DIRS.INFO The most relevant business & tech news

☆ India importing Russian oil is a ‘win-win’ for the world economy, says India’s No. 1 oil company
▼ + stars: | 2023-09-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

India's imports of Russian crude is a win-win situation for the world's economy, said Oil and Natural Gas Corporation. SINGAPORE — India's imports of Russian crude is a win-win situation for the world economy, according to India's No. Since Russia's invasion of Ukraine in February last year, India's refiners have been snapping up discounted Russian oil. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. India's economy has benefited from the discounted prices, Ramesh said.

Persons: K.C, Ramesh, ONGC, India's Organizations: Natural Gas Corporation, SINGAPORE —, European Union Locations: Tuapse, Russia, India, Europe, Singapore, Ukraine, Moscow

☆ Morgan Stanley says China is 'overinvested,' but India's the opposite
▼ + stars: | 2023-09-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

CFOTO | Future Publishing | Getty ImagesChina is overinvested as its economy continues to get buffeted — but India has room for investment opportunities, said Morgan Stanley. And then it has this geopolitical cloud over it," said Jitania Kandhari, Morgan Stanley's deputy CIO for solutions & multi-asset and managing director. Jitania Kandhari Deputy CIO at Morgan StanleyKandhari added that India is undersupplied in terms of homes and property, whereas "China has so many excesses." "India's beginning a new cycle on the real estate side — made in India, work from India — with the global centers setting up there," she elaborated. That being said, Kandhari feels that some pockets of China are still investable, hinging on the improvement of the country's economic growth.

Persons: Morgan Stanley, It's, Jitania Kandhari, Morgan Stanley's, Kandhari, CNBC's, Jitania, Morgan Stanley Kandhari, — Organizations: Central, Getty, China Locations: Beijing, China, India, hinging

☆ Global growth is set to slow — but there are 'pockets of resilience,' Moody's says
▼ + stars: | 2023-09-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

An aerial view shows the Central Bank of India building, in Mumbai, India, 28 September, 2022. (Photo by Niharika Kulkarni/NurPhoto via Getty Images)The global economy is set to slow down as inflation remains stickier than expected — but there may be some "pockets of resilience," according to Moody's Investors Service. Diron said the slowdown can be attributed to three factors: higher interest rates that persist, China's slowing growth, as well as financial system stresses. While central banks have managed to steer the global economy and "create a disinflationary trend" by raising interest rates, inflation risks are still a sticking point, she said. "There are still risks out there that inflation could prove stickier ... than currently expected, and that would lead to higher risks for longer and slower growth," explained the managing director.

Persons: Niharika Kulkarni, We're, Marie Diron, Diron Organizations: Central Bank of India, Getty, Moody's Investors Service, CNBC Locations: Mumbai, India, Asia

☆ Asia markets set to fall as traders wait for China's factory activity data
▼ + stars: | 2023-09-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

People walk along a promenade next to Victoria harbour in Hong Kong on August 31, 2023, a day before the arrival of Typhoon Saola. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)Asia-Pacific markets are set to fall as traders await China's Caixin manufacturing PMI data, amid a slew of other economic data in the region. In Japan, the Nikkei futures contract in Chicago was at 32,505 while its counterpart in Osaka was at 32,490. Both are lower compared to the Nikkei 225's last close at 32,619.34. In Australia, futures for the S&P/ASX 200 were at 7,237, lower than the index's last close of 7,350.3.

Persons: Saola, ISAAC LAWRENCE Organizations: Getty Images, Nikkei Locations: Victoria, Hong Kong, AFP, Asia, Pacific, Japan, Chicago, Osaka, Australia

☆ Adani shares slide after report alleges 'opaque' offshore investment funds
▼ + stars: | 2023-08-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. Shares of Adani Enterprises , as well as its subsidiaries, fell on Thursday following new allegations published by global investigative journalism network the Organized Crime and Corruption Reporting Project (OCCRP). Adani Enterprises fell 3%, while Adani Green Energy led losses among the group's subsidiaries, falling 3.3%. The OCCRP alleged in a report published Thursday that hundreds of millions of dollars were secretly invested into publicly traded stocks of the Adani Group via "opaque" funds based in Mauritius. The report claimed that, at one point in time, the value of both men's investment in Adani was worth $430 million.

