Shares rose in Hong Kong on Monday morning, extending their rally at the end of last week and following another strong lead from Wall Street and Europe. The Hang Seng Index added 0.37 percent to 28,131. The benchmark Shanghai Composite Index was barely moved at 3,490, while the Shenzhen Composite Index on China’s second exchange […]
The Hong Kong stock exchange halted trading of Next Digital shares ahead of market opening on Monday after the Security Bureau moved to freeze assets belonging to its controlling shareholder, Jimmy Lai. The company said it requested the trading halt after the bureau announced the freeze following the close of trading on Friday. The freeze […]
Financial Secretary Paul Chan said on Sunday he was anticipating the upcoming unemployment rate to drop significantly as the economy improved. Hong Kong’s first quarter GDP rebounded by 7.9 percent – ending six consecutive quarters of contraction – while the jobless rate had dropped from the historic high of 7.2 percent to 6.8 percent. “It […]
The Hong Kong benchmark headed north on Friday to end three consecutive days of losses, while a rebound on Wall Street helped push most regional shares higher too. The Hang Seng Index opened higher, and survived a brief dip into negative territory, to finish 308 points, or 1.1 percent, higher at 28,027. Market turnover was […]
Wall Street equities posted a solid rebound on Friday, recovering some ground after big losses earlier in the week, despite lacklustre economic data including disappointing retail sales. While the major indices were still down for the week, good news on mask requirements offered more hope for the economic reopening and helped drive gains in travel […]
China’s top e-commerce platform Alibaba Group Holding Ltd on Thursday posted its first quarterly operating loss since going public in 2014. Its US-listed shares fell nearly 3 percent in choppy trading, even as the company forecast strong 2022 revenue, betting that the pandemic-driven shift to online shopping will remain resilient. The outlook, however, was overshadowed […]
Local and regional shares plummeted on Thursday, taking their cue from Wall Street where forecast-beating US inflation data stoked jitters that the Federal Reserve will hike interest rates sooner than expected. The Hang Seng Index started more than 300 points lower and widened its losses towards the end of the day. It closed at its […]
The Hong Kong Monetary Authority (HKMA) announced the implementation plan for the third and fourth phases of its Open API framework. The next steps in the framework are account information for phase 3 and transactions for phase 4. Following the implementation of the first 2 phases of the Open API framework in January and October […]
The Fintech Innovation Lab Asia Pacific program is returning for its eighth edition this year with more opportunities for young and promising startups. Founding partner Cyberport will be giving the finalists from the 2021 cohort the opportunity to participate in the 24-month Cyberport Incubation Program (CIP) and gain access to Cyberport’s Marco Fund. Fergus Gordon, […]
Hong Kong stocks started slightly higher on bargain-buying on Friday morning, tracking a rebound on Wall Street following the previous day’s sharp declines fuelled by inflation fears. The Hang Seng Index rose 0.56 percent, or 154.02 points, to 27,872.69. The benchmark Shanghai Composite Index gained 0.19 percent, or 6.56 points, to 3,436.09, while the Shenzhen […]
The United States needs new trade law tools to head off anti-competitive threats from China against key American high-technology industries, rather than reacting once harm is done, US Trade Representative Katherine Tai said on Thursday. Tai told a US House Ways and Means Committee hearing that existing trade law tools are more aimed at protecting […]
Tesla boss Elon Musk on Thursday denounced the “insane” amount of energy used to produce bitcoin, doubling down on his sudden rejection of the cryptocurrency as a means of payment over environmental concerns. Musk, one of bitcoin’s most ardent backers, tweeted a graph of Bitcoin’s power consumption and said: “Energy usage trend over past few […]
Wall Street ended sharply higher at the close of a broad rally on Thursday, bouncing back from three straight days of selling on upbeat labor market data. All three major US stock indexes notched solid gains, with the Nasdaq, weighed by Tesla, bringing up the rear. Meanwhile, cyclical shares enjoyed the biggest gains. Recent economic […]
Wholesale price inflation in the United States surged 6.2 percent in April compared to the same month in 2020, the highest on record, the Labor Department said on Thursday. The data follow Wednesday’s report showing a 4.2 percent spike in consumer prices over the past year, and adds pressure on President Joe Biden’s efforts to […]
Local shares staged a late rally to book healthy gains on Wednesday, while regional shares remained weighed down by US inflation concerns and lofty tech valuations. The Hang Seng Index started the day higher but flipped between gains and losses throughout the morning session. But it clawed back from negative territory in the afternoon, with […]
Ping An Insurance announced the initial close of Ping An Voyager Partners, LP, a growth stage venture fund, having secured approximately US$200 million in commitments toward its planned US$475 million offering. Targeted at institutional investors, Voyager Partners will make investments in fintech, healthtech and related businesses around the world. Voyager Partners will be managed by […]
Airwallex announced that it has secured its Electronic Money Institution (EMI) license from the Dutch Central Bank (DNB) on 30 April 2021 which gives it access to the European single market. This latest approval adds to Airwallex’s existing licenses in its core markets, including the UK, United States, Australia, and Hong Kong. With its EU […]
Hong Kong stocks tumbled at the start of business on Thursday morning, in line with another steep drop across global markets, following a forecast-beating US inflation read that fuelled fears that interest rates will need to be hiked. The Hang Seng Index sank 1.1 percent to 27,920. The benchmark Shanghai Composite Index shed 0.88 percent […]
Tesla hit the brakes on Wednesday on letting people pay for electric cars with bitcoin, saying the computing-intense mining process of creating new cryptocurrency spews climate-harming emissions. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Tesla chief executive […]
Wall Street closed lower on Wednesday with the S&P suffering its biggest one-day percentage drop since February, as inflation data fueled concerns over whether interest rate hikes from the Fed could happen sooner than anticipated. All three major US stock indexes ended the session deep in negative territory in the wake of the Labor Department’s […]