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Trump content with trade

President Donald Trump on Sunday said that he was “very happy” with the trade situation with China and that Beijing would not become the world’s top superpower under his watch. “We’re taking in billions of dollars,” Trump told Fox News Channel’s Steve Hilton when asked about the end game on the trade dispute. “China is obviously not doing well like us.” Trump’s comments signal that he is in no rush to get back to negotiating with Beijing after talks to end the trade conflict fell apart earlier this month.


Foxtons warns sales low

London-focused real-estate agent Foxtons Group PLC aid yesterday said that the property market had seen record low sales volumes in the first quarter, hurting revenue as ongoing Brexit uncertainty hurt consumer confidence. The warning came months after one of Britain’s best-known property names scrapped its dividend for last year and reported a fall in core earnings, hurt by weaker sales and higher costs in a tough market. Foxtons’ group revenue dipped to £23.8 million (US$30.3 million) for the quarter ended March 31, compared with £24.5 million a year earlier.


Centricus acquires resort

Centricus has acquired Capri Palace Hotel & Spa as it makes a foray into the high-end hotel and resorts sector. Centricus, a London-based investment firm that oversees more than US$23 billion in assets, has purchased all of the resort in Anacapri, a small town in the northwest of Capri Island off the Italian coast, a statement seen by Bloomberg said. It features 68 guest rooms and is home to Capri’s only two Michelin-starred restaurants.


Goldman to test rules

Goldman Sachs Group Inc is to test Saudi Arabia’s new market rules that aim to limit price swings after share sales. The US bank is acting as stabilization agent for mall owner Arabian Centres, which is expected to start trading this week after completing the kingdom’s biggest initial public offering since 2015. Arabian Centres raised about 2.47 billion riyals (US$659 million) after pricing shares at the bottom end of the range.


Reliance protests rating

Reliance Capital Ltd, Anil Ambani’s financial services company, protested against a three-step downgrade by Care Ratings that put its credit score two notches above “junk.” Care Ratings cut the firm’s long-term debt program to “BBB” from “A” and kept it on credit watch with developing implications, according to statements from Reliance Capital and the ratings company on Saturday. Reliance Capital said that Care did not fully factor in the effect of its plan to raise more than 100 billion rupees (US$1.42 billion) via asset sales.


Yuan stability to be upheld

The central bank is to maintain basic stability of the yuan exchange rate within a reasonable and balanced range, according to comments posted on its Web site on Sunday. People’s Bank of China Deputy Governor Pan Gongsheng (潘功勝) said in an interview that the central bank was confident in its ability to maintain stable operation of the nation’s foreign-exchange market. The bank would also make the necessary counter-cyclical adjustments and strengthen macro-prudential management, Pan said.

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