Date
18 July 2019

Business

  • Huawei Pay, which was launched in Hong Kong on Monday, allows users to settle bills in more than 40,000 retail spots accepting the UnionPay contactless card payment. Photo: AFP

    Huawei rolling out new products to enhance user stickiness

    - Jul 17, 2019 12:54pm
    Despite the potentially debilitating impact of the US embargo on its operations, Huawei Technologies has continued to develop new products as part of efforts to maintain its growth momentum globally. The Chinese telecoms equipment maker has...
  • Cryptocurrencies are routinely launched and traded outside the domain of official financial oversight. Photo: Reuters

    The Great Crypto Heist

    - Jul 17, 2019 10:25am
    There is a good reason why every civilized country in the world tightly regulates its financial system. The 2008 global financial crisis, after all, was largely the result of rolling back financial regulation. Crooks, criminals, and...
  • As Hong Kong grapples with social disturbances in the wake of a controversial extradition bill, some companies have cancelled or postponed their IPO fund-raising plans. Photo: Reuters

    Hong Kong loses IPO crown; social unrest to blame

    - Jul 17, 2019 10:24am
    Budweiser APAC scrapped its plan to raise up to HK$76 billion in a Hong Kong listing, a deal that could have marked the world’s biggest IPO this year. Last month, Hutchison Chi-Med, a biopharmaceutical company backed by...
  • Facebook’s David Marcus testifies before a Senate Banking Committee hearing in Washington on Tuesday on the firm’s Libra cryptocurrency project. Photo: Reuters

    Facebook shouldn’t be trusted with Libra plan: US senators

    Jul 17, 2019 9:22am
    Facebook’s track record should stand in the way of it launching a digital currency, US lawmakers said on Tuesday, labeling the firm’s plan for the Libra crypto unit “delusional” and “crazy”. “Facebook has demonstrated through scandal...
  • Google denies allegations that it is working with the Chinese military. Photo: Bloomberg

    Trump calls for inquiry into Google’s work with China

    Jul 17, 2019 9:19am
    US President Donald Trump said his administration would investigate whether Alphabet Inc.’s Google supports the Chinese government, accusations that a company official refuted hours later at a Senate hearing, Reuters reports. The president repeated accusations made...
  • Tesla has pushed up the starting price of its Model X to 790,900 yuan (US$115,068) in China. Photo: AFP

    Tesla drops cheapest Model X, S variants, adjusts prices

    Jul 17, 2019 9:07am
    Tesla Inc. has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, Reuters reports. To simplify its offerings, the automaker limited variants of its...
  • Lawmakers in the US are increasingly raising questions about the business practices of big technology firms. Credit: Reuters

    US lawmakers take jabs at Amazon, Big Tech in antitrust hearing

    Jul 17, 2019 9:05am
    The US House Judiciary Committee’s antitrust panel pressed an executive from Amazon on Tuesday about allegations that it competed against its own sellers and pushed them to buy advertising and fulfillment services, Reuters reports. Lawmakers on...
  • Having become an insignificant player in India, Apple is realizing that it needs to step up its game in the world’s second-biggest smartphone market. Photo: Bloomberg

    Why Apple is boosting iPhone production in India

    - Jul 16, 2019 1:41pm
    As the US-China trade war drags on, Apple is tweaking its iPhone manufacturing strategy, aiming to reduce the firm’s over-reliance on production at Chinese factories. To cut the potential risks, the firm has begun to focus...
  • Symantec's failure to seal a deal with Broadcom raises new questions over the future of the US-based antivirus software provider. Photo: Bloomberg

    Symantec ends talks to sell to Broadcom over price: report

    Jul 16, 2019 9:27am
    Cybersecurity firm Symantec Corp has walked away from negotiations to sell itself to chipmaker Broadcom over price disagreements, Reuters reports, citing people familiar with the matter. Broadcom was last week willing to offer as much as...
  • David Marcus, who oversees Facebook’s blockchain efforts, said partners providing financial services with Libra will be required to comply with anti-money laundering rules. Photo: Reuters

