Wednesday, August 15, 2018

Robust quarterly profit at China’s largest producer suggests instant noodles are...

Shares in Tingyi Holding, China’s largest producer of instant noodles and drinks, were trading at a six-week high on Tuesday, after the company posted a better-than-expected first quarter late on Monday, on the back of robust sales of instant noodle products. Its shares jumped by about 9 per cent to an intraday high of HK$18.16…

Politics

Business

Exchange Fund assets rise

Exchange Fund assets rise

The Exchange Fund’s total assets rose to $4.1007 trillion at the end of June, up by $45.4 billion on the previous month, the Monetary Authority announced today.   Foreign currency assets increased by $62.5 billion while Hong Kong dollar assets decreased by $17.1 billion.   The Monetary Base was $1.6521 trillion, up by 0.5% on…
FS visits Guangzhou, Foshan

FS visits Guangzhou, Foshan

Financial Secretary Paul Chan visited technology companies and institutions in Guangzhou and Foshan today.       Mr Chan started his visit to cities of the Guangdong-Hong Kong-Macao Bay Area by visiting an aerial vehicles technology and service company in Guangzhou.   He learned about the company’s business operation, research, manufacturing, and its sales and marketing.  …
Retail sales value up 12%

Retail sales value up 12%

The value of total retail sales in June, estimated at $37.8 billion, increased 12% compared to the same month a year ago, the Census & Statistics Department announced today.   After taking out the effect of price changes over the period, the volume of total retail sales in June increased 9.8% year-on-year.   The sales…
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Credit Suisse pays US$77 million to settle US probes ‘after it bribed Chinese officials by offering their families jobs’

Credit Suisse pays US$77 million to settle US probes ‘after it bribed Chinese officials...

Credit Suisse Group has agreed to pay about US$77 million to settle US criminal and civil probes into its Asia-Pacific hiring practices, including efforts to win banking business by awarding jobs to friends and family of Chinese government officials. The Swiss bank agreed to a US$47.03 million criminal fine and to enter a non-prosecution agreement…
How Shanghai Tower has paid the price of China’s quest for height

How Shanghai Tower has paid the price of China’s quest for height

Twisting more than 600 metres into the sky like a giant corkscrew, Shanghai Tower is not just a remarkable feat of engineering but a symbol of the city’s rise to become one of the planet’s major financial hubs. A testament to lofty ambition it may be, but until recently the glossy facade of China’s tallest…
University in Shanghai gives goose a place at university to save it from cooking pot

University in Shanghai gives goose a place at university to save it from cooking...

A university in east China agreed to “admit” a goose after its owner, who was leaving the area, appealed for someone to save the bird from the cooking pot, local media reported. Gugu the gander took his place at Shanghai Maritime University last week, Thepaper.cn reported. His owner, Wu, contacted the college on Weibo –…
This is what Hong Kong retailers must do to maintain edge as China announces fifth round of import tariff cuts

This is what Hong Kong retailers must do to maintain edge as China announces...

The latest round of import tariff cuts by Beijing is a fresh reminder for Hong Kong to improve its quality of service as well as retail experience, if it wants to continue to attract Chinese tourism spending despite a rapid erosion of any price advantage it enjoys versus the mainland, said analysts. China announced last…

Diplomacy & Defence

US carmakers hit with Chinese tariffs as trade war changes gear

US carmakers hit with Chinese tariffs as trade war changes gear

China has added automobiles to its revised list of US$16 billion worth of US goods targeted by its retaliatory tariffs, removing crude oil in favour of items that could do more damage to the US economy. The updated tariff list, published by the Ministry of Finance on Wednesday, will slap 25 per cent duties on…
North Korea’s top diplomat accuses US of ‘attitude to retreat’ from peace process

North Korea’s top diplomat accuses US of ‘attitude to retreat’ from peace process

North Korea’s top diplomat accused the United States of “showing the attitude to retreat” from the peace process on the Korean peninsula, hours after China claimed positive progress had been made in recent months. At a closed-door session during the Asean summit, top diplomats – including from China, the US, North and South Korea –…
China to assess tougher US controls on foreign investments, wary of impact on its companies

China to assess tougher US controls on foreign investments, wary of impact on its...

China’s commerce ministry said on Tuesday it will comprehensively assess a new US defence act that strengthens the role of a key committee tasked with reviewing proposed foreign investment, and called for fair treatment of Chinese investors. US President Donald Trump signed a US$716 billion defence policy act on Monday that authorises military spending and…