Export Commodities Online Fair promotes trade between China’s Hebei and ASEAN
HEBEI, CHINA, Dec 9, 2021 - (ACN Newswire via SEAPRWire.com) - China will boost new forms and models of foreign trade to advance high-quality development of the trade sector, according to a circular issued by the General Office of the State Council on July 9, 2021, and aims to have better mechanisms and policy systems in place to support these new trade protocols by 2025, along with the backing of leading enterprises and globally competitive industrial clusters.ASEAN continues to be China's largest trading partner, these new forms and evolving models of foreign trade further spurring the strong growth momentum. China's bilateral trade with ASEAN topped 4.08 trillion yuan ($639 billion) during the first three quarters of the year, an increase of 21.1%, while Hebei's bilateral trade with ASEAN increased by 24.3% during the same period, led by exports of mechanical and electrical products, agricultural products and textiles.In order to promote the innovative business development methods of foreign trade enterprises in Hebei, the Hebei Provincial Department of Commerce has sponsored a number of one-country, one-exhibition and multi-country, one-exhibition trade promotion activities, am...
Online brokerage Tiger Brokers (Singapore) sees strong Q3 growth led by first-timer deposits and newly funded accounts
SINGAPORE, Dec 3, 2021 - (ACN Newswire via SEAPRWire.com) - Online brokerage Tiger Brokers (Singapore) Pte. Ltd. ("Tiger Brokers Singapore") today announced that the average Singapore 'first-timer' account deposit has increased to $5,000 this quarter (Q4 2021), compared to the average initial deposit of $4,000 in Q2 and Q3 2021, as the pool of investors wishing to access Singapore's diverse range of investment opportunities continues to broaden. Over 80% of the 353,300 newly funded accounts acquired through three quarters (Q3 2021) are attributable to international markets, including Singapore, already surpassing the full year guidance of 350,000 newly funded accounts.Eng Thiam Choon, Chief Executive Officer, Tiger Brokers (Singapore), said of these results, "Our strong growth and credibility in Singapore has placed us in a great position for internationalization as more and more people are evidently choosing to include trading and investments as part of their wealth growth plan. We will continue to work towards building a seamless trading experience for investors on our online and mobile trading platform, Tiger Trade, while keeping them engaged through the variety of financial pro...
GBA companies eyeing ASEAN opportunities
Strong interconnectivity between regions boosts trade and investment HONG KONG, Nov 29, 2021 – (ACN Newswire) – Close to 60 per cent of companies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are considering further expansion into the Association of Southeast Asian Nations (ASEAN) countries in the next three years, a research report by UOB Hong Kong Branch and the Hong Kong Trade Development Council (HKTDC) indicates. The Trade and Investment between GBA and ASEAN and the Roles of Hong Kong report also found GBA companies highly value Hong Kong’s services[1] and expect the city’s role as a business hub facilitating trade and investment between the two regions to grow in importance. Among the 10 ASEAN countries, Singapore, Malaysia, Vietnam, Thailand and the Philippines, are the most popular trade and investment destinations. In the next three years, most of the GBA companies will choose Singapore (55.4 per cent), Malaysia (53.0 per cent) and Vietnam (51.1 per cent) as markets for sales, while Vietnam (14.5 per cent), Thailand (10.4 per cent) and Indonesia (8.1 per cent) are the preferred production or sourcing bases. Another 10.4 per cent of the GBA companies also preferr...
Singapore raises 2021 trade forecasts as non-oil exports grow 9% in Q3
SINGAPORE - Singapore raised its trade forecasts for this year amid better-than-expected performance, robust global semiconductor demand and higher oil prices. Total merchandise trade is now expected to grow between 17 per cent to 17.5 per cent, said Enterprise Singapore (ESG) on Wednesday (Nov 24), up from 12 per cent to 14 per cent previously. It also raised its forecast for non-oil domestic exports (Nodx) to expand between 9.5 per cent and 10 per cent, from 7 per cent to 8 per cent earlier. For 2022, however, trade growth is expected to ease from the high base this year, said ESG. It gave a "cautiously optimistic forecast" of zero to 2 per cent growth for both total merchandise trade and Nodx. Singapore's key trade partners including China, the US and Eurozone are expected to see their growth ease from 2021's pace, though Asean and Japan are forecast to grow faster in 2022, having seen their recovery disrupted in 2021, ESG noted. The World Trade Organisation has forecast global merchandise trade to grow by 10.8 per cent in 2021 and slow to 4.7 per cent in 2022. "Supply-side issues such as semiconductor shortages and port backlogs may strain supply chains and weigh on trade, thou...
