Chinese banks brace being cut off US dollar supply

Jul 11, 2020 23:51 pm UTC| Economy

Chinese banks are preparing contingency plans if US legislation causes them to be cut off from US dollars or lose access to US dollar settlements as a penalty for serving officials implementing the new national security...

Owners of multiple homes in S. Korea to be assessed with steeper taxes

Jul 11, 2020 23:42 pm UTC| Economy

South Korea will raise property ownership tax rates on people who own three or more homes from a range of 0.6 to 3.2 percent to a scope of 1.2 to 6 percent to curb housing prices. Companies with multiple homes will be...

Chinese banks asked to prepare for sharp increase in bad loans

Jul 11, 2020 23:29 pm UTC| Economy

Chinas financial regulator warned its banks to brace for a big jump in bad loans due to the pandemics effects, resulting in sharply slowing profit growth or profits decline. According to Chinas Banking and Insurance...

Singapore's Sembcorp Marine, GE bag deal for giant UK wind farm

Jul 11, 2020 23:18 pm UTC| Economy

Singapores Sembcorp Marine and its consortium partner GE Renewable Energys Grid Solutions have been tapped by German utility company RWE to supply the electrical transmission system for the Sofia Offshore Wind Farm. The...

Oil in Global Economy Series

OPEC insists it did not intend to drive US shale out of business

Jul 10, 2020 00:50 am UTC| Economy

OPEC Secretary Mohammad Barkindo said the group did not intend to drive US shale oil producers out of business, in response to US barrels price briefly turning negative in April. In April, the group agreed on the single...

Korean shipbuilders suffer 67% dip in new orders

Jul 10, 2020 00:30 am UTC| Economy

South Koreas shipbuilders posted 1.18 million compensated gross tons (CGTs) of new orders in the first half of 2020, 67 percent less from the 3.58 million CGTs last year. Globally, new shipbuilding orders plunged 57...

Shanghai shopping event induces consumption in city

Jul 10, 2020 00:19 am UTC| Economy

Shanghai municipal governments May 5 Shopping Festival helped the citys total consumption over the past two months to return to the same level last year. The festival attracted over 520,000 online sellers and nearly...