Vietnam 

Việt Nam’s forestry sector targets US$11 billion in export – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A production line of wood products at Đức Thành Wood Processing Joint Stock Company in HCM City.  The forestry sector is expected to reach US$11 billion in export value this year. — VNA/VNS Photo   HÀ NỘI – Việt Nam’s export of timber and wood products is expected to reach US$11 billion this year, said Minister of Agriculture and Rural Development Nguyễn Xuân Cường. Cường said export value reached $5.23 billion in the first half of this year, up 20 per cent compared with the same period in…

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Money 

Chinese artists Chu Teh-chun and Zao Wou-ki set records at Paris auction as two paintings sold for more than US$11 million

Paintings by two of the “Three Musketeers” of Chinese art, Chu Teh-chun and Zao Wou-ki, have set new records, going for nearly €10 million (US$11.2 million) at a Paris auction.The abstract work Synthese hivernale C by Chu went for more than €5.17 million – five times its estimate in an Artcurial sale late Wednesday.The Chinese-born painter, who like his fellow modernist master Zao spent most of his life in France, was the first ethnic Chinese member of the French academy of fine arts.He died in… Source link

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Home 

Standard Chartered to pay US$1.1 billion to resolve Iran sanctions investigations

Standard Chartered said on Tuesday that it agreed to pay US$1.1 billion to settle long-running investigations by United States and United Kingdom authorities into its handling of historical transactions by entities with connections to Iran and its financial crime controls.The settlements would allow the emerging markets lender to move beyond regulatory issues that have dogged it since the bank first reached an agreement with American regulators and prosecutors in 2012 over accusations that it… Source link

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Home 

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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Ecommerce 

Indonesia’s e-commerce scene heats up as Tokopedia secures US$1.1 billion from Alibaba, SoftBank

Indonesian e-commerce company Tokopedia said on Wednesday that it had secured US$1.1 billion in its latest funding round led by Chinese e-commerce giant Alibaba Group Holding and Japan’s SoftBank Group Corp. This follows a similar investment in 2017, also led by Alibaba, which has been expanding rapidly into Southeast Asia amid slowing growth in China’s e-commerce market. Alibaba is the owner of the South China Morning Post. Tokopedia said it planned to use the funds to invest in technology and infrastructure, adding the firm would continue to focus on the…

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Investment 

Fugitive Chinese tycoon Guo Wengui ‘has US$1.1 billion of assets frozen by Hong Kong court’

Another HK$8.7 billion (US$1.1 billion) of assets of fugitive mainland China tycoon Guo Wengui has been frozen by a Hong Kong court, local media reported on Tuesday, citing court documents. The report by online news outlet HK01 came as Guo, also known as Miles Kwok, was expected to hold a press conference in New York on Tuesday, claimed to be with an introduction by former US presidential adviser Steve Bannon. A restraint order issued on October 23 includes prohibition of sales of 510 million shares – or 14.98 per cent…

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