Hk economy – SMS 461 http://sms461.com/ Thu, 22 Sep 2022 17:01:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sms461.com/wp-content/uploads/2021/08/sms-150x150.png Hk economy – SMS 461 http://sms461.com/ 32 32 UOB to repurchase loan for Shimao Kowloon project https://sms461.com/2022/09/22/uob-to-repurchase-loan-for-shimao-kowloon-project/ Thu, 22 Sep 2022 17:01:49 +0000 https://sms461.com/2022/09/22/uob-to-repurchase-loan-for-shimao-kowloon-project/ Shimao chairman Xu Rongmao struggles to repay debts After suing ailing mainland builder Shimao Group Holdings in July over unpaid debt related to a residential project in Hong Kong, Singapore’s United Overseas Bank Ltd (UOB) is considering buying out all rights to the troubled loan, local media announced on Wednesday. After teaming up with Bank […]]]>

Shimao chairman Xu Rongmao struggles to repay debts

After suing ailing mainland builder Shimao Group Holdings in July over unpaid debt related to a residential project in Hong Kong, Singapore’s United Overseas Bank Ltd (UOB) is considering buying out all rights to the troubled loan, local media announced on Wednesday.

After teaming up with Bank of China Communications, Industrial and Commercial Bank of China, HSBC and Hang Seng Bank in 2017 to lend Shimao HK$10 billion ($1.27 billion) for the development of a Tai Wo Ping luxury housing project on Hong Kong’s Kowloon Peninsula, UOB is now considering taking over stakes provided by its partners, according to a report by the Hong Kong Economic Journal.

UOB now says it has resolved its dispute with Shimao, with its potential takeover of the loan allowing it to take full or partial ownership of the project at 9 Yin Ping Road, a secluded location near a network of hiking trails. .

“We can confirm that we have settled with Shimao out of court,” a Shimao spokesperson said in an email response to Mingtiandi.

Award-winning project

According to a writ filed in the High Court of Hong Kong dated July 12, the loan to Shimao was secured by an equity charge – a kind of pledge – for the 100% stake of Genuine Victory Holding, a subsidiary of Shimao, in Adventure Success.

9 Yin Ping Road

9 Yin Ping Road is located in one of the greenest areas of Kowloon

Adventure Success is a wholly owned subsidiary of Shimao which owns and controls the development of the Tai Wo Ping project. The development is valued at around HK$20 billion and Shimao succeeded in December in extending the maturity of the loan from May this year to July 2023, according to the Hong Kong Economic Journal.

UOB alleged that Shimao’s reallocation of intercompany loans, as well as the allocation of shares, to two other Shimao subsidiaries in May led to Genuine Victory’s stake in Adventure Success being reduced to approximately 5.4% against 100%. The bank requested that the reassignment and allotment of the shares be reversed, among other claims.

Shimao outbid developers including Wheelock Properties, China Overseas and Cheung Kong Property Holdings Limited (now CK Asset Holdings Limited) to acquire Lot No. 6542 at Yin Ping Road for its Tai Wo Ping luxury housing project for 7, HK$02 billion in September 2015, according to a statement from the Hong Kong Land Department.

A plan approved by the Hong Kong Building Department in 2017 showed the developer planned to construct six 18-storey residential buildings and 29 four-storey houses on the site, providing around 1,000 units covering a gross floor area of 631,900 square feet (58,705 square meters).

Office 2022 Forum Announcement_250

The project is being developed in two phases, with the first phase delivering around 330 units receiving approval for presale in January. Construction of the project is expected to be completed in December 2023.

Local media reported in February that Shimao Group was looking to sell a partial stake in the project, but no deal has yet been announced.

Fallen Angel

Shimao, whose flagship projects included five-star hotels in Shanghai, was once seen as largely immune to the crisis that has engulfed bigger peers like China Evergrande Group and Sunac China Holdings. However, its offshore bonds have been trading at troubled levels for months and the company suffered its first-ever default on a public note in July when it missed a $1 billion security payment.

To stay solvent, the cash-strapped developer scrambled to raise cash by divesting assets.

In December, Shimao agreed to sell its 22.5% stake in the Grand Victoria project in West Kowloon, Hong Kong, to its joint venture partners in the luxury residential development for HK$2.08 billion, recording a loss. of HK$770 million.

