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Geely sees speed bumps ahead as its car sales and earnings sputter while China’s economic engine loses power

Geely Automobile Holdings, whose founder Li Shufu is the largest single shareholder of Daimler, said sales of its portfolio of brands including Lynk and Volvo are likely to remain flat this year in China, as economic growth slows down in the world’s largest vehicle market.The Zhejiang-based carmaker sold 44 per cent fewer vehicles in December, causing Geely to miss its 2018 sales target by 5 per cent.Car sales in China sputtered last year, as three decades of double-digit percentage growth… Source link

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World-beating rally in mainland China stocks hits speed bump amid sell-off in once hot agriculture shares

A world-beating rally in mainland Chinese stocks stuttered on Wednesday, as traders offloaded holdings in agricultural companies, one of this year’s best-performing sectors, to lock in profits.In mainland China, the Shanghai Composite Index dropped by less than 0.1 per cent, or 0.34 points, to 3,090.64 at the close, almost reversing a decline of as much as 1.2 per cent in volatile trading. In Hong Kong, the Hang Seng Index fell for the first time in five days, as Xiaomi and Meituan Dianping… Source link

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Vietnam 

Banks speed recruitment to meet expansion plans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Many banks have recently announced they will recruit a large number of personnel to meet their business expansion plans in 2019. Sài Gòn Thương Tín Joint Stock Commercial Bank (Sacombank) announced its plan to recruit 800 new staff for transaction offices and branches nationwide. The positions to be filled are for individual and corporate customer relationship managers, consultants and tellers, including 100 employees for four branches in the provinces of Thái Bình, Ninh Bình, Nam Định and Lào Cai. Leaders of…

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Baidu to speed up promotion of younger talent as 53-year-old president Zhang Yaqin opts for retirement

Baidu said it will promote more employees in their 20s and 30s to management as part of efforts to speed up leadership renewal at the search engine and autonomous driving company.As part of the plan, Zhang Yaqin, 53, its president of new business, opted for early retirement under a new programme for senior executives.Formerly a senior executive at Microsoft in Asia, Zhang joined Beijing-based Baidu in 2014, overseeing among other things the restructuring and commercialisation of its cloud and… Source link

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Two major Chinese carmakers say lower tariffs on US-made cars aren’t a speed bump for their sales

Two of China’s biggest carmakers say they can weather Beijing’s move to lower tariffs on US-made cars imported into the world’s largest auto market, pointing out it largely affects luxury rather than the less pricey segments they focus on.“The lowering of tariffs mainly affects higher-end cars, like those selling at over 200,000 yuan (US$30,000),” Zeng Qinghong, chairman of GAC Group, said in an interview on Friday on the sidelines of China’s annual parliamentary meeting. “It won’t affect… Source link

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Shanghai to Beijing high speed rail operator may be readying for an IPO this year, documents show

The operator of the high-speed railway linking Shanghai and Beijing has taken its first step towards a mainland initial public offering after receiving pre-listing tutorial services from a brokerage.According to a document ­published by the Beijing branch of the China Securities Regulatory Commission (CSRC) on Tuesday, Beijing-Shanghai High-Speed Railway is being advised by CSC Financial on a listing application, which is expected to be completed this year.On the mainland, a potential listing… Source link

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China 

China, US will ‘redouble efforts and speed up’ trade talks, Chinese Vice-Premier Liu He says

Chinese Vice-Premier Liu He said China and the United States would “redouble efforts and speed up negotiations” on trade, as talks aiming to end a tariff war between the world’s two largest economies were extended for another 48 hours.Appointed President Xi Jinping’s special envoy, Liu is leading China’s latest trade negotiations in Washington. He said the two teams had made “positive progress” over the past two days in areas including the trade imbalance, agriculture, forced technology… Source link

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China’s new home prices approach stall speed, as rate of appreciation eases to slowest in nine months

China’s new home prices rose in January at the slowest pace in nine months, as downbeat sentiment and property curbs weighed on the market.Prices of new homes rose by 0.61 per cent in January on month across 70 cities monitored by the government, according to calculations by Bloomberg of data released by the National Bureau of Statistics. The rate of growth is lower than the 0.77 per cent gain recorded in December, which ranked as the slowest clip since April 2018.“The price growth slowed as… Source link

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JPMorgan develops its own digital coin to speed up corporate global payments

JPMorgan Chase is turning to cryptocurrency to modernise one of its most central businesses. The biggest US bank said it has developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement released on Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a decentralised public ledger of transactions that offers more speed because it does not rely on a central record keeper. “Many of our clients move money in different ways and they’re looking for a more…

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Vietnam 

Vietnamese operators speed up with 5G – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viettel will trial 5G mobile technology around the country over the next 12 months.— VNA/VNS Photo  HÀ NỘI — Viettel will trial 5G mobile technology around the country over the next 12 months. Minister of Information & Communications Nguyễn Mạnh Hùng signed a decision to licence the implementation of 5G for the military-run telecommunications company. This licence was granted to test and evaluate technical features and the ability to deploy telecommunications infrastructure using the fifth generation…

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