Vietnam 

Sacombank signs up PwC to create asset-liability management framework – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

PwC Vietnam and Sacombank sign an agreement in HCM City on Tuesday. — Photo courtesy of Sacombank Viet Nam News HCM CITY — Sacombank has hired PwC Vietnam to help upgrade its asset-liability management framework. This is expected to help the bank manage liquidity risk and interest rate risk by identifying risk thresholds scientifically, clearly and optimally, build a liquidity risk management framework to maintain adequate liquidity ensuring the bank operates safely and continuously in all possible situations and developing models to improve the quality of asset-liability management.…

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The SFC throws in the towel on Central rents, signs on for new office space at One Island East

The Securities and Futures Commission (SFC) plans to move out of its Central office to save on rental costs as it forecasts a deficit of HK$230 million (US$29.3 million) for the year ahead. The city’s securities regulator has taken out an eight-year lease in Swire Properties’ One Island East in Quarry Bay. The move, set to take place under a lease beginning in January 2020, would likely reduce office rental costs for the regulator by about half, according to an agenda published online by the Legislative Council on Tuesday. The…

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Trump signs order prioritizing artificial intelligence research amid looming China ambitions

President Donald Trump signed an executive order Monday directing the U.S. government to prioritize artificial intelligence in its research and development spending, the White House said. The order, which comes amid concerns about China’s ambitions to dominate the sector and the likelihood of disruption for workers as the technology automates millions of jobs, doesn’t outline specific funding goals, but says it aims to ensure that AI develops in a manner that reflects U.S. values and to push training for the future workforce. Is China really snapping at the heels of…

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Beijing’s cybersecurity park signs on 10 new firms as city aims for US$14.8 billion market

China’s latest cybersecurity park in Beijing has signed up 10 new companies as the country ramps up efforts to develop a domestic cybersecurity industry. The national-level park in the capital city was launched in late 2017 with the aim to develop a 100-billion-yuan (US$14.8 billion) market for cybersecurity in Beijing, contributing more than 330 billion yuan to the country’s GDP growth by 2020, according to the official Xinhua News Agency. The cybersecurity companies that have signed up, including 360 Enterprise Security Group and Beijing Veda Information Technology Co, will move…

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Signs point to a US recession, but when? The answer is, probably not any time soon

Did we just see a concrete harbinger of a future economic recession? That’s what markets have been discussing all week. Movement in the shape of the US Treasury yield curve (a line that plots interest rates and is often used to predict changes in economic output or growth) was the big talking point. The yield curve actually inverted in the middle part, meaning that yields on shorter-maturity bonds were above longer-dated ones. This happened in part because new information about what we can reasonably expect for the US economy in…

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China and Hong Kong stocks rise for third day as US-China trade war shows signs of easing

Major Hong Kong and mainland China stock indexes rose on Thursday to close higher for a third day in a row, amid signs the US-China trade war is easing and the unveiling of plans by Beijing to reduce the tax burden on innovative industries. In Hong Kong, the Hang Seng Index advanced 1.3 per cent, or 337.64 points, to end at 26,524.35. The Hang Seng China Enterprises Index, also known as the H-shares index, gained 1.3 per cent, or 139.69 points, to 10,556.85. Turnover for the main board reached HK$79.3…

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Huawei signs deal to upgrade Portugal’s largest phone network Altice to 5G standard by 2019

Huawei Technologies has signed a contract to upgrade Portugal’s No. 1 phone network into the 5G standard, giving the Chinese company its 23rd global network client to extend its lead as the world’s largest maker of telecommunications equipment. Huawei will supply the equipment and software for Altice PT to upgrade its network to support commercially applicable 5G standards by 2019, the Shenzhen-based gear maker said in a press statement. The Altice deal in Portugal is the latest in Huawei’s tally of 5G network clients – 15 in Europe, five in…

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How low can the yuan go? Signs from the Fed and China’s economy point to further declines against the US dollar

“Never bet against the Fed” is an old financial markets adage, but it remains relevant. The Federal Reserve is set to stick to its plans to keep raising US interest rates. Any next leg of yuan weakness versus the US dollar is as likely to be driven by US dollar strength as by investor concerns about China.  Reasons to have material qualms about the Chinese economy will persist but it might be broader US dollar strength that primarily drives a higher dollar-yuan exchange rate, not yuan weakness. US dollar strength,…

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Vietnam 

Hapro signs agricultural contracts worth $2 million – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Hà Nội Trade Corporation (Hapro) has signed contracts for exporting agricultural products worth about US$2 million at the world’s largest food innovation exhibition SIAL Paris. The fair, which is taking place in Paris from Tuesday to today, has an exhibition area of nearly 250,000 sq.m, attracting about 6,500 businesses from more than 100 countries around the world. It is also expected to welcome more than 155,000 visitors from more than 190 countries. Hapro’s booth features traditional exports of Việt Nam such as…

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Yuan devaluation: why the signs point to a further drop in China’s currency, whether the US likes it or not

The US Treasury may have concluded last week that China hasn’t been deliberately weakening the yuan, but it is “concerned” about its depreciation. These concerns are unlikely to abate. Markets may decide substantive arguments remain both for US dollar strength and also specifically for continuing yuan weakness.  US President Donald Trump might feel the Federal Reserve has “gone crazy” with its tightening of monetary policy, but the US central bank still seems set to continue raising interest rates. Last week’s minutes, from September’s Fed meeting, that saw a rate hike,…

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