22 February 2019

Finance & Property

  • HKMA chief executive Norman Chan, who is set to retire on Oct. 1, helped in reforming the international financial system following the global financial crisis. Photo: Bloomberg

    HKMA chief Norman Chan to retire, panel to identify successor

    Feb 22, 2019 11:05am
    Hong Kong Monetary Authority (HKMA) chief executive Norman Chan Tak-Lam will retire from his post on Oct. 1, a day after his second five-year term expires, Financial Secretary Paul Chan Mo-po announced on Thursday. In a...
  • Attending the unveiling of the PropTech blockchain platform on Wednesday are (from left) ASTRI chief executive Hugh Chow, NWD vice chairman Adrien Cheng, and BOCHK deputy chief executive Ann Kung. Photo: NWD

    Blockchain signals new world of home sales in Hong Kong

    - Feb 21, 2019 1:06pm
    How much time did you spend to buy your first property? Acquiring a home is hard enough for ordinary Hong Kong families, who have to save up all their income for 17 years before they could have...
  • NWD’s initiative marks the first time a Hong Kong developer is implementing blockchain technology to help speed up property transactions, notes Adrian Cheng, the developer’s executive vice-chairman. Photo: Bloomberg

    NWD creates HK’s first blockchain platform for homebuyers

    Feb 21, 2019 12:30pm
    Property developer New World Development (NWD) on Wednesday announced the creation of Hong Kong’s first property-purchase blockchain platform, in collaboration with Hong Kong Applied Science and Technology Research Institute Company (ASTRI). Bank of China (Hong Kong)...
  • HSBC will be proactive in managing costs and investment to meet the risks to revenue growth, its chief executive says. Photo: Reuters

    HSBC warns on China, UK slowdowns as 2018 profit disappoints

    Feb 20, 2019 9:35am
    Banking giant HSBC warned on Tuesday that it may have to delay some investments this year after missing its 2018 profit forecasts due to slowing growth in its two home markets of China and Britain, Reuters...
  • China's largest commercial bank is expected to kick off operations in its wealth management unit soon. Photo: Bloomberg

    ICBC wins nod to set up wealth management unit

    Feb 18, 2019 9:08am
    Industrial and Commercial Bank of China (ICBC), the country’s biggest-listed lender by assets, has won approval to set up a wealth management unit, Reuters reports. China’s five major commercial banks that have won a green light...
  • Twenty-three of the 50 richest people in Hong Kong saw their wealth fall in the past year due to multiple adverse factors, such as the softening of the local property market and China's economic slowdown. Photo: Bloomberg

    Almost half of HK’s 50 richest see wealth decline: Forbes

    Feb 15, 2019 3:04pm
    Tycoon Li Ka-shing, who retired as chairman of his business empire last year, has kept his top spot on the latest Forbes’ Hong Kong rich list despite a fall in his wealth, while oyster sauce tycoon...
  • If the Fed continues its current pace of shrinking its balance sheet, emerging markets may feel liquidity pressure again soon. Photo: Reuters

    Will global equities extend the recent rally?

    - Feb 15, 2019 12:28pm
    Hong Kong, emerging markets and the US have all seen equity markets moving up in the New Year, with the benchmark indexes gaining more than 9 percent. Stock markets have reversed the sluggish performance of the...
  • Commercial rents in Hong Kong are now the most expensive in the world. Photo: Bloomberg

    HK office rent tops globally, but demand remains supportive

    - Feb 14, 2019 11:47am
    Financial market performance has often been influenced by geopolitical events, such as the trade dispute between China and the United States last year. This brings additional volatility to an environment that is already grappling with several...
  • Globalization has enabled large multinationals such as Apple, Google and Starbucks to avoid paying tax. Photo: AFP, Reuters, Bloomberg

    How can we tax footloose multinationals?

    - Feb 14, 2019 10:13am
    In the last few years, globalization has come under renewed attack. Some of the criticisms may be misplaced, but one is spot on: globalization has enabled large multinationals, like Apple, Google, and Starbucks, to avoid paying...
  • Countries and companies in the region have built up a significant US dollar debt that becomes more expensive to pay back as the US dollar rises on higher rates. Photo: Reuters

    Finding equilibrium: a return to ‘normal’?

