Malaysia bans pro-LGBTQ Swatch products claiming they may ‘harm morality’ and ‘public interest’ (SCMP/Reuters)
2023-08-10

Swiss siblings serve up double the fun (China Daily)
2023-08-09

Credit Suisse to cut 80 per cent of Hong Kong investment bank jobs from this week: source (SCMP/Reuters)
2023-08-07

Swiss capital Cedrus Group completes new round of investment in Chinese company, commits to bridging Chinese-European companies in big health industry (GT)
2023-08-03

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China resumes group tours to another 78 countries, regions (GT)
2023-08-10

Beijing shows strong opposition against new US executive order (China Daily)
2023-08-10

China urges the Philippines to honor commitment, cease provocation (Xinhua)
2023-08-09

China’s Wang Yi and Russia’s Sergey Lavrov discuss Ukraine after Saudi peace talks held without Moscow (SCMP / AFP)
2023-08-08

US Navy makes ‘show of force’ to Russian, Chinese flotilla near Alaska (SCMP)
2023-08-08

Borrell sends EU's healthy voice to strengthen China ties, linking Global Gateway to BRI (GT)
2023-08-08

China urges U.S. to stop utilizing South China Sea issue to sow discord (Xinhua)
2023-08-07

ASEAN-China Week kicks off, reaffirming cooperation and closer ties (GT)
2023-08-06

In Niger, China’s path to stability may diverge from Western security priorities (SCMP)
2023-08-06

China ready to synergize development strategies with UAE: FM (Xinhua)
2023-08-04

China keen to ensure Saudi Arabia’s Ukraine peace talks do not become ‘anti-Russian’ event (SCMP)
2023-08-04

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Spy case cracked by Chinese government (China Daily)
2023-08-11

China’s top graft-buster says it detained hundreds of SOE officials in first half of 2023 (SCMP)
2023-08-10

Authorities to launch 4-month campaign to boost youth entrepreneurship (GT)
2023-08-09

Call to evacuate Chinese residents ‘without delay’ as second typhoon threatens country’s northeast (SCMP)
2023-08-08

China mulls first nationwide comprehensive guidelines for use of facial recognition technology (GT)
2023-08-08

China's Ministry of State Security stipulates strict restrictions and supervisions on the state organs' counter-espionage work (GT)
2023-08-07

Chinese public fear repeat abuse of flood relief funds after it emerges over US$1 billion in aid for 2021 was misused (SCMP)
2023-08-07

China responds to misinterpretation of anti-espionage law (China Daily)
2023-08-04

China eases entry visa and hukou rules in all-out push to save the economy (SCMP)
2023-08-04

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Hong Kong national security police arrest 10 linked to 2019 protester relief fund (HKFP)
2023-08-10

Hong Kong politician Starry Lee to quit as leader of city’s largest party after 8 years, citing workload concerns (SCMP)
2023-08-09

Hong Kong property ‘price war’ imminent as Li Ka-shing’s CK Asset slashes flats to lowest seen in city in 7 years (SCMP)
2023-08-08

Gov’t launches bid to appeal court’s rejection of ban on pro-democracy protest song ‘Glory to Hong Kong’ (HKFP)
2023-08-07

HKSAR gov't investment in innovation, technology reaches nearly 25.6 bln USD (Xinhua)
2023-08-06

World's first DRO financial exchange officially operates in Macao (Xinhua)
2023-08-03

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PLA ramps up drills around Taiwan island amid provocative secessionist activities (GT)
2023-08-10

Ex-Japan leader's visit to Taiwan denounced (China Daily)
2023-08-10

Joe Biden signs into law bill approving US-Taiwan trade agreement to boost bilateral economic ties (SCMP)
2023-08-08

Taiwan opposition on edge as tycoon Terry Gou expected to make presidential bid decision (SCMP)
2023-08-05

US hijacks Taiwan's high-tech industries, squeezes island's economic future (GT)
2023-08-05

Mainland China airs documentary signalling military preparation for Taiwan attack and willingness to sacrifice (SCMP)
2023-08-04

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China urged to ignore ‘moral hazard’ of helping indebted regions as economy-fuelling bond sales seen booming (SCMP)
2023-08-11

