Global 

South Korea’s economy facing ‘perfect storm’ as Japan trade dispute continues and exports plunge

As the foreign ministers of China, Japan and South Korea gathered for trilateral talks in Beijing on Wednesday to improve relations, a stark reminder came of the perilous situation South Korea’s economy is in.Exports for the first 20 days of August fell 13 per cent from a year earlier, signalling a ninth successive monthly decline. Within the headline figure, two numbers illustrate the “perfect storm” facing the country: sales of semiconductors – one of its most valuable exports – fell 30 per… Source link

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Peugeot-Citroen and its partner Dongfeng will halve their workforce, slash production capacity as China car sales plunge

PSA Peugeot Citroen and its Chinese partner Dongfeng Group will slash their workforce and shut two production facilities in China, scaling back their capacity after sales in the world’s largest automotive market shrank for the 13th consecutive month in July.Dongfeng Peugeot Citroen Automobiles (DPCA), the French carmaker’s venture with China’s third-largest automotive company, will halve their Chinese workforce to 4,000 staff by 2022, and sell two of their four factories, according to two… Source link

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Hong Kong’s insurance sales to mainland Chinese policy holders plunge as daily images of mayhem and protest rallies deter arrivals

Hong Kong’s insurance sales have taken a hit in the past two months, as almost daily street protests – particularly in districts frequented by mainland Chinese visitors such as Tsim Sha Tsui and Mong Kok – have kept them away.Policy sales have fallen by between 10 per cent and 20 per cent since June, according to Altruist Financial Group, which provides financial planning services in Hong Kong.“Insurance sales are down with locals buying less, and mainland visitors are also buying less,” said… Source link

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Property 

Macau’s first-half home sales plunge as US-China trade war dampened sentiments among investors and developers

Macau’s residential property market has fallen victim to the protracted US-China trade war, as investor sentiment sours and developers hold off on new projects.Home sales in the world’s largest gambling hub, which sits off the coast of southern China, plunged 42.2 per cent in the first half from the same period a year earlier, to 3,920 registered transactions, said JLL, citing statistics from DSF, the financial services bureau of the Macau government.The value of properties sold also was… Source link

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Central China Securities shares plunge in Shanghai and Hong Kong as asset management products face default risks

Shares of Central China Securities tumbled in Shanghai and Hong Kong after the brokerage said two of its asset-management products worth 241.5 million yuan (US$35.1 million) may be about to default on payments to investors.The stock had slumped 8.5 per cent to 5.30 yuan by mid-afternoon Friday in Shanghai, putting it on track for its biggest decline since May 6. The shares lost 4 per cent to HK$1.70 in Hong Kong.The two asset-management products were backed by Minxing Pharmaceutical, a drug… Source link

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Future Land’s shares make their biggest one-day plunge since 2012 Hong Kong IPO, wiping out US$1.9 billion after founder’s arrest

Shares of Future Land Development Holdings Limited, a Shanghai-based property developer, plunged by the most since their 2012 listing in Hong Kong after the company’s founder and chairman Wang Zhenhua was detained by Chinese police over a child molestation charge.The stock plummeted by 23.9 per cent in the last hour of trading in Hong Kong to a five-week low of HK$8.04, wiping out HK$14.86 billion (US$1.9 billion) in market value. Shares of Seazen Holdings, also founded and chaired by Wang,… Source link

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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

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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

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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

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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

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