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GALAXY ENT: Hopeful of Tiding over Coronavirus Crisis with Active Retrenchment
While GALAXY ENT (00027.HK) has been actively tapping new income sources and cutting costs, Deputy Chairman Francis Lui extended his appreciation to the staff on participation, such as forgoing director's fee, senior officers' salary trims and voluntary furlough among workers.
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Kyle Bass launches a new fund to bet on a Hong Kong currency collapse
Kyle Bass is stepping up his bearishness toward Hong Kong and making a high-risk bet that its currency's peg to the US dollar will crumble, Bloomberg reported Tuesday.
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Cathay, Swire Pacific, Air China Suspend Trading in Hong Kong
Embattled Hong Kong carrier Cathay Pacific Airways Ltd. and its two main shareholders, Swire Pacific Ltd. and Air China Ltd., suspended trading of their shares Tuesday pending an announcement.
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Japan's GDP contracted 2.2% in 1st quarter, revised data shows
Japan's economy shrank 2.2% at an annualized pace in January-March, the government announced on Monday, a milder decline than the preliminary estimate of a 3.4% contraction.
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E-commerce giant JD.com starts stock offering of its secondary listing
China's second-largest e-commerce company JD.com started stock offering of its secondary IPO in Hong Kong on Monday, with a price of no more than 236 HK dollars (30.45 U.S. dollars) per share. The stock offering is multiple times oversubscribed by institutional investors, according to Bloomberg.
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China’s aviation authority to allow more foreign flights after the U.S. bans Chinese carriers
China’s aviation authority said Thursday it would allow all foreign airlines to choose from a list of approved cities to operate one international passenger flight a week beginning June 8.
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Coronavirus Fiscal Easing Announcements Exceed 7% of World GDP
Fitch Ratings-London-03 June 2020: Macro policy easing responses to the coronavirus crisis have reached unprecedented levels, with direct fiscal stimulus measures totalling USD5 trillion (7% of 2019 GDP) for the "Fitch 20" countries covered in its Global Economic Outlook (GEO).
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Boris Johnson pledges to let Hong Kong citizens into U.K. if needed
British Prime Minister Boris Johnson said Wednesday that the United Kingdom stands ready to open the door to almost 3 million Hong Kong citizens as the city’s leader arrived in Beijing for meetings on a planned national security law that has many worried about their futures.
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Tencent has purchased a majority stake in Bohemia Interactive, report claims
Chinese media conglomerate Tencent has purchased a sizeable stake in Bohemia Interactive, according to a new report on The Information. The DayZ and Arma 3 developer joins Epic Games and Supercell (known for mobile titles like Clash of Clans) among the major studios and companies Tencent owns a stake in.
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Xiaomi gets first-quarter sales boost as smartphone demand rebounds
Xiaomi Corp reported a 13.6% rise in first-quarter revenue on Wednesday, beating estimates, as the Chinese smartphone maker sold more phones and benefited from sales of its higher-priced 5G models.
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Senate passes bill that could delist Chinese companies from U.S. stock exchanges
The U.S. Senate approved sweeping new legislation Wednesday that could ultimately bar many Chinese companies from listing shares on U.S. exchanges, or otherwise raising money from American investors.
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US is risking a second coronavirus wave and a depression, economist Mark Zandi warns
Mark Zandi of Moody’s Analytics is getting increasingly worried states are taking a large gamble by reopening businesses too quickly.
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JD.com poised to kick off IPO on May 25
Chinese e-commerce giant JD.com is planning to kick off a Hong Kong initial public offering on May 25 to raise as much as US$3.4 billion (HK$26.52 billion), mainland media reported.
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Malaysia cuts policy rate to 2%, loosens liquidity to nurse economy through virus
Malaysia’s central bank on Tuesday slashed its key interest rate to the lowest since 2009, and left the door open for further cuts in case the trade-reliant nation’s economy suffers prolonged damage from the coronavirus pandemic.
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NetEase to Have Filed for Second Listing in Hong Kong
NetEase Inc. has picked banks for its planned second listing in Hong Kong, according to people familiar with the matter, joining other Chinese technology companies in tapping the city’s stock market for new funds.
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Trump threatens new tariffs on China as US mulls retaliatory action over virus
U.S. President Donald Trump said on Thursday his hard-fought trade deal with China was now of secondary importance to the coronavirus pandemic and he threatened new tariffs on Beijing, as his administration crafted retaliatory measures over the outbreak.
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China has built 198,000 5G base stations, covering 50 million users
As of late March, a total of 198,000 5G base stations have been built across China, covering over 50 million users, according to China's Ministry of Industry and Information Technology.
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Fitch cuts virus-hit Italy's credit rating to just above junk
Rating agency Fitch cut Italy’s credit rating to “BBB-minus” on Tuesday, just one notch above junk, saying the downgrade reflects the impact of the coronavirus pandemic on the euro zone’s third largest economy.
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HSBC profits down 48% as virus batters economy
HSBC Holdings PLC yesterday said that first-quarter pretax profits almost halved as the banking giant was battered by the COVID-19 pandemic while it embarked on a major restructuring.