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Chinese start-ups join rush to launch IPOs on Shanghai exchange’s new tech board

China’s upcoming Nasdaq-style market has attracted 89 companies seeking to raise funds through an IPO just a month after the Shanghai Stock Exchange began accepting listing documents.These technology firms plan to raise more than 90 billion yuan (US$13.4 billion), exceeding the 87 billion yuan raised by 57 companies on the Shanghai exchange last year.The companies that have applied to raise funds fall into the categories of basic science, biotechnology, robotics, new materials, aerospace and… Source link

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Vietnam 

Localities rush to adopt smart city technology – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

With the strong development of science and technology, some localities in Việt Nam are in a rush to make changes and become smart cities. — Photo namdinh.gov.vn HÀ NỘI — With the strong development of science and technology, some localities in Việt Nam are in a rush to make changes and become smart cities. According to a United Nations report released in November, the e-government development index of Việt Nam had risen five places in the past…

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China joins global central bank gold rush as its foreign exchange reserves stabilise

China has joined a global central bank gold rush in the last two months by increasing its official gold reserves, even though the purchase remains modest compared to the volume of the mainland’s foreign exchange reserves, according to data released by the People’s Bank of China on Monday. The country’s gold reserves rose slightly to 59.94 million ounces at the end of January from 59.56 million ounces at the end of December 2018, marking a second straight month of increase. The latest gold purchase by the world’s second-largest economy came…

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Gold price rises above US$1,300 as investors rush for sanctuary amid the bloodbath in global stock markets

Gold pierced the US$1,300 level to extend a new year rally. Investors flocked to the metal with global equities in retreat, signs of a slowdown stacking up, and the oldest of havens showing its mettle as exchange-traded funds draw in increased flows. Futures spiked as much as 0.4 per cent to US$1,300.40 an ounce on the Comex, the highest price since June, and were at US$1,297.80 at 11:21am in Singapore. Spot prices were not far behind, hitting as much as US$1,298.60. Silver also surged, hitting the highest since July. Gold…

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Shanghai warns developers against rush to finish projects after three die at construction site

Shanghai’s municipal government has voiced concerns about construction site safety after three workers were killed in an accident at a site managed by one of the country’s largest developers. The accident happened on Saturday morning when the earth collapsed near the foundations on a Vanke building site in the Minghang district of the city, according to the local authority. Three construction workers were crushed by the collapse and later died. The commercial project under development covers about 30,000 square metres of land and was bought by Vanke for 1.6 billion…

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Don’t worry about amount raised, get out first – Chinese firms rush to list overseas, avoid 2019 headwinds

Vivien Han’s company went public in New York this summer, grabbing headlines in the Chinese media, and was considered another rising star that had successfully tapped the fast-growing Chinese consumer market. Han and her colleagues, however, did not consider the initial public offering (IPO) a success. “We had to cut the fundraising volume two times … market sentiment was not at its best. We suggested to our boss that maybe we should wait for a better window,” said Han. But the company’s founder insisted that they go ahead, regardless of…

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What would Adam Smith say about the rush by banks to stop funding coal power plants?

Adam Smith famously said that “I have never known much good done by those who affected to trade for the public good.” Nowhere is the merit of the great sage’s insight more evident than in the veritable parade of banks that have rushed to end the financing of new coal power plants. The reasoning among banks follows the familiar corporate social responsibility (CSR) route. CSR initiatives by banks call for investment or loan decisions based not on risks and rewards in a competitive market, but on judgment by corporate management…

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Shandong-based companies jump after it becomes latest Chinese province to join bailout rush

Gettop Acoustic and Shandong Weida Machinery led the gains among publicly traded companies based in the eastern Shandong province after the local government said it would provide funding to cash-strapped firms. Shandong joins Shanghai, Guangdong, Zhejiang and Fujian governments that are trying to defuse the risks linked to forced sales of shares pledged as collateral for loans after President Xi Jinping and top financial regulators from the central bank to the stock market watchdog vowed to support growth of the private sector. China’s troubled private listed firms offered billion-dollar bailouts…

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Green gold rush: Thailand, Malaysia race to legalise medical marijuana | This Week In Asia

Asia has the toughest penalties against drug use and trafficking but the legal landscape is shifting in several countries where cannabis, or marijuana, once deemed ruinous to young lives, is emerging as a lucrative industry. In Thailand, where trafficking marijuana is illegal, parliament has set in motion plans to legalise the drug for medical use. On November 9, the national legislative assembly filed a proposal to re-classify marijuana as a legal drug and allow its regulated sale and possession. Marijuana may become available for licensed usage before the end of…

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China 

China’s exports higher than expected as shippers rush to beat next round of trade war

Chinese exports and imports both grew more than expected in October, the first full month of data since the latest US tariffs went into effect. Exports rose 15.6 per cent last month compared to a year earlier, according to data released by the General Administration of Customs on Thursday. This was an acceleration from September’s 14.5 per cent gain and higher than the median forecast of an 11.7 per cent rise by economists in a Bloomberg survey. Imports also beat expectations, jumping 21.4 per cent, up from 14.3 per cent…

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