Vietnam 

VNĐ5.2 trillion to be invested in wind power in Quảng Trị Province – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A wind power farm in Hướng Hóa District, Quảng Trị Province. – Photo baotainguyenmoitruong.vn Viet Nam News HÀ NỘI — Quảng Trị Province People’s Committee gave its approval to two companies to develop wind power projects worth a total of VNĐ5.2 trillion (US$221.2 million) in the central province. Hướng Phùng Wind Power Company Limited will be allowed to develop Hướng Phùng 3 Wind Power Plant with a designed capacity of 30MW and a total investment of more than VNĐ1.58 trillion. Covering nearly nine hectares in Hướng Phùng Commune,…

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Failed sports deal puts murky US$3.3 trillion market in China back into spotlight

The high-profile failure of a European sports-rights agency has sent ripples into an opaque Chinese market for investment products that’s come under increased regulatory scrutiny.China Merchants Bank in 2016 used proceeds from a 2.8 billion yuan (US$414 million) wealth-management product to invest in London-based MP & Silva, the company that was dissolved by the UK High Court in October, as part of a Chinese consortium. As the investors tally their potential losses, the lender is now… Source link

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Vietnam 

Investors pledge VNĐ30 trillion in tourism in central and Central Highland regions – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A view of Ninh Chữ Beach in central Ninh Thuận Province. The central region has been urged to promote tourism development. – Photo news.zing.vn Viet Nam News HÀ NỘI — Investors have pledged to invest more than VNĐ36.1 trillion (US$1.5 billion) into 19 tourism projects in the central and Central Highland regions. The 19 projects received initial investment approvals at a conference for the region’s tourism development held on Saturday with the participation of Prime Minister Nguyễn Xuân Phúc. Among the seven provinces and cities which received…

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Chinese investment giant CMIG misses bond payment, sending shockwaves through US$11 trillion market

An investment giant backed by dozens of the biggest Chinese firms and dubbed the “the aircraft carrier of China’s private companies” by local media has partly suspended trading of its bonds after missing a repayment. The case underlines the mounting pressure in the country’s US$11 trillion bond market, said analysts, as a liquidity crunch forces an increasing number of heavily indebted companies to the brink of default. China Minsheng Investment Group (CMIG) has stopped taking bids for three of its bonds “due to recent price volatilities”, according to a filing…

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World Bank arm IFC sees US$20 trillion worth of green investment opportunities in India, Asia-Pacific

International Finance Corporation (IFC), a private equity and venture capital arm of the World Bank Group, is set on climate related investments, with US$20 trillion worth of opportunities in Asia-Pacific and India by 2030. According to the IFC, 60 per cent of the area expected to be urban worldwide by 2030 is yet to be built, as emerging countries develop and migration to cities heightens. This will provide opportunities for US$29.4 trillion of climate-related investments in sectors from renewable energy to electric vehicles, of which nearly 70 per cent will…

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Property 

Chinese developer Greenland Hong Kong expands into China’s US$1.9 trillion aged care sector as property market slumps

Mainland property developer Greenland Hong Kong has set its eyes in major Chinese cities to expand its elderly care services as a way to accelerate the company’s diversification into non-property businesses amid China’s real estate market slump. Hou Guangjun, chief operating officer of the company, told the South China Morning Post that first-tier cities including Beijing, Shanghai, Guangzhou and Shenzhen were targeted as the Hong Kong-listed developer looked to tap the growing demand among the mainland rich for better health care and senior care offerings. “As we move into health…

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Vietnam 

Inter-bank e-payment turnover hits $3.2 trillion in 2018 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Inter-bank electronic payment turnover accelerated to VNĐ73 quadrillion (US$3.2 trillion) in 2018, equal to 13 times the country’s GDP, according to Phạm Tiến Dũng, director of the State Bank of Việt Nam (SBV)’s Payment Department. On average, the inter-bank system handled more than 544,000 transactions worth more than VNĐ289 trillion per day, up 25 per cent and 24 per cent respectively compared to 2017. Dũng attributed the rise to improvements in the country’s non-cash payment infrastructure, which have helped the payments…

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For China, tax cuts may work where its 4 trillion yuan stimulus failed – by boosting the economy without creating more debt

China’s economic momentum has slowed noticeably, as suggested by headline growth figures, sentiment indicators and activity data. Since the beginning of 2018, the People’s Bank of China has lowered the reserve requirement ratio for the major commercial banks by 250 basis points in total, clearly suggesting that an easing cycle has been initiated.  However, China intends to shore up growth without falling back on debt-fuelled stimulus in this easing cycle, as a massive package to boost growth would trigger a déjà vu of the debt/disinflation cycle that has repeatedly happened…

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Vietnam 

MobiFone meets goal with over VNĐ6 trillion of profit – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Mobifone contributed more than VNĐ5.4 trillion to the State budget in 2018, a year-on-year increase of 7.4 per cent. — Photo baodauthau.vn Viet Nam News HÀ NỘI — MobiFone Telecommunications Corporation, one of Việt Nam’s three largest mobile network operators, posted pre-tax profit of nearly VNĐ6.05 trillion (US$258.33 million) in 2018, fulfilling its target for the year and representing a rise of 7.5 per cent compared to 2017. The information was released at a conference held by the group on Friday in Hà Nội to review its 2018…

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Bank of China, China Construction Bank get wealth management units in shake up of US$4.3 trillion industry

Beijing has given two of China’s biggest banks the go-ahead to set up wealth management units, a move that could create a new growth engine for an industry struggling to sustain profitability. The Bank of China and China Construction Bank have received their approvals from the China Banking and Insurance Regulatory Commission (CBIRC), the regulator said in a statement on Thursday. The go-ahead comes three weeks after the commission published the regulations governing these wealth management units. Asset managers in Asia could see revenue double by 2022 on growth in…

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