China 

Central banks set to flood market with cheap loans as trade war threatens to plunge global economy into recession

The era of cheap funding is set to return as central banks worldwide cut interest rates to stimulate slowing growth amid an escalating global trade war that could tip the world economy into recession, according to analysts.The chances of a global recession have risen after the US last month raised tariffs on US$200 billion worth of Chinese goods to 25 per cent from 10 per cent while threatening to impose tariffs on another US$300 billion more of Chinese goods. China hit back by raising tariffs… Source link

Read More
Home 

Chinese drug maker scrambles after shares plunge on reports ex-chairman arrested for murder

A large pharmaceutical company in northeast China’s Heilongjiang province scrambled to do damage control after news its former chairman and controlling shareholder had been arrested on murder changes sent its share price into a tailspin.Sunflower Pharmaceutical Group issued a response to an inquiry by the Shenzhen Stock Exchange saying operations are not affected by the arrest. Its stock plummeted 10 per cent – that daily limit in China – in just 12 minutes the day before.The story caught fire… Source link

Read More
China 

China exports rebound strongly in early March after February’s 20 per cent plunge

China’s exports grew from the second half of last month, even though they recorded the steepest drop in three years for the full month of February, according to data from China’s General Administration of Customs.Exports in the first nine days of March surged 39.9 per cent, compared with the same period last year, according to detailed data released over the weekend.The unusual partial advance release of March’s data comes after figures released on Friday showed February exports tumbled 20.7… Source link

Read More
China 

A black Friday in China as exports shrink, stocks plunge and homeowners face new taxes

It was a black Friday for Chinese exporters, stock investors and homeowners, with a series of negative official figures released on the same day.China’s General Administration of Customs said exports were down by a fifth in February year on year as the trade war with the United States took its toll on the world’s second-biggest economy.China’s stock market also had its worst day in five months on Friday, with the benchmark Shanghai composite stock index shedding 4.4 per cent. Investor sentiment… Source link

Read More
China 

US-China trade decline leads to 20.7 per cent plunge in China’s total exports in February

China’s exports crashed by 20.7 per cent in February, the largest drop in three years, led by a large fall in trade with the United States.The total export decline was much greater than expected, possibly providing the first evidence of the impact of US tariffs on Chinese goods.China imported 19.9 per cent less from the US last month, down to US$7.9 billion from US$9.2 billion in January.It also exported 14.1 per cent fewer US goods, suggesting that trade between the world’s two biggest… Source link

Read More
Home 

Chinese Estates, selling a single home last year, posts a 72 per cent plunge in profit as sales and equity investments shrink

Chinese Estates Holdings, the Hong Kong real estate developer controlled by the family of tycoon Joseph Lau Luen-hung, reported its biggest profit plunge since 2010, as it sold a single apartment unit amid a cooling property market last year.The company, chaired by Lau’s 38-year-old son Lau Ming-wai, had a tough year in 2018, selling a single home at its 55 Conduit Road luxury project. The 4,170-square foot (387 square metre) Mid-Levels luxury apartment, which transacted for HK$286.2 million … Source link

Read More
Home 

Lifestyle International sees profit plunge by half even as sales rise at its iconic Sogo stores in Hong Kong

Lifestyle International Holdings, the operator of Hong Kong’s popular Sogo department stores, saw its net profit plunge by a half last year even as sales and turnover grew.Total proceeds from sales jumped 14 per cent to HK$11.7 billion (US$1.5 billion), while turnover grew 16 per cent to HK$4.36 billion (US$555 million), company said on Monday.That was not enough to prevent net profit falling by almost 50 per cent to HK$1.69 billion (US$ 215 million), roughly in line with the HK$1.7 billion… Source link

Read More
Money 

Will the US economy plunge into a recession by 2021? Half of America’s business economists expect it to happen

Roughly half of America’s business economists say they think the US economy will slip into recession by the end of next year, and three-fourths envision such a downturn beginning by the end of 2021.The finding comes from the latest survey by the National Association for Business Economics (NABE) of its member economists. Just 10 per cent of them say they foresee a recession beginning this year. At the other extreme, only 11 per cent expect the economy to avoid a recession through 2021.The… Source link

Read More
Home 

Apple and Xiaomi shipments plunge in China with Huawei bucking slump in industry demand

Apple Inc and Xiaomi Corp have both encountered a slump in shipments in China in the December quarter, the worst performers among the top five vendors in the country amid an overall shrinking of demand in the world’s largest smartphone market. Apple reported a 19.9 percent decline in shipments in China in the fourth quarter, but climbed one place to No. 4 in smartphone shipments after Xiaomi did even worse, tumbling 34.9 percent during the same period, according to a report by IDC, the industry researcher, published on Monday. Overall…

Read More
Home 

Hong Kong’s troubled pay TV operator i-Cable sees shares plunge as it gives rejected funding plan a second go

Shares of troubled i-Cable Communications, Hong Kong’s biggest pay TV operator, tumbled the most in 11 weeks after the firm revived a fundraising plan to place new stocks with investors. The stock slumped 7.8 per cent to 10.6 Hong Kong cents at Monday’s close, the steepest decline since November 12. About 26.5 million shares changed hands, almost three times the three-day average, according to data compiled by Bloomberg. The sell-off came after shareholders rejected a similar rights-issue plan about two weeks ago. i-Cable said in an exchange filing over the…

Read More