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China’s ‘most hated’ ex-regulator warns that government intervention creates stock boom-to-bust cycles

The former government official behind the nation’s stock market crisis in 2015, one of China’s most hated men, has offered a harsh lesson on the dangers of government intervention that have created many of the country’s boom-to-bust equity cycles.Xiao Gang, a member of the National Committee of the Chinese People’s Political Consultative Conference – China’s top political advisory body – and former chairman of the China Securities Regulatory Commission (CSRC), oversaw the mainland’s trillion… Source link

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Global 

Donald Trump warns China faces ‘toughest trade war deal ever’ if they wait until after US election

US President Donald Trump has warned Beijing to make a trade war deal before the American presidential election next year otherwise “it’ll be the toughest deal anybody’s ever had to make from the standpoint of China”.Vice-minister for finance, Liao Min, will lead a Chinese delegation to Washington this week to set out China’s agenda for talks in October between Vice-Premier Liu He, US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.But China’s official media… Source link

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Global 

Hong Kong credit rating at risk of further downgrade if protests continue, Fitch warns

Prolonged anti-government protests in Hong Kong will only cause greater damage to the city’s reputation, said Andrew Fennell, the head of sovereign ratings at Fitch Ratings, on Tuesday, pointing to the possibility of a further downgrade in the city’s credit rating.Last Friday, Fitch stunned city leaders by cutting Hong Kong’s credit rating for the first time since 1995, trimming it by one notch to AA from AA+. The downgrade was due to months of conflict and violence that amount to the largest… Source link

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Shenzhen, a blueprint for Chinese cities, must abandon Hong Kong’s property model, warns China’s ‘godfather of real estate’ Meng Xiaosu

Allan Zeman (second left), chairman of Lan Kwai Fong Group, Witman Hung (second right), principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority and Tony Verb (right), co-founder and partner at GreaterBay Venture & Advisors, take part in a panel discussion titled ‘The competition conundrum’, at the South China Morning Post’s China Conference, on Wednesday. Photo: May Tse Source link

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Stocks Blog: Trump warns trade deal will be 'much tougher' on China in a second Trump term

Good day, traders — Overnight, US president Donald Trump sent out tweets warning China that a trade deal will be  “MUCH TOUGHER” when, as he expects, he wins re-election in November 2020. In other words, do a deal now, or face tougher terms later. Markets fell there, both on concern about whether serious trade talks will happen soon and on a US factory gauge — the Institute for Supply Management’s PMI — contracting for the first time since 2016. This only deepened worries that the US could… Source link

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Hotel and leisure operator China Travel warns protests could be ‘catastrophic’ for the economy as tourists shun Hong Kong

The effects of the anti-government protests are reverberating across Hong Kong’s travel industry and could be “catastrophic” for the entire economy if it persists, according to a leading hotel and leisure operator.“In the second half of the year, our operations in Hong Kong have indeed been affected by the complicated circumstances in the city,” said Fu Zhuoyang, chairman and executive director of China Travel International Investment Hong Kong, during a press conference on Monday where he… Source link

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Vietnam 

SBV warns credit institutions over rate hikes – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  SBV says it will narrow banks’ credit growth targets if the banks violate regulations. — VNA/VNS Photo  HÀ NỘI — The State Bank of Việt Nam (SBV) says it will closely monitor interest rates offered by credit institutions and take measures to strictly handle violations of the law, including cutting credit growth targets. This is main part of the SBV’s new document on mobilisation interest rates of credit institutions. It was made as many commercial banks are racing to mobilise capital, luring customers with deposit interest…

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ICBC warns of ‘complicated’ economic landscape ahead even as 4.5 per cent first-half profit rise beats expectations

Industrial and Commercial Bank of China (ICBC) warned on Thursday that banks could face a “complicated economic landscape” for the rest of 2019, even as its profit rose 4.5 per cent in the first half despite navigating a “changing economic and financial environment”.The bank, China’s largest by assets, reported a profit of 167.9 billion yuan (US$23.5 billion) in the first six months of the year, compared with 160.4 billion yuan in the same period a year ago.Beijing-based ICBC’s profit was ahead… Source link

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Singapore 

Singtel warns of scammers who impersonate telco’s staff to ‘troubleshoot’ Internet issues, Singapore News

SINGAPORE – If you receive a call from a person who claims to be a Singtel employee asking for personal details such as Wi-Fi passwords and router numbers, it is likely a scam. Telco Singtel warned customers on Wednesday (Aug 28) of this scam on Facebook. The scammers, who claimed to be Singtel technicians or customer care officers, would offer to troubleshoot customers’ Internet connections. Singtel said that the callers are known to ask for personal details, such as NRIC numbers, Wi-Fi passwords and router numbers. The telco assured the…

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