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Posts tagged as Shanghai

UK fashion brands battle for China’s growing market

Over the next week Shanghai Fashion Week will fill the city with models, designers and buyers. “They are sophisticated, well-travelled and demanding in quality and newness.”Pricing is also a concern. While wealth is rising, hefty import taxes drive the cost of Western luxury labels beyond the reach of many.”British fashion designers are still at a slightly higher price point,” WWD’s Mr Zhang says. He says while spending power is rising, Chinese consumers are not yet as willing to spend on designer clothes as they are on shoes and accessories.
The competitive threat from local talent is also mounting. There are big names like Angel Chen and Shushu/Tong, along with emerging designers like Caroline Hu and 8on8, all set to gain plenty of attention in Shanghai.”There are more and more upcoming Chinese designers taking the international stage,” says Pedder Group’s Ms Yu. “They give a fresh perspective.”

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Nomura Holdings Launches USD 1 Million Art Award

Nomura Holdings Launches USD 1 Million Art Award. by Xuan Wei Yap. Japan-based financial services company Nomura Holdings.

On March 20, the Japan-based financial services company Nomura Holdings, Incorporated announced the establishment of the largest cash award in contemporary visual arts. The annual USD 1 million Nomura Art Award will be conferred to an artist who has created a body of work of major cultural significance, according to the press release.The prize is expected to go towards the production of an ambitious new project that the winner did not previously have the means to realize. Additionally, Nomura will present two exceptional emerging artists every year with USD 100,000 each.
Awardees are selected by an independent, international panel comprising respected figures in the art world. The jurors for the inaugural edition are Doryun Chong, deputy director and chief curator of Hong Kong’s M+; Kathy Halbreich, executive director of the Robert Rauschenberg Foundation, New York; Yuko Hasegawa, chief curator of the Museum of Contemporary Art in Tokyo; Max Hollein, director of New York’s Metropolitan Museum of Art; Nicholas Serota, chair of Arts Council England; and Allan Schwartzman, founder and principal of Art Agency, Partners, and chairman of the Global Fine Arts division at Sotheby’s.The curator, critic, and ex-director of Munich’s Haus der Kunst Okwui Enwezor, who passed away last week, was also on the jury. Art Agency, Partners acts as adviser to the award.The inaugural winners of the Nomura Emerging Artist Awards will be announced at a press conference in Kyoto on May 21, while the recipient of the USD 1 million prize will be revealed this October at a gala ceremony in Shanghai. Xuan Wei Yap is ArtAsiaPacific’s editorial intern.

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Chinese shares slip over Fed dovish stance at next meet

Chinese shares edged lower on Tuesday as investors took profits after major stock indexes closed near 6-1/2 month highs in the previous session, but the downside was limited by the expectation that the U.S.
Image Credit: Pixabay investors took profits after major stock indexes closed near 6-1/2 month highs in the previous session, but the downside was limited by the expectation that the U.S. Federal Reserve would take a dovish stance at its meeting this week.At the midday break, the Shanghai Composite index was down 0.22 per cent at 3,089.50. China’s blue-chip CSI300 index was down 0.37 per cent. Both indexes closed near 6-1/2 month highs on Monday.
Hong Kong fell 0.46 per cent to 11,620.81, while the Hang Seng Index was down 0.25 per cent at 29,334.61. The smaller Shenzhen index was unchanged for the day and the start-up board ChiNext Composite index was higher by 0.12 per cent. Investors are looking to the Fed policy meeting to see whether policymakers have sufficiently lowered their interest rate forecasts to more closely align their “dot plot”, a diagram showing individual policymakers’ rate views for the next three years.
In contrast to broader market declines, nuclear power-related stocks surged after environmental impact assessments (EIA) for two nuclear power plant projects were submitted for approval to regulators on Monday, a vital stage in the resumption of China’s atomic energy programme after a three-year halt in new approvals. State-owned China National Nuclear Power jumped as much as 10 per cent to its highest since April 2018, before trimming gains.
It was last up 2.29 percent.Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.05 per cent, while Japan’s Nikkei index was down 0.16 per cent. The yuan was quoted at 6.7162 per U.S.dollar, 0.04 per cent weaker than the previous close of 6.7135. The largest percentage gainers on the main Shanghai Composite index were Lanzhou LS Heavy Equipment Co Ltd, up 10.09 per cent, followed by Hunan Chen Dian International Development Co Ltd, gaining 10.04 per cent, and Beijing Teamsun Technology Co Ltd, up by 10.04 per cent.CGN Power Co LtdChina Gas Holdings Ltd, which has fallen 4.44 per cent, Guangzhou Automobile Group Co Ltd, which has lost 2.8 per cent, and Shenzhou International Group Holdings Ltd, down by 2.6 per cent.In Hong Konggainer on the Hang Seng was Sino Biopharmaceutical Ltd, up 5.27 per cent, while the biggest loser was Shenzhou International Group Holdings Ltd, which was down 2.65 per cent.

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Asian markets swing on tempered trade hopes, weak data

HONG KONG: Asian markets fluctuated Thursday as optimism over China-US trade talks was tempered by Donald Trump’s top negotiator, while investors also digested weak factory data from Beijing and fresh geopolitical tensions in Kashmir.
The global rally that has characterised most of this year took a knock after US Trade Representative Robert Lighthizer told lawmakers that real progress had been made with China, but a lot of work was still needed before a pact is signed.
While his comments did not derail expectations of an agreement at some point with both sides reporting good progress and Trump delaying a deadline for a deal it did give traders pause for thought, observers said.Lighthizer said a trade deal hasnt been agreed yet, bringing some reality back to euphoric markets post-Trumps tariff extension, despite the fact Lighthizer also announced both sides had agreed on an enforcement process, said OANDA senior market analyst Jeffrey Halley.
After a negative lead from Wall Street, Asian markets swung Thursday and Tokyo went into the break 0.4 percent lower.Hong Kong was up 0.4 percent mid-morning, Shanghai gained 0.3 percent, Sydney put on 0.2 percent and Wellington was up 0.4 percent.But Singapore slipped 0.5 percent and Seoul shed 0.2 percent, while Jakarta retreated 0.5 percent and Manila lost 0.7 percent.
Also fuelling selling pressure was figures showing Chinese manufacturing activity contracted for a third straight month in February, with factories hit by the long Lunar New Year break, concerns about slowing growth and uncertainty from the trade row. Better sense-However, Zhou Hao, a senior emerging markets economist at Commerzbank AG, said the results were likely not as bad as they seemed and the outlook could be positive.
I think we still want to wait for the next months reading as this months is distorted by the holiday, he said.Also the economy could stabilise this month.
Rising input prices suggest that there is no need to worry about deflation, so the question now rests on whether the economy has enough impetus.Nervousness continues to stalk trading floors after Pakistan and India said they had shot down each others fighter jets on Wednesday, fuelling worries of a conflict between the nuclear-armed neighbours.
The developments followed the February 14 suicide bombing by militants in the disputed Kashmir region that that killed 40 Indian troops.Pakistan Prime Minister Imran Khan called for better sense to prevail.With politicians on both nuclear-armed sides making soothing comments overnight, the trick will be finding a mutually face-saving path to de-escalate the situation. Of course, this will be much easier said than done, and the potential for hostilities to ratchet higher remains very high, Halley added.
On currency markets the pound held gains after touching a near eight-month high earlier Thursday after MPs gave Prime Minister Theresa May more time to work on her EU withdrawal deal after she promised they could delay Brexit if necessary.Sterling was also given a boost after the opposition Labour Party said it would back a second referendum, having lost a vote on its own Brexit plan Wednesday.

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