Money 

Donald Trump goads China over record low GDP growth rate as US trade war tariffs hit slowing Chinese economy

US President Donald Trump used his first tweets of the day on Monday to goad China about its slowest gross domestic product growth rate on record, while better-than-expected economic data for June was met with “scepticism” and “caution” by analysts, rather than as a sign of a turnaround in the economy.China’s gross domestic product (GDP) growth slid to 6.2 per cent in the second quarter of 2019, the lowest reading since records began in March 1992, and below the levels reported during the… Source link

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China’s vehicle sales may drop for the second straight year as a trade war amid a slowing economy deter buyers from showrooms

China’s vehicle demand is expected to decline for the second straight year, extending a historic slump as customers delay purchases amid trade tensions with the US, industry watchers said.Passenger-car sales will probably drop 5 per cent in 2019, researcher LMC Automotive estimated, after the first annual decline in more than two decades last year.Guangzhou Automobile Group, which builds sport-utility vehicles, sedans and minivans, forecast overall vehicle deliveries will fall by the same… Source link

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Titanic iceberg of world debt could sink a slowing global economy

In the same way that Wall Street and other markets have blithely shrugged off the threat of an all-out trade conflagration, they have paid little heed to the mountain of global debt. Yet alarm is spreading among officials and economists. Beyond the concern on absolute debt levels, the fear is that much lending may be unrecorded, suggesting an iceberg of debt more menacing than initially appears, especially where it is sold in securitised forms. Debt crises have crept up on an unheeding world… Source link

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White-collar crime spiked amid slowing economic growth globally, cost companies US$1.45 trillion last year, Refinitiv says

Slow economic growth globally has led to a spike in white-collar crimes such as fraud and money laundering, according to a survey by data company Refinitiv.In Asia-Pacific, 75 per cent of the companies polled reported that they had been victims of such crime over the 12 months to the end of March 2019, up from 49 per cent a year earlier, Refinitiv said on Wednesday. Globally, 72 per cent of the companies polled reported white-collar crime in the same period, up from 47 per cent over the… Source link

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Ecommerce 

Chinese tech giants Tencent, Baidu and JD.com spend more to find new revenue sources amid slowing growth

Three of China’s biggest tech companies are expected to report that they ramped up or broadly maintained their pace of quarterly spending to develop new technology and push into relatively new markets, as current growth drivers stall.Used to rapid growth rates until recently, Chinese tech giants including Tencent and Baidu are seeking new revenue streams. But that has not come cheap as they shell out more to hire the best in a competitive job market and keep spending to attract customers in a… Source link

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American oil is flowing freely to China again, after slowing to a trickle

It seems Asia’s biggest oil buyer can’t stay away from crude pumped in the world’s fastest-growing supplier for long.A supertanker laden with US oil is floating off China’s eastern coast, awaiting discharge at one of the Asian nation’s busiest ports. The vessel will soon be joined by more ships that will make the two-month voyage from America as long-simmering trade tensions between Washington and Beijing begin to ease.While refiners in China shunned US oil imports as the nations imposed tit… Source link

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HSBC warns global growth is slowing, US-China trade war weighing on sentiment

HSBC’s top leaders warned on Friday that global growth is slowing and continuing trade tensions, including a trade war between the US and China, are weighing on economic sentiment.Chief executive John Flint said that “increased uncertainty and risk” in the global economy are related to rising protectionism, questions about the United Kingdom’s exit from the European Union known as Brexit and the future path of interest rates.“This is yet to translate into higher credit losses, but that could… Source link

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China 

China issues record new loans on the first quarter of 2019 as Beijing battles slowing economy amid trade war

China’s efforts to battle its slowing economy amid the trade war with the United States gathered pace at the start of 2019 with banks issuing a record amount of new loans in the first quarter of the year.Banks issued 5.81 trillion yuan (US$865 billion) of new loans between January to March, beating last year’s previous high of 4.86 trillion yuan, the People’s Bank of China said on Friday.In March alone, banks issued 1.69 trillion yuan (US$251 billion) in loans, which was the second highest… Source link

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China’s tax cuts were meant to boost its slowing economy, but will they end up hurting debt-ridden regions?

In implementing tax cuts to help businesses stay afloat, China has unwittingly made life harder for thousands of debt-ridden municipalities across the country.The impact on local government budgets may also have the unintended impact of reducing support for new infrastructure projects due to a lack of sufficient funding, analysts warned.As companies and individuals pay less tax to local government’s under 2 trillion yuan (US$298 billion) worth of tax cuts this year, it is the regions that will… Source link

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China’s slowing economy gives its central bank chief the chance to make his mark on monetary policy history

Discussions about China’s interest rate liberalisation have been warming up since Yi Gang took over as governor of the People’s Bank of China (PBOC). This is not surprising given that Yi is a distinguished scholar, with central banking experience and expertise in monetary economics. Also, like his predecessor Zhou Xiaochuan, known as “Mr Renminbi” for leading the push for a global yuan, Yi is probably keen to make his mark on China’s monetary policy history.However, the ongoing market… Source link

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