China 

Singapore’s sovereign wealth fund GIC and Chinese mall operator Grandjoy to kick off China’s first listed real estate trust

Singaporean sovereign wealth fund GIC and its long-term Chinese ally, the mall operator Grandjoy Holdings Group, have been selected for a pilot programme that will allow individual Chinese investors to buy shares in rent-yielding properties for the first time.Grandjoy, the property arm of state-owned conglomerate Cofco, was picked by the securities regulator as one of several firms to try China’s first publicly listed real estate investment trust (Reit), its chief financial officer, Xu Hanping,… Source link

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Europe’s richest man Bernard Arnault is closing his wealth gap with Gates and Buffett as LVMH shares advance to a record

Bernard Arnault, Europe’s richest man, got another boost as LVMH shares reached a record due to better-than-expected sales of Louis Vuitton handbags and leather goods.The Frenchman, whose fortune has increased by more than US$19 billion in 2019, is rubbing shoulders with Bill Gates and Warren Buffett in the Bloomberg Billionaires Index, with a net worth of more than US$87 billion.LVMH shares rose as much as 4 per cent Thursday to €342.80, the highest level since the stock was listed in October… Source link

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China 

Finance’s future rests with technology to create health, wealth and wisdom

Modern finance has its origins in medieval Italy. To protect and foster grain farmers, finance was arranged to start the growing process and cover a farmer’s losses. These exchanges can be traced back to Venice in the Middle Ages and Renaissance, and helped build an economy that became the hub of global trade. As the practice of money lending was institutionalised, the bank emerged. The word comes from banca, Italian for the benches where the trade took place.What those Venetian moneylenders… Source link

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Who is the new boss of China’s US$941 billion sovereign wealth fund?

China has found a new boss for the country’s US$941 billion sovereign wealth fund, after a two-year search for the very man to head the company.Peng Chun, the 57-year-old chairman for Bank of Communications, will leave the bank to become the new chairman of China Investment Corporation (CIC), according to people familiar with the fund’s internal announcement. Caixin Media had reported the news earlier.Qu Weimin, currently deputy general manager for CIC, will replace Tu Guangshao as the general… Source link

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Abu Dhabi wealth fund Mubadala sees more opportunities for China growth, investments

Investors should not have to choose between China and the US as tensions rise between the world’s two largest economies, according to Khaldoon Khalifa Al Mubarak, group chief executive of Mubadala Investment Company.The Abu Dhabi sovereign wealth fund is a long-time investor in American companies and has stakes in Chinese technology unicorns SenseTime Group and Didi Chuxing Technology as part of its growing portfolio in Asia.“Have we been pressured? No,” Al Mubarak said on the sidelines of the… Source link

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Money 

Bill Gates becomes the second centibillionaire on earth, after Jeff Bezos, as his estimated net wealth reaches 12 digits

Bill Gates, former Microsoft CEO and co-founder of the Bill and Melinda Gates Foundation, at the Reinvented Toilet Expo in Beijing on Tuesday, November 6, 2018. Gates joins Amazon’s founder Jeff Bezos as the world’s second centibillionaire, whose wealth is estimated at US$100 billion. Photo: AP Source link

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‘Shock wave’ for energy markets as Norway’s enormous US$1 trillion sovereign wealth fund dumps oil and gas investments

Norway’s sovereign wealth fund, the world’s biggest thanks to petrodollars, will sell off stakes in oil and gas exploration and production companies to reduce its exposure to black gold, the government said Friday.While the decision is based solely on financial considerations and not on the environment or climate change, a divestment – even partial sell-off – by an investor worth more than US$1 trillion was seen as a major blow to polluting fossil fuels and was swiftly hailed by the… Source link

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Vietnam 

Gold selling price’s rise varies from store to store on God of Wealth day – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Customers buy gold for luck at Bảo Tín Minh Châu Jewellery and Gemstone Company. Viet Nam News HÀ NỘI — Gold selling prices witnessed an increase at some stores while in others unchanged on God of Wealth Day, the 10th day of the Lunar New Year, which fell on February 14 this year. Legend has it that the God of Wealth returns to heaven on this day, so Vietnamese people have a tradition of buying gold for luck and prosperity throughout the year. At 8:15 this morning,…

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Vietnam 

Gold market heats up ahead of God of Wealth Day – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The domestic gold market is heating up with gold shops introducing various products to take advantage of huge demand on the God of Wealth Day, which falls on the 10th day of the Lunar New Year (February 14). Legend has it that the God of Wealth returns to heaven on the 10th day of the new year, so Vietnamese have a tradition of buying gold for luck and prosperity throughout the year. Representatives from DOJI Gold & Gems Group joint stock company (DOJI) said…

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Money 

China’s wealth gap widens as more than half of its provinces missed growth targets

China’s economic development gap is widening with tougher times looming after more than half of its provinces missed their economic growth targets last year and the effects of the trade war with the US taking a toll on the domestic economy. Seventeen of 31 Chinese provincial-level divisions failed to meet their gross domestic product growth rate goals in a year where the national economy expanded at 6.6 per cent, its slowest pace in 28 years, according to a review of local annual economic reports by the South China Morning Post.…

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