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Hong Kong watchdog issues record HK$15.2 million fine to Chinese broker over failure to report money laundering

The Securities and Futures Commission, Hong Kong’s securities watchdog, has fined mainland Chinese state-owned firm Guosen Securities (HK) Brokerage a record HK$15.2 million (US$1.9 million) for failure to report money-laundering activity, it said on Monday.An investigation found the Hong Kong unit of Shenzhen-based Guosen had processed 10,000 third-party deposits amounting to HK$5 billion for more than 3,500 clients during a 14-month period until December 2015.Hong Kong markets watchdog to sue… Source link

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China and Hong Kong stocks climb on record new lending and trade deal outlook

China and Hong Kong stocks rose for the first time in three days after official data showed that new lending by mainland banks surged to a record in January and on optimism that the Asian nation and the US are close to clinching a deal to resolve their trade dispute.The Shanghai Composite Index rose 1.3 per cent, or 33.68 points, to 2,716.06. Hong Kong’s Hang Seng Index added 1.4 per cent, or 378.93 points, to 28,279.77.Traders cheered the news that China’s banks are pumping more money into the… Source link

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Singapore 

Crazy Rich Asians, Trump-Kim summit propel tourist arrivals, spending in Singapore to record highs, Singapore News

SINGAPORE – Singapore’s turn in the global spotlight helped propel tourist arrivals and spending to record highs for the third year in a row in 2018. Total arrivals rose 6.2 per cent to 18.5 million, while tourism receipts went up by 1 per cent to $27.1 billion, according to preliminary estimates released by the Singapore Tourism Board (STB) on Wednesday (Feb 13). Two events last year put the Republic on the global stage: the historic meeting between United States President Donald Trump and North Korean leader Kim Jong Un held…

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China’s Lunar New Year spending growth slows to decade low despite record US$148.96 billion sales

Sales growth in China during the seven-day Lunar New Year Holiday slowed to the lowest rate in a decade this month, questioning if the government can unleash the country’s domestic growth potential to counter the slowdown in the economy. National retail and catering revenue rose 8.5 per cent during the holiday to 1.005 trillion yuan (US$148.96 billion), the Ministry of Commerce said on Sunday. But even though the overall sales figure reached a record high, the growth rate fell from the 10.2 per cent witnessed last year to the lowest…

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Canadian record store chain Sunrise buys part of UK’s ailing HMV Group

Sunrise Records, a Canadian record stores chain, has agreed to buy most of HMV Group in the United Kingdom in an auction overseen by the embattled music retailer’s administrators, fending off a rival bid by Mike Ashley, the billionaire retail magnate behind Sports Direct International. The sale is separate from a move by HMV Digital China Group to wind up its HMV retail stores in Hong Kong as part of a provisional liquidation of its HMV retail unit in December. Douglas Putnam, who runs Sunrise and bought HMV’s Canadian unit…

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Vietnam 

Global economic confidence at a record low: pessimism ends a turbulent 2018 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Global economic confidence fell for the third consecutive quarter in Q4 2018 to end the year at an all-time low, found the latest edition of Global Economic Conditions (GECS). The global poll of 3,800 accountants, jointly conducted by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA), shows that all key regions recorded a negative confidence score with signs of growth weakening in the world’s three biggest economies – the US, China and the Eurozone. The…

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Billionaire Ken Griffin sets US record for most expensive property with US$238 million New York penthouse

Ken Griffin is showing how a billionaire goes on a shopping spree. Just days after buying one of the most expensive residential properties in London, the Citadel founder set a US record with the US$238 million penthouse at 220 Central Park South. The 24,000 square feet flat will give him a place to stay when he is working in New York, a Citadel spokeswoman said. The price makes it America’s most expensive home. “He’s definitely a global trophy hunter and he bought what would arguably be now the number one…

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Property 

Luxury home sales in Hong Kong hit record US$24.6 billion last year, says Centaline report

Sales of luxury homes in Hong Kong smashed all previous records last year, according to research by Centaline Property Agency. But whether that momentum can be maintained in 2019 will depend on the outcome of the US-China trade war, analysts warned. The number of homes that sold for HK$20 million (US$2.55 million) or more climbed above 4,000 for the first time, up 8.2 per cent on the year, to 4,189. The total value of those transactions reached HK$192.67 billion, the most since records began in 1996, up 14.8 per cent…

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Tesla’s US$5 billion Gigafactory helps Shanghai record increase in foreign direct investment for 2018

Shanghai, mainland China’s commercial and financial capital, shrugged off the US-China trade war to record an annual increase in foreign direct investment in 2018 – driven in no small part by Tesla’s plan to build its first plant outside the United States in the city’s free-trade zone. Capital committed by investors that will be received in the future, or contracted foreign funds, rose by 16.8 per cent to US$46.9 billion, according to the Shanghai Municipal Statistics Bureau. The foreign funds actually received last year hit US$17.3 billion, up 1.7 per…

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China 

China’s state-owned companies enjoy record profits, even as private sector flounders

Revenues and profits at China’s state-owned enterprises hit historic highs last year, even as the country’s private firms fought for their survival amid the slowest period for economic growth in a decade. Last year, firms owned by the central government booked revenues of 29.1 trillion yuan (about US$4.3 trillion), up 10.1 per cent from 2017, while net profits reached 1.2 trillion yuan, a rise of 15.7 per cent from the previous year, according to figures released by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) on…

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