Tiger Brokers (Singapore) Receive Approvals from SGX as Depository Agent, Clearing and Trading Member for Investor Trades
SINGAPORE, Nov 10, 2021 - (ACN Newswire via SEAPRWire.com) - Xiaomi-backed online brokerage Tiger Brokers (Singapore) Pte. Ltd. is pleased to confirm that it has received official approval as Clearing Member and Depository Agent of the The Central Depository (Pte) Limited ("CDP") and Trading Member of the Singapore Exchange Securities Trading Limited ("SGX-ST") and Singapore Exchange Derivatives Trading Limited ("SGX-DT"), from the Singapore Exchange Ltd ("SGX").Eng Thiam Choon, CEO of Tiger Brokers (Singapore) commented, "Tiger Brokers has always focused on bringing a superior and seamless user experience to investors. Our status as a Clearing Member of SGX's CDP will strengthen our presence amongst Singaporean investors and financial institutions as a recognised and credible regulated online brokerage, while providing the added security and efficiency that could possibly reduce the cost and risk of settling multiple transactions among multiple parties. This will also allow us to focus on Gen Z investors and beyond, trading and investing as part of their wealth management, while gaining a higher level of trust with institutional partners to onboard our B2B platform."Pol de Win, Se...
Jobs Transformation Map launched for S’pore’s wholesale trade sector
SINGAPORE - A Jobs Transformation Map has been rolled out to help companies in the wholesale trade sector navigate the challenges from evolving consumer demand, technology advancement and sustainable practices. The map was launched by Enterprise Singapore (ESG), Ministry of Manpower (MOM), Workforce Singapore (WSG) and SkillsFuture Singapore (SSG) in the 27th Jobs Situation Report on Friday (Nov 5). ESG worked with risk advisory firm Willis Towers Watson to conduct a review using artificial intelligence (AI), interviews and surveys to identify how emerging trends will impact the sector over the next three to five years. Manpower Minister Tan See Leng said one challenge he foresees in getting firms to prepare for the future comes from the fact that "many companies are not sure about the uncertainties". "I think what they are concerned about is how fast the recovery (from the pandemic) is going to come, how the industry will transform and whether the workforce is ready. Those are the challenges that the companies are giving us feedback and pushback on." Pushing transformation efforts too quickly could mean that companies may not be able to keep pace, while moving too slowly would be ...
Mystery of China’s huge US dollar surplus baffles global markets
HONG KONG (BLOOMBERG) - Unprecedented trade surpluses and record inflows into its bond market are giving China a stockpile of US dollars unseen since the days when the 'Asian savings glut' was blamed for keeping US interest rates excessively low and fueling the subprime mortgage crisis. But unlike then, when China aggressively recycled its US dollar holdings into US Treasuries, China's giant pile of foreign exchange reserves are holding broadly stable. That means the US dollars are being funneled somewhere else, but exactly where is proving to be a bit of a mystery. While some of that flood of greenbacks is ending up as deposits at Chinese banks, the large 'errors and omissions' in the nation's balance of payments is muddying the picture. What is clear is that the dollars offer China an important cushion against any future shocks in the world economy, even as individual companies like China Evergrande Group struggle to repay their debts. "It is exceedingly difficult to get a clear view of how China's current account surplus is recycled," said Alvin Tan, head of Asia foreign exchange strategy at RBC Capital Markets in Hong Kong. Nonetheless, the dollars mean that "whatever China's e...
Seven concurrent trade fairs close, attracting 16,000+ onsite buyers
“Physical + online” format creates new business opportunities HONG KONG, Oct 30, 2021 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) brought its seven autumn trade fairs* together onto a single “physical + online” platform in 2021. The physical fairs ended today, attracting more than 16,000 industry buyers to visit in person and conduct business discussions, while the online fairs run until 6 November. To date, more than 3,000 meetings have been arranged while close to 12,000 buyers browsed products and conducted business discussions online. The HKTDC has brought its seven autumn trade fairs together into a single “physical + online” platform. The physical session was successfully concluded today and attracted more than 16,000 buyers, while the online fairs run until 6 November. Eco Expo Asia opened its doors to the public on Public Day today (30 October), with visitors able to participate in a range of themed green workshops and talks as well as purchase environmentally friendly products at the Green Mart. On 29 October 2021, the Environment Bureau of the HKSAR Government held the “Carbon Neutrality Partnership Launching Ceremony” during the Eco Expo Asia. Feat...
