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Global fintech investments nosedive as Chinese fundraising falls sharply, report says

Global investments in fintech firms tumbled 29 per cent in the first half of the year as deal activity in China fell sharply amid an escalating trade war between Washington and Beijing, according to a new report by the consulting firm Accenture.The value of financial technology deals worldwide in the six months ended June 30 declined to US$22 billion, compared with US$31.2 billion in the same period a year earlier. The number of deals globally, in contrast, increased 2 per cent to 1,561 in the… Source link

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China 

New IMF report doesn’t back Donald Trump’s currency manipulation charge against China

This story is published in a content partnership with POLITICO. It was originally reported by Doug Palmer on politico.com on August 9, 2019.The International Monetary Fund on Friday provided little or no support for US President Donald Trump’s assertion that China is manipulating its currency for an unfair trade advantage.In an annual review of China’s economic policies, the IMF said Beijing actually took steps last year to prop up the value of its currency after the renminbi declined against… Source link

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Singapore 

Choa Chu Kang Town Council lodges police report after China’s flag displayed at HDB block, Singapore News

SINGAPORE – Choa Chu Kang Town Council has lodged a police report after China’s national flag was displayed at a Housing Board block. Replying to queries from The Straits Times, a town council spokesman said on Wednesday (Aug 7) that the flag, which was displayed at Block 489B, Choa Chu Kang Avenue 5, has been taken down. He said the police report was made after a resident alerted the town council about the incident. The spokesman said that the town council would not comment further on the matter as police…

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China 

China’s ‘weaponised’ yuan, report of suspended US farm purchases create grim outlook for trade talks

China’s move to allow the yuan to drop below the level of 7 to the US dollar to “effectively weaponise the exchange rate”, coupled with a report of cancelled purchases of American farm products in response to the threat of increased tariffs from US President Donald Trump, create further uncertainty for future trade talks, analysts said.On Monday morning, the yuan offshore rate dropped below the level for the first time since trading started in Hong Kong in 2010, while the onshore rate reached… Source link

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Vietnam 

Top securities firms report lower earnings in Q2 due to poor liquidity – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A SSI Securities Corporation trading office. The company is among top three securities firms that recorded lower quarterly earnings. – Photo vietnamnfinance.vn HÀ NỘI – A quiet stock market in the first half of 2019 resulted in lower quarterly earnings for some large-cap securities companies, causing their shares to decline in the past two weeks. SSI Securities Corp (SSI), HCM City Securities Corp (HSC) and VNĐirect Securities Corp (VNĐS) were the three large-cap brokerage firms that reported lower earnings in the second quarter and in the first six months.…

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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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What global slowdown? Luxury-focused deal making jumps 22 per cent in 2018, according to Deloitte report

When it comes to deal making in the luxury sector, 2018 could be one for the record books, as activity rose sharply in spite of uncertainties that have led to a deterioration in the growth outlook, according to Deloitte’s latest global report on the sector.Last year, 265 mergers and acquisitions transactions were completed, a 22 per cent increase from 2017, according to the consultancy’s “Fashion and Luxury Private Equity and Investors Survey 2009”.Among the various luxury sectors, M&A activity… Source link

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Chinese film studios expected to report losses, face further decline as audiences cut spending amid economic slowdown

Chinese home-grown film studios are expected to report losses for the first half of 2019, as box office numbers and attendance decline for the first time in a decade amid a wider slowdown in the economy.Box-office revenues across the country were down 2.7 per cent to 31 billion yuan (US$4.5 billion) in the first half, with home-grown movies contributing with only half, down from 60 per cent in 2018, according to Entgroup, China’ box office portal.And the rot may afflict the second half too.“I… Source link

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Global family offices grow assets under management to nearly US$6 trillion, report shows

The number of Asia-Pacific family offices rose 44 per cent during the last two years, according to Campden Research. A selection of supercars, traditional symbols of wealth, are displayed during Sino Group’s Gold Coast Motor Festival in Hong Kong on November 10, 2017. Photo: Nora Tam Source link

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Singapore 

Japan may take South Korea wartime labour dispute to International Court of Justice: Report, Singapore News

TOKYO – Japan is considering taking a dispute with South Kore a over its compensation for wartime forced labourers to the International Court of Justice as the deadline for seeking third-country arbitration passes on Thursday (July 18), public broadcaster NHK reported. The question of compensation for South Koreans for labour during Japan’s 1910-45 occupation of the Korean peninsula has soured the US allies’ relations, which took a turn for the worse this month when Japan restricted exports of high-tech material to South Korea. South Korea’s Supreme Court last year ordered…

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