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Chinese chip maker Loongson Technology to invest US$2.1 billion in a new smart industry park in Zhejiang as China pushes for tech self-reliance

Chinese chip maker Loongson Technology plans to invest 15 billion yuan (US$2.1 billion) for a smart industry park in China aimed at attracting smart devices manufacturers and research and development enterprises, as the country pushes for self-reliance in advanced technologies amid increasing efforts by the US to contain China’s tech development.Located near the Yiwu international trade comprehensive reform pilot area in Jinhua city, Zhejiang province, the park will cover an area of over 5.3… Source link

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Huawei pushes ahead with self-reliance drive with US$1.4 billion R&D centre in Shanghai in spite of US trade restrictions

Huawei Technologies, the world’s largest telecommunications equipment supplier, plans to invest 10 billion yuan (US$1.4 billion) in a new research and development (R&D) centre in Shanghai as China pushes for self-reliance amid intensifying competition with the US in science and technology.The new centre, to be located in Shanghai’s Qingpu district, will focus on R&D in fields including chips for different devices, wireless networks as well as connected device networks known as the Internet of… Source link

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China 

China pushes RCEP regional pact amid US trade war, Japan-Korea spat

Trade ministers from more than a dozen countries will be in Beijing this weekend in the latest push to form the world’s largest trading bloc, but China’s hopes for a deal by the end of this year are clouded with multiple uncertainties.The Regional Comprehensive Economic Partnership (RCEP) meeting on Friday and Saturday between ministers from China, India, Japan, South Korea, Australia, New Zealand and the 10 Asean member states follows 10 days of closed-door working level discussions among 700… Source link

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China 

US blacklist pushes once-powerful Chinese state oil trader deeper into the shadows

A once-mighty state-owned Chinese oil company has faded deep into the shadows after struggling under American sanctions for the last seven years, in a chilling sign to other trading firms about the perils of being caught by the long-arm jurisdiction of the United States.Zhuhai Zhenrong was used by Beijing to buy oil from Iran, but US Secretary of State Mike Pompeo announced on Monday that it was adding the company to its sanctions blacklist for trading in Iranian crude. The company was… Source link

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Liquor, casino stocks among losers as profit-taking pushes down Shanghai, Hong Kong benchmarks again

Mainland and Hong Kong shares fell again Thursday, as traders bailed out of liquor, oil and casino stocks on a day with no big policy news out of Beijing or signs of progress on the US-China trade war.The Shanghai Composite Index fell 1 per cent to 2,901.18, dragged down by information technology stocks, though all sectors were down. It was the third straight day of losses for the benchmark.Meanwhile, the Hang Seng Index closed down 0.5 per cent to 28,461.66, falling for a second day. Losers… Source link

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Chinese electric scooter maker Niu pushes forward into US despite imposed tariffs

Niu Technologies, a Chinese electric scooter company, is pushing ahead with its plans to expand in the US despite the trade war and 25 per cent tariffs imposed on Chinese goods. US consumers will just have to pay more.Niu was among the earliest batch of companies affected by the increased US duties on Chinese goods, in which the tariffs had been raised to 25 per cent before the company entered the US earlier this year, leading to higher prices for this market, Li Yan, chief executive of Niu… Source link

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Singapore 

Woman pinches ah ma’s breast, pushes water bottle and shoves fingers into her mouth, Singapore News

A woman was caught on camera mistreating an elderly woman on a wheelchair at Geylang Bahru Market and Food Centre on Saturday evening (June 29). The two females were accompanied by an elderly man who is believed to be the husband of the wheelchair-bound woman. Stomp contributor Elizabeth, who was seated a few tables away from the group, witnessed the incident at around 7.15pm and contributed a video to Stomp. She said: “They were already there when I arrived at the hawker centre with my husband. “I happened to see…

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Property 

Demand for Hong Kong developer Wing Tai’s Oma Oma project pushes residential property sales to ‘one of the best weekends this year’

Hong Kong property developer Wing Tai Properties said on Sunday it had sold about 70 per cent of apartments on offer at its new Oma Oma development in Tuen Mun, rounding off what could be one of the most successful weekends for residential property sales in the city this year.Buyers had snapped up 130 units out of the 193 on offer at Oma Oma as of 5pm, a day after Wheelock Properties sold all 504 Grand Montara apartments in Tseung Kwan O, in Hong Kong’s third-biggest weekend launch this year……

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Vietnam 

Shares recover as cash pushes large-caps up – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A Vietjet aircraft. The company’s stock is among large-cap that received cash in the last minutes of the yesterday’s trading session. VNA/VNS Photo Huy Hùng HÀ NỘI — Shares rebounded yesterday on improved liquidity as cash poured into a series of blue-chips, lifting up indexes. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange climbed 0.72 per cent to close at 949.94 points. Liquidity was improved with about 183 million shares traded on the southern bourse worth VNĐ4.6 trillion (US$195 million). The index lost 1.67 per…

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China’s Meituan Dianping narrows losses, pushes forward grocery retail initiatives

Chinese food delivery services giant Meituan Dianping plans to continue its foray into China’s grocery retail sector, despite closing a number of its Ella supermarkets in the first quarter of this year, as it ratchets up competition with Alibaba Group Holding.Beijing-based Meituan said it was “disciplined on capital allocation for our new initiatives”, according to a regulatory filing in Hong Kong on Thursday when it posted better-than-expected earnings for the quarter ended March.“With our… Source link

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