    - Feb 13, 2019 2:34pm
    In 2019 we will be looking to see whether global markets can move to a new equilibrium, balancing an acceptance of higher interest rates and the draining of extraordinary liquidity against what we believe are decent...
  • The overall debt shouldered by Americans edged up to a record US$13.5 trillion in the fourth quarter of 2018. Photo: Bloomberg

    Red flags emerge as Americans’ debt load hits another record

    Feb 13, 2019 8:45am
    Some red flags emerged for the US economy late last year as credit card inquiries fell, student-loan delinquencies remained high and riskier borrowers drove home automobiles, according to a report that could signal a downturn is...
  • Dongying, a hub for oil refining and heavy industry in Shandong province, used to be one of the country’s richest cities thanks to its vibrant private economy. Photo: Reuters

    China’s private firms hit by default contagion

    Feb 13, 2019 7:28am
    The collapse in China of a complex web of debt guarantees involving several private firms highlights risks in its financial system and opens up a potentially hazardous front for an economy in the grip of its...
  • Paris is Airbnb's biggest single market with around 65,000 homes listed. Photo: Reuters

    Paris seeks US$14 million from Airbnb for illegal adverts

    Feb 11, 2019 8:21am
    The City of Paris is suing Airbnb for publishing 1,000 illegal rentals adverts, which could cost the American rental website more than 12.5 million euros (US$14 million), the mayor of Paris told a newspaper in an...
  • The valuation of tech stocks has become overly based on momentum in recent years. Photo: Reuters

    Will capital markets stay volatile in Year of the Pig?

    - Feb 8, 2019 10:26am
    It’s fair to say 2018 was a turbulent year for markets. Volatility became a watchword as US monetary conditions tightened, the Trump-induced trade war erupted, and Big Tech came under the regulatory spotlight. Indeed, across traditional...
  • BB&T will buy SunTrust Banks for about US$28 billion in stock. Photo: Bloomberg

    BB&T to buy SunTrust in biggest US bank deal in a decade

    Feb 8, 2019 8:16am
    US regional lender BB&T Corp. said it will buy rival SunTrust Banks Inc. for about US$28 billion in stock in the biggest bank merger since the 2007-2008 financial crisis, Reuters reports. The banks hope to close...
  • Australian Treasurer Josh Frydenberg said the government would act on all recommendations of the Royal Commission. Photo: Bloomberg

    Australia to overhaul regulators after landmark banking inquiry

    Feb 4, 2019 1:18pm
    Australia’s corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector designed to combat the excessive greed and unethical practices that have engulfed some of the country’s biggest financial...
  • Big banks like Goldman Sachs are investing in financial technology startups in an effort to pair their respective strengths. Photo: Bloomberg

    Goldman Sachs invests in HSBC-backed fintech app Bud

    Feb 4, 2019 12:31pm
    Goldman Sachs is among the investors in a US$20 million fundraising for financial technology firm Bud, the latest in a series of investments by big global banks seeking to partner with fintechs, Reuters reports. Bud, which...
  • Chuying Agro-Pastoral Group said it was not able to buy enough feed on time, and this has resulted in a higher pig death rate than expected. Photo: Reuters

    How a listed pig breeder ended up with an outrageous loss

    - Feb 4, 2019 8:19am
    Chuying Agro-Pastoral Group Co. Ltd. (002477.CN) warned of an estimated full-year loss of 3.3 billion yuan (US$489.69 million) after a large number of its pigs starved to death because it did not have cash to buy...
  • Used car sales in China rose 11.5 percent in 2018 from the year before to 13.82 million vehicles, amounting to 860.4 billion yuan (US$127.61 billion). Photo: Bloomberg

    SoftBank fund in talks to invest US$1.5 bln in Guazi: report

    Feb 4, 2019 7:20am
    The SoftBank-led Vision Fund is in talks to invest up to US$1.5 billion in Chinese used car trading platform, Reuters reports, citing two people with knowledge of the matter. That would mark the latest Chinese deal...
  • A survey by the Hong Kong Monetary Authority found 262 cases of residential mortgage loans in negative equity in the fourth quarter of 2018. Photo: CNSA

    HK sees negative equity cases for first time in two years

    Feb 1, 2019 2:07pm
    Residential properties in negative equity have made a comeback in Hong Kong for the first time in two years as home prices suffered a correction amid the trade war between China and the United States. The Hong...

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