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  1. As investors await concrete signs of progress on US-China trade talks, several loosening signals from China have helped to support market sentiment. China’s 10-year government bond yield rallied by around 10 basis points in the last few weeks following a sharp sell-off that began in September, while Chinese equities were broadly stable. On November 5, for the first time since early 2016, China’s central bank lowered a key quasi-policy rate, the one-year medium-term lending facility (MLF) rate,…
  2. Netflix is ploughing 30 billion rupees (US$420 million) this year and next to produce more local content in India, one of the biggest and most crowded markets for the world’s largest paid-streaming service provider.“You’ll start to see a lot of stuff hit the screen, big investment,” chief executive Reed Hastings said at an event in New Delhi on Friday. “We’re really trying to invest in that becoming more Indian in the content offering.”The Los Gatos, California-based company is jostling with…
  3. Tesla’s made-in-China sedans qualified to receive subsidies in the country, a potential boon for Elon Musk’s electric car maker as it prepares to start selling locally built models in the world’s biggest market for the vehicles.The company’s Model 3 sedan was included in a list of qualified models published by China’s Ministry of Industry and Information Technology on Friday.That means buyers will get a subsidy of as much as about 25,000 yuan (US$3,550) from the government.Tesla said in October…
  4. SoftBank Group Corp founder Masayoshi Son unveiled a US$184 million initiative on Friday to accelerate artificial intelligence (AI) research in Japan, enlisting Alibaba Group Holding’s Jack Ma to expound on his goal of commercialising the technology.The Japanese multinational conglomerate announced a partnership with the University of Tokyo that includes spending 20 billion yen (US$184 million) over 10 years by telecommunications arm SoftBank Corp to establish the Beyond AI Institute.Son,…
  5. Hong Kong and China stocks extended gains Friday as investors bet that the US and China will agree on a partial deal in their 19-month trade war.The Hang Seng Index rose 1.1 per cent higher to 26,498.37, with gains by property developers as well as benchmark heavyweight Tencent, which climbed 1.7 per cent to HK$335.Meanwhile, the Shanghai Composite Index rose 0.4 per cent to 2912.01, climbing for a second straight day.Kweichow Moutai, the world’s most valuable liquor maker and one of the most…
  6. Saudi Aramco, the state-owned oil producer of the Kingdom of Saudi Arabia, has raised US$25.6 billion in its much-anticipated initial public offering, propelling the Saudi stock exchange into the top bourses globally.Saudi Arabian Oil Company, known as Aramco, set the final price of its shares, to be traded on the Tadawul exchange in Riyadh, at 32 riyals (US$8.53) each, at the top end of the expected range and valuing the world’s most profitable company at US$1.7 trillion. It received total…
  7. Global fund managers loaded up on more Chinese stocks this week as the securities gained more weight in key global indexes at the same time tranquillity returned to Asia’s largest market. They added 61.1 billion yuan (US$8.7 billion) worth in net purchases of mainland-listed companies over 17 consecutive days through Friday through a cross-border investment channel with Hong Kong, according to Bloomberg data. That is the longest sequence since an 18-day run that ended on February 22. The…
  8. The crash of WeWork, one of the largest co-working providers in the US, has raised concerns about the future of the sector.Since the collapse two months ago, office landlords and building owners have also been feeling jittery about signing on co-working operators as anchor tenants in their buildings.However, JustCo, the leading Singapore-based co-working space provider, plans to continue expanding aggressively across Asia, says its founder and CEO Kong Wan Sing.“It’s true, we have noticed that…
  9. Treasury Secretary Steven Mnuchin said he and Federal Reserve Chairman Jerome Powell don’t expect the US to create a digital currency.“Chair Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency,” Mnuchin said Thursday at a House Financial Services Committee hearing in Washington.Some other central banks, including the People’s Bank of China, have discussed creating digital currencies. The…
  10. When she was chief secretary, Carrie Lam Cheng Yuet-ngor, now Hong Kong’s chief executive, caused a great deal of surprise by saying that the government had three “mountains” or contentious issues to conquer: the Mandatory Provident Fund, the MTR and the Link Reit. Over three years later, those mountains appear like foothills at the base of Everest. The MPF was designed in a rush as the colonial government exited and is unfit for purpose. Among its many deficiencies, the offset mechanism…