In January, Shimao agreed to sell the Hyatt on the Bund Hotel in Shanghai to a real estate investment company controlled by the city government for 4.5 billion RMB ($707.5 million).

Earlier this month, Shimao agreed to sell its stakes in two Beijing residential projects to blue-chip developer China Resources Land for 3.3 billion RMB ($480 million).

Last month, the developer offered a two-class restructuring plan to offshore creditors to repay $11.8 billion over three to eight years, according to a Reuters report. He said he would retain the right to dispose of the Tai Wo Ping project and a hotel in Hong Kong’s Tung Chung area, with proceeds to be used to repay debt.

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Covid curbs leave Hong Kong musicians on their ‘last dollar’ https://sms461.com/2022/09/20/covid-curbs-leave-hong-kong-musicians-on-their-last-dollar/ Tue, 20 Sep 2022 04:46:29 +0000 https://sms461.com/2022/09/20/covid-curbs-leave-hong-kong-musicians-on-their-last-dollar/ Photos by Isaac Lawrence. Video by Selim Chtayti and Llewellyn Cheung A thunderous thrash metal riff echoed through a Hong Kong bar, but the music was streamed live from a studio across the city to obey pandemic rules that banned small gigs for more than 650 days. The coronavirus has taken a toll on live […]]]>

Photos by Isaac Lawrence. Video by Selim Chtayti and Llewellyn Cheung

A thunderous thrash metal riff echoed through a Hong Kong bar, but the music was streamed live from a studio across the city to obey pandemic rules that banned small gigs for more than 650 days.

The coronavirus has taken a toll on live performances around the world, particularly in the first 18 months of the pandemic, but nowhere has that ordeal lasted longer than in Hong Kong.

While concerts, festivals and international tours have come back in force around the world, Hong Kong musicians have not been so lucky.

For the vast majority of the pandemic, the Chinese city banned live performances at any venue serving food or drink.

Venues such as The Wanch, one of the city’s oldest live music bars, had to get creative.

“We’re just trying to do what we can to stay alive and keep the music going,” John Prymmer, co-owner of the bar and a fixture on Hong Kong’s live music scene, told AFP.

In a soundproof recording studio next door, local metal band Ozmium cruise through a medley of their own tracks plus Iron Maiden and Metallica covers.

For now, a laptop screen perched in front of the group showing revelers inside The Wanch is closest to their fans.

Ashish frontman Jerry Justin said he watched in despair as other businesses such as karaoke rooms, cinemas, banquets and hotpot restaurants resumed.

“And always in a place like a bar or a club, you can’t have live music even though there’s a plexiglass that separates us from people watching us,” he said. “I think it’s very unfair.”

Hong Kong has stuck to a version of China’s zero-Covid system throughout the pandemic, which has hammered the local economy.

While rival business hubs such as Singapore, London and Tokyo have reopened, Hong Kong has maintained the mandatory quarantine for hotels, currently three days.

International artists such as Billie Eilish, Justin Bieber, Maroon 5, Green Day and Guns N’ Roses have all added Singapore to their world tours. But Hong Kong remains a dead zone on tour.

Live music has been classified as a high-risk activity by authorities, banned for more than 650 of the just over 900 days since restrictions were introduced in early April 2020.

Lito Castillo, head of the Hong Kong Musicians’ Union, estimates that job losses number “in the thousands”.

A professional keyboardist married to a singer, he says his family’s income is now 30% of what it was before the pandemic, mostly thanks to restaurant work tables.

Many Hong Kong locations have closed, including Peel Fresco which closed this month after 16 years

ISAAC LAURENT

“I’m down to my last dollar, at the moment we’re just surviving, that’s all,” he told AFP.

Others pawned instruments and moved into the gig economy.

One of the city’s most talented guitarists now works for an international courier company, Castillo lamented.

Many venues have closed, including Peel Fresco which closed this month after 16 years.

“The past three years have made it impossible to run a live music business in Hong Kong,” the owners wrote on Facebook.

The mental toll was intense.

In a recent survey, the Hong Kong Musicians Foundation found that 11% of its members had had suicidal thoughts in the past year.

