China 

Bad loans in China’s banking system mount, rise 3.6 per cent in second quarter

Chinese banks have reported an increase in bad debts and a decline in capital adequacy ratio in the second quarter, as the year-long trade war has hit the country’s economy hard.Total non-performing loans in the mainland’s banking system rose to 2.235 trillion yuan (US$316.6 billion) during the three months to June, up 78.1 billion yuan, or 3.6 per cent from the first quarter of this year. The non-performing loan ratio edged up by a marginal 0.01 percentage points to 1.81 per cent during the… Source link

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Kweichow Moutai shares rise after world’s most valuable distiller allays investor concerns, limits dealings with affiliates

Shares in Kweichow Moutai, the world’s most valuable liquor distiller, rose by as much as 5.2 per cent to 1,012.4 yuan (US$143.3) on Monday, following an announcement that it would cap the amount of the fiery liquor it sells to affiliates this year.The company said it would limit sales to parent China Kweichow Moutai Winery Group to 5.6 billion yuan, equal to 5 per cent of the listed company’s book value, according to a filing with the Shanghai Stock Exchange on Monday.“The controlling… Source link

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Vietnam 

Pork prices continue to rise on African swine fever, increasing demand – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Việt Nam could have a shortfall of 500,000 tonnes of pork, or nearly 20 per cent of demand, from now until the Lunar New Year in early 2020 due to the effect of African swine fever. VNS Photo Văn Châu HCM CITY – The price of pork with clear origins has increased sharply all over the country because of the impact of African swine fever (ASF). At farms in the north and the south, prices have increased by VNĐ5,000 – VNĐ10,000 per kilogramme in the last several days. In the northern…

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Global 

China’s US trade slumps again, but exports rise due to higher demand from Asian neighbours

The first year of the US-China tariff war drove the world’s two largest economies further apart on trade, with new data suggesting that Beijing may be looking to its Asian neighbours to take up some of the slack as the mainland seeks to become less reliant on the United States.Exports from China to the US fell yet again in July – the month which marked the first anniversary of trade war tariffs – dropping 6.5 per cent.China is also buying fewer American goods with imports from the US falling 19……

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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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Victor Li’s CK Asset sees core profit rise 16 per cent thanks to strong property sales before market soured

Victor Li Tzar-kuoi’s CK Asset Holdings announced a 16.4 per cent increase in core profit for the six months to June, driven by strong property sales in Hong Kong that it locked in before the housing market turned sour.Underlying interim profit, excluding investment property revaluation and property disposal, came to HK$14.05 billion (US$1.8 billion), up from HK$12.07 billion in 2018.CK Asset, the second largest developer by market value in Hong Kong, said revenue rose 41 per cent to HK$34… Source link

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Vietnam 

Rubber group sees both revenue and profit rise – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Currently GVR is managing 407,800 hectares of rubber area. The company has 106 subsidiaries and 20 joint venture companies with a total investment value of more than VNĐ37.2 trillion. — Photo cafef.vn HÀ NỘI — The Việt Nam Rubber Industry Group JSC (GVR) reported revenue and post-tax profit of VNĐ7.6 trillion (US$325 million) and VNĐ1 trillion in the first half of this year, up 8.5 per cent and 15.7 per cent year-on-year, respectively. The figures represent 31.4 per cent of the revenue target and 25.5 per cent of the…

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Singapore 

Knife-wielding man arrested after causing scare in Woodlands Rise , Singapore News

SINGAPORE – A man suspected of being involved in a theft case wielded a knife and disrupted a group of kindergarten children’s rehearsal for a performance for their pre-school’s National Day celebrations. He was arrested after being confronted by eight police officers.  The incident took place at about 11am on Monday (July 29) at Block 785E Woodlands Rise.  About 30 kindergarten children were in a sheltered area rehearsing their performance when the man with the knife appeared, reported Chinese-language newspaper Shin Min Daily News on Tuesday. The knife was about…

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Singapore 

Singapore job-seekers expect 17% pay rise on average when they switch jobs: Survey, Singapore, Business News

SINGAPORE – Job-seekers in Singapore are looking to get a 17 per cent bump in pay when they switch jobs, after averaging across industries and levels, said a report by RGF International Recruitment. Its survey found financial compensation to be the driving factor for 61 per cent of job-seekers in Singapore, with 83 per cent of respondents saying they expect a salary increase. After compensation, the next factors which drive job-seeking are working with “top calibre colleagues” (13.6 per cent) and career advancement opportunities (10.8 per cent). The recruitment firm’s…

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