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China lowers interest rate as part of market-oriented reform amid slowing economy

China lowered its lending reference rate through a new market-oriented pricing mechanism on Tuesday, providing a modest easing of monetary conditions to help support the world’s second largest economy.The new one-year loan prime rate (LPR), which is the average of the rates that 18 designated banks charge their biggest clients, was set at 4.25 per cent, according to the National Interbank Funding Centre, a unit of the People’s Bank of China.The new rate was lower than the previous LPR of 4.31… Source link

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China 

China plans to allow foreign investment in VPN services as part of Beijing trial in latest opening up move

China’s effort to further up open up and attract foreign investment continued with the city of Beijing unveiling plans to allow overseas firms to invest in virtual private network services within a trial zone by the end of the year.Foreign investors will be allowed to invest in virtual private network (VPN) services, which allow users to bypass China’s Great Firewall to access services such as Google and Facebook which are currently blocked, although foreign ownership in such providers will be… Source link

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China 

Versace in trouble for tops that imply Hong Kong is not part of China

Italian fashion brand Versace apologised to its Chinese customers on Sunday for producing a range of tops that suggested Hong Kong and Macau were separate countries.In a Chinese-language statement published on the social media network Weibo, Versace said had it made a mistake in the design and would destroy the offending clothing.However the brand’s ambassador in China, the actress Yang Mi, said she would end her association with Versace because “as a citizen of the People’s Republic of China”… Source link

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Hong Kong is going through the five stages of grief, before acceptance of fate as a part of China

The year 2019 has put Hong Kong into unknown territory, with a collapse of government decision-making, extrajudicial terror attacks on civilians, and radical police-baiters negatively impacting the economy.No less a figure than Paul Chan Mo-po, the financial secretary, has admitted that it is difficult to be optimistic in the city’s short-term economic growth because of the impact of the protests. Bravo to him for being one of the few top government figures to come out of the bunker in recent… Source link

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Vietnam 

500 businesses to take part in Hà Nội promotion month – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  People shop at Big C Thăng Long Hà Nội. Hà Nội Sales Promotion Month will take place during November 1-30. — VNS Photo Mai Hương HÀ NỘI — About 500 businesses will take part in the Hà Nội Sales Promotion Month, offering promotions to spur purchasing. The one-month programme, held by the city’s Department of Industry and Trade, will create opportunities for enterprises to improve their competitive capacity. Different levels of discounts, even up to 100 per cent, will be offered to a wide range of products. Special offers, gift and…

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Singapore 

New PSLE scoring system part of significant reform to education system: Ong Ye Kung, Singapore News

SINGAPORE – On their own, upcoming changes to the Primary School Leaving Examination (PSLE) scoring system will not be effective in cutting the over-reliance on grades and preparing Singapore’s young to meet the manpower needs of a changing modern economy, said Education Minister Ong Ye Kung on Sunday (July 28). But they must be seen in light of significant reform to the education system, he added, citing other changes such as phasing out of streaming in secondary schools by 2024 and the introduction of aptitude-based admissions at universities and polytechnics. “This is…

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If Trump has a currency war in mind as part of his presidential campaign, he’s not likely to get very far

Donald Trump, then a Republican presidential candidate, hands a five-dollar bill back to a supporter after signing it for her following a rally with sportsmen in Walterboro, South Carolina, on February 17, 2016. The dollar’s continuing strength has begun to irk Trump. Photo: Reuters Source link

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Global 

Trump’s tweets part of ‘propaganda and psychological war’ as China defends second quarter growth rate

US President Donald Trump exaggerated his criticism of China’s economy, according to a state-run newspaper, suggesting Washington was attempting to step up its propaganda and psychological efforts to pressure Beijing into a deal to end the trade war.Trump’s need to sway voters ahead of next year’s presidential election promoted him to over-interpret China’s second quarter growth data which was released Monday on, according to a commentary published on Tuesday by the Global Times, a hardline,… Source link

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Hong Kong stock exchange operator launches inline warrants, first new structured product in 13 years as part of plan to be Asia’s asset management hub

The operator of Hong Kong’s tock exchange will introduce inline warrants trading on Thursday, marking the first roll-out of a new structured product in 13 years, part of its three-year plan to diversify into a leading Asian asset management centre.Fifty inline warrants will start trading on Thursday (July 18) on the stock exchange, issued by six banks, BNP Paribas, Haitong, HSBC, JPMorgan, Societe Generale and Vontobel.They are derivative products linked to the Hang Seng Index and the share… Source link

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Hong Kong Science Park on track to attract top-notch research institutes as part of tech push, CEO says

The Hong Kong Science and Technology Parks Corp is on track to achieve its goal of attracting the first batch of research institutes to the city in health care, artificial intelligence and robotics, as part of a broader push by the city to build itself into a hub for innovation and technology, according to chief executive Albert Wong Hak-keung.The government-run company, which manages the Hong Kong Science Park in Sha Tin, has vetted and is poised to award successful applicants in the next few… Source link

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