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Credit Suisse to take controlling stake in Chinese securities joint venture

Credit Suisse said on Monday that its plans to take a controlling stake in its securities joint venture in China, the latest overseas firm to take advantage of Beijing’s efforts to further open the country’s financial services industry.China announced in 2017 that it would allow foreign banks to own majority stakes in their securities joint ventures as part of an effort to open up its banking sector. UBS was the first foreign bank to receive approval from regulators in November to increase its… Source link

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China can excel in consumer robotics, says Credit Suisse Asset Management specialist

China can become a formidable player in the nascent consumer robotics market, where precision of movements is not as important as with industrial robotics.“The big opportunities are in the lower price segment, which I think is going to be a much bigger market than what we have today. And it is a good place [for Chinese manufacturers] to learn before making the move up [to the higher-end market],” Angus Muirhead, senior portfolio manager at Credit Suisse Asset Management, said in an interview on… Source link

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China no match for US unicorns in AI, big data and robotics as it continues to play catch-up in R&D, says Credit Suisse

China lags far behind the US in producing genuine hi-tech unicorns in artificial intelligence, robotics and biotech as it is still paying catch-up in scientific research, according to Credit Suisse.In a report released on Tuesday titled “China Unicorns, preparing to gallop”, Credit Suisse said that although China accounted for nearly one-third of the world’s 326 start-ups valued at US$1 billion or more, its share of unicorns in sectors requiring more advanced scientific research capability such… Source link

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China 

China’s big spenders are reining in on buying cars, jewellery and watches as confidence in personal finance cools, Credit Suisse says

Chinese consumers are less confident about their personal finances, income growth and are cautious of making big purchases than they were a year ago as the country’s economic slowdown is beginning to weigh on sentiment, a Credit Suisse study has found.The number of respondents expecting an improvement in the state of their personal finances in the next six months has “decreased significantly by 5 percentage points to 30 per cent in 2018, after a strong recovery in 2017,” according to the Credit… Source link

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Credit Suisse predicts steep fall in global smartphone output as demand and China economy slow

Global smartphone production in the first quarter of this year is expected to drop 19 per cent as major handset makers feel the effects of softer demand and weak consumer sentiment in China, according to a technology research report from Credit Suisse. Production volumes are expected to slow at Apple, Samsung and Chinese smartphone makers and “the bottom is not yet in sight,” according to Credit Suisse analysts, who revised down a previous forecast for a drop of 14 per cent to 19 per cent. Output of Apple Inc.’s iPhones…

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China 

China has a lot more to lose than the US in trade war, says Credit Suisse

The possibility that the United States and China are closer to resolving their trade dispute has stoked optimism among investors. But insufficient attention may be being paid to what happens if no deal is struck, according to John Woods, Credit Suisse’s chief investment officer for Asia-Pacific. No deal would be “profoundly negative”. It would be the reverse of China joining the World Trade Organisation in 2001, which lowered or froze barriers the country faced to export its goods and paved the way for a near tripling of its share of…

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Singapore 

There are 183,737 millionaires in Singapore, and 1,000 who are ‘crazy rich’: Credit Suisse, Singapore, Business News

SINGAPORE – The number of millionaires in Singapore grew 11.2 per cent in the 12 months to mid-2018 to 183,737 as wealth per adult rose 5.3 per cent to over US$283,000, the ninth highest in the world. This is according to Credit Suisse Research Institute’s 2018 Global Wealth Report released on Thursday (Oct 18), which found that household wealth in Singapore grew strongly at 7.4 per cent to around US$1.3 trillion. Those who may be considered “crazy rich” – ultra high net worth individuals who hold more than US$50 million…

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Money 

Credit Suisse pays US$77 million to settle US probes ‘after it bribed Chinese officials by offering their families jobs’

Credit Suisse Group has agreed to pay about US$77 million to settle US criminal and civil probes into its Asia-Pacific hiring practices, including efforts to win banking business by awarding jobs to friends and family of Chinese government officials. The Swiss bank agreed to a US$47.03 million criminal fine and to enter a non-prosecution agreement under a settlement with the US Department of Justice announced on Thursday. Credit Suisse will also pay US$29.82 million to settle related claims by the US Securities and Exchange Commission. US authorities accused Credit Suisse…

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