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Hang Seng Index is world’s worst performer this week as political turmoil takes toll on economy

Hong Kong stocks ended the week as the world’s worst-performing major equity market after concerns heightened that the political unrest has already taken a heavy toll on the city’s economy.The Hang Seng Index dropped 3.4 per cent for the week, delivering the steepest decline among the world’s major benchmarks. It slipped 0.1 per cent to 26,435.67 on Friday.The protests, which started in June because of Hongkongers’ opposition to the now shelved extradition bill, have already weighed on retail… Source link

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Tiffany says protests ‘taking a toll’ on its Hong Kong business as it reports drop in net sales in second quarter

American jeweller Tiffany & Co. warned it sees a sluggish market in Hong Kong going forward as the social unrest in the city cut into its worldwide net sales in the second quarter.Global reported sales decreased 3 per cent and net earnings fell 6 per cent in the second quarter, on the back of a significant decline in both sales attributed to Chinese and all other tourists and business disruption in Hong Kong, the company said in their quarterly earnings report.“In Hong Kong, where we have 10… Source link

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Uncertainty hangs over Foxconn’s newest China factory as trade war and economic slowdown take a toll

When ground was broken in March 2017 for a new US$9 billion factory owned by a subsidiary of Foxconn Group, the event was witnessed by then Guangdong party secretary Hu Chunhua and Terry Gou Tai-ming, the Taiwanese billionaire who created Foxconn, the world’s largest assembler of Apple’s iPhones and tablets.The plant was hailed by local media as an example of Chinese efficiency in promoting investments that matter for the future and the country’s key role in the global value chain.The Southern… Source link

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Global 

US-China trade war takes heavier toll than expected, wreaking its biggest havoc in the fourth quarter, investment banks say

The US-China trade war, which has raged on for the 13th month last week, will wreak havoc on the world’s two largest economies in the fourth quarter as it takes a heavier toll than previously expected on growth, according to two investment banks.The United States economy faces rising fears of a recession, said Goldman Sachs, which cut its 2019 US growth forecast by 0.2 percentage point to 1.8 per cent in the final three months. China will feel the “biggest hit” from the latest round of proposed… Source link

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Sun Hung Kai, MTR defer sale of 1,172-flat Cullinan West III project as Hong Kong’s protest rallies take their toll on market mood

Hong Kong’s biggest residential property developer is postponing the sale of its next mega project, in the latest sign that nine weeks of public unrest and almost daily clashes between police with protesters are taking an ever-bigger toll on consumer sentiment.Sun Hung Kai Properties (SHKP) and MTR Corporation would offer the 1,172 flats at the Cullinan West III project atop the Nam Cheong subway station upon their completion, said David Tang, the property director of the project’s joint… Source link

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Hong Kong’s major developers call for an end to violent protests, saying it’s taking a toll on business, ordinary people

Hong Kong’s developers have finally broken their silence with an appeal for peace and love amid the public unrest.The Real Estate Developers Association (Reda) said the protests against the now suspended extradition bill, that have taken a violent turn in recent days, was disrupting businesses and people’s lives.“Recently, Hong Kong has been affected by the violent behaviour of a small group of people who have derailed the peaceful demonstrations, affecting business groups and the general… Source link

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Protests take a toll on sales at Watsons, one of Hong Kong’s most instantly recognisable retail chains

Seven weeks of unprecedented civil unrest have taken their toll on one of Hong Kong’s most instantly recognisable retail chains.Health and beauty giant Watsons has seen sales plummet during the period the city’s streets have been frequently taken over by an army of angry protesters occasionally clashing violently with riot police, according to managing director Diane Cheung. She said other factors had also contributed to the decline, but the Watsons shops in districts at the centre of the… Source link

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Hong Kong slips behind New York and Nasdaq in five-month global IPO rankings, as trade war takes a toll on sentiment

A lack of blockbuster listings has seen Hong Kong slip to third place in the worldwide IPO rankings, according to data provider Refinitiv.In terms of total proceeds, it was overtaken by the Nasdaq and New York stock exchanges in the first five months of the year after the American bourses managed to attract some mega listings by global technology giants.Analysts said the US-China trade war had dented the appeal of Hong Kong as an IPO destination, and the outlook remained uncertain.New York… Source link

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Global M&A hit hard in first quarter, with trade war and cooling growth taking toll on Asia

Global deal making activity declined in a chilly first quarter, with Asia hit especially hard by the ongoing US-China trade war, growing economic headwinds and market volatility, according to separate reports from data providers Mergermarket and Dealogic on Wednesday.The number of mergers and acquisitions (M&A) declined by 30 per cent globally to 3,558, while the value of deals declined by 15 per cent to US$801.5 billion, data compiled by Mergermarket showed.Large cross-border deals that… Source link

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Vietnam 

Pig supply could fall as African swine fever takes its toll – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — Pig prices have gone up slightly in recent days in the south after falling for several weeks under the impact of African swine fever. In Đồng Nai yesterday they went up by VNĐ1,000 a kilogramme to VNĐ41,000, Trần Minh Hùng, a local pig farmer, said. This is a positive sign after several days of falling prices, he said. The news about the spread of the disease has worried the public and many people have opted for other foods instead, resulting…

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