China 

Shanghai offers cash incentives of up to US$8.5 million to lure financial institutions to Lingang free-trade zone area

Shanghai is offering cash subsidies of up to US$8.46 million to financial institutions that set up branches in the new part of its expanded free-trade zone, as the city strives to create a buzzing free-market hub to rival Hong Kong.The municipality announced on Friday that banks, insurers, brokerages, fund managers, trust firms and financial leasing companies would receive up to 60 million yuan (US$8.46 million) worth of subsidies to buy office properties in Lingang.Financial firms renting… Source link

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ZTE posts US$85 million quarterly profit, rebounding from loss a year ago, on back of 5G equipment business

ZTE Corp, China’s second largest telecommunications equipment manufacturer, moved another step closer to its predicted turnaround this year, after posting an estimated 607 million yuan (US$85 million) net profit in the quarter ended June 30 to rebound from a 2.4 billion yuan loss a year ago.Revenue in the second quarter jumped 188 per cent to 22.4 billion yuan, up from 11.9 billion yuan in the same period last year, on the back of growing 5G network equipment sales in China and overseas markets… Source link

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Will stock picking managers help deliver US$85 billion to China’s A-share market?

As global indices compiler MSCI increases the weightage of Chinese A shares in its gauges, it remains to be seen if stock picking managers, who last month pulled record levels of capital out of China’s domestic stock market through the stock connects, will bolster their positions and increase there exposure.Investment banks have forecast that as much as 80 per cent of a potential US$70-$85 billion in net inflows into A shares this year, on the back of the increase in MSCI weightage, could come… Source link

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First ever Saudi Aramco bond receives US$85 billion in orders

After being shunned by Wall Street and international investors last year, Saudi Arabia made a roaring comeback on Tuesday as oil giant Aramco received a blockbuster US$85 billion in orders for its maiden global bond.The order book is likely to be the largest ever seen in emerging markets, covering many times the US$10 billion to US$15 billion Aramco is expected to raise. It’s a sign of investors’ hunger for yield in a world where bonds from some developed nations have negative interest rates… Source link

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