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China pushing ahead with controversial corporate social credit rating system for 33 million firms

China is moving forward rapidly its plans for a controversial social credit rating system that will include 33 million companies, raising fears of reprisals among foreign firms as Beijing seeks to extend its control over the business environment in the country.The National Development and Reform Commission (NDRC) is pushing ahead with social credit-based supervision of all commercial entities from large firms to small, independently owned and operated business, prompting complaints over… Source link

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Global 

Hong Kong credit rating at risk of further downgrade if protests continue, Fitch warns

Prolonged anti-government protests in Hong Kong will only cause greater damage to the city’s reputation, said Andrew Fennell, the head of sovereign ratings at Fitch Ratings, on Tuesday, pointing to the possibility of a further downgrade in the city’s credit rating.Last Friday, Fitch stunned city leaders by cutting Hong Kong’s credit rating for the first time since 1995, trimming it by one notch to AA from AA+. The downgrade was due to months of conflict and violence that amount to the largest… Source link

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Erosion of Hong Kong’s institutional autonomy will hurt advantage over mainland China cities, high credit rating: Moody’s

A potential erosion of Hong Kong’s institutional independence from Beijing over time could diminish the special administrative region’s advantage over mainland Chinese cities, as well as its higher credit rating, ratings agency Moody’s said on Friday.The agency said it was affirming the city’s long-term issuer rating of “Aa2”, two notches higher than China’s “A1” and two notches lower than the United States’ “Aaa”.“Over time, and as 2047 – the end of the 50-year transition period – approaches,… Source link

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Vietnam 

Vietnam Airlines gets 4-star airline rating for fourth consecutive year – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Vietnam Airlines aircraft at Nội Bài International Airport in Hà Nội. – VNA/VNS Photo Huy Hùng HÀ NỘI – The national flag carrier Vietnam Airlines in June was certified with a 4-star airline rating by the international air transport rating organisation Skytrax. The rating was granted at the Paris Air Show 2019, one of the world’s largest aviation exhibitions. Vietnam Airlines had been certified for three straight years. Vietnam Airlines was recognised for its efforts to improve the quality of services to meet the increasing requirements of passengers and…

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Singapore 

Trackable letterbox mail, postman rating and specialisation among new SingPost measures, Singapore News

SINGAPORE – Singapore could be among the first in the world to roll out smart letterboxes nationwide, with features such as identity authentication for mail retrieval. SingPost is in “deep discussion” with government agencies on such smart letterboxes and other infrastructure upgrades that will make receiving mail and parcels more convenient and efficient, said its Singapore head and chief executive of postal services Vincent Phang. But for a start, it will be launching a new product that will allow customers to be notified when an item is delivered to their…

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China 

China’s biggest companies can weather US-China trade war escalation, says rating agency S&P

S&P Global Ratings said the biggest Chinese companies it rates should be able to withstand the escalation of a trade war between the US and China in the near term, but prolonged uncertainty and lagging market confidence could make it harder for them to refinance debt if it persists.The rating agency said it estimates that only about 8 per cent of the companies that it assesses have direct exposure to the increased tariffs on exports to the US and most have sufficient buffers or alternative… Source link

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Beijing takes control of rating agency Dagong, following last year’s licence suspension in China

Dagong Global Credit Rating, one of China’s oldest and biggest rating firms, has been taken over by the central government after its mainland licence was suspended last year from the bond market business for “chaotic” management problems and providing “fake” information.China Reform Holdings, a central government-owned enterprise, said in a statement on Thursday that it has acquired a controlling stake in Dagong and will put it under a strategic restructuring.“It’s not simply a nationalisation… Source link

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Vietnam 

Fitch assigns Việt Nam ‘s EVNNPT first-time ‘BB’ rating; outlook stable – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Fitch Ratings on Wednesday assigned Việt Nam’s National Power Transmission Corporation (EVNNPT) a long-term foreign-currency issuer default rating (IDR) of ‘BB’. Photo EVN  HÀ NỘI — Fitch Ratings on Wednesday assigned Việt Nam’s National Power Transmission Corporation (EVNNPT) a long-term foreign-currency issuer default rating (IDR) of ‘BB’ with a stable outlook for the first time. The agency has also assigned EVNNPT a senior unsecured rating of ‘BB’.  EVNNPT’s ratings are based on the consolidated profile of Việt Nam Electricity (EVN, BB/Stable, standalone credit profile: BB), which owns 100 per cent…

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Vietnam 

SP raises VN’s credit rating with a stable outlook – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Tra fish processed for export at Cửu Long An Giang Seafood Import – Export Company in An Giang Province. S&P gave a stable outlook on Việt Nam, reflecting expectation that the economy would continue to expand rapidly.  — VNA/VNS Photo Vũ Sinh HÀ NỘI  Standard and Poors (S&P) Global Ratings’ recent upgrade of its long-term sovereign credit rating for Việt Nam, the first time since 2010, was expected to help the country to attract more foreign investments into the economy and expand exports. Late last week, S&P raised its long-term…

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China 

China’s new credit rating system will even monitor people’s utility bill payments

A new consumer credit rating system being developed by China’s central bank could go so far as to record whether people have paid their utility bills, according to a state media report.The People’s Bank of China has been building a database of individuals’ spending and payment records for some time, and an initial version of it is expected to be ready to go into service soon, Xinhua said on Saturday.As Beijing battles soaring corporate and personal debt levels, the aim of the project is to… Source link

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