Persons: Gautam Adani, Nasser Ali Shaban Ahli, Chang Chung, Ling Organizations: Adani, World, Accountants, Adani Enterprises, Energy, CNBC Locations: Mumbai, Mauritius, Adani

☆ India to launch mission to study the sun — just days after successful moon landing
▼ + stars: | 2023-08-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Days after India's successful moon mission, the country is now setting its sights on the sun. Aditya, which refers to the sun in Hindi, is to be placed in a halo orbit around the Lagrangian point 1 of the Sun-Earth system, where the sun can be observed without any obstructions, an ISRO report stated. Lagrange points are positions in space where gravitational forces of two large masses produce "enhanced regions of attraction and repulsion," according to NASA. The resulting force can be used to remain in position and reduce fuel consumption — and can be likened to "parking spots" for spacecraft. The launch will mark India's first space-based observatory to study the sun, and would offer a "major advantage of continuously viewing the sun without any occultation or eclipses," the ISRO report stated.

Persons: Lagrange Organizations: Indian Space Research Organization, ISRO, NASA

☆ A worldwide lithium shortage could come as soon as 2025
▼ + stars: | 2023-08-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesThe world could face a shortage for lithium as demand for the metal ramps up, with some analysts forecasting that it could come as soon as 2025. BMI, a Fitch Solutions research unit, was among those that predict a lithium supply deficit by 2025. In a recently published report, BMI largely attributed the deficit to China's lithium demand exceeding that of its supply. "We expect an average of 20.4% year-on-year annual growth for China's lithium demand for EVs alone over 2023-2032," the report stated. While that could point to a global lithium surplus next year, shortages could start to plague supply chains in 2028.

Persons: Susan Zou, Corinne Blanchard, Deutsche, Blanchard, Zou Organizations: Sigma, Bloomberg, Getty, BMI, Fitch Solutions, Economic, Rystad Energy, P, Commodity, EV Locations: Itinga, Minas Gerais, Brazil, China, skyrocket, transportations, U.S, Europe

☆ Raimondo meets Chinese officials in 'tricky' visit as countries seek a more stable relationship
▼ + stars: | 2023-08-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

U.S. Commerce Secretary Gina Raimondo speaks during a Reuters interview at the Department of Commerce in Washington, September 23, 2021. U.S. Secretary of Commerce Gina Raimondo is set to meet with senior Chinese officials and U.S. business leaders in Beijing as the two countries continue high-level talks. Her trip is a crucial but also a tough one to tread with U.S.-China economic ties hanging in the balance, according to a former senior U.S. diplomat. Thornton previously served as acting assistant secretary for East Asian and Pacific Affairs at the State Department. She said Raimondo would want to "get some business done for U.S. businesses," on top of promoting and stabilizing trade relations with China.

Persons: Gina Raimondo, Gina Raimondo's, Susan Thornton, CNBC's, Thornton, She, Raimondo, Paul Tsai Organizations: Commerce, Department of Commerce, East Asian, Pacific Affairs, State Department, Paul Tsai China Center, Yale Law School Locations: Washington, Beijing, China, U.S

☆ Dubai luxury home prices soar by almost 50%, with Tokyo's up 26%. Here's where other cities stand
▼ + stars: | 2023-08-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

High-rise tower buildings along the central Sheikh Zayed Road in Dubai on July 3, 2023. Dubai's luxury home prices surged by nearly 50% in the year up until June, maintaining its top ranking for the eighth consecutive quarter, according to a new report by Knight Frank. According to data released Wednesday from the property consultancy firm, prices in Dubai have skyrocketed 225% since hitting a pandemic low during the third quarter of 2020. The Emirate kept its crown in the ranking for the eighth consecutive quarter. Taking second and third places were Tokyo, which saw an annual 26.2% rise, and Manila, which climbed 19.9%.

