15 November 2019

Finance & Property

  • Hong Kong is managing to lure some high-profile stock offering deals despite the months-long social unrest in the city. Photo: Reuters

    HK financial markets show great resilience, for now

    - Nov 15, 2019 8:47am
    Chinese e-commerce giant Alibaba is working toward a secondary listing in Hong Kong, aiming to make a debut on the local bourse as soon as Nov. 26. If things go without a hitch, the deal could...
  • After providing customers with the ability to make digital payments via Google Pay and Google Wallet, Google is now eyeing the consumer banking market. Photo: Bloomberg

    Google to offer personal banking accounts next year

    Nov 14, 2019 1:17pm
    Google is preparing to launch a personal checking account service in the United States as early as next year, following moves by some big tech rivals to increasingly expand into consumer finance. The consumer checking accounts...
  • Tandem co-founder and CEO Ricky Knox said the app's AI engine helps customers predict cash flow, upcoming bills and expenses, and other financial issues. Photo: Tandem

 Co-Founder and CEO at Tandem, announces international expansion plan and the

    Tandem founder aims to take on banking giants

    - Nov 13, 2019 2:50pm
    App-based bank Tandem, which plans to expand into Hong Kong before the end of the year, is determined to take on the giants in the financial industry and grow into a “trillion-dollar business”, its co-founder and chief...
  • Some homebuyers in Shenzhen are required to pay the luxury home tax even if they only buy a tiny apartment with an area of 35 square meters. Photo: Reuters

    Shenzhen eases tax rule on luxury homes

    - Nov 13, 2019 1:20pm
    Shenzhen’s housing and construction bureau announced on Monday that all residential apartments smaller than 144 square meters in the southern city will be exempted from the luxury home tax. The move is expected to boost the...
  • Facebook's Libra plan has inspired many advanced-economy central banks to accelerate their programs to provide broader-based retail digital currencies. Photo: Reuters

    The high stakes of the coming digital currency war

    - Nov 12, 2019 11:40am
    Facebook CEO Mark Zuckerberg was at least half right when he recently told the United States Congress that there is no US monopoly on regulation of next-generation payments technology. You may not like Facebook’s proposed Libra...
  • it’s not at all surprising for billionaire investor Warren Buffett to look for investment opportunities in the fastest-growing major economy. Photo: Reuters

    Warren Buffett rumored to be seeking top Chinese fund managers

    - Nov 11, 2019 12:17pm
    An online rumor has gone viral in China recently, saying that billionaire investor Warren Buffett is planning to invite 10 top-notch fund managers and entrepreneurs from China to meet with him in his Omaha office for...
  • Libra could become a widely used form of payment – partly because Facebook has over two billion monthly active users, but also because the existing financial system is full of inefficiencies, says the author. Photo: Reuters

    Is the global dollar in jeopardy?

    - Nov 11, 2019 11:24am
    Since the end of World War II, the United States dollar has been at the heart of international finance and trade. Over the decades, and despite the many ups and downs of the global economy, the...
  • A tech entrepreneur railed against the Apple Card for giving him 20 times the credit limit that his wife got. Photo: Reuters

    Goldman faces probe over ‘sexist’ Apple Card

    Nov 11, 2019 10:40am
    Apple Inc. co-founder Steve Wozniak joined in the online debate over accusations of gender discrimination by the algorithm behind the iPhone maker’s credit card, fuelling scrutiny of the newly launched Apple Card, Reuters reports. The criticism...
  • WeWork's former chief executive Adam Neumann has received a  US$1.7 billion exit package. Photo: Reuters

    WeWork’s Neumann, SoftBank’s Son sued over botched IPO

    Nov 11, 2019 7:38am
    WeWork officials, including co-founder and former chief executive Adam Neumann, are being sued by minority shareholders to recoup losses as the shared workspace provider pulled its initial public offering and saw its value plunge more than...
  • Billionaires’ wealth fell by US$388 billion globally to US$8.539 trillion in 2018, the UBS/PwC Billionaires Report said. Photo: Bloomberg/Reuters

    Billionaires’ wealth falls for the first time in a decade

    Nov 8, 2019 3:21pm
    The world’s richest people became a little less well off last year, according to a report by UBS and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time...
  • News that China and the United States are close to signing a trade deal should boost investor confidence and pave the way for the return of the bull market. Photo: Weibo

    Are Chinese equities set for a bull ride?

