Date
6 December 2019

Business

  • Exemptions for tariffs on pork are likely to be in higher demand, with less than two months until the Lunar New Year festivities, China’s peak consumption period. Photo: CNSA

    China to waive tariffs on some US soybeans, pork

    Dec 6, 2019 3:48pm
    China said on Friday it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out an agreement to defuse their protracted trade war. The...
  • Part of the huge cost relates to the extensive damage to MTR stations and facilities targeted by radical protesters. Photo: HKEJ

    MTR expects protest-related costs to reach HK$1.6 billion

    Dec 6, 2019 12:34pm
    MTR Corp. expects a decline in full-year profit amid a drop in passenger numbers and massive vandalism to its train stations and facilities during the months-long protests, the Hong Kong Economic Journal reports. Costs related to the social...
  • Mainland investors see opportunities to buy on the dip when the overall appetite for risk is dampened and valuations of Hong Kong stocks hover near three-year lows. Photo: AFP

    Mainland investors defy HK protests in hunt for bargain stocks

    Dec 6, 2019 12:32pm
    Chinese investors more than doubled their Hong Kong stock purchases this year, braving market headwinds from violent street protests and the protracted Sino-US trade war, which have battered the city’s economy, Reuters reports. Data from the...
  • US Treasury Secretary Steven Mnuchin said China is too wealthy for international aid as it is lending hundreds of billions of dollars of its own to poor countries. Photo: Bloomberg

    WB approves US$1 bln annual loans to China amid US objections

    Dec 6, 2019 10:21am
      The World Bank said its board has adopted a new plan to aid China with US$1 billion to US$1.5 billion in low-interest loans annually through June 2025, despite the objections of US Treasury Secretary Steven...
  • US authorities have issued a US$5 million bounty for information leading to the arrest of suspected Russian hacker Maksim Yakubets. Photo: FBI handout via Reuters

    US cracks down on Russian hackers after US$100 million spree

    Dec 6, 2019 9:45am
    US authorities took aim at a Russian cybercriminal group known as Evil Corp., indicting its Lamborghini-driving alleged leader and ordering asset freezes against 17 of his associates over a digital crime spree that has netted more...
  • Uber said 99.9 percent of all of its 2.3 billion US trips in 2017 and 2018 ended without any safety incidents. Photo: Bloomberg

    Uber received over 3,000 sexual assault reports in 2018

    Dec 6, 2019 9:22am
    Ride-hailing firm Uber Technologies Inc. said it had received more than 3,000 reports of sexual assault, including rape, related to its trips in the United States in 2018, at a time when it operated roughly 1.3...
  • Journalists and police officers stand outside the OPEC headquarters in Vienna on Thursday. Photo: Reuters

    OPEC, allies agree to deepen oil output cuts

    Dec 6, 2019 9:20am
    Oil producers led by Saudi Arabia and Russia agreed to cut output by an extra 500,000 barrels a day in the first quarter of 2020 but stopped short of pledging action beyond March, Reuters reports. The...
  • Saudi Aramco raised US$25.6 billion in its initial public offering, beating Alibaba's record US$25 billion listing in 2014. Photo: Reuters

    Aramco prices shares at top of range in world’s biggest IPO

    Dec 6, 2019 9:16am
    State-owned oil giant Saudi Aramco’s initial public offering (IPO) will be the biggest in history, but will fall short of the towering US$2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its...
  • Facebook said it has issued more than US$4 million in refunds to customers whose accounts were used by ILikeAd to run unauthorized ads. Photo: AFP

    Facebook sues HK firm ILikeAd, alleges ad fraud

    Dec 6, 2019 8:47am
    Facebook Inc. sued a Hong Kong company that it said baited people into clicking on celebrities’ photos and bogus advertising links so that it could install malware and run ads for counterfeit goods, diet pills and...
  • Facebook's Libra has attracted criticism from regulators over its possible impact on the financial system. Photo: Reuters

    EU takes tough line on digital currencies

    Dec 6, 2019 8:29am
    European Union finance ministers agreed that private digital currencies like Facebook’s Libra should not be allowed in the European Union until the risks they could pose are clearly addressed, Reuters reports. The move confirms the bloc’s...
  • China and the United States are negotiating for an interim deal to de-escalate their 17-month trade war. Photo: Reuters