2021 Global Digital Trade Conference concludes; 15 days trade dialogues, 8,500 companies from 100 countries
Building a bridgehead for “dual circulation” between China and the rest of the world SINGAPORE & WUHAN, CH., Oct 27, 2021 – (ACN Newswire) – The 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair concluded after 15 days of global trade dialogues, procurement fairs, and live streaming activities. Diplomatic representatives and business delegations from 103 countries and close to 8,500 foreign and Chinese companies participated in the event, achieving a total purchase order of RMB 402.8 billion (S$ 85.0 billion) and attracting 520,000 trade visitors to the event. Li Jun, Deputy District Mayor of Huangpi District, Wuhan, announcing the results 2021 Wuhan (Hankoubei) Commodities Fair Closing Ceremony 2021 Global Digital Trade Conference successfully concludes As China’s first large-scale digital trade themed event, the 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair aims to promote the development of China’s digital economy, showcasing Wuhan’s strengths in the global digital trade and driving China’s “dual circulation” strategy, marking a new milestone for the trading system of the future. Various forums and thematic events on di...
Loh Boon Chye, CEO, Singapore Exchange (SGX): Strengthen market connectivity; support China’s internationalisation
SINGAPORE / WUHAN, CHINA, Oct 18, 2021 - (ACN Newswire via SEAPRWire.com) - To achieve its Five-Year Plan, including its 'dual circulation' and 'new development' strategies, China has continued to promote innovation, digital trade, and sustainable development, making a significant difference in the global landscape. On 13 October, Loh Boon Chye, Vice Chairman of the World Federation of Exchanges (WEF) and CEO of the Singapore Exchange (SGX), delivered a video address at the "Digital Trade and Technology" thematic event during the 2021 Global Digital Trade Conference and the Wuhan (Hankoubei) Commodities Fair.Loh Boon Chye, Vice Chairman of WEF and CEO of SGX delivering his speech at the 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair thematic event "Digital Trade and Technology"As an international multi-asset exchange, SGX is a strong supporter of China's internationalisation efforts across equities, fixed income, currencies, and commodities, and ultimately its economic growth, as capital flows and trade flows are inseparably linked. Loh says that the defining trends of our time, whether in digitalisation or sustainability, are borderless, and collaborat...
2021 Global Digital Trade Conference hosts “Digital Trade and Technology” themed event
WUHAN, CHINA, Oct 18, 2021 - (ACN Newswire via SEAPRWire.com) - The 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair presented "Digital Trade and Technology", a thematic keynote event, on October 13 in Wuhan, Hubei Provence, China. More than 300 distinguished guests, including experts and scholars in the digital economy, shared new insights on digital trade under China's new "dual circulation" development strategy, and on the future of the global digital economy.The Main Conference Hall, 2021 Global Digital Trade Conference & Wuhan (Hankoubei) Commodities Fair, for the thematic keynote "Digital Trade and Technology", in Wuhan, Heibei Provence, on October 13. The event on-/off-line runs through October 26.Jiang Wei, Standing Committee-member Wuhan Municipal Party Committee and Vice-Mayor of Wuhan encouraging conference attendees to take advantage of digital trade development opportunities in Wuhan for new businesses and tech innovations.Organizer/host Qi Zhiping, CEO, ZALL Smart Commerce Group, joins entrepreneurs Qian Xiaojun, CEO, Beijing United Information Technology; Mu Xiaohai, Vice President, JD Cloud Business Group; Sun Wei, CEO, Shenzhen Sinoag...
Driving the Digital Economy – The 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair thematic event “Digital Trade and Technology” held in Wuhan, Hubei
SINGAPORE, Oct 15, 2021 - (ACN Newswire via SEAPRWire.com) - The 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair held the thematic event "Digital Trade and Technology" in Wuhan, Hubei. More than 300 distinguished guests, including leading experts and scholars in digital trade and economy, entrepreneurs, and industry leaders attended the conference. They shared new insights into digital trade and technology under China's new "dual circulation" development strategy and the future development of the global digital economy.Conference area of the 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair thematic event "Digital Trade and Technology"Speech by Jiang Wei, Standing Committee member of the Wuhan Municipal Party Committee and Vice Mayor of WuhanPanel Discussion: Industrial Development Path in the Digital Economy eraPowered by informatization, digitization, and intelligent connectivity, the new technological revolution and industrial transformation have brought about digital trade, which significantly impacts the trading sector, fostering new business models and trading patterns among counterparties. This has reshaped the global ind...
