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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
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last updated:
19 September, 2024
China
Banks, insurers rush for gold in Hong Kong’s ‘silver-hair economy’
Residents older than 65 years made up about 22 per cent of Hong Kong’s population of 7.5 million people in 2023, according to government data.
4 hours ago
Mandatory Provident Fund (MPF)
Hong Kong’s pension nest egg is on course for best return in 4 years
2 hours ago
Digital currencies
As stablecoin bill advances in Hong Kong legislature, advocates trumpet it
26 Dec 2024 - 11:30AM
China jobs
Hong Kong employers seek more relationship managers and data analysts next year
Human resource professionals also say customer due diligence officers are in demand.
25 Dec 2024 - 8:00AM
Hong Kong economy
Opinion
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Weakest link in Hong Kong’s tech ecosystem? Scale-up funding
With venture capital and IPO growth weak globally, start-ups should aggressively seek international commercialisation, leverage marketing strategies and connect with power players overseas.
24 Dec 2024 - 4:30PM
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Hong Kong property
Shimao slashes Hong Kong hotel price by 25% to speed up restructuring
Mainland Chinese developer is asking HK$4.5 billion (US$579 million) for the asset, down from HK$6 billion in March 2023, according to a source.
24 Dec 2024 - 1:47PM
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Hong Kong stock market
Hong Kong derivatives trading hits record high amid market volatility
More than 377 million futures and options have changed hands on the exchange this year, an increase of 14 per cent from a year earlier.
24 Dec 2024 - 10:22AM
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Mergers & Acquisitions
MetLife to buy Hong Kong tycoon Richard Li’s PineBridge in asset management push
New York-based insurer’s arm will pay US$800 million for PineBridge, which manages about US$100 billion in assets.
24 Dec 2024 - 10:04AM
Hong Kong stock market
Ex-Citigroup stock trader wins unfair dismissal case in Hong Kong
Citigroup was also sued by traders it fired in London and Tokyo before being fined by the SFC in 2022.
23 Dec 2024 - 4:30PM
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Hong Kong transport
HSBC’s PayMe now accepted by 27,000 Hong Kong taxi drivers
New channel launched after ‘significant uptick’ in electronic payment adoption by both riders and drivers, Octopus says.
23 Dec 2024 - 7:27PM
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Cryptocurrency
Bitcoin records first weekly decline since Donald Trump’s US election victory
The original cryptocurrency was down more than 7 per cent for the seven-day period through 9:27am on Monday in Singapore.
23 Dec 2024 - 3:58PM
IPO
SPAC backed by Hong Kong investors readies US$150 million NYSE IPO
The SPAC is managed and backed by executives from Pacific Aegis Capital Management, Gobi Partners and Hermitage Capital.
23 Dec 2024 - 1:30PM
Commodities
Macroscope
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Cryptocurrency craze no match for gold’s enduring allure
Leaders and policymakers should not be swayed by calls to pivot to cryptocurrencies when gold is as strong as ever.
21 Dec 2024 - 5:18PM
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US-China relations
Opinion
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In a world fraught with risk, Trump will add to the bumps
Amid increasing geopolitical uncertainty and trade tensions, investors are counting on the US central bank to keep printing money.
20 Dec 2024 - 8:30PM
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Gold in Hong Kong
Local bullion bourse restructures to become Hong Kong Gold Exchange
Friday vote will turn Chinese Gold & Silver Exchange Society into a corporation called Hong Kong Gold Exchange.
20 Dec 2024 - 6:22PM
Celebrating twin-hub success
OCBC celebrates success with ‘Christmas Festival’ for customers in Hong Kong and Singapore
The bank, which has reported record net profits of S$5.90 billion for the first nine months of 2024, hands out authentic Singaporean pandan cakes.
In partnership with:
OCBC
Hong Kong
Editorial
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Hong Kong interest rates volatility price to pay as spectre of Trump tariffs looms
Uncertainty over when next US cuts will come in 2025 prompts Hong Kong Monetary Authority chief to send out warning.
20 Dec 2024 - 6:15AM
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ChatGPT and other generative AIs
HKMA picks 10 banks, 4 tech firms to test GenAI usage in financial sector
Participants will be onboarded to a platform of an AI supercomputing centre operated by Cyberport, with technical trials expected to begin early next year.
19 Dec 2024 - 8:06PM
Ant Group
Chinese fintech giant Ant denies imminent restart of IPO process
Amid rife speculation, the company says it has no current plans to go public or pursue a back-door listing.
19 Dec 2024 - 8:31PM
HKEX
HKEX unveils reforms to boost Hong Kong’s IPO market so it can reclaim top spot
Changes to board representation and listing rules are aimed at making Hong Kong a more attractive listing destination, HKEX says.
19 Dec 2024 - 7:56PM
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Yuan
US Fed’s hawkish rate-cut forecast slams China’s yuan
China’s currency, hammered since Trump’s re-election, has depreciated further against the US dollar, despite the yuan’s share among global payments rising.
19 Dec 2024 - 1:32PM
12
Hong Kong Monetary Authority (HKMA)
Hong Kong banks cut lending rates, but HKMA warns of volatility ahead
The latest rate cuts by lenders such as HSBC and Bank of China will lighten the monthly burden on mortgage borrowers by about HK$351 to HK$22,452.
19 Dec 2024 - 4:50PM
Hong Kong
Editorial
|
Cooperate to tackle Hong Kong money laundering
US allegations against Hong Kong are not only misguided but also counterproductive to battling a crime that recognises no borders.
19 Dec 2024 - 6:15AM
New World Development
NWD to focus on corporate strategy as stock slides amid debt crisis
The company’s shares slipped 6.7 per cent to HK$5.27 on Wednesday, bringing the slide this year to 55 per cent.
18 Dec 2024 - 11:25PM
Digital currencies
Hong Kong licenses 4 more crypto exchanges amid bitcoin price surge
The approvals bring the total number of licenced virtual asset firms to seven, as Hong Kong moves to revive its crypto industry.
18 Dec 2024 - 8:56PM
China economy
China needs to harness the power of AI to transform its finance sector, former central banker says
The call comes amid a Chinese government drive to revitalise the economy by cultivating “new quality productive forces”.
18 Dec 2024 - 8:30PM
Bonds
China’s record-low government bond yields spark fresh warning from central bank
Institutions are being warned as bearish investor sentiment, and an expectation of lower interest rates, continue to make the bond market a sought-after haven.
18 Dec 2024 - 7:30PM
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Hong Kong stock market
Hong Kong stock exchange to reduce minimum price changes to boost liquidity
The reform aims to lower overall transaction costs and support a more efficient price-discovery process, says HKEX deputy CEO.
18 Dec 2024 - 10:05AM
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