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As Foxconn changes US manufacturing plans, job promises fall short

It has been 18 months since Foxconn Technology Group, the world’s largest electronics contract manufacturer, announced to great fanfare that it was building a US$10 billion factory to make television screens on farmland in southeastern Wisconsin in the United States. The plan was as big as it was audacious: Fuelled with billions in taxpayers subsidies, the Taiwanese company, formally known as Hon Hai Precision Industry, would build a 22 million square-foot campus, filled with 13,000 highly paid workers. In the process, it would transform the sleepy village of Mount Pleasant,…

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Shanghai promises more open economy, tax cuts amid expectations of slowest economic growth since 1990

Shanghai, which is expecting its slowest economic growth this year since 1990, on Sunday pledged to further open up its market to global investors. The city, mainland China’s main economic hub, will also ease the tax burden on businesses to combat a slowdown. Mayor Ying Yong told an annual session of the Shanghai People’s Congress that the city expected its gross domestic product to expand at a rate between 6 per cent and 6.5 per cent in 2019, lower than the 6.6 per cent growth it recorded last year. This…

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Vietnam 

Lotte promises best places to live in Viet Nam – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

PM Nguyễn Xuân Phúc (right) met South Korea-based Lotte Group’s Chairman Shin Dong-bin yesterday. — VNA/VNS Photo Thống Nhất Viet Nam News  HÀ NỘI – The South Korean conglomerate Lotte Group’s chairman Shin Dong-bin hopes Lotte’s eco smart city projects will become the best places to live in Việt Nam. Speaking at a meeting with the Prime Minister Nguyễn Xuân Phúc on Tuesday, Lotte Group chairman said his visit to Việt Nam this year was to examine…

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Ecommerce 

JD.com’s fintech unit promises to lower cost of pig farming with new digital tools

Facial recognition technology is widely used in China for everything from opening bank accounts to catching jaywalkers – but the one thing these applications have in common is they target humans. Now the technology is being used on pigs and that may soon extend to cows and sheep if the finance arm of tech giant JD.com has its way. In Beijing on Tuesday, JD Finance rolled out its so-called stockbreeding intelligent solution, a package of digital tools including machine vision, artificial intelligence-enabled analytics, robots and internet of things technologies, to…

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China 

Beijing must show courage to fulfil its market promises, says China’s economic reform guru

The Chinese leadership must show the “political courage and wisdom” to make pro-market economic changes, a prominent Chinese economist said on Monday amid concern that Beijing is making slower progress than expected in embracing the market. Regarded as a mentor to Beijing’s reformist faction, Wu Jinglian said the foundations for reform had been laid at a key Communist Party meeting in 2013, a year after President Xi Jinping took power, but had yet to be fully acted on. At that key meeting, the third plenary session of the 18th Central…

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China 

To end the trade war, China must deliver on its promises to reform, open up, observers say

China should fully commit to reform and opening up if it wants to resolve its trade tensions with the United States, while both sides should face the reality of their changing relationship, business leaders and diplomatic observers said. Beijing’s dispute with Washington was not formed in one day and would not be easy to resolve, said He Ning, a former Chinese commerce ministry official dealing with US issues. But Beijing should reflect on whether it had truly delivered on the promises it made on joining the World Trade Organisation (WTO)…

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Singapore 

MVL launches Tada taxi service, promises same zero commission, Singapore News

Mass Vehicle Ledger Foundation (MVL), the company behind the zero-commission ride-hailing service Tada, has followed up with a taxi-booking service with the same “no commission” promise. Called Tada Taxi, the service allows commuters to book rides from taxi drivers registered with MVL, and will be available as a standalone application. Users of the existing Tada app, which was launched in July this year, will also have the new taxi booking service as an option, separate from its current private-hire ride-hailing service. Fares are determined by the taxi meter, and MVL…

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Sick of your Tesla? Dyson promises an electric car that won’t suck

James Dyson, the billionaire British inventor of the bagless vacuum cleaner, has chosen to build his electric car in Singapore to be close to Asian customers, supply chains and a highly skilled workforce. The 71-year-old entrepreneur, who backed Brexit in the 2016 referendum, is pumping £2 billion (US$2.6 billion) into the launch of an electric car, with a 400-strong British-based engineering team working in secret for the first two-and-a-half years on the project. Dyson is looking to exploit his company’s expertise in solid-state battery technology and electric motors that are…

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China 

Xi Jinping promises to protect China’s private businesses to ensure a ‘better tomorrow’

Chinese President Xi Jinping has written an open letter to the country’s private business owners, saying Beijing will continue to value and protect them to ensure a “better tomorrow”. In an apparent move to boost the confidence of China’ capitalists at a time when economic growth has slowed to the lowest level since 2009, Xi said Beijing fully recognised the role of private enterprises and the ruling Chinese Communist Party would continue to bless their development. The letter, published by Xinhua on Sunday, said the private sector’s historic contribution to…

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China’s stock regulator promises to protect investor interests as the market falls to four-year low

China’s securities regulator said it had met investors after the nation’s stock market fell to its lowest level in four years last week, pledging its commitment to protect investor interests and ensure a fair and transparent capital market. In a rare move, Liu Shiyu, chairman of the China Securities Regulatory Commission, held a meeting with 15 hedge fund managers and retail investors on market reforms and stabilisation at a Beijing brokerage outlet of China Securities on Sunday, according to a statement posted on the regulator’s website. Liu, who oversees the…

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