    Trump upbeat on trade talks, Beijing presses tariff cut demand

    Dec 6, 2019 8:01am
    Trade talks with China are “moving right along”, US President Donald Trump said, striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an...
  • The Dutch government said some equipment suppliers could be banned from the new 5G networks if they raise security concerns. Photo: Reuters

    Netherlands seeks at least 900 million euros in first 5G auction

    Dec 6, 2019 7:41am
    The Netherlands said it aims to rake in at least 900 million euros (US$992 million) from its first auction of bandwidth for 5G networks, adding some equipment suppliers could be banned from the new networks if...
  • Financial Secretary Paul Chan (2nd left), with other principal officials, announced the fourth round of relief measures on Wednesday. Photo: HKEJ

    Govt unveils new measures to support businesses amid downturn

    Dec 5, 2019 10:03am
    The Hong Kong government has unveiled a fresh round of measures aimed at helping businesses weather the economic downturn. Financial Secretary Paul Chan Mo-po said the relief package, the fourth of its kind since August, is...
  • AutoX, founded by former Princeton professor Jianxiong Xiao, is seeking permission to test self-driving vehicles without an in-car backup driver in California. Photo: Bloomberg

    China’s AutoX seeks driverless test permit in California: report

    Dec 5, 2019 9:48am
    Chinese startup AutoX, backed by e-commerce giant Alibaba, has applied to test self-driving vehicles without an in-car backup driver in California, Reuters reports. If granted the permit, AutoX would be able to test self-driving cars with...
  • London has seen a sharp drop in stock market fundraising this year amid the Brexit uncertainty. Photo: Reuters

    China’s SDIC puts off London listing plan

    Dec 5, 2019 9:48am
    Chinese power generation company SDIC has put off plans for an offering of global depositary receipts (GDRs) in London, citing market conditions, Reuters reports. SDIC, which was set to become the second Chinese company to make...
  • Samsung says it is enthused by the response to its Galaxy Fold, prompting the firm to roll out the devices in more markets. Photo: Bloomberg

    Why Samsung is stepping up its foldable phone push

    - Dec 4, 2019 12:37pm
    The smartphone industry is readying for the next growth phase as the world enters the 5G era, with players pinning hopes that the advanced technology and new handsets will prompt consumers to upgrade their mobile devices....
  • Chinese firms raised capital spending by 1.6 percent in the three months to September, compared with a year ago, the weakest growth in three years. Photo: AFP

    China capex growth hits three-year low

    Dec 4, 2019 12:33pm
    Capital investment by Chinese firms has ground to its slowest pace in three years, as a weakening economy, tight credit and prolonged trade war with the United States dent sales growth and cash reserves, a Reuters...
  • Hyundai aims to be among the world’s top three makers of battery and fuel cell vehicles by 2025. Photo: Reuters

    Hyundai Motor plans to invest US$52 billion over six years

    Dec 4, 2019 11:19am
    Hyundai Motor said on Wednesday it plans to invest about 61.1 trillion won (US$51.81 billion) between 2020 and 2025, about one-third of the expenditure focused on electric and autonomous vehicles, Reuters reports. The South Korean carmaker...
  • Qualcomm was fined by the Korea Fair Trade Commission in 2016 over unfair business practices in patent licensing and modem chip sales.  Photo: Reuters

    S Korea court upholds US$873 mln antitrust penalty for Qualcomm

    Dec 4, 2019 11:10am
    A South Korean court on Wednesday upheld a record fine of US$873 million for US chip giant Qualcomm, imposed by the Asian nation’s antitrust watchdog in 2016 over unfair business practices, Reuters reports. Seoul High Court’s...
  • Google boss Sundar Pichai will now also have the title of CEO at parent company Alphabet. Photo: Reuters

    Google CEO Pichai takes helm of parent Alphabet

    Dec 4, 2019 9:41am
    Google Chief Executive Sundar Pichai will replace Larry Page as CEO of parent Alphabet Inc, extending a long retreat from public roles and active management by Page and Sergey Brin at the company they co-founded 21...