Persons: Knight Frank Locations: Dubai, Tokyo, Manila, Shanghai, Singapore

☆ India isn't over dependent on Russian oil, Indian energy minister says
▼ + stars: | 2023-08-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

"India doesn't get over dependent on anyone," Hardeep Singh Puri told CNBC's Tanvir Gill when asked if his country was too dependent on the Kremlin. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. Hardeep Singh Puri India's Minister of Petroleum and Natural GasIndia is the world's third largest energy importer, and purchases more than 80% of its crude oil from international markets. Asked if India was getting a $15 or $30 discount per barrel on Russian crude, Puri said: "Yes, there have been discounts. According to data from S&P Global in July, India's crude oil sources come largely from Middle East and Russia.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, India's, Puri Organizations: India's, Petroleum, Natural Gas, CNBC, P Global, Brent, U.S . West Texas, West Texas Locations: India, Russia, Ukraine, Moscow, Natural Gas India, Iraq, Saudi Arabia, UAE, Kuwait, Middle East, U.S

☆ A new PM and a fugitive's return: here's what Thailand's political future holds
▼ + stars: | 2023-08-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Former Thai Prime Minister Thaksin Shinawatra, who is expected to be arrested upon his return as he ends almost two decades of self-imposed exile, waves at Don Mueang airport in Bangkok, Thailand August 22, 2023. RThe return of Thailand's former prime minister Thaksin Shinawatra after years of self-exile could mark the end of a chapter in the country's politics, even as some analysts believe he will still be pulling some political strings — albeit from behind. The founder of Pheu Thai party and widely seen as its de facto leader, Thaksin returned to Thailand on Tuesday after 15 years in exile, and was sentenced to eight years in prison upon his return. But he will be the key person driving Pheu Thai Party behind the scenes," said Kasem Prunratanamala, head of Thailand research at CGS-CIMB. Pheu Thai is the latest iteration of his old party Thai Rak Thai after several before were disbanded by the courts.

Persons: Thaksin Shinawatra, Thaksin, Srettha Thavisin, Kasem Prunratanamala Organizations: Thai, Chulalongkorn University's Institute of Security, International Studies, CNBC, Thai Party, CGS, Thai Rak Thai Locations: Don Mueang, Bangkok, Thailand, Thai, Pheu, Thai Rak

☆ Pork belly prices are up 100% this year — your breakfast bacon is about to get pricier
▼ + stars: | 2023-08-23 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Wholesale pork belly prices are currently trading at 270.89 cents per pound. And consumers are about to see even higher prices of bacon, which is primarily cut from pork bellies. Analysts who spoke to CNBC attributed the surge in pork prices partly to a recently imposed animal welfare regulation in California, which came into effect July 1. Proposition 12 played a "major role" in the surge in prices, said Urner Barry pork market analyst, Ryan Hojnowski. Consequently, sellers of bacon will want to keep their profit margins up — thus, the spike in pork belly wholesale prices is going to translate to higher retail and food services prices, he said.

Persons: Bacon, Zachary Zirlin, —, That's, Brian Earnest, Cobank's Earnest, Earnest, Barry, Ryan Hojnowski, Hojnowski, Urner Barry, Glenn Asakawa Organizations: Eyeem, Getty, CNBC, National Pork Producers Council, Medianews, Denver Locations: California, FactSet, Colorado

"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. Other than India, food inflation has been relatively tame in Asia so far this year. Underscoring how higher food prices erode purchasing power, ADB suggested at that time that a 10% rise in domestic food prices in developing Asia would push 64.4 million into poverty, based on the $1.25-a-day poverty line. Moreover, this spike in rice prices is happening amidst widespread lower food prices. watch nowThis means any spikes in food prices will only translate to food inflation toward the end of this year or early 2024.

