Fugitive auto tycoon Carlos Ghosn must repay nearly five million euros (HK$47.4 million) in wages to Nissan-Mitsubishi, a Dutch court ruled Thursday as it threw out his own claim for damages. Ghosn was seeking 15 million euros for illegal dismissal but the court in Amsterdam said that there was no current contract between him and […]
New filings for unemployment aid declined for the third straight week in the United States, government data said Thursday, sending the closely watched employment metric to a new pandemic low. The Labor Department reported 444,000 new unemployment filings, seasonally adjusted, were made in the week ended May 15 – fewer than expected and 34,000 less […]
Stocks fell in Hong Kong on Thursday as investors returned from a midweek break to play catch-up with a sell-off across world markets. The Hang Seng Index eased 0.5 percent, or 143 points, to 28,450. Across the border, the benchmark Shanghai Composite Index dipped 0.1 percent, or 4 points, to 3,506, while the Shenzhen Composite […]
Hong Kong stocks opened on a positive note on Friday morning, building on a strong lead from Wall Street and reversing some of the previous day’s losses. The Hang Seng Index added 0.5 percent, or 134 points, to 28,584. Across the border, the benchmark Shanghai Composite Index edged up 0.1 percent to 3,510, while the […]
The main US stock indexes regained their footing on Thursday after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood. Bitcoin clawed back some lost ground to trade near US$40,000 a day after a brutal selloff, helping renew appetite […]
German chemicals giant BASF said on Thursday it had agreed a partnership with Chinese firm Shanshan to produce components for batteries, including those used in electric cars, in China. In a statement, BASF said it had agreed to take on a 51 percent share of the joint venture to produce cathode active materials and precursors […]
Bitcoin and ether tumbled on Wednesday to three-and-a-half-month lows, on track to post their largest one-day loss since March last year, in the wake of China’s move a day ago to ban financial and payment institutions from providing cryptocurrency services. At one point during the meltdown, nearly US$1 trillion was wiped off the cryptocurrency’s market […]
China must remove its sanctions on European Union politicians and diplomats if Beijing wants a new investment accord with Brussels to be approved, EU lawmakers are set to say on Thursday according to a draft document. Beijing’s punitive measures, blocking travel to China and business with its companies, were imposed in March in response to […]
Airwallex, a cross border payment company, announced the launch of its online card payment acceptance solution in Hong Kong, allowing local merchants to accept online card payments made around the world using Visa and Mastercard. As a principal member of Visa and Mastercard, Airwallex’s online card payments solution enables Hong Kong merchants to receive online […]
The Chinese tycoon boss of TikTok parent Bytedance said on Thursday that he will leave the role because he lacks managerial skills and preferred “reading and daydreaming” to running the tech giant. Beijing has tightened the screws on China’s booming tech sector, levying fines – including on Bytedance last month – for allegedly flouting monopoly […]
Hong Kong stocks fell in the opening minutes of trade on Thursday as investors returned from a midweek holiday to play catch-up with the previous day’s global sell-off. The Hang Seng Index slipped 0.63 percent to 28,413. The Shanghai Composite Index shed 0.29 percent to 3,500, while the Shenzhen Composite Index dipped 0.28 percent to […]
Wall Street’s main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the US economy remained far from the central bank’s goals, with some considering discussions on tapering its bond buying programme. The S&P 500 added to losses after the release of the minutes revealed a number of […]
Hong Kong stocks jumped more than one percent on Tuesday, in line with an Asia-wide advance, as hopes for the global recovery outweighed worries about a spike in infections in parts of the region. The Hang Seng Index rallied 1.4 percent, or 399 points, to 28,593. Across the border, the benchmark Shanghai Composite Index added […]
US stocks ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot. AT&T shed 5.8 percent, among the biggest percentage decliners in the benchmark S&P 500. It extended declines from Monday, when the telecoms firm said it would cut […]
AT&T Inc, the owner of HBO and Warner Bros studios, and cable and streaming network Discovery Inc, the owner of lifestyle TV networks such as HGTV and TLC, will combine their media assets to create a standalone global streaming business, the US telecoms giant said on Monday. The proposed deal would put together one of […]
Hong Kong shares closed on a positive note on Monday following a strong lead from Wall Street, extending a rally at the end of last week, though markets across Asia were mixed as traders remain on edge over rising coronavirus numbers in parts of Asia. The Hang Seng Index climbed 0.6 percent, or 166 points, […]
Hong Kong stocks opened on the front foot on Tuesday morning as economic recovery optimism helped traders look past rising virus infections in parts of Asia. The Hang Seng Index rose 0.9 percent to 28,438. The Shanghai Composite Index climbed 0.1 percent to 3,520, while the Shenzhen Composite Index was flat, inching down 0.54 points […]
Wall Street ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy. Of the 11 major S&P sectors that declined, technology , utilities and communication services were the biggest losers, each down between 0.7% and 0.9%. “What is causing the decline, no […]
ZA Bank and Mox are leading Hong Kong’s virtual bank race, making up 70% of all virtual banking customer deposits as of the end of 2020, Reuters reported, citing the lenders’ annual reports. Hong Kong’s eight virtual banks accumulated total customer deposits of HK$15.8 billion (US$2.03 billion) at the end of 2020. Of this, ZA […]
China’s industrial output recorded strong growth in April after last year’s pandemic-induced slump, official data showed on Monday, but retail sales picked up less than expected amid uncertainty in the global economy. The world’s second-largest economy, where the coronavirus first surfaced in late 2019, was also the first to bounce back from strict virus lockdowns. […]