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Foxconn denies speculation about exiting mainland China amid uncertainty from trade war

Foxconn Technology Group, the world’s largest electronics contract manufacturer, has denied speculation that it planned to withdraw from the Chinese mainland, where the Taiwanese company has more than one million employees, as the trade row between the US and China escalates.“The rumours about Foxconn quitting mainland China is not true,” said the company, formally known as Hon Hai Precision Industry, in a post on its official WeChat account on Monday.The firm said operations at all of its… Source link

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Rising uncertainty over trade war could weigh on bottom lines at Hong Kong’s banks, KPMG says

Rising interest rates helped boost Hong Kong banks as the city’s economy slowed last year, but heightened uncertainty from an escalating trade war between the United States and China could weigh on their performance in 2019, according to KPMG.Operating profit before impairments at the city’s licensed banks rose 15 per cent to HK$268 billion (US$34 billion) last year, from HK$234 billion in 2017, the accounting giant said. Total revenue at Hong Kong’s lenders increased 11.2 per cent to HK$445… Source link

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China 

China’s banks remain reluctant to lend amid US trade war uncertainty, new data shows

Chinese banks lending was slightly higher in May from a month earlier, but the value remained below expectations as the impact of the trade war played on lenders’ minds, leading to speculation that the economy may need another, bigger jolt in the arm.The value of new yuan-denominated loans dropped to 1.18 trillion yuan (US$170.54 billion) in May, lower than the market expectation of 1.3 trillion yuan and only slightly higher than April’s reading of 1.02 trillion yuan, according to data released… Source link

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Uncertainty over US-China trade deal between Donald Trump and Xi Jinping at G20 fuels global recession fears

Almost a year into the US-China trade war, Billy Wang, who runs a trading business in Shanghai, has grown increasingly resigned that the end of the dispute is nowhere in sight and will continue to chip away at his earnings.The businessman, who supplies electronics parts like flash integrated circuits to exporters, believes it will be at least another six months before any deal will be struck between the world’s two largest economies.“Some of our clients’ products are headed for the US, so for… Source link

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China’s rust belt cities shrouded in uncertainty as exhausted natural resources shake China’s foundations

The northeast rust belt, once the pride and birthplace of China’s industrial development, is in its biggest economic slump as it struggles to shake off a deep-rooted planned economic mindset and dwindling resources, and a brain drain to regain competitiveness. This is the second article of a five-part series that examines the issues inhibiting reform and changes to revive growth.The tiny shroud shop on a dusty commercial street leading to the abandoned Shengli Coal Mine in Fushun in China’s… Source link

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Brexit apart, Spain’s political uncertainty is a microcosm of the euro zone’s deepening troubles

Political parties in Spain will enter campaign mode this week after Prime Minister Pedro Sánchez on Friday called for an early general election, the third such ballot in as many years. However, far from being an exception, the latest political uncertainty in the euro zone’s fourth-largest economy comes as there are mounting signs of political instability and stagnating growth in other large European economies like Germany, France and Italy. With the euro zone “celebrating” its 20th anniversary… Source link

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Tencent, NetEase get new video game licences after nine-month freeze, clearing cloud of uncertainty

Tencent Holdings and NetEase, which run China’s two biggest video game operations, received their first new game licences after a nine-month freeze by Chinese regulators, removing the cloud of uncertainty over these firms’ main revenue source. The State Administration of Press and Publications (SAPP) on Thursday published a list of 95 approved titles that it reviewed on January 13, marking the fourth round of game approvals since the government resumed granting new licences in December. Tencent, NetEase and Perfect World Games missed out on the first three rounds of new…

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As if a weakening economy was not enough, election uncertainty piles further pressure on Philippine peso

After falling for six straight years, the Philippine peso is now facing an additional threat: a midterm election that may compound concerns about its economy. As the nation gears up for polls due in May, political uncertainties may pose an added source of pressure to those stemming from its long-running deficits. With risk appetite likely to remain fragile because of fears of a global slowdown, traders may drive the peso back below the 13-year low set in October. “The overarching downside risks will probably emanate from risk-off sentiment refocusing worries…

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Chinese companies cool on annual CES Vegas tech show amid trade war and economic uncertainty

The annual CES consumer electronics trade show in Las Vegas – the biggest technology and consumer electronics exhibition in the world, with around 175,000 expected attendees and 4,000 exhibitors – will kick off this week with about 20 per cent fewer Chinese merchants. Not a big surprise perhaps, given the current US-China trade stand-off and a rising war of words between the world’s two biggest economies over leadership in a range of cutting edge technologies and innovations, such as artificial intelligence and 5G mobile networks. However, it still marks a…

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Vietnam 

Understanding uncertainty key to resilience – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News Võ Trí Thành* The world economy is forecast to witness sluggish growth in 2019, due to both the business cycle and a rise in uncertainty that poses big challenges for both the Government and businesses. Recent changes in the global economic outlook and global oil prices have reflected such risks. The International Monetary Fund cut its global growth forecast for the first time in more than two years in the October 2018 edition of the World Economic Outlook (WEO), blaming escalating trade tensions…

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