“I think ‘grim’ is an understatement,” said Adrian Fu

ISAAC LAURENT

Ten percent were in debt of HK$100,000 ($12,740) or more, and 13% had sold their instruments.

“I think ‘sinister’ is an understatement,” said Adrian Fu, singer-songwriter and former Cantopop recording artist who is one of the foundation’s directors.

Castillo’s foundation and union said the letters and government lobbying went unnoticed.

Fu said he hoped authorities could see the importance of live performances to the economy, but also Hong Kong’s reputation as an international city of culture.

“It’s a huge, huge factor in incubating talent,” he said of smaller venues and live bars.

A spokesman for City Leader John Lee said the government “understands the fiery expectations of the live music sector to ease social distancing measures”, but gave no details on when or if the ban would be lifted.

The Culture, Sports and Tourism Bureau – set up in July to promote Hong Kong as a “centre for international cultural exchange” – declined to comment.

Alicia Beale, owner of The Aftermath concert venue, said she tried to focus on the positive creativity shown by the artists.

His venue held live concerts, recorded fundraising albums and did everything in its power to attract people, from quizzes and game nights to support groups.

“It was just survival mode throughout the pandemic,” she said. “I want to go into prosperous mode, hopefully soon.”

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Global New Materials International (06616.HK) holds hands with Zhejiang State-owned Pearl Pigment Raceway to usher in accelerated stage https://sms461.com/2022/09/18/global-new-materials-international-06616-hk-holds-hands-with-zhejiang-state-owned-pearl-pigment-raceway-to-usher-in-accelerated-stage/ Sun, 18 Sep 2022 04:24:28 +0000 https://sms461.com/2022/09/18/global-new-materials-international-06616-hk-holds-hands-with-zhejiang-state-owned-pearl-pigment-raceway-to-usher-in-accelerated-stage/ Recently, the state-owned development asset company Zhejiang Capital Operation Co., Ltd. (hereinafter referred to as “Zhejiang Capital Operation”) has actively expanded its business chain, continuously deepened cooperation opportunities with high-quality industries, completed the investment of the Global New Materials International Holdings Co. equity project, ltd. (hereinafter referred to as “Global New Materials International”), a leading […]]]>

Recently, the state-owned development asset company Zhejiang Capital Operation Co., Ltd. (hereinafter referred to as “Zhejiang Capital Operation”) has actively expanded its business chain, continuously deepened cooperation opportunities with high-quality industries, completed the investment of the Global New Materials International Holdings Co. equity project, ltd. (hereinafter referred to as “Global New Materials International”), a leading enterprise in the field of pearlescent pigments, and has successfully implemented projects with stable cash flows in the medium and long term. The in-depth equity cooperation between Zhejiang Capital Operation and Global New Materials International (6616.HK) not only answered the call of China’s 14th Five-Year Plan to promote the high-quality development of the new materials industry materials, but also brought into play the constant role of public capital resource investment and amplification, and enabled the public operating platform to effectively increase the capitalization rate and deepen the reform mixed ownership by taking advantage of the capital market.

Generally speaking, there are three reasons why public capital invests in private listed companies: firstly, it strongly supports the operation of private listed companies, encourages listed companies to make their brands bigger and stronger through the blessing of state-owned assets, and making them more flexible and practical in financing needs; Second, to further broaden the scope and scope of SASAC’s operations and further diversify investments; Third, due to investment demand, state-owned assets tend to invest in high-quality assets, so as to increase value and preserve asset value. The deepening equity investment cooperation between Zhejiang Capital Operation and Global New Materials International not only enriches Zhejiang Capital Operation’s diversified investment in the field of new materials, but also contributes to further enhancing the brand awareness. Global New Materials International brand on pearl. pigment trail and into the new materials industry chain. In addition, the new materials industry, which accelerated and developed with high quality during the “14th Five-Year Plan” period in China, has now entered a new stage of development, and naturally it has become an area where state-owned assets compete for investment. As a leading pearlescent material manufacturer in China, Global Materials has been engaged in the research and development, production, trade and sale of pearlescent pigment products, coatings, mica and related products, materials raw and semi-finished products for more than ten years. . Products are exported to more than 30 countries and regions such as Asia, Europe, Africa and South America.

