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    • Overseas institutions become keen buyers of Chinese bonds

      Overseas institutions are swarming into China’s bond market, driven by higher yields and weakening risk of yuan depreciation, China’s Securities Journal reported Thursday. The total amount of yuan bonds owned by overseas institutions under the depository of the China Central Depository & Clearing Co. surged to a record high of 1.65 trillion yuan (about 243 billion U.S. dollars) at the end of June, up 34.62 billion yuan from the end of May, data showed. This marked a seventh straight month of increases, according to the journal. Overseas transactions in China’s interbank bond market reached 386.1 billion yuan in June,...

    • Ford forecasts Q4 $112 mln loss amid restructuring costs Ford-forecasts-Q4-$112-mln-loss-amid-restructuring-costs

      Ford said Wednesday it expects to post a loss of 112 million U.S. dollars in the fourth quarter of 2018 as the automaker implements a massive restructuring in the U.S. and Europe. The second biggest U.S. automaker said it will still post a profit after charges stemming from the drive to cut 11 billion U.S. dollars in costs. The firm sees adjusted profit of 30 cents a share during this period, according to the statement, less than the 32 cents anticipated by the markets. For the full year, Ford will post a net profit of 3.7 billion U.S. dollars,...

    • China to lift 10 million people out of poverty in 2019 China-to-lift-10-million-people-out-of-poverty-in-2019

      China has achieved “significant and decisive progress” in the “tough battle” against poverty, Vice Premier Hu Chunhua said at the National Meeting on Poverty Reduction and Development held in Beijing on Thursday and Friday. Hu, also a member of the Political Bureau of the Communist Party of China Central Committee and head of the State Council Leading Group Office of Poverty Alleviation and Development, called for efforts in the work to lift about 10 million rural residents out of poverty nationwide in 2019, which he described as a “crucial year” to secure a victory in the “tough battle” against...

    • China to speed up development of advanced manufacturing China-to-speed-up-development-of-advanced-manufacturing

      The Ministry of Industry and Information Technology (MIIT) said on Thursday that China would accelerate developing advanced manufacturing and strengthen its innovation and competitiveness. Miao Wei, minister of the MIIT, said that the ministry would encourage innovation in key areas, strive to make breakthroughs in critical technologies and strengthen the protection of intellectual property. “As for upgrading the traditional industry, China will persist in phasing out outdated capacity,” said Miao, adding that the country would launch a new round of innovation to upgrade key technology and promote digitalization in manufacturing. China will continue to upgrade and expand the consumption...

    • High-speed railway starts operations in China’s coldest region High-speed-railway-starts-operations-in-China's-coldest-region

      A high-speed railway line officially went into operation on Tuesday, linking cities in China’s northernmost province of Heilongjiang, where the temperatures dip as low as minus 40 degrees Celsius. The 300-km line designed to allow trains running at 250 km per hour cuts the travel time between the provincial capital of Harbin and Mudanjiang, known as “snow city,” from four hours and 17 minutes to one hour and 28 minutes, according to the China Railway Harbin Group.  The line is China’s northernmost high-speed railway. Construction of the railway started in December 2014, as one of the key projects in...

    • World Bank projects China’s economy to grow 6.5 pct in 2018 World-Bank-projects -China's-economy -to-grow-6.5-pct-in-2018

      The World Bank on Thursday projected China’s economy to grow 6.5 percent in 2018, adding that the country’s economy “continues to perform well.” “Consumption will remain the main driver of growth, while higher investor uncertainty and slower credit growth are expected to weigh on investment,” said John Litwack, World Bank lead economist for China. He noted a deceleration in global demand growth and higher U.S. import tariffs would negatively affect net exports. Authorities have the policy space necessary to support the economy in the current environment of high uncertainty. The China Economic Update, the World Bank’s regular assessment of...

    • Bollywood star Amitabh Bachchan clears debts of 1,398 farmers Bollywood-star-Amitabh-Bachchan-clears-debts-of-1398-farmers

          Bollywood superstar Amitabh Bachchan has cleared more than $560,000 worth of debt owed by farmers, amid a wider agricultural crisis that has forced many rural workers into extreme poverty. In a blog post on Tuesday, he wrote he had “taken care” of 1,398 farmers in the north Indian state of Uttar Pradesh, where Bachchan was born, by paying off their debt. “Gratitude leans across to the desire of removing some of the burdens that farmers continue to suffer from…and the inner peace it generates when the desired is completed,” Bachchan wrote. He added that banks had issued the farmers...

    • Top 10 most competitive economies in the world

      Global economies will focus on reform, innovation and talent to raise their competitive power, the World Economic Forum said in its latest annual Global Competitiveness Report 2017-2018. According to the report, the Chinese mainland’s competitiveness ranking moved up from 28th to 27th this year. Major emerging markets, such as China, India and Indonesia are becoming centers for innovation, catching up with advanced economies. Here are the top 10 global competitive economies: No 10 Finland Nokia’s Mikko Korhonen (left) demonstrates how to use the OZO Virtual Reality camera before the general meeting of the Finnish telecommunication network company Nokia in...

    • Centre, states to come out with post-GST product rates GST in India

      NEW DELHI: Amid pressure from some states, the GST Council will soon start publishing rates of various products to prod companies to pass on gains, including those from input tax credit. “To begin with, 150 items will be taken up. It will have a detailed explanation of previous taxes and prices as well as new prices after GST. It will also explain the price differential between the two tax regimes,” said an official who did not wish to be identified. More items would be added once the campaign with 150 products takes off. Another officer said, “This will only be illustrative.”...

    • Dos And don’ts for your first 10 days on the job

      As the White House communications director, Anthony Scaramucci probably hadn’t even learned how to use the coffee machine before he was shown the door. The rise and fall of The Mooch was so swift over the space of 10 days, people took to social media to to describe the shortest amount of time they spent on a job and say what else could happen over such a short period of time. For all of us who work under far less public scrutiny, there’s still something to be learned about how to make a big impression in a new position. When you start a new...