Loh Boon Chye, CEO of SGX: Strengthen market connectivity and capital flows, and support China’s internationalisation
SINGAPORE, Oct 15, 2021 - (ACN Newswire via SEAPRWire.com) - "To achieve its Five-Year Plan - including its "dual circulation" and "new development" strategies, China has continued to promote innovation, digital trade, and sustainable development, making a significant difference in the global landscape." On 13 October, Loh Boon Chye, Vice Chairman of the World Federation of Exchanges (WEF) and CEO of the Singapore Exchange (SGX), delivered his video speech at the "Digital Trade and Technology" thematic event during the 2021 Global Digital Trade Conference and the Wuhan (Hankoubei) Commodities Fair.Loh Boon Chye, Vice Chairman of WEF and CEO of SGX delivering his speech at the 2021 Global Digital Trade Conference and Wuhan (Hankoubei) Commodities Fair thematic event "Digital Trade and Technology"As an international multi-asset exchange, SGX is a strong supporter of China's internationalisation efforts across equities, fixed income, currencies, and commodities, and ultimately its economic growth, as capital flows and trade flows are inseparably linked. Loh says that the defining trends of our time, whether in digitalisation or sustainability, are borderless, and collaboration is esse...
Online Brokerage Tiger Brokers Announces Q2 2021 Results; Singapore’s Generation Z New Account Openings Up By +90% Y/Y
SINGAPORE, Sep 15, 2021 - (ACN Newswire via SEAPRWire.com) - Xiaomi-backed online brokerage Tiger Brokers (Singapore) Pte. Ltd. today announced that its quarterly business achieved a significant milestone as the number of account openings represented by Generation Z (18-24 yr) saw an increase of over 90 per cent compared to the same period last year. For Singapore Generation Z investors, the purchase of stocks, futures and options have increased by at least 9-fold as compared to the same time last year, with a notable surge in the preference for stocks and options by around 14 times in terms of volume.The Singapore business was one of the largest contributors to Group customer accounts in 2Q 2021, when over 60 per cent of all newly funded accounts were derived from international markets, and the Group added more funded accounts than in its entire cumulative operating history.Eng Thiam Choon, Chief Executive Officer, Tiger Brokers (Singapore), said, "Generation Z, or the internet generation, can be regarded as one of the most disruptive generations ever. There is a distinct difference in how they invest and what they invest in compared to their millennial or baby boomers' peers. Wit...
Hong Kong fosters stronger economic ties with Thailand
HONG KONG, Sep 11, 2021 - (ACN Newswire via SEAPRWire.com) - With business travel continuing to be restricted due to the global pandemic, Hong Kong is exploring ways to foster stronger economic ties with its trading partners. The Hong Kong Trade Development Council (HKTDC) and the Thai Ministry of Commerce's Department of International Trade Promotion (DITP) today ratified a memorandum of understanding (MOU) at CENTRESTAGE, Asia's premier fashion event organised by the HKTDC. The MOU, which renews one signed in 2018, aims to promote trade and business activities, enhance the exchange of trade-related information, and strengthen the economic partnership between Hong Kong and Thailand.The HKTDC, represented by Deputy Executive Director Benjamin Chau (R), and the Thai Ministry of Commerce's Department of International Trade Promotion, represented by Trade Commissioner and Consul Chanunpat Pisanapipong (L), ratified a renewed memorandum of understanding at CENTRESTAGE, Asia's premier fashion event organised by the HKTDC. The agreement was witnessed by Bernard Chan (centre), Convenor of the Executive Council, HKSAR, and Chairman of the Hong Kong - Thailand Business Council.A fashion par...