Country Garden Expects to Report Record First-Half Loss (Caixin)
2023-08-11
Country Garden Holdings Co. Ltd., one of China’s largest property developers, said it expects to report a record, multibillion-dollar net loss for the first half, raising further concerns as the company slides deeper into a debt crisis. Guangdong-based Country Garden estimated its net loss at 45 billion yuan to 55 billion yuan ($6.2 billion to $7.6 billion) for the first six months of 2023, compared with a net profit of 1.91 billion yuan a year ago, according to a Hong Kong exchange filing late Thursday. The company warned July 31 that it would report red ink for the first half. The shortfall is mainly due to a drop in gross profit margins on real estate, an increase in impairment provisions for projects because of falling sales, and foreign exchange losses amid currency fluctuations, the company said. In 2022, Country Garden recorded a loss attributable to shareholders of 6.1 billion yuan — the first since it went public in 2007. Chaired by Yang Huiyan, formerly China’s richest woman, Country Garden is one of the few private property developers to have so far managed to avoid defaulting on its bonds. However, the company spooked investors this week after it missed two dollar bond interest payments totaling $22.5 million, putting it on course for its first public default if it can’t make the payments within a 30-day grace period. The missed payment sparked fresh concerns that a potential default by Country Garden could be as severe as that of China Evergrande Group, which disclosed in July that its total liabilities amounted to 2.4 trillion yuan as of December 2022. Country Garden held the No. 1 position on China Real Estate Information Corp.’s list of the top 100 property developers by sales value for a number of years, but in a sign of its waning fortunes, it fell to sixth place in the first half of 2023. China’s real estate sector has continued to weaken for more than two years, stifling the recovery of the world’s second-largest economy, despite a series of measures rolled out by the government to shore up the market. “Due to the recent deterioration of sales and refinancing environment, the available funds on the books of the company have been continuously reduced, resulting in a phased liquidity pressure,” Country Garden said in the Thursday filing. For the first seven months, Country Garden’s sales fell 35% to 140.8 billion yuan. Sales in July dropped 60% year-on-year and represented a month-on-month decline for four consecutive months, the company said. Global rating firm Moody’s Investors Service Thursday downgraded Country Garden three notches to Caa1 from B1. A Caa1 rating signals a very high credit risk, according to Moody’s website. “The downgrade reflects Country Garden’s heightened liquidity and refinancing risks in view of its deteriorated liquidity and financial flexibility, sizable refinancing needs and still-constrained access to funding,” according to Moody’s statement. Country Garden in the filing said it “will communicate with all stakeholders and consider adopting various debt management measures to safeguard the company’s long-term development in the future, so as to preserve value for all stakeholders and safeguard their interests.” Facing an extremely difficult situation industrywide, the company has sought to carry out a self-rescue, including accelerating the collection of sales proceeds and debt receivables, expanding financing, controlling expenditures, and reducing salaries, the company said in the filing. Controlling shareholder Yang provided the company an aggregate amount equivalent to HK$38.6 billion ($4.93 billion) by way of loans, increased shareholdings, purchase of bonds and scrip dividends, it said. Country Garden pledged to ensure deliveries and secure its credit. The company, together with joint ventures and associates, delivered nearly 278,000 housing units in the first half of this year. It said it expects total 2023 deliveries to reach 700,000, similar to the level in 2022. At the end of 2022, the property giant had 1.7 trillion yuan in total assets and 1.4 trillion yuan in total liabilities, including 271.3 billion yuan of interest-bearing debt, its annual report shows. The company has sufficient net assets and abundant land reserves, it said. By the end of 2022, Country Garden’s net assets amounted to 309.6 billion yuan and total salable resources were close to 1.2 trillion yuan, according to the filing.

China inflation: consumer prices fall for first time since 2021, adding to deflation concerns, but factory-gate contraction narrows (SCMP)
2023-08-09

China trade: de-risking, reshoring efforts chip away at exports as July shipments fall at steepest pace since early 2020 (SCMP)
2023-08-09

Chinese private companies take lion's share of foreign trade, with imports and exports rising 6.7% in first seven months (GT)
2023-08-08

Global financial institutions increasingly upbeat on Chinese market (GT)
2023-08-07

China's bulk commodity index edges down in July (China Daily)
2023-08-06

More Chinese cities roll out support measures, propping up ailing real estate sector (GT)
2023-08-06

State Taxation Administration announces 28 measures to boost private economy (GT)
2023-08-06

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DPRK ruling party convenes enlarged meeting on war preparations (Xinhua)
2023-08-10

St Andrews, Pebble Beach, Pyongyang? North Korea invites foreign golfers to play on ‘world’s most exclusive course’ (SCMP/AFP)
2023-08-09

North Korean hackers ‘breach top Russian missile maker’ (SCMP/Reuters)
2023-08-07

Kim visits munitions factories, gives field guidance (China Daily)
2023-08-07

DPRK slams US arms aid to Taiwan as 'dangerous' provocation (China Daily)
2023-08-05

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XII International Congress of Mongolists Commences at State Palace (Montsame)
2023-08-10

Inflation rate was 9.2% last month (Gogo Mongolia)
2023-08-08

Asian Political Parties Convene in Mongolia (Montsame)
2023-08-07

Mongolia signs digital skills partnership with Google as landlocked nation seeks closer ties with US (SCMP)
2023-08-06

US discusses ‘creative ways’ to help Mongolia export rare earths (SCMP/Reuters)
2023-08-05

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Embassy of Switzerland