So far, Global New Materials International has become the largest producer of pearlescent pigments and synthetic mica-based pearlescent pigments in China, as well as the largest producer of synthetic mica-based pearlescent materials in the world. According to 2022 interim results, Global New Materials International achieved revenue of 382 million yuan in the first half, an increase of 24.4% year-on-year; Gross profit was 196 million yuan, up 20.8% year-on-year, with a gross profit margin of 51.2%, which maintained a high level of gross profit margin for many years ; Net profit attributable to parent was 106 million yuan, up 12.9% year-on-year and 56.5% from the second half of 2021. Over the past three years (over the basis of the past three years’ interim results), the net profit of Global New Materials International has grown rapidly, with a compound annual growth rate of more than 32%, which is mainly due to optimization and continuous adjustment of product structure, among which the proportion of high-end pearlescent pigment products increased and the proportion of synthetic mica-based pearlescent pigment products increased rapidly; the revenue of synthetic mica pearlescent pigment products has increased rapidly from 21.5% in 2018 to 39.1% in mid-2022, and is expected to continue to grow increase steadily in the future. As for revenue, due to the continuous saturation of production capacity in recent years, the compound growth rate of revenue over the past three years is not as good as that of the net profit of returning home. However, since the global pearlescent pigment products have long been in hot selling and supply shortage environment, the company has reasonably raised the price of pearlescent pigment products, so the compound growth rate of revenue over the past three years has also reached a growth rate of nearly 25%.

From the third quarter of this year, with the gradual arrival of new production capacity, future revenues are expected to improve further rapidly. In addition, we noticed that the revenue of synthetic mica powder of Global New Materials International increased by 774.01% in the first half, and the proportion of revenue increased rapidly by 0.3% in the middle of 2021 at 2.1%, with a very obvious increase. The substantial increase in synthetic mica powder revenue is mainly due to the company’s production of functional fillers, insulating materials, refractories and raw materials for nickel-hydrogen batteries according to customer demand. This further confirms that the company has begun to gradually realize the advantages of new energy battery insulation material products, and the diaphragm material products have also smoothly entered the testing stage.

With the continuous development of the industrial economy, private enterprises are also growing rapidly, and public capital is continuously injected into private enterprises, which not only promotes the high-quality development of private enterprises, but also rapidly increases the public capital, lead it to achieve preservation and appreciation. In the future, public capital will be more active in the structure of listed private companies. Similar to the operation owned by Zhejiang and Global New Materials International, cooperation in higher quality projects will be deepened and strengthened. By continuously improving the breadth and depth of industrial chain resources, the high-quality development of the new materials industry will be promoted with more diversified investment methods. While achieving the goal of maintaining and increasing the value of state-owned assets, it will also provide greater support for the healthy development of the industrial economy.

Media Contact
Company Name: Chesir
Contact person: Wanglulu
E-mail: Send an email
Call: 18345162685
Town: Liuzhou
State: Guangxi
Country: China
Website: http://www.chesir.net/

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FedEx sinks as drawn forecasts deepen global slowdown fears https://sms461.com/2022/09/16/fedex-sinks-as-drawn-forecasts-deepen-global-slowdown-fears/ Fri, 16 Sep 2022 13:02:00 +0000 https://sms461.com/2022/09/16/fedex-sinks-as-drawn-forecasts-deepen-global-slowdown-fears/ A FedEx delivery truck leaves a facility in Brooklyn, New York, U.S., May 9, 2022. REUTERS/Andrew Kelly Join now for FREE unlimited access to Reuters.com Register Sep 16 (Reuters) – FedEx shares fell 20% on Friday as the heavyweight’s withdrawal of delivery from a recently released forecast amplified concerns about slowing demand as consumers around […]]]>

A FedEx delivery truck leaves a facility in Brooklyn, New York, U.S., May 9, 2022. REUTERS/Andrew Kelly

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Sep 16 (Reuters) – FedEx shares fell 20% on Friday as the heavyweight’s withdrawal of delivery from a recently released forecast amplified concerns about slowing demand as consumers around the world fight against soaring inflation.

At current levels, around $11 billion in market capitalization was set to be wiped out and would also mark the stock’s biggest one-day percentage drop, surpassing a 16.4% drop on Black Monday in 1987.

