAPORE – Five teenagers aged between 16 and 18 have been arrested after they hid in Ikea Tampines beyond the store’s opening hours. The police were alerted to a case of wilful trespassing at No. 60 Tampines North Drive 2, where Ikea Tampines is located, at 12.52am on Sunday (March 31). In a release on Sunday, the police said officers from Bedok Police Division located the five boys and arrested them. Preliminary investigations found that the teenagers were hiding in the Ikea building and stayed beyond the store’s operating hours.…

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Vietnam 

Germany supports VN in operating water plants – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Representatives of Aone Deutschland AG and AquaOne Water JSC (Vietnam) signed the MoU. — Photo baodautu.vn Viet Nam News HÀ NỘI — Germany’s Aone Deutschland AG and AquaOne Water JSC (Vietnam) on Monday signed a memorandum of understanding (MoU) on operating water plants for AquaOne with total investment of US$100 million. The MoU was signed at a meeting between Germany’s Federal Minister for Economic Affairs and Energy Peter Altmaier and Chairman of Hà Nội People’s Committee Nguyễn Đức Chung in Hà Nội. Speaking at the meeting, Altmaier said: “I am deeply impressed with the socio-economic…

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Singapore 

SilkAir operating Boeing 737 Max 8 planes as scheduled; monitoring situation following Ethiopian Airlines crash, Singapore News

SINGAPORE – SilkAir said its Boeing 737 Max 8 planes are operating as scheduled and that it is monitoring the situation closely following the crash of an Ethiopian Airlines plane on Sunday. The regional wing of Singapore Airlines (SIA) said on Monday (March 11) that it operates six Boeing 737 Max 8 planes – the same model as the Ethiopian Airlines plane which went down shortly after take-off on Sunday morning, killing all 157 people on board. A Lion Air plane of the same model crashed in Indonesia in October…

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Vietnam 

About 65% of Japan firms in VN gain operating profits – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — About 65.3 per cent of Japanese companies in Việt Nam gained operating profits in 2018, 0.2 percentage points more than in the previous year. Hironobu Kitagawa, chief representative of Japan Trade Promotion Organisation (JETRO)’s branch in Hà Nội, relayed the information at a meeting with Deputy Minister of Industry and Trade Đỗ Thắng Hải in Hà Nội on Wednesday. According to the report, 2018 saw strong development of Japanese firms in both the manufacturing and non-manufacturing sectors. JETRO representative said…

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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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