China 

US-China trade war could slash US$1 trillion from US economy in a decade warns Chamber of Commerce

The year is 2029, the US-China trade war is still being waged, and it has cost the American economy US$1 trillion.That is the warning contained in a new report commissioned by the US Chamber of Commerce, which calculates the cumulative hit to US growth over the next decade should trade tensions with China continue to escalate.The study, conducted by the Rhodium Group, unpacks the economic impact of three rounds of tit-for-tat tariffs to date and also estimates the effect of a tariff increase to… Source link

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Hong Kong broadcaster TVB warns it will lose HK$200 million for 2018 financial year

The parent company of Hong Kong’s oldest television station issued a profit warning on Friday, saying it expects a HK$200 million (US$25.48 million) net loss for the financial year ending December 31, 2018.Television Broadcasts (TVB) said in a filing to the Hong Kong Stock Exchange after the close of trading it will write-off approximately HK$500 million on its holdings of SMI Bonds, issued by mainland theatre operator SMI Holdings Group.The expected HK$200 million loss compares to a HK$243… Source link

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Hong Kong pension assets are the third fastest growing in the world, though consultant warns workers aren’t saving enough

Hong Kong is the world’s third-fastest growing pension market, beaten only by Australia and Chile in terms of the compound annual growth rate of its assets over the past 10 years.That is according to data from consulting firm Willis Towers Watson, which sliced and diced the world’s savings for retirees to offer a window into how places are doing.The city had an 8.5 per cent compound annual growth rate of its pension assets from 2008 to 2018. In comparison, Australia and Chile posted 10-year… Source link

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China’s tech economy faces huge risks if basic science research ignored, warns Tencent founder Pony Ma

Chinese technology tycoon Pony Ma Huateng, the founder and chief executive of internet giant Tencent Holdings, emphasised the importance of basic science to establish a solid foundation in technology, warning of the huge risks faced by the country’s tech development if it is ignored.“Our achievements are like tall buildings built on the beaches. If the foundations [of basic science research] are not solid, the future risks are very high,” Ma said in an interview with China’s state-run CCTV… Source link

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China 

China’s bad debts may worsen if growth falters below 6 per cent, warns US rating agency

China’s bad debts may become worse if its growth falls below 6 per cent, according to US rating agency Moody’s.The respected ratings agency said that the trade policy of the United States will be a significant risk to business growth and trade and supply chains, not just in China, but globally.Facing a trade war with the US, along with economic growth at the slowest in decades, China has launched a series of measures aimed at providing better support to private enterprises, which have struggled… Source link

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China 

China’s Premier Li Keqiang warns central bank of ‘new potential risks’ posed by record loans in January

Premier Li Keqiang has warned of the “new potential risks” that China’s record level of new loans in January could bring to the financial system.The People’s Bank of China (PBOC), China’s central bank, confirmed that new yuan loans surged to 3.23 trillion yuan (US$476.97 billion) last month, almost triple the 1.08 trillion yuan (US$160.8 billion) of loans in December and beating the 3.06 trillion yuan from the same period last year.Total social financing, the more broadly defined measure of… Source link

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Vietnam 

Ministry warns about inefficiency at State-owned Licogi – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Copyrights 2012 Viet Nam News, All rights reserved .Add:79 Ly Thuong Kiet Street, Ha Noi, Viet Nam. Editor_In_Chief: Trinh Thanh Thuy Tel: 84-24-39332316; Fax: 84-24-39332311 E-mail: vnnews@vnagency.com.vn Publication Permit: 381/GP-BTTTT. Source link

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Singapore reports lowest GDP growth in two years as trade ministry warns manufacturers may be vulnerable

Singapore’s economy grew at its slowest pace in more than two years in the fourth quarter, data showed on Friday, and the city state’s trade ministry warned that manufacturing is likely to face significant moderation this year. Weakening growth momentum for Singapore’s open economy – a hi-tech manufacturing base and transportation hub – underscores the risks to Asia’s export economies from a slowdown in China and Beijing’s trade war with Washington. Singapore’s growth pace is expected to slow in 2019 as manufacturing “is likely to see a significant moderation,” trade…

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Hong Kong banks must step up cybersecurity, protect customers’ data as online scams multiply, warns industry leader

Hong Kong’s banks must step up their efforts to combat cybercrime and protect customers’ data amid a dramatic rise in online attacks, one of the city’s most senior banking executives has warned. Mary Huen Wai-yi, chairwoman of the Hong Kong Association of Banks (HKAB), said that as lenders have rolled out more digital banking services allowing customers to conduct transactions on their computers or smartphones, so the risks have multiplied. Her concerns are supported by figures from the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, which…

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Singapore 

SingPost warns against fake ‘lucky draw’ messages from scammers, Singapore News

SINGAPORE – SingPost has issued an alert to members of the public, warning them not to be taken in by text messages from scammers. The postal service provider uploaded a photo of one such fake message on its Facebook page on Thursday (Feb 7). The message claims that recipients have won a prize in “SingPost’ (sic) January Prize Draw”, and tells users to click on a link to collect their prize. A SingPost spokesman told The Straits Times that while the fake text messages come with a number of different…

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