“We suspect that the headwinds of an inflation-weary US economy, a resource-constrained European economy and the second-order effects of lockdowns in China have proven too difficult to overcome,” the analyst said. by Cowen Helane Becker.

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The US company has joined major global logistics peers including Hong Kong’s Cathay Pacific Airways (0293.HK) and French carrier CMA CGM (CMACG.UL) in reporting that consumers are saving for essentials such as gasoline and food before the holiday season. soaring prices discourage occasional purchases. Read more

Rival United Parcel Service (UPS.N) lost 5.7%, XPO Logistics (XPO.N) fell 4.5% and e-commerce giant Amazon.com (AMZN.O) fell 2.6 %, while US stock index futures fell about 1%.

Across the Atlantic, Germany’s Deutsche Post (DPWGn.DE) lost 4.6%, London’s Royal Mail (RMG.L) fell 10.2% and Copenhagen-based DSV (DSV.CO) fell 5.7% after the news.

FedEx’s quarterly earnings failure comes as investors worry about the rapid pace of interest rate hikes by the U.S. Federal Reserve to rein in soaring prices that threatens to tip the economy into a recession.

“They seem unlikely to cut prices in an effort to boost shipments. However, they could be part of a growing trend of layoffs contributing to the eventual easing of wage pressures,” said Rick Meckler, partner at Cherry Lane Investments in New York. Vernon, New Jersey.

FedEx Chief Executive Raj Subramaniam warned on CNBC Thursday that he believes a global slowdown is imminent.

In response to a question about whether the economy is “going into a global recession”, Subramaniam replied “I think so. But you know, those numbers, they don’t bode well.”

However, some analysts believe FedEx’s lackluster performance in the first quarter is largely a company-specific issue.

“Obviously there are questions about the direction of the global economy, particularly in Europe and Asia, but we struggle to see how that explains all of the misfires this quarter,” the analysts said. Stifel analysts in a note.

JP Morgan analysts said FedEx’s results would have been worse had it not been for the fuel surcharge imposed by the company due to higher oil prices.

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Reporting by Medha Singh, Bansari Mayur Kamdar in Bengaluru, additional reporting by Kannaki Deka; Editing by Devika Syamnath and Sriraj Kalluivila

Our standards: The Thomson Reuters Trust Principles.

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Hong Kong spends up to HK$8 billion on Covid testing in three years https://sms461.com/2022/09/14/hong-kong-spends-up-to-hk8-billion-on-covid-testing-in-three-years/ Wed, 14 Sep 2022 08:56:00 +0000 https://sms461.com/2022/09/14/hong-kong-spends-up-to-hk8-billion-on-covid-testing-in-three-years/ Hong Kongers line up for PCR tests at a testing center in the cold last winter. File photo. Hong Kong has spent between HK$7 billion and HK$8 billion in taxpayer money to carry out more than 53.3 million Covid-19 PCR tests since the start of the pandemic. When daily title, The standard‘s sister […]]]>

Hong Kong has spent between HK$7 billion and HK$8 billion in taxpayer money to carry out more than 53.3 million Covid-19 PCR tests since the start of the pandemic.

When daily title, The standard‘s sister publication, when asked about the number of PCR tests carried out in the last three years, the Health Bureau replied that the number was 37.3 million.

The figure was recorded at community testing centers, mobile sample collection stations and lockdown drills across the city between November 2020 and the end of August this year, the office added.

In April this year, the expenditure was about HK$5.8 billion, the office also said.

The Ministry of Health also responded that around 16 million PCR tests have been carried out since the start of 2020 until now.

The two figures added up to at least 53.3 million total PCR tests per year, and Big title estimated that it cost taxpayers between HK$7 billion and HK$8 billion.

Talk to Big titlerespiratory expert Leung Chi-chiu reminded us that testing costs should not be magnified, and the impact on society and the economy brought by Covid should also be considered when looking at the numbers.

Leung continued that the figure recorded in Hong Kong is much lower than the mainland and supported the effectiveness of PCR testing. He noted that the number may decrease in the future as there is a possibility of Covid becoming endemic.

Ricky Chiu Yin-to, Chairman and CEO of Phase Scientific International, Hong Kong’s Covid testing contractor, also spoke with Big title and said the cost was “definitely worth it”.

