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08 Feb Year of the Dragon: Hong Kong banks use e-lai see to promote digital payment services, sign up new customers

Posted at 00:30h in Asia

Hong Kong banks, both virtual and bricks-and-mortar, are going all out to promote e-lai see, as sending and receiving lucky money electronically is fast rivalling the traditional practice of handing out red envelopes with cash.Online-only lenders such as Mox Bank and WeLab Bank and...

07 Feb China property defaults won’t stop banks lending to cash-strapped developers, says Goldman Sachs report

Posted at 23:30h in Asia

Moreover, the losses and defaults tied to the property crisis have not stopped Chinese lenders from supporting the country’s struggling developers. Bank lending to the sector, as measured by loans outstanding, expanded by 7.2 per cent at the end of 2023 compared to the...

07 Feb New US duties on Chinese tin mill steel imports are struck down, drawing criticism from lawmakers

Posted at 18:49h in Asia

A US trade agency struck down proposed duties on tin mill steel imports from China and three other countries on Tuesday, drawing criticism from lawmakers whose constituencies include steelmakers that claimed the tariffs were essential to offset below-cost dumping by foreign companies.A four-member panel of...

07 Feb Balmy temperates, robust production sink natural gas prices

Posted at 13:00h in Canada

Cheap natural gas prices are providing some welcome relief on utility bills as Canadians heat their homes this winter, and prices are expected to remain low for much of this year.For the natural gas industry in Western Canada, it's a return to low commodity prices...

07 Feb Alibaba misses earnings estimates in December quarter amid challenging economy, increased competition

Posted at 12:11h in Asia

Alibaba misses earnings estimates in December quarter amid challenging economy, increased competitionChinese e-commerce giant Alibaba Group Holding reported lower-than-expected financial results in the December quarter, as the Hangzhou-based company grappled with challenging economic conditions and growing competition from new entrants in the...

07 Feb R&F Properties turns to Hong Kong tycoon in distressed sale of London asset to trim part of US$42 billion in liabilities

Posted at 12:07h in Asia

Guangzhou R&F Properties, a defaulted Chinese developer, is banking on Hong Kong tycoon Cheung Chung Kiu in a distressed sale of its asset in London, the latest attempt to help trim US$42 billion of liabilities and survive a three-year slump in China’s housing market.The...

07 Feb Orsted exits several offshore wind markets, pauses dividend

Posted at 11:32h in Europe

Burbo Bank, Liverpool Bay, England, viewed from the sea turbines on Burbo wind farm off the UK coast.Ucg | Universal Images Group | Getty ImagesDanish renewables giant Orsted on Wednesday announced plans to cut jobs, pause its dividend payouts to shareholders and exit several offshore...

07 Feb China EVs: Li Auto rewards hard-working employees with fat bonuses for surpassing 2023 sales target

Posted at 11:31h in Asia

Li Auto, mainland China’s nearest rival to Tesla, is giving huge bonuses to its employees after the electric-car maker’s deliveries in 2023 exceeded the target in a highly competitive market.The Beijing-based carmaker plans to grant annual bonuses ranging from four months to eight months...

07 Feb China, wary of stock market downturn, appoints new regulatory chief

Posted at 10:17h in Asia

China has appointed Wu Qing – a capital markets veteran – to head the nation’s securities watchdog, an appointment that will place a cumulative US$11 trillion in value under his supervision as one of several measures laid down by Beijing to blunt a downturn.Wu, who...

07 Feb Should manufacturers do more to stop vehicle theft? Updated rules could force them

Posted at 09:00h in Canada

Samantha Sannella loves Jeeps — she's had four in the last eight years — and she knows that thieves covet them, too. In fact, one Jeep disappeared from in front of her Toronto home."My previous jeep — which I love, love, loved — was stolen the first...

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