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China is plugging pension hole by tapping into US$25 trillion in equity in state-owned enterprises

Every month, Liu Yuan sets aside around 900 yuan (US$131), or 8 per cent, of his salary to be paid into the public pension fund, while his employer contributes about 2,000 yuan.These payments will guarantee the 33-year-old accountant of a construction company in eastern Shandong province a basic monthly pension payment of around 4,000 yuan a month when he retires in 25 years, all other things being equal.But starting this May, his employer can cut the mandatory contribution to his account by… Source link

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Having dumped US$25 billion in assets, Wanda still about halfway through cutting its debt burden

Dalian Wanda Group has gone through a severe slimming exercise ever since it was placed on a watch list by Chinese regulators in April 2017 – for highly leveraged acquisitions around the world – as part of a government drive to crack down on debt and prevent private-sector borrowings from hurting China’s financial system.Other companies on the watch list include Anbang Group, HNA Group, Fosun Group and CEFC China.Wanda, the flagship of Wang Jianlin, China’s wealthiest man, is not halfway… Source link

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A look at Mukesh Amabani’s US$2.5 billion shopping spree provides an insight into how he plans to take on Amazon in India

A US$2.5 billion spending spree involving more than two dozen deals provides some insight into how Mukesh Ambani is piecing together a strategy to take on Amazon.com in India.Asia’s richest man is sharpening his focus on e-commerce with a string of tiny acquisitions and stake purchases to face the world’s largest online retailer, after shaking up India’s telecommunications industry with cheap data and free calls.The acquisitions represent a new strategy for Ambani’s Reliance Group, whose… Source link

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Boeing shares fall for a second day as more countries ground 737 MAX 8 planes, knocking US$25 billion off market value

Boeing Co’s stock took another beating on Tuesday, knocking off more than US$25 billion from the aerospace manufacturer’s market value over the past two days, as more countries lined up to ground its 737 MAX 8 aircraft following Sunday’s deadly crash in Ethiopia.Britain joined China, Malaysia, Singapore, Australia and other countries in banning the 737 MAX planes, squeezing the shares, which had been one of best performing stocks so far this year on the Dow Jones Industrial Average. … Source link

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