Chiu added that PCR tests can track the Covid variant chain of transmission more accurately than rapid antigen tests. He also said the city’s fifth wave peak in February would be worse without PCR testing.

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UK growth slows, recession looms https://sms461.com/2022/09/12/uk-growth-slows-recession-looms/ Mon, 12 Sep 2022 19:11:20 +0000 https://sms461.com/2022/09/12/uk-growth-slows-recession-looms/ Reuters and Bloomberg Britain’s economy grew less than expected in July, raising the risk that it is already in recession, with sharp rises in energy prices hurting power demand and soaring material costs hitting the building sector. With inflation at a 40-year high of over 10%, gross domestic product rose 0.2% from June, official data […]]]>

Reuters and Bloomberg

Britain’s economy grew less than expected in July, raising the risk that it is already in recession, with sharp rises in energy prices hurting power demand and soaring material costs hitting the building sector.

With inflation at a 40-year high of over 10%, gross domestic product rose 0.2% from June, official data showed yesterday, weaker than a median forecast of 0.4 %.

In the three months to July, GDP remained stable compared to the previous three-month period.

Some economists said yesterday’s data suggested the economy could be on the verge of contracting in the July-September period after contracting 0.1% in the April-June quarter.

“It would mean the UK would enter a technical recession for the first time since the end of lockdown restrictions,” said Jake Finney, economist at PwC.

Meanwhile, the euro jumped 1.6% to US$1.0198, its biggest rise since March, as Bundesbank President Joachim Nagel said the central bank needed to take further action. if the picture of inflation remained the same. The European Central Bank raised its key rate by an unprecedented 75 basis points last week to curb the fastest pace of growth in consumer prices on record.

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Japan closely monitors the development of the yen and plans to open tourism (official) https://sms461.com/2022/09/11/japan-closely-monitors-the-development-of-the-yen-and-plans-to-open-tourism-official/ Sun, 11 Sep 2022 05:39:00 +0000 https://sms461.com/2022/09/11/japan-closely-monitors-the-development-of-the-yen-and-plans-to-open-tourism-official/ The Japanese government must take necessary measures while paying close attention to the undue and unilateral movement of the yen, a senior official said, without giving further details. “We must take necessary measures while closely monitoring developments, including excessive and unilateral movements in the exchange rate,” Deputy Chief Cabinet Secretary Seiji Kihara said […]]]>

The Japanese government must take necessary measures while paying close attention to the undue and unilateral movement of the yen, a senior official said, without giving further details.

“We must take necessary measures while closely monitoring developments, including excessive and unilateral movements in the exchange rate,” Deputy Chief Cabinet Secretary Seiji Kihara said on a TV broadcast on Sunday.

The government will take measures in a “transparent manner” to help the economy overcome the impact of inflation, he added.

Kihara’s comments come after a week when the yen hit new lows against the US dollar and the government issued its strongest warnings yet about intervention.

Finance Minister Shunichi Suzuki said earlier that he was concerned about the very sudden and one-sided moves in the currency market, following earlier comments by Japan’s top government spokesman.

Officials have not yet given details on how they might act to stem the yen’s rapid depreciation. Masato Kanda, deputy finance minister for international affairs, said on Thursday that if the yen’s rapid fall continues, the government would be “ready to make the necessary responses in the foreign exchange market, without ruling out any options.”

Kihara said on Sunday that inbound tourism is one area where the lower yen “will work most effectively.”

Japan will further ease its tourism rules for incoming foreign travelers at an “appropriate time”, he said, adding that the country “must not fall behind” the rest of the world.

(Bloomberg)

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New Premier Truss offers plan to fix UK economy https://sms461.com/2022/09/05/new-premier-truss-offers-plan-to-fix-uk-economy/ Mon, 05 Sep 2022 17:11:00 +0000 https://sms461.com/2022/09/05/new-premier-truss-offers-plan-to-fix-uk-economy/ Britain’s new Conservative leader Liz Truss pledged “bold” action on Monday to tackle the country’s worst economic crisis in decades as she was confirmed as Prime Minister Boris Johnson’s successor after a grueling party contest. The Foreign Secretary resisted the pressure of a politically perilous snap election to confirm her new term, promising instead to […]]]>

Britain’s new Conservative leader Liz Truss pledged “bold” action on Monday to tackle the country’s worst economic crisis in decades as she was confirmed as Prime Minister Boris Johnson’s successor after a grueling party contest.

