Money 

Hong Kong’s exchange operator posts record first-half earnings as global funds follow MSCI’s weightings into China’s stocks

Hong Kong Exchanges & Clearing Limited (HKEX) reported its best interim profit on record as more global funds used the city’s cross-border investment channel to invest in Chinese stocks, after MSCI quadrupled the representation of China’s A shares in its benchmarks.Revenue rose 5 per cent to HK$8.58 billion (US$1.1 billion) in the first half, while net profit increased 3 per cent to HK$5.2 billion, the highest since the bourse was established in 2000. Second-quarter profit advanced 5 per cent… Source link

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Chinese stocks buoyed by better-than-expected exports data, Ping An Bank earnings, record first rise in seven days

Chinese stocks rose for the first time in seven days, as better-than-expected exports data and strong results by Ping An Bank provided some relief to investors, suggesting the fallout from the US-China trade war might not be as bad as anticipated.The Shanghai Composite Index added 0.9 per cent to 2,794.55 on Thursday, ending a six-day, 6.2 per cent losing streak that sent the benchmark to a five-month low. However, the trading volume on the Shanghai exchange was 9.3 per cent below its 30-day… Source link

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Hong Kong’s July foreign exchange reserves rise to a record US$448.5 billion, offering a shield against financial turmoil

Hong Kong’s hoard of foreign currencies increased 0.6 per cent to a record, bolstering the city’s defences against currency attacks and financial turmoils, as growth in the local economy slows amid unprecedented public unrest and effects of the deteriorating US-China trade war.Foreign exchange holdings, excluding gold, rose to US$448.5 billion at the end of July from US$431.9 billion a year ago, and compared with US$445.6 billion in June, according to data released by the Hong Kong Monetary… Source link

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Valuations of the world’s biggest banks sink to record lows as China’s economic and debt pain spreads in trade war’s aftermath

Stock investors have never been so downbeat on the world’s biggest banks.China’s “big four” state-owned lenders, which together control more than US$14 trillion of assets, tumbled to record-low valuations on Monday amid mounting concern that Beijing will encourage them to bail out smaller peers.Industrial & Commercial Bank of China, the world’s largest lender by assets, lost US$11 billion of market value last week after injecting capital into a troubled regional bank as part of a government… Source link

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Offshore yuan slides towards record low after Trump tariff threat

China’s offshore yuan fell to its lowest in eight months on Friday and was close to a record low after US President Donald Trump’s threat to impose new tariffs on Chinese imports.The surprise threat, raising the prospect of all imports into the United States from China being hit with tariffs, also sent investors scrambling for the safe-haven yen, lifting it to a 16-month high against the dollar.Trump said that a 10 per cent tariff would be imposed on US$300 billion worth of Chinese goods on… Source link

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Vietnam 

HDBank reports record profit – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  HCM CITY — The HCM City Development Joint Stock Commercial Bank, or HDBank, has reported a record pre-tax profit of VNĐ2.211 trillion (US$95.36 million) for the first half of the year. Its consolidated net interest margin, which rose to 4.4 per cent, was the highest in the banking sector. Total consolidated revenues were worth VNĐ5.17 trillion, of which net interest earnings accounted for VNĐ4.35 trillion, a year-on-year increase of 17 per cent. Income from services was VNĐ286 billion, up 27 per cent. Operating expenses and risk provisioning were tightly…

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Singapore 

Number of suicides committed by teenage boys hits record high, Singapore News

SINGAPORE – The number of teenage boys taking their own lives reached a record high last year. Nineteen boys aged 10 to 19 committed suicide in 2018, the highest since suicide figures began being recorded in 1991. In 2017, there were seven suicides by teenage boys. The total number of suicides also rose last year, with 397 reported – 36 more than in 2017. The Samaritans of Singapore (SOS) provided a breakdown of the annual statistics to The Straits Times after they were released by the Immigration and Checkpoints Authority…

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China 

China’s pork prices to hit record level in 2019 due to African swine fever, even as imports surge, report says

China’s pork prices will reach a record level by the fourth quarter of 2019 due to the impact of African swine fever on domestic production, even as imports continue to surge, according to a Rabobank report.Pork prices rose by nearly 30 per cent in June compared with a year earlier, according to the Ministry of Agriculture and Rural Affairs, with the spread of African swine fever showing no sign of abating, causing domestic production to plunge.“China’s pork and hog prices are likely to break… Source link

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Record 20 companies face expulsion from Hong Kong stock exchange if they fail to convince regulators they’ve improved

Twenty companies face possible expulsion from the Hong Kong stock exchange if they miss a deadline on Wednesday (July 31) to convince regulators that their shares should be allowed to resume trading.If all 20 were to miss the deadline, or fail to address the problems that led to their suspension in the first place, it would be by far the biggest number of delistings in a single year in the history of the city’s stock exchange and one of the largest of any bourse worldwide.A new rule announced… Source link

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Vietnam 

Việt Nam’s foreign reserves hit record high $68 billion – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The sufficient foreign reserves have been a key source to support the central bank to stabilise the USD/VNĐ exchange rate. — Photo saga.vn HÀ NỘI — Việt Nam’s foreign reserves hit a record high of US$68 billion at the end of June, revealed a report from the HCM City Banking University. According to the report, foreign investment capital inflows have helped the country build up its foreign reserves to double the figure of three years ago. The sufficient foreign reserves have been a key source to help the central bank stabilise…

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