SINGAPORE - The surprising acceleration in China’s manufacturing PMI in June was mainly due to higher production and the new order sub-indices, which disguised an imbalanced recovery across sectors, according to ANZ Bank.
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BEIJING - A Chinese operator of unmanned convenience stores has secured RMB30 million (US$4.4 million) in its latest fundraising round, Caixin reports. The stores, which serve customers without shop assistants, have become an emerging business model that many insiders see as the future of retail.
BEIJING - China announced yesterday that it will use a “negative list” management approach for all foreign investment, open up more sectors and further relax restrictions for foreign businesses. State newsagency Xinhua reported that, from July 28, the negative list approach, which identifies sectors and businesses that are off limits or restricted, will be implemented nationwide.
BEIJING - China has questioned Europol allegations that the Chinese Mainland and Hong Kong are the world centres for fake goods, saying it might be an excuse for protectionism. The State newsagency Xinhua quoted Zhao Ping, of the China Council for the Promotion of International Trade, as saying: “It may be convincing that they have figures for fake Chinese products in Europe, but it is suspicious that they calculated fake products in China and even China’s share of global fake products.”
HONG KONG – The Hong Kong Stock Exchange and The Chinese Gold and Silver Exchange Society (CGSE) today signed an MOU to consider co-operation on matters ranging from product promotion to storage vaults.
BANGKOK – A Royal Decree effective June 23 cancels and replaces existing legislation regulating foreigners working in Thailand. The new legislation cites an urgent need to address current problems with foreigners working in Thailand - and to tackle human trafficking issues.
SHANGHAI - China and India will account for almost half of all new mobile subscribers expected to be added worldwide by the end of the decade, according to a new GSMA study. The 2017 edition of the GSMA’s ‘Mobile Economy: Asia Pacific’ report, forecasts that India will account for 27% (206 million) and China 21% (155 million) of the approximately 753 million new mobile subscribers expected to be added globally by the end of 2020.
HONG KONG – The Hong Kong Stock Exchange has appointed China Exchanges Services Company Limited (CESC), a joint venture of HKEX, Shanghai Stock Exchange and Shenzhen Stock Exchange, to explore a Belt and Road Index in response to market interest in a barometer for the Mainland’s Belt and Road Initiative.
KUALA LUMPUR – Ratings agency Standard and Poor’s expects Malaysian authorities to continue to implement prudent budgetary and economic policies, with the country's economy to grow at an average rate of over 4% between now and 2020. “Stocks of public and private debt, and contingent public liabilities are
considerable, but overwhelmingly denominated in the domestic currency, S&P says.
HONG KONG – Global asset manager Natixis has released its second China Corporate Monitor, which analyses the corporate health of China’s 3,000 largest listed companies, and compares them with global peers. This report is is seen as timely because many of these corporates will soon be part of the MSCI index.
HONG KONG - Global GDP will be 14% higher in 2030 as a result of Artificial Intelligence (AI) – the equivalent of an additional US$15.7 trillion - to the global economy in 2030, according to new research by PwC. That US$15.7 trillion, it says, is more than the current output of China and India combined.
SINGAPORE - Singapore has joined 67 other countries in becoming a signatory to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS). The Convention enables participating countries to modify their existing double tax agreements in order to implement BEPS measures.
BEIJING - China’s broadcast regulator has barred three major internet platforms’ video streaming services as part of Government efforts to tighten oversight of internet content.
HONG KONG – The Hong Kong Stock Exchange will introduce its planned Offshore Renminbi (CNH) and US dollar (US$) Gold Futures on Monday July 10. They will be the first pair of commodity futures that can be physically delivered in Hong Kong.
BANGKOK – Thailand is implementing new policies aimed at future-proofing its workforce and industry, particularly in the automotive, robotics, and aerospace sectors. The measures, known collectively as Thailand 4.0, centre on incentivising foreign direct investment and nurturing innovation for 10 key future-focussed industries.
HONG KONG - Asia-Pacific's positive fundamentals could lift credit conditions in the third quarter of 2017, as macroeconomic trends and financing availability are improving, S&P Global Ratings says in a reort published today.