ZALL Smart Commerce Group (2098.HK) increased revenue by 40.3% in 1H2021, aims for RMB100 billion on year
SINGAPORE, Sep 1, 2021 - (ACN Newswire via SEAPRWire.com) - ZALL Smart Commerce Group (ZALL; 2098.HK), Asia's largest B2B e-commerce group, today announced its results for the first half 2021 (January 1 - June 30, 2021). ZALL's revenue rose by 40.3 per cent year-on-year to RMB 50.16 billion (US$7.76 billion), on the back of stronger Group operating capacity. Gross profit rose to RMB 607 million (US$93.96 million), an increase of 8.1 per cent year-on-year, and profitability remained stable.Revenues from ZALL's offline wholesale markets and online Industrial Internet platforms such as Shenzhen Sinoagri, ZALL Steel, and Huasuhui steadily increased, benefitting from the gradual increase of services in ZALL's ecosystem, spanning wholesale trade markets, agriculture, steel, plastics and chemicals and other industries. Supply chain services such as finance, warehousing, and logistics also continued to empower upstream and downstream customers in the industry value-chain, laying a solid foundation for rapid growth.Previously, ZALL embarked on a new strategic rebrand and is committed to becoming the world's largest digital trade platform. The Group looks to incorporate "New Trading Methods"...
Dogs to sniff out wildlife smuggling, with ban on sale of ivory kicking in on Sept 1
SINGAPORE - Sniffer dogs are being used at border checkpoints to detect the smuggling of endangered animals, and items such as elephant ivory and pangolin scales, to further clamp down on wildlife smuggling. This new K9 unit under the National Parks Board (NParks) is specially trained to sniff out threatened and contraband fauna and timber that may be hidden in cargo or luggage. This comes as Singapore gears up for its ban on all trade in ivory, which will go into effect next week. The dogs' heightened sense of smell will allow them to detect items that may not be spotted by other methods, such as using radiographic scanners and visual inspections. There have been many seizures of pangolin scales and ivory at Singapore's borders over the years. In April and July of 2019, a total of 37.4 tonnes of pangolin scales were seized. The K9 unit was announced on Friday (Aug 27) at the official opening of Singapore's first Centre for Wildlife Forensics. Scientists at the centre, which has been operational for about a year now, have been closely studying animal and timber samples from illegal imports to identify the species and trace their source. This would help authorities here and elsewher...
Dasin Retail Trust says business fundamentals ‘reasonably sound’ despite significant liabilities
SINGAPORE (THE BUSINESS TIMES) - Dasin Retail Trust (DRT) said its business fundamentals are "reasonably sound" throughout the protracted Covid-19 crisis, and expects to generate sufficient cashflow to meet working capital needs. It gave its response on Monday (Aug 16) to several queries from the Singapore Exchange (SGX), in relation to the group's "significant" current liabilities of $557.2 million and cash and bank balance of only $123.98 million for the first half ended June 30. DRT said the current liabilities were mainly due to the re-classification of $242 million and US$134.29 million (S$182 million) offshore syndicated term loan equivalent to $422.66 million in aggregate of the group, and 375.15 million yuan (S$78,143,000) onshore syndicated term loan of the group, which are due and payable on Dec 19, 2021. The group is in "active negotiations" with the lenders and believes the refinancing of the term loans is achievable within the stipulated timeframes, based on indicative terms discussed with the lenders. In considering its payment obligations in the next 12 months, DRT said it has sufficient cash and cash equivalents; and expects that adequate cashflow will be generated ...
Singapore ups trade forecasts again as Q2 non-oil exports surge 10.1%
SINGAPORE (THE BUSINESS TIMES) - Singapore has raised its trade forecasts for the third time this year, on the back of strong second-quarter growth in sectors such as electronics and petrochemicals. Non-oil domestic exports (Nodx) could grow by 7 per cent to 8 per cent year on year in 2021, trade agency Enterprise Singapore (ESG) said in a review on Wednesday (Aug 11) - a bump up from the projection of 1 per cent to 3 per cent issued in May. And, with oil prices likely to stay high, total merchandise trade is now tipped to expand by 13 per cent to 14 per cent year on year, up from 5 per cent to 7 per cent in May. Besides a better-than-expected showing in the year to date, ESG also pointed to "higher oil prices and robust global semiconductor demand" as drivers of total trade in 2021. The rosier outlook came as Nodx was higher by 10.1 per cent in the April-to-June period, picking up from the 9.7 per cent rise in the first three months. Exports were lifted by an 8.5 per cent increase in shipments of non-electronics, such as specialised machinery for semiconductors, petrochemicals and primary chemicals. Still, the electronics cluster, which made up nearly one-quarter of Nodx, posted a...