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Shenzhen in world’s top 10 financial centres for first time since 2010 while Hong Kong stays in third place just behind London

Shenzhen jumped higher in the latest ranking of the world’s financial centres, while Hong Kong moved closer to overtaking London as number two globally, according to a semi-annual survey by the China Development Institute and the London think tank Z/Yen Partners.New York retained the top spot in this year’s Global Financial Centres Index, extending its lead over London by 17 points. Hong Kong remained in third place, but was just two points behind London as concerns mount over the economic… Source link

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Financial assets held by Chinese households dropped last year for first time since 2000, Allianz says

Financial assets held by Chinese households dropped last year for the first time since the turn of the century, as a result of the US-China trade war and a slowing economy, German financial services company Allianz said in a report on Wednesday.Mainland China last year dropped three places to 34th in a global ranking of the richest countries by financial assets per capita compiled by Allianz. Singapore, in third place, ranked as Asia’s richest country for the first time, replacing Japan, while… Source link

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Hong Kong follows US Fed’s 25 basis point rate cut, just in time for city’s stalling economy and kick start Budweiser’s mega IPO

Hong Kong’s monetary authority cut its base lending rate for the second time this year in lockstep with the US Federal Reserve’s widely expected move overnight, reducing the cost of money just as a slowing local economy teeters on the brink of a technical recession.The city’s de facto central bank reduced the base lending rate by 25 basis points to 2.25 per cent effective immediately, matching a similar cut by the US Fed.Commercial banks in the city are likely to keep their prime rate unchanged… Source link

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Vietnam 

Fitch Ratings assigns PetroVietnam at ‘BB’ for first time – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  PVN’s investment is forecast to rise significantly to VNĐ321 trillion (US$13.95 billion) over the next five years. VNA/VNS Photo HÀ NỘI — Fitch Ratings has assigned the Vietnam Oil and Gas Group’s (PetroVietnam or PVN) first-time long-term foreign-currency issuer default rating (IDR) at ‘BB’ with a positive outlook. The agency has also assigned PVN a senior unsecured rating of ‘BB’ and standalone credit profile (SCP) at ‘bb+’, reflecting the company’s high degree of integration, diversification and conservative financial profile. In the statement, Fitch highlights…

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Singapore 

PSI hits unhealthy levels in Singapore for first time since 2016 as haze worsens, Singapore News

PM2.5 concentration levels, which the National Environment Agency (NEA) said is a better indication of current air quality, also reached high levels at 6pm, ranging from 65 in the central to 98 in the west. PM2.5 readings measure the concentration of tiny particles less than 2.5 micrometres in diameter – or about one-thirtieth the diameter of a human hair – in the air.   The PM2.5 concentration readings at 4pm are much higher than the 59 to 78 recorded just an hour earlier. According to the NEA, there are four bands on the PM2.5 concentration…

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China 

China has done its part to rectify global balances. It’s time for the US to step up

The traditional wisdom about the global economic imbalance is that the United States has overspent while China has saved too much and that this imbalance was a prime cause for the global financial crisis a decade earlier. A decade later, China’s part of the excess has been largely fixed while the US part of the imbalance remains. China’s external position, measured by its current account balance, is “in line with fundamentals and desired policies”, according to the latest external sector… Source link

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With the pound unlikely to fall any further in the event of a no-deal Brexit, now is the time to buy UK property

As I write this, yet again political commentators tell me, we have entered the most important week in British politics. Is this the fifth time this year? We are still no clearer on when the UK will exit the EU with parliament providing unprecedented daily drama.This should be no surprise given the saga that Brexit has become, but it is disappointing for those who think that at last the UK has a prime minster who seems determined to take on the EU and deliver some sort of Brexit result, whether……

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Citi cuts Hong Kong GDP growth forecast for fourth time this year, says retail and tourism could take months to recover

Citigroup said it could take some time for Hong Kong’s retail and tourism sectors to recover from three months of protests and civil unrest in the city, as the bank lowered its growth forecast for the city’s economy for a fourth time this year.The American bank cut its forecast for Hong Kong’s gross domestic product growth to 0.6 per cent for 2019 and 1.4 per cent for 2020, citing the “visible damage” caused to the city’s retail and tourism sectors.“We think the retail picture likely worsened… Source link

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‘Fat finger’ blunders causing sudden stock price volatility in Hong Kong may end with cool-off time curbs

On September 8 in 2011, a trader at Sun Hung Kai Investment Services executed an order to buy 2.5 billion shares of China Life Insurance, then the country’s largest life insurer.The order, at HK$18.82 per share, would have cost HK$47.05 billion (US$6 billion), making it one of the year’s biggest acquisitions in Asia, comprising a stake of 33 per cent in China’s biggest life insurer.Sun Hung Kai’s dealing system split the gigantic order into 834 transactions of about 3 million shares each,… Source link

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US business group urges Donald Trump to delay new China tariffs coming ‘at the worst possible time’

A broad coalition of American industry associations on Wednesday appealed to US President Donald Trump to delay new tariffs on imports from China, arguing that the punitive measures against Beijing “come at the worst possible time”.Some 150 business groups comprising an umbrella organisation called Americans for Free Trade sent a letter on Wednesday to Trump, to fight tariffs of 15 per cent on US$300 billion of Chinese imports to the US, many of them consumer goods.Those tariffs, which were… Source link

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