Persons: Qingfeng Zhang, El Niño, Niño, Erica Tay, Tay, Tay . Rice, Xi Jinping, Morgan Stanley, Maybank Nomura, Sonal Varma, Si Ying Toh, Nomura, Paul Hughes, Hughes, Global's Hughes Organizations: Istock, Asian Development Bank, CNBC, ADB, United Nations, FAO, Tay . Locations: Ho Chi Minh, Vietnam, Asia, India, Thailand, China, Myanmar, Cambodia, Tay, U.S, El, Australia, Pacific, Singapore, Hong Kong, Indonesia, South Korea, Philippines, Malaysia

☆ Global onion prices could be set to rise with India slapping an export tax on domestic production
▼ + stars: | 2023-08-22 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

A labourer sorting out onions at a vegetable market in New Delhi on May 30, 2023. The new levy announced Saturday acts to ensure domestic availability and cool inflation, and is effective immediately until December 31, according to the country's Ministry of Finance. Global onion prices are likely to get a positive price cue on account of India's decision. India's government in July also banned the exports of non-basmati white rice in a bid to ensure sufficient domestic supplies. "The government would like to rein [in] prices and ensure sufficient availability in the domestic market.

Persons: Arun SANKAR, ARUN SANKAR, Arun Sankar, Pushan Sharma, Samarendu Mohanty Organizations: Getty, Afp, country's Ministry of Finance, India's Department of Consumer Affairs, CRISIL Market Intelligence, P, Indian Meteorological Department, Pushan Sharma CRISIL, Intelligence, Potato Center, CNBC Locations: New Delhi, AFP, India, Maharashtra, Karnataka, oversupply, Bangladesh, Malaysia, Sri Lanka

☆ HKEX first-half net profit rises 31%, CEO is 'quite optimistic' about medium term outlook
▼ + stars: | 2023-08-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Hong Kong Exchanges and Clearing reported a 31% jump in net profit for the first six months of the year, compared to a year ago — and its CEO has expressed optimism about the medium-term outlook. HKEX's half-year net profit jumped to 6.31 billion Hong Kong dollars ($806.6 million) from HK$4.84 billion a year ago, boosted by the "robust growth" in its derivatives market, the exchange said in its press release. Revenue from its core businesses rose to HK$9.73 billion in the January to June period, up 5% year-on-year. Aguzin acknowledged that investors are in an "environment of caution" right now, with geopolitics being one of the factors. Still, he expressed optimism for the exchange's near term outlook, on hopes of lower inflation numbers and additional stimulus from China.

Persons: Nicolas Aguzin, Emily Tan, Aguzin, we've Organizations: Hong Kong Exchanges, Hong Kong, HK, Revenue Locations: China

☆ China is on course to overtake Japan and become the world's No.1 car exporter
▼ + stars: | 2023-08-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

China, automobile, vehicles Vcg | Visual China Group | Getty ImagesChina is on course to overtake Japan as the world's top auto exporter by the end of 2023, according to Moody's Analytics. "At this pace, China is on track to overtake Japan by the end of the year," Moody's economists wrote, a global ranking which Japan has claimed since 2019. According to Moody's projections, China produces more than half the world's lithium supply, thanks to its low labor costs compared to rivals Japan and South Korea. Moody's AnalyticsAs a result, some of the world's largest auto companies have set up production facilities in China, including Tesla and BMW . The Asia-Pacific region, which is home to some of the world's largest auto exporting powerhouses such as South Korea, China and Japan, has seen a mixed recovery in auto exports, Moody's highlighted.

