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Down-coat maker Bosideng’s shares fall by most on record after short seller Bonitas Research questions accounting practices

Bosideng International Holdings, a Chinese clothes maker specialising in down jackets, saw its shares fall the most on record after a short seller report questioned the company’s accounting practices.Hong Kong-listed Bosideng had overstated its revenue and profit, according to a note published on Monday by Bonitas Research.The stock fell as much as 28 per cent within an hour after the Bonitas Research report was released at around 10:30 am. The company suspended trading at around 11:15am with… Source link

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ByteDance poaches from Facebook to power short video app TikTok’s global expansion

ByteDance, the world’s most valuable start-up, has moved to bolster the overseas expansion of popular short-form video app TikTok by hiring a senior executive from social media giant Facebook.The Beijing-based company’s new recruit, Blake Chandlee, has been appointed as TikTok’s head of strategic partnerships. He most recently served as vice-president of global partnerships for more than eight years at Facebook.“I expect Blake Chandlee’s mandate will be to focus on the international expansion… Source link

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Singapore 

PUB’s Hari Raya short film about family ties turns on the water works for netizens, Singapore News

SINGAPORE – A short film by national water agency PUB about cherishing family ties and brotherhoood ahead of Hari Raya Puasa has turned on the water works for many social media users. The six-minute film, titled Kinship, was shared on PUB’s Facebook page and YouTube channel on Thursday (May 30). Since then, it has garnered more than 2,600 likes, 2,700 shares and 240 comments. PUB’s first festive short film tells the story about two orphaned brothers, Din and Zul, who grow up in an orphanage in the 1960s and are…

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Here’s a strategy for surviving the US-China trade war: short the Australian dollar and go long on the Japanese yen

Short Australia’s risk-sensitive currency against the haven yen. That is emerging as one popular currency trade as investors look to profit from the US-China trade war.With the conflict escalating, Citigroup predicts the Aussie-yen will slip to about 72.75 in a few weeks, which marks a drop of more than 4 per cent from a level of 76.04 in Asia Wednesday. Jeffrey Halley, a 30-year currency trading veteran and market analyst at Oanda Asia-Pacific, reckons the pair could fall below 70 in the next… Source link

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Stocks Blog: Gloomy economy weighs on final market day of a short trading week

Hong Kong is heading into the last trading day of a short four-day trading week, while markets in Shanghai and Shenzhen remain closed for the Labour Day holiday. Stocks are likely to be weighed down by the latest gloomy reading of the city’s economy. Hong Kong’s first-quarter gross domestic product (GDP) grew at a dismal 0.5 per cent from last year, expanding at the slowest pace since the third quarter of 2009. The government blamed a weaker global economy and external headwinds – such as the… Source link

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Nintendo's surge on China entry prospects has not deterred short bets by hedge funds

Nintendo Co. shares have surged this year thanks to a stellar games line-up and potential entry into China. But the hedge funds betting against the company aren’t going away.Nintendo’s stock has rallied 27 per cent this year, the best start since 2015. Still, short sales, or bets the stock will fall, are more than double their level a year ago. Hedge funds even added to those positions last Friday – the day Nintendo shares rallied 15 per cent as China gave a nod to Switch game sales in the… Source…

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Investment 

Tesla gets restraining order against short seller for stalking factory, harassing workers

Elon Musk’s war with Tesla short sellers just got weirder.The electric carmaker claims a California man who it says is part of an online group of short sellers has been stalking its Fremont factory and harassing its employees – including dangerously swerving his car towards a Tesla Model 3 that was on a motorway test drive and injuring a Tesla security guard in a hit-and-run on company property.Tesla persuaded a state court judge on Friday to issue a temporary restraining order requiring the… Source link

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Singapore 

Short detention order for e-bike rider who rode into jogger, causing brain injury, Singapore News

SINGAPORE – A teenager who caused a brain injury to a jogger after riding into him on his power-assisted bicycle (PAB) was sentenced to a week’s short detention order on Tuesday (April 16). Joven Heng Gin How, now 20 and a full-time national serviceman, had been riding the vehicle for the first time and reached a speed of around 40kmh on a footpath near Marina Bay Sands. Under the order, offenders are put behind bars for a short time but will not have a criminal record after their release. Heng…

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Stocks Blog: Markets poised to open higher on short trading week

Welcome to the last day of a short trading week: The Ching Ming Festival holiday, or tomb sweeping day to honor ancestors, is observed on Friday, with markets closed in both Hong Kong and mainland China. Trade is very much back in focus.  Chinese Vice Premier Liu He is in Washington, where he is meeting with US officials to try to craft a trade deal. The effort is “making good headway,” White House economic adviser Larry Kudlow said, according to Bloomberg. “But we’re not there and we hope… Source link

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Former UK surveillance head says calls to freeze Chinese companies out of telecoms in Western countries are “short on technical understanding”

Britain’s former surveillance chief has characterised the “chorus of voices” calling for a blanket ban on Chinese companies like Huawei Technologies from telecommunication networks in Western countries amid perceived cyber threats as being “short on technical understanding” of cybersecurity and the complexities of 5G networks. While the Government Communications Headquarters’s National Cyber Security Centre “has been blunt about Huawei’s shortcomings in security engineering and in its general attitude to cybersecurity,” it has “never found evidence of malicious Chinese state cyber activity through Huawei,” Robert Hannigan, who was director of GCHQ…

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