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23 Jan Canada Post is selling pieces of itself to save money — the experts say that won’t be enough

Posted at 09:00h in Canada

Canada Post is selling off its IT and logistics departments, a move business experts say is an essential first step in saving a Crown corporation that lost more than half a billion dollars in 2022."Canada Post is disappearing before our eyes," said Ian Lee, a business professor at...

23 Jan Shanghai failed to achieve 5.5 per cent economic growth target for 2023 amid ‘complex and severe’ external environment, mayor says

Posted at 08:00h in Asia

The city’s gross domestic product (GDP) expanded 5 per cent to 4.72 trillion yuan (US$664.5 billion) last year as the global economy turned out to be weaker than expected, Mayor Gong Zheng told an annual session of the Shanghai People’s Congress on Tuesday.The growth...

23 Jan China property: Country Garden auctioning US$530 million worth of assets in Guangzhou to overcome cash crunch, defaults

Posted at 05:43h in Asia

Embattled mainland Chinese developer Country Garden Holdings has put a chunk of assets on the block in Guangzhou in a bid to repay sizeable debt due within the next six months.The move comes on the heels of an agreement struck last week by the...

23 Jan ‘Big mistakes’: Singapore hedge fund to shut after investors flee on wrong-way bets on China, Japan stock markets

Posted at 03:35h in Asia

Singapore hedge fund Asia Genesis Asset Management is closing down its flagship macro hedge fund as investors bolted after its managers made “big mistakes” and lost confidence following wrong-way bets on Chinese and Japanese stocks.The fund said it would return money to investors as it...

23 Jan Hong Kong picks financier Angel Chia to head city’s wealth academy to woo family offices

Posted at 02:43h in Asia

Angel Chia, who has spent two decades in stockbroking and working with family offices, has been appointed as the executive director of the Hong Kong Academy for Wealth Legacy (HKAWL) to spearhead the city’s bid to be the regional hub for multigenerational fortunes.Chia, the former...

23 Jan Goldman’s Joshua Schiffrin sees 4 Federal Reserve rate cuts and US inflation at 2% in 2024

Posted at 02:18h in Asia

The Federal Reserve will lower interest rates starting in March for a total of four times this year and inflation will hit the central bank’s 2 per cent target, according to Joshua Schiffrin, Goldman Sachs’ global head of trading strategy.The executive, who last year correctly...

23 Jan Hong Kong stocks rebound from 15-month low as China’s Premier Li Qiang signals measures to halt US$1 trillion market rout

Posted at 01:59h in Asia

Stocks in Hong Kong jumped from near a 15-month low after a US$1 trillion slump in value of Chinese stocks this month prompted Premier Li Qiang to call for “forceful” measures to stabilise the market.The Hang Seng Index surged 1.1 per cent to 15,125.38...

23 Jan Chinese car dealer Guangdong Yongao’s collapse signals another bruising year for stagnating market

Posted at 01:50h in Asia

A Chinese car dealership that operated as many as 80 stores across the southern province of Guangdong went bankrupt last week, in a sign the intense competition that has roiled the world’s biggest car market may extend into another year.Salespeople from Guangdong Yongao Investment Group...

23 Jan China’s premier Li Qiang orders authorities to attract long-term capital to stabilise stock market

Posted at 01:28h in Asia

China’s premier Li Qiang orders authorities to attract long-term capital to stabilise stock marketChina’s premier Li Qiang ordered authorities to find ways to attract long-term investors into the country’s capital markets, after the stock indices in Shanghai, Shenzhen and Hong Kong plumbed fresh lows.The State...

22 Jan China home sales set to disappoint in January, could fall by up to 15 per cent in 2024, CGS-CIMB Securities says

Posted at 23:30h in Asia

Home sales in 30 major cities tracked by Chinese financial data provider Wind have dropped by 38 per cent month on month and 10 per cent year on year in the first three weeks of this month, according to analysis by financial brokerage CGS-CIMB Securities.In...

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