Home 

Storm in a teacup? Trump goes after all the tea from China with latest tariff push as trade war threatens to boil over

Americans hoping to quench their thirst with a refreshing glass of iced tea may be in for a nasty surprise as temperatures rise this summer, according to US tea importers.Tea, along with fireworks and footwear, is on the list of goods that will have import duties imposed on them as soon as July if the US carries out its threat of adding 25 per cent tariffs to thousands of products from China.The proposed tariffs would increase prices for consumers and mark the latest escalation of a trade war… Source link

Read More
Singapore 

SCDF ragging incident: Officer on standby told to rescue Cpl Kok seconds after fatal push, Singapore News

SINGAPORE – Just three seconds after Corporal Kok Yuen Chin fell into the Tuas View Fire Station pump well, a fellow Singapore Civil Defence Force (SCDF) officer gave instructions in a panic for another to enter the well to save him. The phrase “Go down, faster”, said in Mandarin, is heard repeatedly in video footage that captured the last moments of Cpl Kok, 22, before he is pushed into the 12m-deep well on the night of May 13 last year. The instruction was directed at Cpl Sok Leng, a swimming…

Read More
Home 

France’s BNP Paribas plans expanded push in China after trade war concession to ‘lift ownership limits’ on financial firms

BNP Paribas, France’s biggest lender, will enter into brokerage and wealth management services in China, after the trade war forced Beijing to speed the opening of its capital markets, creating unprecedented opportunities for foreign banks in the world’s second largest economy, according to a senior official at the lender.The reforms mean overseas banks can play a bigger role in serving China’s domestic market as more international capital flows in, said C G Lai, chief executive of BNP Paribas… Source link

Read More
Home 

Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar

Two weeks ago, Russia and China took a major step away from the use of the American dollar in agreeing to develop bilateral trade using the Russian rouble and the Chinese yuan.“Russia and China intend to develop the practice of settlements in national currencies,” said President Vladimir Putin after meeting President Xi Jinping in St Petersburg. He added that both countries had signed agreements to expand the use of their currencies in bilateral financial operations.This move is long awaited… Source link

Read More
Home 

Casino operators that play cards right will win from Beijing’s push to make Macau a family-friendly destination

Macau’s casino operators have pledged billions of dollars to develop non-gaming attractions in a bid to secure new licences, but analysts predict only the more efficient like Sands China and Galaxy will be able to curb losses and emerge winners.The spending frenzy comes as Beijing pushes to rebrand Macau as a family-friendly destination. Operators are ploughing US$10 billion into mostly non-gaming, which has traditionally been hard to monetise, before their licences expire in 2022 amid warnings… Source link

Read More
Home 

Growth in home prices in China’s bigger cities may push up costs countrywide, think tank says

A bridge modelled on London’s Tower Bridge in Suzhou, in China’s eastern Jiangsu province. New home prices rose in 67 out of the 70 cities monitored by China’s National Bureau of Statistics in April. This prompted the housing ministry to warn four cities, including Suzhou, that they were showing signs of overheating. Photo: AFP Source link

Read More
China 

Donald Trump’s trade war and Huawei ban push China to rethink economic ties with US

The decision by the United States to impose tariffs on all Chinese products and put smartphone maker Huawei on a trade blacklist that could choke off vital components has severely damaged the fragile trust between the two countries, forcing China to re-examine the entire bilateral economic relationship to protect itself, according to Chinese researchers.China is still open to resuming talks to end the trade war and refuses to believe that a “decoupling” of the world’s two largest economies is… Source link

Read More
China 

Will the escalating US-China trade war and its catastrophic aftermath push the global economy into its next recession?

Heightened trade tensions between the United States and China have raised the risk of a recession next year if the dispute between the world’s two largest economies is prolonged and escalates further, according to economists and portfolio managers.Just over two weeks ago, Washington and Beijing seemed poised to reach an agreement to end a trade war that has hurt American businesses that rely on products made in China, increased costs for US companies and consumers, and contributed to an… Source link

Read More
China 

US-China trade war could push Macau’s growth below 4 per cent this year, IMF warns

The escalating trade war between China and the United States could further dampen growth in Macau, the International Monetary Fund has said.The gambling hub is already suffering from the slowdown in the mainland’s economy and efforts to curb big-money betting, but the trade war “has the potential to drag Macau SAR’s growth below our medium-term projection of about 4 per cent”, Mariana Colacelli, the IMF mission chief for Macau, said.In a report released last Friday, the fund projected that… Source link

Read More
Home 

Deal maker Li Ka-shing and son Victor push CK Hutchison group of companies to the top of the league for advisory fees in Asia

Li Ka-shing, the Hong Kong tycoon known affectionately as “Superman” for his deal making prowess, was the biggest patron of investment banks and takeover consultants, with his flagship companies paying as much as US$126.9 million in fees in the past five years, according to a report by data provider Dealogic.The two listed flagships, CK Hutchison and sister company CK Asset Holdings, chaired by Victor Li Tzar-kuoi who took up the roles after his father retired in May last year, together with… Source link

Read More