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Shipping experts are ‘highly worried’ about rising military tensions in the Strait of Hormuz, surging rates, and the impact on energy-dependent Asia

The cost of chartering very large oil tankers to sail through the Strait of Hormuz in the Persian Gulf may rise by as much as a third, as shipowners and charterers pass on rising insurance and fuel costs following recent tanker attacks that threaten a vital artery for global energy supplies, according to experts.Tim Huxley, director of Mandarin Shipping, said charter rates for supertankers, could go up by as much as US$10,000 per day, lifting the current benchmark for very large crude carriers … Source link

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Stocks Blog: China's surging credit data brightens stock outlook

Welcome back to the SCMP’s live stocks blog. Each day, we cover the mainland and Hong Kong markets closely, telling you what is happening and why. We also feature our “Crystal Ball,” in which leading experts offer you their insights on where they think sectors and companies are going. We hope you will check in with us many times a day, to keep up with the latest action and better learn these incredibly important markets. Your market guides today will be Zhang Shidong in Shanghai and Deb… Source link

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Huawei to restructure traditional network gear business after surging smartphones sales take the spotlight

Huawei Technologies plans to reform its traditional network equipment business after its consumer products group became the biggest contributor to record sales last year, part of an ambitious goal of tripling total group revenue within five years.The world’s No 1 telecoms equipment provider will focus on reforming its carrier business unit this year because that business segment has “first and foremost” been under attack by the US, Huawei founder and chief executive Ren Zhengfei said in an… Source link

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Chemical plant explosion sends China dye stocks surging, sinks affected firms

A deadly plant explosion in eastern China rocked chemical sector stocks in the country’s A share market on Friday, with shares of companies where employees were killed and production shut down sinking. Major dye producers, on the other hand, soared on expectations that dye prices could spike because of tightened supply of a chemical compound.“The explosion will have a direct impact on the supply of m-Phenylenediamine, a chemical intermediary used in producing dyes,” Bai Juntian, a Beijing-based… Source link

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New World’s first-half profit rises 29 per cent, propelled by surging home sales in Hong Kong’s property bull market

New World Development, Hong Kong’s fourth-largest developer by value, posted the biggest jump in interim earnings in two years, propelled by rising home sales in the first half of its financial year, as it cleared unsold property off its books before a proposed vacancy tax takes effect.The developer’s core profit, excluding revaluation gains on investment properties, rose 29 per cent to HK$5.4 billion (US$687.49 million) in its first half ended December, according to a statement to the Hong… Source link

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US-China trade war having ‘no effect’ on China steel, amid surging domestic market and tariff exemptions

The trade war between the United States and China is having “no effect” on the Chinese steel sector, which is being propped up by “surging domestic demand”, according to a new study. New research by US analysts shows that Chinese steel producers are enjoying more exemptions from US President Donald Trump’s tariffs on steel than those from US allies Canada, South Korea, Spain and the United Kingdom. This is despite the fact that when the tariffs were invoked under Section 232 of the Trade Expansion Act of 1962, ostensibly on…

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