    - Nov 7, 2019 3:31pm
    The Shanghai Composite Index is approaching 3,000 points. People are again talking about the arrival of the bull market. But is it for real this time? The index hit a high of 3,200 points in April,...
  • WeWork plans to cut by half its co-working sites in Hong Kong as part of its restructuring moves. Photo: Reuters

    WeWork doesn’t work in Hong Kong

    - Nov 7, 2019 11:52am
    Just how dire the situation is for WeWork right now could be seen in its operations here in Hong Kong, where its business model seemed well-suited given the stratospheric rates of office spaces in the international...
  • WeWork's valuation is estimated to have dropped from US$47 billion or more in August to as little as US$5.9 billion based on terms of a SoftBank lifeline. Photo: Reuters

    WeWork still on life support, must cut costs fast: rivals

    Nov 6, 2019 9:12am
    SoftBank may be rescuing WeWork with a US$9.5 billion cash injection but most rivals say they believe the office space sharing company is still in critical condition. They say for Manhattan-based WeWork to survive it will...
  • AstraZeneca’s sales in China have doubled since 2012. Photo: Reuters

    AstraZeneca plans US$1 billion China investment fund with CICC

    Nov 6, 2019 8:38am
    AstraZeneca said it is launching a new fund with China International Capital Corporation (CICC) to invest US$1 billion in China’s healthcare sector, as it expands its research work in the country, Reuters reports. The fund will...
  • Banks often struggle to understand the information they have on their customers, and they need tools to help them make the right decisions and create the right products that their customers want. Photo: Reuters

    How banks will benefit from open API

    - Nov 5, 2019 4:10pm
    The idea of sharing customer data has made banks justifiably worried, but they can leverage open API (application programming interface) mandates to their advantage. Financial institutions are accustomed to holding on to historical customer data. They view...
  • Analysts have believed that the central bank's room for monetary easing has been constrained by worries about rising debt risks. Photo: CNSA

    PBoC cuts medium-term loan rate for first time since 2016

    Nov 5, 2019 11:26am
    China’s central bank cut the interest rate on its medium-term lending facility (MLF) on Tuesday for the first time since early 2016, as policymakers work to prop up a slowing economy hit by weaker demand at...
  • HSBC cut its Hong Kong prime lending rate by 0.125 percent on Thursday. Photo: AFP

    HSBC’s rate cut surprising, but lift to economy limited

    - Nov 4, 2019 11:21am
    HSBC Holdings Plc (00005.HK) lowered its Hong Kong prime lending rate in a surprising move on Thursday. Though positive for the economy, the cut is unlikely to prop up the city’s faltering economic growth in any...
  • Following a deadly shooting incident in California on Halloween night, Airbnb says it is redoubling its efforts to combat unauthorized parties on premises rented through its online platform. Photo: Bloomberg

    Airbnb bans ‘party houses’ after 5 dead in Halloween shooting

    Nov 4, 2019 9:27am
    Airbnb banned “party houses” on Saturday after five people were killed in a shooting at a large Halloween gathering inside a rental home in Northern California that was advertised on the online listing service, Reuters reports....
  • Parliament’s Treasury Select Committee said fraudsters stole over 600 million pounds from British consumers in the first half of 2019 alone. Photo: Reuters

    UK lawmakers want bank payments ‘speed bump’ to stop scammers

    Nov 1, 2019 10:39am
    A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, UK lawmakers said in a report on Friday. Parliament’s Treasury Select Committee said fraudsters stole over...
  • 1MDB is the subject of investigations into corruption and money laundering in at least six countries. Photo: AFP

    US to recover US$1 billion from Malaysian fugitive Jho Low

    Nov 1, 2019 7:29am
    The US Justice Department has struck a deal to recoup US$1 billion in funds allegedly looted from a Malaysian state investment fund by fugitive financier Jho Low, in a record capture for a US anti-corruption probe,...