    Facebook vows Libra currency will wait for approval

    Jul 16, 2019 9:19am
    Facebook Inc. said it will not proceed with the launch of its Libra cryptocurrency until regulatory concerns are addressed, as the US Treasury secretary said he has serious concerns it could be used for illicit activity,...
  • A San Diego-based firm has alleged that Google online advertising platforms, including Google Ads and Google AdSense, infringed on six patents. Photo: Reuters

    Google accused of ripping off digital ad technology in lawsuit

    Jul 16, 2019 9:13am
    Google was hit on Monday with a US lawsuit alleging that it copied a smaller firm’s patented digital advertising technology, Reuters reports. A firm called Impact Engine filed a complaint in a San Diego court alleging...
  • PayPal aims to grab bigger share of the global remittances market. Photo: Bloomberg

    PayPal launches money transfer service Xoom across Europe

    Jul 16, 2019 9:06am
    US payments company PayPal is expanding further in Europe by launching its international money transfers service Xoom in Britain and 31 other countries across the continent, Reuters reports. Xoom allows customers to transfer money abroad to...
  • Huawei's 5G participation in Canada has been caught up in the broader trade and diplomatic dispute between Ottawa and Beijing. Photo: Reuters

    Canada may defer Huawei 5G decision until after election: report

    Jul 16, 2019 8:52am
    Canada is likely to postpone a decision on whether to allow China’s Huawei Technologies to supply 5G network equipment until after the October federal election, Reuters reports, citing sources. Experts in Ottawa are reviewing the security...
  • If the Fed stands firm and does not cut rates, gold prices might suffer. Photo: Reuters

    Gold: Impact from US and Chinese policies

    - Jul 15, 2019 4:58pm
    Gold prices have been on a wild ride. Between 2000 and 2011, they rose from US$280 to around US$1,900 per ounce before falling back to US$1,050 in 2015. Currently, they are trading at around US$1,400 an...
  • Louisa Mak is seen with her parents at the sales office of the T Plus residential project in Tuen Mun on Sunday. Photo: HKEJ

    Miss Hong Kong buys three of the smallest flats in the city

    - Jul 15, 2019 11:49am
    Miss Hong Kong is a ticket to fame and fortune. Winners of the annual beauty pageant, which was established in 1973, usually end up marrying some rich guy and living in luxury. They certainly don’t end...
  • China's GDP growth has slowed but other economic indicators have surpassed market expectations. Photo: Reuters

    China Q2 GDP growth at 6.2% on year, weakest in 27 years

    Jul 15, 2019 11:10am
    China’s economic growth slowed to the weakest pace in at least 27 years as demand at home and abroad cooled in the face of a bruising trade war with the United States, data showed on Monday....
  • Employees take pictures of a Volkswagen Beetle during a ceremony marking the end of production of the iconic vehicle, at an assembly plant in Puebla, Mexico, on July 10. Photo: Reuters

    Diverging fortunes of Beetle and Mini Cooper

    - Jul 15, 2019 10:30am
    The last Volkswagen Beetle car rolled off the assembly line last week, marking the end of an era of the iconic car whose history goes back to the 1930s. Meanwhile BMW revealed on the same day...
  • The settlement would be the largest civil penalty ever paid to the US Federal Trade Commission. Photo: Bloomberg

    US regulators approve US$5 bln Facebook settlement: report

    Jul 15, 2019 9:37am
    The US Federal Trade Commission has approved a roughly US$5 billion settlement with Facebook Inc. over its investigation into the social media company’s handling of user data, Reuters reports, citing a source familiar with the situation....
  • The layoffs are expected to affect jobs at Huawei’s US-based research and development subsidiary Futurewei Technologies, which employs about 850 people. Photo: Reuters

    Huawei plans extensive layoffs at its US operations: WSJ

    Jul 15, 2019 9:25am
    Huawei Technologies is planning extensive layoffs in the United States as the Chinese telecoms equipment company grapples with its US blacklisting, the Wall Street Journal reported, citing people familiar with the matter. The layoffs are expected...
  • Facebook plans to launch a global cryptocurrency next year. Photo: AFP

    US lawmakers seek to bar big tech firms from financial services

    Jul 15, 2019 9:11am
    A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, Reuters reports. In a...

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