Hong Kong IPO market: Chinese firms opt to raise funds in Hong Kong amid trade tensions
Concerns over trade tensions are driving some mainland Chinese firms to raise funds in Hong Kong rather than New York. The Hong Kong Exchange saw 44 newly listed companies in the first six months, up 47 per cent from last year. May Wong finds out whether the frenzy is sustainable.
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Straits Times
2 hours ago
- Straits Times
German minister: EU must become stronger in Trump tariff talks
WASHINGTON - German Finance Minister Lars Klingbeil said the European Union had been too weak during trade negotiations with the United States and it should become stronger, as much still needed to be clarified on the deal the two sides struck last month. "Overall, as Europeans, we must become stronger," Klingbeil said in Washington ahead of a meeting with U.S. Treasury Secretary Scott Bessent. "Then we can also stand up to the U.S. with more self-confidence. Not against the U.S., but in dialogue with the U.S." Klingbeil said there needed to be a quick solution to the trade conflict with the U.S. as companies needed planning certainty. "Even though I am not the one negotiating today — that is the task of the European Commission — a close line of communication between me and Scott Bessent can help clarify things," he said, emphasizing the importance of the Transatlantic relationship. Apart from tariffs, Klingbeil and Bessent will discuss how to deal with cheap Chinese goods that are flooding the markets in both the U.S. and Europe, as well as the G20 presidency that the U.S. will take at the end of the year. "I believe it is important that we, from the German side, keep sending a clear signal: We want to work closely with the American government, we seek dialogue, we do not shy away from difficult topics and are looking at how we can solve problems together," Klingbeil said. The EU's trade deal with Trump in July was greeted with a mix of relief and anger, with tariffs set at 15% for most products but negotiations continuing for certain sectors, including steel and aluminium, which carry tariffs of 50%. Klingbeil would advocate for a quota system on steel exports to be included in the trade deal, he told reporters. REUTERS
Online Citizen
3 hours ago
- Online Citizen
Over 50 Singapore homeowners locked out after smart lock distributor-manufacturer dispute
SINGAPORE: A dispute between a local distributor and a Chinese manufacturer has left more than 50 homeowners locked out of their smart locks, which were remotely disabled after a payment conflict. Sales executive Du (surname transliterated), 39, told Shin Min Daily News that she purchased a S$1,500 smart lock from Technex International in February, which was installed in March. Three months later, the lock stopped connecting to its mobile app. 'The company said it was due to a system update,' she said. However, by mid-July, Du could no longer reach the company. Its website and social media pages had disappeared, and Google Maps listed Technex as 'permanently closed'. She later discovered that the app connection had been deliberately severed—the lock's serial number had been deleted by the manufacturer because of unpaid fees from the distributor. 'The smart lock has become an ordinary lock with no smart features, so we have no choice but to buy a new one,' she said, calling the distributor's actions unfair to customers. After finding others facing similar issues, Du created a chat group to share updates. The group now has 15 members, including some who never received their purchased locks. Attempts to contact Technex International were unsuccessful. Manufacturer Explains Dispute The Chinese manufacturer confirmed it had signed a five-year contract with Technex, shipping goods after receiving a bank slip showing payment of RMB 1.55 million (S$277,000) on 24 December last year. However, the distributor later withdrew the funds and vanished. Despite two trips to Singapore, the manufacturer failed to locate the person in charge. They managed to recover about RMB 300,000 (S$53,600) but are still owed RMB 1.25 million (S$223,400). A police report has been filed, and a lawyer's letter sent. All further shipments have been blocked. 'To our knowledge, some distributors bought this batch from Technex at low prices and resold them. We hope distributors stay vigilant,' a spokesperson said. Technex's former shop at Vertex Building on Ubi Avenue 3 now stands empty, with a notice on the door stating the unit was locked due to unpaid rent of S$21,732. 在 Instagram 查看这篇帖子 Philips Home Access Singapore (@philipshomeaccesssingapore) 分享的帖子 New Distributor Steps In Lin (surname transliterated), who now heads new distributor Ascend Hardware, said they officially took over in mid-July after Technex ceased after-sales service in June. Lin said that in just one week, the company had received over 50 complaints, including issues with missing deliveries and problems with the app. Ascend Hardware has offered to assist where possible. 'For those who paid in full but haven't had installation, we'll cover 50% of the cost; for partial deposits, we'll still try to help.' Consumer Advice The Consumers Association of Singapore (CASE) confirmed receiving six complaints against Technex since January, citing defects, poor service, and unreachable staff. CASE president Melvin Yong advised consumers to check warranty terms and verify service providers before making purchases. Consumers needing assistance can contact CASE at 6277 5100 or via its website.
CNA
4 hours ago
- CNA
Trump says he will 'substantially' raise tariffs on India over Russian oil purchases
WASHINGTON: United States President Donald Trump said on Monday (Aug 4) he will substantially raise tariffs on India over its purchases of Russian oil. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine," Trump said in a post on Truth Social. "Because of this, I will be substantially raising the Tariff paid by India to the USA." He did not elaborate on what the tariff would be. Trump last week said he would impose a 25 per cent tariff on goods imported from India and added that the world's fifth-largest economy would also face an unspecified penalty but gave no details. Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump's threats. The sources did not wish to be identified due to the sensitivity of the matter.