Persons: Moody's Organizations: Visual China, Getty, Japan, EV, Tesla, BMW, Chery, SAIC Locations: China, Japan, South Korea, Germany, Thailand, Asia, Pacific

☆ Global rice prices could surge higher as flood risks loom over China
▼ + stars: | 2023-08-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Global rice markets could come under further strain as the world's leading rice producer China grapples with heavy rain and flood risks. "Heavy rain in China's grain-producing north-eastern region that will reduce yields is likely to put upward pressure on already high global rice prices," Fitch Ratings said in a recent report. China is the world's largest producer of rice, and flood alert levels were raised for three provinces that account for 23% of the country's rice output: Inner Mongolia, Jilin and Heilongjiang, the report pointed out. The world's second largest economy has been inundated by devastating floods in recent weeks. Typhoon Doksuri was one of the worst storms to hit northern China in years, with capital Beijing battered by the heaviest rainfall in 140 years.

Persons: Fitch, Doksuri, Khanun Locations: China, Mongolia, Jilin, Heilongjiang, Beijing

☆ Gold prices to breach all-time highs? Some expect bullion to hit $2,500
▼ + stars: | 2023-08-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Spot gold prices hit a record intraday high of $2,072.5 on Aug. 7, 2020, according to data from Refinitiv. We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns. Gold prices tend to have an inverse relationship with interest rates. "We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns," Heng said. Chinese retail gold demand has been resilient in 2023 even as consumption of other commodities remained weak, Citi said in a July report.

Persons: Sven Hoppe, Bart Melek, Melek, David Neuhauser, Neuhauser, Randy Smallwood, Heng, Heng Koon, UOB Heng, Citi's, Doshi Organizations: Getty, Refinitiv, CNBC, Securities, U.S . Federal, Livermore Partners, Fed, Wheaton Precious Metals, greenback, Markets, Federal Reserve, Citi, Commodities, Future Publishing Locations: U.S, China, India, Yichang, Hubei province

☆ Global rice prices surge close to 12-year highs, and could rise even more
▼ + stars: | 2023-08-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Rice trader displays variety of rice samples at a wholesale store, in Guwahati, Assam, India on August 2, 2023. Rice prices surged to their highest in almost 12 years on the back of India's rice export ban and adverse weather conditions that could impact production, said the United Nations' food agency. The Food and Agriculture Organization All Rice Price Index for July rose by 2.8% to 129.7 points. El Nino is a climate phenomenon marked by extreme temperatures and weather conditions that could interrupt lives and livelihoods. 20, as the government seeks to keep a cap on soaring food prices at home, and ensure there are enough supplies domestically "at reasonable prices."

Persons: Rice, El Nino Organizations: United Nations, Agriculture, Rice, Index, FAO, El Nino Locations: Guwahati, Assam, India, United, Thailand, El

The sunset glow is seen over buildings and a ferris wheel on May 13, 2022 in Beijing, China. Asia-Pacific markets largely fell as investors look ahead to China's inflation figures and trade balance later this week. China will release its trade balance for Tuesday and inflation data on Wednesday, which will give clues on the country's recovery trajectory. Hong Kong's Hang Seng index climbed marginally, but mainland Chinese markets were also all in negative territory. South Korea's Kospi was down 0.85% to close at 2,580.7, marking its fourth straight day of losses, while the Kosdaq saw a larger loss and tumbled 2.2% to end at 898.22.

Persons: Kospi Organizations: Shanghai, Shenzhen Component, Nikkei, Bank of Japan Locations: Beijing, China, Asia, Pacific, Shenzhen, Australia

☆ Oil prices surge to 4-month highs after Saudi, Russia output cuts
▼ + stars: | 2023-08-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices surged Monday to their highest since mid-April, following an attack on a key Russian oil export hub and extended production cuts by OPEC kingpin Saudi Arabia and Russia. Over the weekend, Ukraine launched a naval drone attack on Russia's port of Novorossiysk, a critical hub on the Black Sea for Russian oil exports. In addition, the world's top oil exporter Saudi Arabia last Thursday extended its voluntary crude oil output cut of a million barrels per day to the end of September. Saudi Arabia's million barrel per day cut was implemented in July through to August, and the cut "can be extended or extended and deepened," the state-owned Saudi Press Agency said last week. Russia, the world's second largest oil exporter, also pledged Thursday to voluntarily trim oil exports by 300,000 million barrels per day in September.

