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Beaten down car stocks to rev up as Chinese policymakers take steps to boost dwindling sales

Chinese car stocks are likely to get a boost after policymakers said they will implement a flurry of measures to spur buying in the world’s biggest car market that is in the midst of its longest streak of shrinking sales.The State Council, China’s cabinet, said this week that it would gradually ease or waive restrictions on car buying and support purchases of new-energy vehicles in some regions as part of a 20-point guideline to bolster consumption. Other measures include incentives to build… Source link

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Vietnam 

Việt Nam steps up work to help longan enter Australian market – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A customer buys longan at Big C supermarket in Hà Nội. — VNS Photo Mai Hương SYDNEY — The Vietnam Trade Office in Australia is working to help Vietnamese longan exporters gain an import licence from the Australian Government as soon as possible. The information was released at a Việt Nam-Australia business connection conference held in Sydney last weekend, which gathered leaders of seven Vietnamese localities – Tuyên Quang, Hải Dương, Quảng Bình, Khánh Hòa, Đắk Lắk, Đồng Tháp and Cần Thơ – and representatives from more than 40 Australian…

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HSBC considering bidding for Aviva’s Asian operations as it takes steps to diversify in region

HSBC Holdings, the bank that shook up its senior leadership this month, is considering a bid for Asian operations being sold by Aviva as it seeks ways to diversify its business in the region, people with knowledge of the matter said.London-based HSBC is in the early stages of weighing an offer for at least part of Aviva’s Asian business, the people said, asking not to be identified because the information is private. A deal would help HSBC bolster its insurance presence in Singapore and other… Source link

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Vietnam 

More steps to be taken to downsize foreign currency loans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Firms will have to buy foreign currencies instead of borrowing from banks. — Photo cafef.vn HÀ NỘI — Commercial banks will no longer allow the provision of mid- and long-term foreign currency loans for offshore payments of imported goods and services from September 30 this year. According to the State Bank of Việt Nam (SBV), the move aims to implement the SBV’s policy to shift the foreign currency-related transactions from borrowing and lending to buying and selling to minimise dollarisation in the economy. Earlier, banks also stopped providing short-term foreign…

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Huawei steps up lobbying efforts in Washington as US-China trade war escalates

Huawei Technologies has hired the law firm Sidley Austin to lobby on trade as the US pressures allies to join it in blacklisting the Chinese telecommunications giant, which finds itself increasingly mired in President Donald Trump’s trade war with Beijing.The lobbying, which began in July, will focus on export controls, trade sanctions “and other national security-related topics”, according to a disclosure filed with the US Senate. The document shows that Huawei, the world’s largest telecoms… Source link

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HSBC CEO John Flint steps down less than two years after taking top role

HSBC said on Monday that John Flint had abruptly stepped down as chief executive less than two years after he took the top job at the bank.He will be replaced on an interim basis by Noel Quinn, who has headed global commercial banking since December 2015. Quinn previously served as regional head of commercial banking for Asia-Pacific out of Hong Kong.“I have agreed with the board that today’s good interim results indicate that this is the right time for change, both for me and the bank,” Flint… Source link

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As Hong Kong steps deeper into a political mess, let us pray that the PLA doesn’t descend upon us

I had the good fortune to work the past week in Hangzhou, which Chinese officials like to call paradise on earth. As the rest of the world as I know it tumbles into chaos and craziness, sunset cruises over the West Lake and sumptuous banquets provided a welcome tranquilliser. At the same time, blocked access to BBC, the South China Morning Post, the Financial Times, Google and WhatsApp allowed ignorance and innocence of the great unravelling that is making the world a strange and disturbing… Source link

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Tencent steps up expansion in India with investment in fintech start-up NiYO

Tencent Holdings increased its bets on India with an investment in a start-up that helps the country’s blue-collar workers manage their finances, as it sought to build an overseas presence to supplement its dominant China market.Shenzhen-based Tencent, one of China’s most active corporate investors, led a US$35 million funding round in Bangalore-based digital banking company NiYO, which also serves outbound tourists with a foreign exchange service.The company, founded by Pony Ma Huateng, is… Source link

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China 

China loans jump in June as Beijing steps up credit support to boost economy amid US trade war

China’s bank lending rose as expected in June as Beijing stepped up credit support to Chinese corporations and key projects to help stabilise the economy amid the trade war with the United States.Chinese banks extended 1.66 trillion yuan (US$242 billion) of new loans in June, up from lending of 1.18 trillion yuan a month earlier, according to data released by the People’s Bank of China (PBOC) on Friday.The June lending was slightly lower than expectations of 1.70 trillion yuan, according to a… Source link

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ZTE secures more than 25 commercial 5G network contracts as it steps up turnaround efforts

ZTE Corp, the world’s fourth largest telecommunications equipment supplier, said it has secured more than 25 commercial 5G network contracts to date, as the company moves to turn around its business this year after being on the brink of collapse because of US-imposed sanctions last year.Shenzhen-based ZTE also indicated that more deals are in the works, based on its 5G partnership commitments with more than 60 telecoms network operators around the world, according to a press release from the… Source link

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