Markets News 

Huawei’s device business earned 11 billion yuan in first half of 2019: filing

“The filing also showed Huawei Technologies Limited, Huawei’s main business entity, made a net profit of 30.27 billion yuan and revenue of 353 billion yuan in the first half of 2019” writes Midwest Communications Inc for 95kqds.com. Profit at Huawei Device (Shenzhen) Ltd, a wholly-owned unit of the parent and a proxy for the behemoth’s smartphone business, was 11.2 billion yuan in the first half of 2019, while revenue was 211 billion yuan.HONG KONG (Reuters) – Huawei Technologies’ device business, comprising mainly smartphones, made a 11 billion yuan ($1.55 billion)…

Read More
Markets News Regulators 

Euro on defensive ahead of ECB meeting amid worries about growth

“TOKYO (Reuters) – The euro was on the back foot on Monday ahead of a European Central Bank meeting later this week at which policymakers are expected to deliver new stimulus to bolster a flagging regional economy” writes Midwest Communications Inc for 95kqds.com. Traders are likely to take their cues from the ECB as major central banks line up support measures for a weakening global economy.Data due later Monday on German exports could provide further clues about the health of the global economy.Adding to the calls for central bank easing…

Read More
News 

China’s August forex reserves rise to $3.1072 trillion

“BEIJING (Reuters) – China’s foreign exchange reserves rose by $3.5 billion in August to $3.1072 trillion, central bank data showed on Saturday” writes Midwest Communications Inc for 95kqds.com. Economists polled by Reuters had expected the country’s reserves, the world’s largest, would fall by $4 billion to $3.100 trillion, likely due to fluctuations in global exchange rates and the prices of foreign bonds that China holds. China has been able to keep capital outflows under control over the past year despite an escalating trade war with the United States and weakening…

Read More
Markets News Stocks 

China’s Xiaomi Plans $1.5 Billion Buyback to Arrest Stock Tumble

“Xiaomi had cash and cash equivalents of 34.9 billion yuan ($4.92 billion) as of June 30 and total borrowings of 13.8 billion yuan” writes Min Read for reuters.com. The stock has also been hit by losses at the Hong Kong stock market, which has plunged since massive anti-government protests started in the city in June.Growth at the Beijing-based company has slowed sharply as the global smartphone market has shrunk and local competition has increased.SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp (1810.HK) announced a HK$12 billion ($1.53 billion) share buyback…

Read More
GBP Markets News 

Sterling on back foot as political turmoil dogs Brexit process

“Some politicians have warned that a no-deal Brexit should be avoided at all costs, because leaving the EU without trading agreements in place could cause economic turmoil” reports cnbc.com. Sterling traded at $1.2063, flat so far in Asian trading but close to the lowest in more than two years.Sentiment for the euro had already weakened after it broke below the key $1.1000 level last week.The euro weakened further after a survey on Monday showed European manufacturing contracted for seven straight months. Source: cnbc.com

Read More
Crypto News Oil 

HSBC Completes First Blockchain Letter of Credit Transaction in Yuan

“Banking and financial services giant HSBC has completed the first yuan-denominated letter of credit transaction on a blockchain using the Voltron trade finance platform” writes Masao Akimoto for cointelegraph.com. As Reuters reported on Sept. 2, HSBC conducted the first blockchain-based yuan-denominated letter of credit transaction deploying R3’s Corda-powered Voltron platform.In August, London-based bank and financial services firm Standard Chartered completed its first cross-border blockchain letter of credit transaction in the oil industry with Thai state-owned oil giant PTT Group. The pilot consisted of digitizing and simplifying the end-to-end exchange of…

Read More
Crypto News Platforms 

HSBC processes first blockchain letter of credit using Chinese yuan

“HONG KONG (Reuters) – HSBC completed the first yuan-denominated blockchain-based letter of credit transaction, the bank said on Tuesday” writes Midwest Communications Inc for 95kqds.com. HSBC, like many of its competitors, has been looking to use digital ledger technology, or blockchain, to streamline the traditionally paper-based and bureaucratic business of financing trade. The exchange of the electronic documents was completed in 24 hours, compared to the typical five to 10 days for conventional document exchange, the bank said.HSBC said, citing SWIFT data, that 1.2 million letters of credit, documents issued…

Read More
Markets News 

Trade War Dents Chinese Company Profits, Portfolio Inflows

“To offset effects of the trade war, Chinese policymakers rolled out measures including tax cuts and lower reserve requirements for banks, which were pushed to lend to smaller companies” writes Min Read for reuters.com. As the trade war pushed the yuan CNY=CFSX to an 11-year low, it hurt companies sensitive to currency moves, including real estate firms and airlines.SHANGHAI (Reuters) – Some Chinese business sectors reported solid first half earnings, though a substantial fall in industrial profits and in tepid overseas investment inflows into China’s stock markets show fallout from…

Read More
News 

Tesla hikes prices for Model 3, other cars in China amid weaker yuan

“Its long-range dual-motor variants of mass-market Model 3 cars are now 439,900 yuan, up from 429,900 yuan previously” writes Midwest Communications Inc for 95kqds.com. The starting price for the Model X sport utility vehicle (SUV) is now 809,900 yuan ($114,186), versus 790,900 yuan previously, according to Tesla’s China website on Friday.SHANGHAI (Reuters) – U.S. electric vehicle maker Tesla Inc had raised prices for some vehicles in China as the yuan trades at its weakest levels in more than a decade.Tesla is currently building its first overseas factory in Shanghai, which…

Read More
News 

Tesla raises prices for some vehicles in China

“SHANGHAI (Reuters) – U.S. electric vehicles maker Tesla Inc said on Friday it had raised prices for some vehicles in China, a decision that comes as the Chinese yuan trades at its weakest levels in more than 10 years” writes Midwest Communications Inc for 95kqds.com. The starting price for the Model X sport utility vehicle (SUV) was now 809,900 yuan ($114,186) compared with 790,900 yuan previously, Tesla said on its China website.Its long-range dual-motor variants of mass-market Model 3 vehicles were now priced at 439,900 yuan, up from 429,900 yuan…

Read More