The Foreign Secretary resisted the pressure of a politically perilous snap election to confirm her new term, promising instead to “deliver a big victory for the Conservative Party in 2024”.

Truss beat his rival, former finance minister Rishi Sunak, by around 57-43% after a summer contest decided by just over 170,000 Tory members – a tiny fraction of the British electorate.

Sunak – who has been lukewarm about whether he will serve in Truss’ cabinet – tweeted that the time had come for the party to unite as “one family”.

But Truss ignored her cheering rival as she took the stage at the central London convention hall, calling it an “honor” to be elected after enduring “one of the longest job interviews in the story”.

“I campaigned as a Conservative and I will govern as a Conservative,” she said, touting the Conservative values ​​of low taxes and personal responsibility.

Truss has promised a “bold plan” to deal with tax cuts and the energy crisis, which she says will be financed by much higher borrowing, even at the risk of fueling double-digit inflation.

Truss, 47, will be the UK’s third woman to become prime minister after Theresa May and Margaret Thatcher.

She will officially take office on Tuesday, after Johnson tendered her resignation to Queen Elizabeth II.

“I know she has the right plan to fight the cost of living crisis, unite our party and continue the great work of unifying and leveling our country,” Johnson tweeted.

“Now is the time for all Tories to support her 100 per cent.”

The leadership race began in July after Johnson announced his departure following a series of scandals and resignations from his government, including that of Sunak.

Truss reserved part of his short speech to praise Johnson’s record, including on Brexit and the Covid pandemic, and said he was “admired from Kyiv to Carlisle”.

This was applauded by loyal Tories in attendance. The right-wing ideologue, however, faces a difficult task in winning over public opinion.

A YouGov poll in late August found 52% thought Truss would make a “poor” or “terrible” prime minister.

Forty-three percent said they didn’t trust him ‘at all’ to deal with the cost of living crisis as energy prices soared amid Russia’s war in Ukraine .

Truss is also viewed with suspicion by some of Britain’s allies, after taking a hard line against the European Union over post-Brexit trade rules for Northern Ireland.

“I look forward to a constructive relationship, in full respect of our agreements,” European Commission President Ursula von der Leyen said, pointing to climate change and Ukraine as areas of cooperation. (AFP)

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Asian markets fall ahead of US jobs report https://sms461.com/2022/09/03/asian-markets-fall-ahead-of-us-jobs-report/ Sat, 03 Sep 2022 16:00:00 +0000 https://sms461.com/2022/09/03/asian-markets-fall-ahead-of-us-jobs-report/ Asian stock markets were mostly lower on Friday ahead of U.S. jobs data that could bolster the U.S. Federal Reserve’s plans for bigger interest rate hikes to calm the surge in the economy. inflation. Shanghai advanced, while Taipei, Tokyo, Hong Kong and Seoul retreated. Investors were eagerly awaiting last month’s U.S. hiring data to see […]]]>

Asian stock markets were mostly lower on Friday ahead of U.S. jobs data that could bolster the U.S. Federal Reserve’s plans for bigger interest rate hikes to calm the surge in the economy. inflation.

Shanghai advanced, while Taipei, Tokyo, Hong Kong and Seoul retreated.

Investors were eagerly awaiting last month’s U.S. hiring data to see how the economy reacted to the previous four hikes to calm inflation that is at its highest level in four decades.

Photo: EPA-EFE

A strong reading would give arguments to Fed officials who say higher interest rates are needed to slow economic activity and reduce upward pressure on consumer prices.

If more than 300,000 jobs were added, it “could likely further strengthen the trend” for a rate hike as large as 0.75 percentage points at this month’s Fed meeting, Yeap Jun Rong said. (葉俊榮) of IG in a report. That would be three times the Fed’s usual variation range.

On Friday, the TAIEX fell 128.82 points, or 0.87%, closing the day’s low at 14,673.04 after hitting a high of 14,817.40. Revenue totaled NT$231.11 billion (US$7.56 billion).

