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Chinese investment giant CMIG misses bond payment, sending shockwaves through US$11 trillion market

An investment giant backed by dozens of the biggest Chinese firms and dubbed the “the aircraft carrier of China’s private companies” by local media has partly suspended trading of its bonds after missing a repayment. The case underlines the mounting pressure in the country’s US$11 trillion bond market, said analysts, as a liquidity crunch forces an increasing number of heavily indebted companies to the brink of default. China Minsheng Investment Group (CMIG) has stopped taking bids for three of its bonds “due to recent price volatilities”, according to a filing…

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Alphabet’s higher spending worries investors, sending shares lower

Alphabet Inc reported sharply higher fourth-quarter spending on video content, employees and facilities, worrying investors who sent the tech company’s shares down about 3 per cent after hours on Monday. Google’s parent company beat Wall Street’s estimates for revenue and profit, but the bigger-than-expected spending prompted investors to question whether cash funnelled into Alphabet’s newer businesses will generate the returns that its search engine unit historically has. “While the core business is still growing impressively, the significant spending shows growth isn’t quite as capital-light as had been hoped,” said George…

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Singapore 

Surgeon said ‘light duties’ appropriate, sending worker back to work day after surgery for broken collarbone, Singapore News

SINGAPORE – An orthopaedic surgeon appealed against his conviction of professional misconduct by a disciplinary tribunal for certifying a migrant worker fit for work the day after he had operated on him for a fractured collarbone. Dr Kevin Yip Man Hing did not give any sick leave to the 47-year-old construction worker, apart from the two days that the patient spent in hospital. Instead, he certified that the Chinese national was fit for “light duties” upon discharge as well as on two subsequent visits to review his condition. At his…

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Singapore 

Singapore stands firm in dispute over its territorial waters, rejects KL’s call to stop sending assets to area, Singapore News

SINGAPORE – Singapore has rejected Malaysia’s call for both countries to stop sending assets into an area of the Republic’s waters off Tuas which Kuala Lumpur recently laid claim to. Malaysian government vessels that have encroached into Singapore’s territorial waters must leave the area immediately, the Republic added. “Singapore remains ready to discuss this issue with Malaysia in a constructive manner in the spirit of preserving our important bilateral relationship,” a Ministry of Foreign Affairs (MFA) spokesman said on Friday night (Dec 7). “However, Singapore does not agree with Malaysia’s…

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China’s regulator gets tough on fraudulent and unprofitable firms, sending stocks tumbling

China’s new tougher rules on delisting have sent mainland-traded companies with records of regulatory breaches or two straight years of losses falling on Monday. A gauge tracking 86 such companies on the Shanghai and Shenzhen bourses dropped 1 per cent on morning trading, while the benchmark Shanghai Composite Index was little changed. Among these companies, Ningbo Sunlight Electric Appliance, Tianma Bearing Group and Shandong Longlive Bio-technology all slid by the 5 per cent daily limit, the maximum movement allowed for the group known as special treatment (ST) stocks. Two-Shenzhen firms…

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Apple warns on holiday sales, sending value below US$1 trillion

Apple on Thursday said sales for the crucial holiday quarter could miss Wall Street expectations, which chief executive Tim Cook blamed on weakness in emerging markets, foreign exchange costs and uncertainty whether the iPhone maker can keep up with demand for new products. The disappointing forecast by the world’s most valuable technology company helped send shares down as much as 7 per cent, taking roughly US$70 billion off Apple’s market value and forcing that value below US$1 trillion. The forecast could also deepen concerns for technology companies that saw a…

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US sell-off spills over to Asia, sending stocks in mainland China, Hong Kong tumbling

Mainland China and Hong Kong stocks fell, following turmoil in US equities that erased the annual gains for major benchmarks there amid weaker housing sales and disappointing earnings. The Shanghai Composite Index dropped 2 per cent to 2,550.59 on Thursday morning trading and the Hang Seng Index sank 2.1 per cent to 24,708.54. Stock gauges in Asia all fell, with Japan’s Nikkei 225 index being the biggest decliner with a loss of 3 per cent. The S&P 500 Index retreated 3.1 per cent in overnight trading and the Dow Jones…

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Tesla stuns critics by posting profit, defying CEO Elon Musk’s critics and sending its stock soaring

Tesla Motors delivered on CEO Elon Musk’s promise to make money during its latest quarter after fulfilling his pledge to boost production of its first electric car designed for the mass market. The quarterly profit, only the third in Tesla’s history, bolsters Musk’s bid to make selling electric cars a financially sustainable business. The company earned US$311.5 million during the three months ending in September, swinging from a loss of US$619 million at the same time last year. US stocks hammered again, with 600-point loss erasing the Dow’s gains for…

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Property 

China steps closer to banning home presales, sending a chill among domestic developers

Chinese property developers have been invited to give their input on a controversial proposal that would prohibit sales of flats before they are finished, potentially expanding discussion currently underway in Guangdong province. A broad prohibition of the sales practise could weigh negatively on shares of large property developers and remove a key source of funding to smaller developers, according to experts. Zhang Peng, president of Modern Land, a Beijing-based developer, told the Post that he has been contacted by local authorities about the possibility of phasing out presale arrangements. “After…

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Property 

Hong Kong retailers filling up empty shops, sending vacancy rates in tourist areas to 3-year low as landlords cut rents

Hong Kong is missing something lately: empty retail shops. Retail sales are up. So is tourism. And landlords are settling for lower rents for street-level shops – at least one was dropped by more than 70 per cent. The combination has sent vacancy rates of street-level shops down to 5.6 per cent – a three-year low – in four popular tourist areas, said Tony Lo, a director at Midland IC &I. The areas are Causeway Bay, Tsim Sha Tsui, Central and Mong Kok. Of 7,288 street-level shops there, only 408…

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