Persons: Josh Young Organizations: Saudi Press Agency, Bison Locations: Saudi Arabia, Russia, Ukraine, Novorossiysk, Saudi

☆ Rice markets could face further turmoil as Thailand urges farmers to plant less rice
▼ + stars: | 2023-08-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Thailand, the world's second largest exporter of rice, is encouraging its farmers to plant less of the crop in a bid to save water — a move that could roil rice markets further following India's export ban. In an effort to conserve water for consumption, the Office of the National Water Resources (ONWR) has called on the country's farmers to turn to "planting crops that use less water [which] can be harvested quickly." Kidtimonton said the country's water management needs to "focus on water for consumption," as well as "water for cultivation mainly for perennial crops." Perennial crops are crops that grow back after harvest and need not be replanted every year, unlike annual crops. Rice is categorized as an annual crop.

Persons: Surasri Kidtimonton, Kidtimonton Organizations: National Water Resources, National Water Administration Locations: Thailand

☆ China's capital Beijing battered by heaviest rainfall in 140 years
▼ + stars: | 2023-08-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Massive rescue and relief efforts are underway in response to typhoon-induced torrential rains in Beijing. China's capital Beijing has been pummeled by the heaviest rainfall in 140 years, leaving at least 20 dead. China has been buffeted by heavy storms as Typhoon Doksuri swept north after slamming southern Chinese provinces. Doksuri made landfall in China's Xiamen and Quanzhou on Monday morning, and caused "severe flooding in Beijing," according to a report by the NASA Earth Observatory. The typhoon was one of the worst storms to hit northern China in years, and the torrential rain in Beijing has killed at least 20 people as of Tuesday.

Persons: Doksuri Organizations: Beijing Meteorological Bureau, NASA, Observatory Locations: Beijing, China, Doksuri, China's Xiamen, Quanzhou

☆ India's rice export ban to hurt millions globally. These countries will be the worst hit
▼ + stars: | 2023-08-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

20 Xinhua News Agency | Xinhua News Agency | Getty ImagesIndia's rice export ban could ripple across global rice markets — and millions are expected to be impacted, with Asian and African consumers set to bear the biggest brunt. The scale of people impacted by Indian rice ban will be in millions. Other affected regionsAsia is not the only region hit by India's rice export ban, many African and Middle East nations are also vulnerable. That means up to 40% of India's rice exports are now offline, according to BMI forecasts. India's rice export ban is expected to ripple across global rice markets.

Persons: Mohanty, Samarendu Mohanty, Narendra Modi Organizations: Xinhua News Agency, Getty, Barclays, El Nino, BMI, Fitch Solutions, Workers, International Potato Center, CIP Locations: Nagaon district, India's, Assam, India, Malaysia, Asia, Singapore, Thailand, Pakistan, Vietnam, Philippines, Saharan Africa, East, North Africa, Djibouti, Liberia, Qatar, Gambia, Kuwait, Cambodia, Indonesia, Bangladesh, Nepal

☆ Country Garden shares drop 5% after reports it scrapped $300 million share sale
▼ + stars: | 2023-08-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Country Garden canceled its share placement shortly after midnight, a report by IFR revealed, citing bookrunner JPMorgan. Hong Kong-listed shares of Country Garden fell 5.06% on Tuesday, following multiple reports that the Chinese real estate developer had scrapped its $300 million primary share placement. The share placement was aimed at helping the Chinese property developer repay its debt. Its property services arm Country Garden Services lost 0.57%, while other Chinese property stocks were also dragged down. The Hang Seng Mainland Property Index, which measures Hong Kong-listed Chinese property counters, was lower by 0.33%.

Persons: Sunac Organizations: JPMorgan, Garden Services, Mainland Property, Logan Group Locations: Hong Kong, China

Search resuls for: "Lee Ying Shan"

25 mentions found