In Tokyo, the Nikkei 225 fell 0.04% to 27,650.84 points, down 3.46% for the week, while the broader TOPIX fell 0.27%, posting a 2-point drop. 5% for the week.

Hong Kong’s Hang Seng index fell 0.74% to 19,452.09, taking its weekly loss to 3.56%.

The Shanghai Composite Index gained 0.05% to 3,186.48 points against a weekly loss of 1.54%.

China on Thursday ordered most residents of Chengdu, a western city of 21 million, to stay at home following an outbreak of COVID-19.

The region is recovering from power rationing after a drought that depleted hydroelectric dam reservoirs, but economists said earlier the effect on the national economy is expected to be limited as the region’s industrial output only accounts for only a small portion of China’s total.

South Korea’s KOSPI fell 0.26% to 59,032.82 points, while posting a weekly loss of 2.89%.

Sydney’s S&P/ASX 200 fell 0.25% to 6,828.7 points, posting a 3.88% decline for the week, while India’s SENSEX rose 0.06% to 58,803.33 points, but was down 0.05% for the week.

Additional reports by Staff Writer, with CNA

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Global stocks follow Wall Street’s fall on rate hike expectations https://sms461.com/2022/09/01/global-stocks-follow-wall-streets-fall-on-rate-hike-expectations/ Thu, 01 Sep 2022 11:18:00 +0000 https://sms461.com/2022/09/01/global-stocks-follow-wall-streets-fall-on-rate-hike-expectations/ Global stocks were down on Thursday, following a broad decline on Wall Street as investors braced for higher interest rates and inflation concerns for some time. France’s CAC 40 fell 1.6% to 6,025.93 in early trading, while Germany’s DAX fell 1.6% to 12,633.32. Britain’s FTSE 100 fell 1.6% to 7,164.45. US […]]]>


Global stocks were down on Thursday, following a broad decline on Wall Street as investors braced for higher interest rates and inflation concerns for some time.

France’s CAC 40 fell 1.6% to 6,025.93 in early trading, while Germany’s DAX fell 1.6% to 12,633.32.

Britain’s FTSE 100 fell 1.6% to 7,164.45. US stocks are expected to decline, with Dow futures falling 0.6% to 31,350.00 and S&P 500 futures down nearly 0.8% to 3,926.00.

Benchmarks ended lower in Asia. Japan’s benchmark Nikkei 225 fell 1.5% to end at 27,661.47.

The Australian S and P/ASX 200 fell 2.0% to 6,845.60. The South Korean Kospi fell 2.3% to 2,415.61.

Hong Kong’s Hang Seng fell 1.8% to 19,597.31, while the Shanghai Composite fell 0.5% to 3,184.98. Oil prices have fallen.

The Nikkei’s fall came despite signs of improvement in the Japanese economy. A Finance Ministry study of corporate financial statements for April-June showed a 17.6% improvement over the same period a year earlier.

At some point, central banks will discover that inflation remains high despite their interest rate hikes and they will stop. Unfortunately, for Main Street’s economy, that point is too far away. It’s hard to see a near-term end in sight for heightened consumer and business caution across Europe, China and the United States, said Clifford Bennett, chief economist at ACY Securities.

The latest decline in equities came as Treasury yields rose broadly. The 10-year Treasury yield, which influences interest rates on mortgages and other consumer loans, rose to 3.17% from 3.11% on Tuesday evening.

Bond yields rose alongside expectations of higher interest rates, which the Federal Reserve raised in a bid to crush the highest inflation in decades.

The last time equities mounted a big rally was in July and early August, when bond yields hit their highs as expectations for higher rates eased. Rising interest rates have also hurt investment prices, especially for more expensive stocks such as technology companies.

Traders are now trying to better understand how far and how fast the Fed rate hikes will go. The Fed has already raised interest rates four times this year and is expected to raise short-term rates another 0.75 percentage points at its September meeting, according to CME Group.

In energy trading, benchmark U.S. crude fell $1.34 to $88.21 a barrel. Brent crude, the international standard, slipped $1.40 to $94.24 a barrel.

In currency trading, the US dollar fell from 139.04 yen to 139.21 yen. The Euro traded at $1.0038, down from $1.0054.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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