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Economic improvement in China’s northeast rust belt is just skin deep as state firms continue to bleed

When China’s central government chose Shenyang Machine Tool, a state-owned manufacturing behemoth in the northeastern province of Liaoning, to undergo a programme of reform two years ago, it probably imagined it would provide a yardstick for the broader regeneration of the region as a whole.It could not have been more wrong.While the provincial authorities reported growth of 6.1 per cent in the first quarter, which was on a par with the national figure, little of that upturn came courtesy of… Source link

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Macau junket operator Suncity vows to stop extending online betting to mainland China after expose by state media drew heat

Suncity Group Holdings, Macau’s biggest operator of junkets for high roller gamblers, vowed to rein in its online gaming and proxy betting operations in mainland China, days after an expose in Chinese state media accused the company of disrupting China’s financial order.The junket operator of Macau, the only Chinese territory where gambling is legal, had facilitated Chinese gamblers to bet through online casinos in The Philippines and Cambodia, using underground banks to move capital out of the… Source link

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1MDB scandal: Deutsche Bank probed by US Justice Department over work for Malaysian state fund

The US Department of Justice opened an investigation into whether Deutsche Bank, Germany’s embattled biggest lender, violated foreign financial laws in its work for 1MDB, US media have reported.The department is looking into whether Deutsche Bank broke foreign corruption or anti-money-laundering laws through its work for 1MDB, which included helping the Malaysian fund raise US$1.2 billion in 2014 as concern’s about its management and financials had begun to circulate, The Wall Street Journal… Source link

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China 

Trade war may scuttle China’s interest to share ‘state secret’ company audit reports with US

Chinese authorities agreed this week to officially allow Hong Kong’s market regulator to see corporate financial records that are held on the mainland, marking another step to improve the financial transparency and accountability of Chinese companies listed in the city. But Beijing’s reaction to a similar situation with the US may be quite different under the complicated circumstances of the ongoing trade war, analysts said.Hong Kong’s Securities and Futures Commission (SFC) has for years been… Source link

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Singapore 

Woman fatally stabbed husband in front of daughter before taking her own life: State Coroner, Singapore News

SINGAPORE – A woman armed herself with two knives and attacked her husband with them in front of their 14-year-old daughter. The 35-year-old woman managed to stab her husband in the abdomen before falling to her death from their Tampines apartment on May 1 last year. The 36-year-old man, who was the vice-president of a company here, was taken to Changi General Hospital (CGH) where he died of a haemorrhage due to stab wounds to his liver. In an inquiry on Thursday (June 20) into the Filipino couple’s death, State Coroner…

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Vietnam 

HCM City proposes switching State holdings in many firms – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  HCM City proposes that the State holds 100 per cent of capital in Bến Nghé Port Company Limited. — Photo cafef.vn HÀ NỘI — HCM City People’s Committee has sent a petition to the Ministry of Planning and Investment to alter the State holding ratio in some State-owned enterprises in different fields. Under the plan, the committee suggested that the State should hold 100 per cent of charter capital in the fields of service provision for foreign agencies and diplomatic agencies, exploitation and supply of clean and underground water,…

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‘Chinese pig’ remark lands UBS in trouble as state firm excludes Swiss bank from bond sale

One of China’s biggest state-owned infrastructure companies excluded UBS Group from a bond deal after the bank’s global chief economist sparked a furore with his use of the phrase “Chinese pig”.China Railway Construction Corp decided against hiring UBS as a joint global coordinator on a dollar-bond sale, a CRCC spokesman said. The decision was prompted by last week’s pig remark, sources said earlier. UBS declined to comment.CRCC is the first known corporate issuer to distance itself from UBS… Source link

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China 

Chinese state media warns retaliation against US tariffs could ‘become routine’

Chinese state media has warned the countermeasures Beijing is taking against Washington’s increased tariffs and technology containment strategy could “become routine”.In a commentary on Friday, Taoran Notes – a social media account affiliated with official newspaper Economic Daily – also sought to play down expectations that an anticipated meeting between the Chinese and US leaders later this month could get trade negotiations back on track.It listed areas where China could strike back against… Source link

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Wang Jun, who chaired one of the world’s biggest asset-owning state conglomerates at Citic Group, dies at the age of 78

Wang Jun, the son of one of communist China’s founding elders and a former chairman of the country’s largest state conglomerate, died on Monday, aged 78.Wang died at 10.56pm on June 10, according to a report by state-owned news outlet Thepaper.cn in Shanghai, citing unidentified sources and without elaborating. Xinhua News Agency, the government’s mouthpiece, has yet to report the news.Calls to Citic’s head office in Beijing were unanswered. The company has yet to release a statement.Wang, who… Source link

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China 

Chinese state media calls new tech export controls a shield ‘against certain countries’

Chinese state media on Sunday said Beijing’s new tech export controls were aimed at deterring “certain countries” from using the nation’s technologies to suppress its development.The new “national security technological security management list” was announced on Saturday, just over a week after Beijing said it would blacklist “unreliable” foreign entities deemed to have damaged the interests of Chinese firms.Analysts said the new measure was just the latest retaliation from China as it faced… Source link

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