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Evergrande Health vows to challenge the likes of Tesla, become the world’s biggest electric vehicle maker

Evergrande Health Group, a unit of Chinese developer Evergrande Group, said on Friday it aims to become the world’s largest maker of new generation vehicles, and will continue to plough money into the business amid a reported net loss of 1.43 billion yuan (US$213.6 million) for 2018, down from a profit of 301 million yuan the previous year.“New generation cars replacing petroleum-fuelled ones will be the inevitable trend, and Evergrande has chosen the right path,” said Peng Jianjun, the vice… Source link

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China 

China will not ‘discriminate’ between state and private companies, vows Premier Li Keqiang

China will not “discriminate” between state owned and private companies, with Premier Li Keqiang vowing to roll out a series of measures to alleviate some of the burdens felt by the private sector including lowering the cost of financing.“We will ensure all companies benefit from our administrative streamlining measures. There should be no discrimination,” Li said at the conclusion of the National People’s Congress (NPC) in Beijing on Friday.“Through years of efforts, we have cut the time… Source link

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Vietnam 

Vĩnh Long vows to work with businesses – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Leaders of the Mekong Delta province of Vĩnh Long pledged to work with enterprises during a gathering with local businesspeople last Friday.— Photo Nguyễn Nhật Anh HÀ NỘI — Leaders of the Mekong Delta province of Vĩnh Long pledged to work with enterprises during a gathering with local businesspeople last Friday. Vice Chairman of the provincial People’s Committee Lê Quang Trung said the province would issue clear guidance on new policies to facilitate businesses’ operations, encourage business households…

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Singapore 

Police officer taken off life support, husband vows to stay strong for their kids, Singapore News

They were supposed to celebrate their wedding anniversary this month. But that will never happen after Madam Salinah Mohamed’s husband and family decided to take her off life support. The police officer, 41, sustained severe head injuries after being hit by a car on Sunday at the junction of Maxwell Road and Shenton Way while walking to the MRT station on the way home from work. She was taken to the Singapore General Hospital (SGH), where she was in a deep coma and put on life support. A 51-year-old male…

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Home 

Carmakers rise after China vows to boost spending on autos as car sales fall for the first time in more than 20 years

Mainland Chinese carmakers got a shot in the arm on Wednesday, as their shares surged after the national economic planning agency said it would make plans to bolster domestic spending on autos. But whether the rally is sustainable remains to be seen, with incentive details yet to be unveiled. Shares of auto companies including Great Wall Motor and Geely Automobile Holdings traded in Hong Kong jumped, buoyed by talks that policies to boost car consumption were in the works, as woeful sales in December dimmed the outlook for the auto…

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Ecommerce 

China’s Starbucks challenger Luckin Coffee vows to maintain subsidies even as losses mount

Chinese coffee chain operator Luckin Coffee has vowed to continue subsidising consumers despite bleeding “well over” 850 million yuan (US$123 million). In a statement on Monday the company confirmed earlier Chinese media reports that it had lost more than that amount in the first three quarters of the year, adding that the full-year loss would be much larger. “It is our established strategy that we will race to grab market share through subsidies,” the Xiamen-based start-up said. “[So far], the loss is in line with our expectation.” Founded in 2017,…

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China 

Beijing vows to reduce meddling in trading after bad year for China stock market

China’s heavy handed intervention in stock trading will cease and investment funds will be encouraged to buy into its equity market, as Beijing hopes to boost a stock market that has been among the world’s worst performers this year. The Financial Stability and Development Commission, part of the People’s Bank of China, announced on Thursday that the world’s second largest economy must fully implement “market principles” to “reduce administrative intervention in stock trading”. The decision followed a meeting with the country’s financial regulators and major banks, brokerage houses and fund…

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Global 

China’s vice-president vows to keep ‘strategic focus’ amid mounting challenges of trade war

Vice-President Wang Qishan said China will maintain its “strategic focus” and will not abandon its economic model, at a time when the country is facing an increasingly hostile external environment due to the trade war with the United States. Wang told an event in Guangzhou on Monday that China would strive to be a leader in ‘economic globalisation’ and pledged support for the multilateral economic system. After four decades of nearly uninterrupted economic boom, China’s growth prospects have been dampened in 2018 by the rising trade and geopolitical tensions between…

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China 

Donald Trump tweet rebutted? China vows to carry out ‘concrete’ terms of trade truce

The Chinese government will implement the “concrete” terms of the trade truce deal agreed on Saturday by Chinese President Xi Jinping and US President Donald Trump, with steps to carry out the agreement coming “the sooner, the better”, the Chinese Ministry of Commerce has said. “The meeting [between Xi and Trump] was successful. We are confident in implementing [its outcome],” a spokesman for the ministry said in a statement on the ministry’s website. The spokesman did not elaborate on what exact terms had been agreed by the two leaders. The…

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Financial watchdog SFC vows to stamp out ‘fake’ stockbroker trading accounts

Hong Kong’s securities watchdog has promised to clamp down on any stockbroker found to have opened what it called “fake” accounts in an effort to hide any misconduct. Securities Futures and Commission (SFC) deputy chief executive Julia Leung Fung-yee said the regulatory body has discovered the “worrying trend” of some brokers helping clients to use such accounts to allow third parties to be nominated to act on behalf of companies. “Recent inspections uncovered these intermediaries concocting convoluted arrangements to either conceal the identities of the beneficial owners of securities or…

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