Hong Kong stocks were barely moved in the first few minutes of trade on Tuesday, with investors biding their time as they await the release of US jobs reports later in the week. The Hang Seng Index inched up seven points to 29,159. The benchmark Shanghai Composite Index dipped 0.19 percent to 3,609, while the […]
India’s economy contracted 7.3 percent in 2020-21, official data showed on Monday, its worst recession since independence as coronavirus lockdowns put millions out of work. Asia’s third-largest economy grew by 1.6 percent between January and March – the fourth fiscal quarter – after exiting its first “technical recession” since 1947 following two successive quarters of […]
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has released a paper outlining the conclusions to its consultation on a proposed licensing regime for virtual asset exchanges. The Hong Kong government is proposing legislative changes to enhance anti-money laundering and counter-terrorist financing (AML/CTF) regulation through the introduction of a regulatory framework for so-called virtual […]
The global pandemic continues to take a heavy toll on Hong Kong households’ financial situation with many still concerned over whether they will be able to pay their bills, results from a new TransUnion survey found. TransUnion’s latest Consumer Pulse study, formerly Financial Hardship Report, indicates that Hong Kong consumers’ financial health is worsening as […]
Hong Kong stocks opened Monday slightly higher, building on last week’s gains as fears over inflation make way for optimism over the economic recovery. The Hang Seng Index added 0.4 percent, or 101 points, to 29,225. The benchmark Shanghai Composite Index was flat, inching down 0.7 points to 3,600, while the Shenzhen Composite Index on […]
China’s central bank lifted its official yuan midpoint to a new three-year high against the dollar on Monday, with its trade-weighted basket index touching the loftiest level since 2016. The People’s Bank of China (PBOC) set the midpoint rate at 6.3682 per dollar prior to the market open, 176 pips or 0.3 percent firmer than […]
Activity in China’s services sector expanded at a faster pace in May, official data showed on Monday, as domestic consumption continue to grow at a modest pace. The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 55.2 from 54.9 in April, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth […]
China’s factory activity slowed slightly in May as high raw materials costs and supply bottlenecks continued to weigh on industrial production, particularly for small and export-oriented firms. The official manufacturing Purchasing Manager’s Index (PMI) inched lower to 51.0 in May from 51.1 in April, data from the National Bureau of Statistics (NBS) showed on Monday, […]
Boeing said on Friday it was working to address questions about its 787 Dreamliner from US regulators after The Wall Street Journal reported the company had again halted deliveries of the jet. A Boeing spokesperson said there was no impact on 787 planes already in service. With approval from the Federal Aviation Administration (FAA), Boeing […]
Regional shares rose on the lead of Wall Street following upbeat US jobs and growth data on Friday. Fresh recovery optimism led Wall Street higher overnight, and the Hang Seng Index took the cue to start in positive territory. But its upward momentum lost steam and the benchmark dipped into the red after lunchtime. The […]
Trade ministers from the Group of Seven (G7) wealthy nations criticised countries who undermine the global trading system and called for democratic states to rally behind reforms of the international trade rulebook. Following a virtual meeting, the G7 members said they were concerned about “increased use of non-market policies and practices” and took aim at […]
US stocks climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks. Consumer prices, as measured by the personal consumption expenditures (PCE) price index excluding the volatile food and energy components, rose 0.7 percent in April, […]
The US customs agency announced Friday it would block imports of products from China’s Dalian Ocean Fishing Co for alleged use of forced labour and abuse of workers on its tuna vessels. The Customs and Border Protection issued a “withhold release order” on any products from Dalian Ocean shipped to the United States, meaning importers […]
The EU on Friday said TikTok must address concerns of aggressive advertising methods targeting children in a case launched by consumer authorities in several member states. The European Commission said the popular video-sharing app had one month to respond, saying “hidden marketing, aggressive advertising techniques targeted at children, and certain contractual terms in TikTok’s policies” […]
Hong Kong shares narrowed early losses but stayed in negative territory at the close on Thursday, while their peers in the region ended mixed, as investors waited for clues on the pace of recovery of the world’s largest economy. The US is expected to release its first quarter GDP report later in the day and […]
Fintech firms UP Fintech, Sea, Huobi Technology and Razer were among the companies that were added to MSCI global indexes on May 27, 2021, reflecting their growth achievements. MSCI indexes are a measurement of stock market performance in a particular area, providing investors with key insights on specific market segments. Constituents for MSCI indexes are […]
Hong Kong insurer YF Life and HKBN Enterprise Solutions (HKBNES) have teamed up to launch a Google Cloud-powered Cantonese voice chatbot dedicated to insurance services and is set to be launched early next year. The chatbot leverages Google Cloud‘s AI technology and HKBNES’s one-stop ICT capabilities to deliver seamless voice dialogue and enhanced services for […]
US stocks advanced slightly on Thursday, as data showing improvement in the labour market helped bolster expectations in the economic recovery and spurred a minor rotation towards stocks seen as more likely to benefit from the rebound. The number of Americans filing new unemployment claims dropped more than expected last week to a 14-month low […]
Media firm Next Digital says it’s asked to resume trading in shares on Thursday after the company established that it had the resources to fund its operations despite the freezing of majority shareholder Jimmy Lai’s assets. The shares were suspended earlier this month when the Security Bureau moved to freeze Lai’s majority shareholding in the […]
Amazon is going Hollywood. The online shopping giant is buying MGM, the movie and TV studio behind James Bond, “Legally Blonde” and “Shark Tank,” with the hopes of filling its video streaming service with more stuff to watch. Amazon is paying US$8.45 billion for MGM, making it the company’s second-largest acquisition after it bought grocer […]