Date
17 October 2018

Markets

  • With the cryptocurrency bubble having gone bust, boosters have resorted to a defense of “blockchain”, the distributed-ledger software underpinning all cryptocurrencies. Photo: Bloomberg

    The big blockchain lie

    - Oct 16, 2018 9:01am
    With the value of Bitcoin having fallen by around 70 percent since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value...
  • Tencent Music was originally planning to launch its initial public offering as soon as next week. Photo: Bloomberg

    Tencent Music delays US$2 billion US IPO on weak markets: report

    Oct 12, 2018 3:41pm
    Tencent Music Entertainment has delayed its planned US initial public offering (IPO) until at least November, preferring to wait for global stock markets to stabilize, Reuters reports, citing sources. The music arm of tech giant Tencent...
  • Investors worried about rising interest rates and braced for the impact of the trade war on corporate earnings. Photo: Reuters

    Wall Street continues slide before start of earnings season

    Oct 12, 2018 7:33am
    Wall Street indices continued their slide in Thursday’s volatile session as investors worried about rising interest rates and braced for the impact of the trade war on corporate earnings a day ahead of the quarterly reporting...
  • Share markets in Shanghai and elsewhere in Asia tumbled after Wall Street’s worst losses in eight months led to broader risk aversion. Photo: Reuters

    Asia shares swoon to 19-month lows after Wall Street rout

    Oct 11, 2018 5:37pm
    Share markets in Asia plunged to a 19-month low on Thursday after Wall Street’s worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets...
  • Bitcoin’s popularity and the emergence of hundreds of other digital coins or tokens have drawn more hackers into the cryptocurrency space. Photo: Bloomberg

    Cryptocurrency theft tops US$900 mln in Jan-Sept: report

    Oct 11, 2018 9:31am
    Cryptocurrency theft through hacking of exchanges and trading platforms totaled US$927 million in the first nine months of this year, an increase of nearly 250 percent from the level seen in 2017, according to a US-based...
  • Traders were spooked by rising US Treasury yields and fears of a deepening US-China trade conflict. Photo: Reuters

    Wall Street investors fret about a correction as stocks tumble

    Oct 11, 2018 8:38am
    The deepest one-day selloff in Wall Street stocks in eight months has investors using the market equivalent of a dirty word: “correction”. With traders spooked by rising US Treasury yields and fears of a deepening US-China...
  • Wall Street rose amid a bright outlook for the US economy despite the trade war with China. Photo: Reuters

    Dow Jones surpasses Hang Seng as trade war rages on

    - Oct 4, 2018 1:21pm
    So far no one knows when, and how, the escalating trade war between the United States and China will end. But everyone knows – except US President Donald Trump and his cohorts perhaps – that the...
  • Tencent Music includes Spotify-like digital streaming apps QQ Music, Kugou and karaoke app WeSing, and is seeking a valuation of about US$25 billion. Photo: Bloomberg

    Tencent online music unit files for US listing

    Oct 3, 2018 8:39am
    Tencent Music Entertainment Group has formally filed with regulators to list in the United States, under the symbol “TME”, in what could be the biggest US initial public offering by a Chinese company, Reuters reports. The...
  • The MSCI planned moves, once implemented, will trigger fresh foreign inflows into China’s US$7 trillion stock market. Photo: Bloomberg

    MSCI considering raising weighting of Chinese shares in indexes

    Sep 26, 2018 9:58am
    Global index provider MSCI said it will consider quadrupling the weighting of Chinese big-caps in its global benchmarks and also proposed adding mid-caps and shares listed on Shenzhen’s start-up board ChiNext, Reuters reports. MSCI’s consultation for...
  • A brochure calls for legalization of cannabis, in this picture taken during the Cannabis Business Europe event in Frankfurt last month. After moves by Uruguay and Canada, marijuana legalization and decriminalization has become a hot topic. Photo: Reuters

    After the bitcoin craze, we now have pot stock mania

    - Sep 20, 2018 2:13pm
    Forget the crypto counters or China concept stocks like Nio or Pinduoduo. The red-hot names in the US market right now are cannabis plays. Take a look at Tilray, the Canada-based marijuana producer that went public...
  • Hotpot chain Haidilao will use the IPO proceeds to expand its business, including forays into new overseas markets. Photo: Reuters

    Haidilao prices IPO at top end, raising nearly US$1 bln: report

    Sep 19, 2018 9:53am
    Chinese hotpot chain Haidilao raised nearly US$1 billion in its Hong Kong initial public offering by pricing its shares at the top of an indicated range, Reuters reports, citing people familiar with the matter. Haidilao sold...
  • Meituan Dianping CEO Wang Xing said the company will ofcus on cementing its presence at home, instead of overseas expansion in the near future. Photo: HKEJ

    Meituan said to have raised US$4.2 billion in Hong Kong IPO

    Sep 13, 2018 12:43pm
    Chinese online food delivery-to-ticketing services firm Meituan Dianping raised US$4.2 billion in the world’s biggest internet-focused IPO in four years as it priced the float near the top of an indicative range, Reuters reports, citing people...
  • Securities regulators have intensified their scrutiny of cryptocurrencies, noting that some tokens may be considered securities, which would make their issuance, sale and trading subject to federal laws. Photo: Bloomberg

    Wall Street regulators move against cryptocurrency firms

    Sep 12, 2018 9:06am
    Two Wall Street regulators announced a series of actions, including levying fines, against companies involved with cryptocurrencies, Reuters reports. Cryptocurrencies, like the well-known bitcoin, are virtual tokens that can be used as forms of payments on...
  • The property market may soften in the short term, but it still offers good investment opportunity amid the tight supply in the residential sector. Photo: Bloomberg

    Homes, not stocks, are best long-term bets – crisis or no crisis

    - Sep 11, 2018 11:12am
    The global financial tsunami that started with the collapse of Lehman Brothers happened exactly 10 years ago this week. Of course, Hong Kong was no stranger to financial crises, like the one that afflicted the Asian...
  • Maria Vullo, superintendent of the New York Department of Finance, has announced the state’s first stablecoins approvals. Photo: Bloomberg

    New York state regulator approves dollar-linked digital tokens

    Sep 11, 2018 9:35am
    New York state has approved Gemini Trust Company’s and Paxos Trust Company’s dollar-linked digital currencies, the first stablecoins to get the nod from the region’s regulator, Reuters reports. “These approvals demonstrate that companies can create change...
  • US President Donald Trump tweeted that Apple should make products in the United States if it wanted to avoid tariffs on Chinese imports. Photo: AFP

    Apple supplier shares fall after Trump tweet on tech giant

    Sep 10, 2018 3:43pm
    Shares of Apple Inc. suppliers fell across Asia on Monday after US President Donald Trump tweeted that the tech giant should make products in the United States if it wanted to avoid tariffs on Chinese imports,...
  • The US SEC has halted trading in crypto-related investment products Bitcoin Tracker One and Ether Tracker One in the United States with immediate effect. Photo: Bloomberg

    US regulator halts trading in two cryptocurrency products

    Sep 10, 2018 9:10am
    The US Securities and Exchange Commission has suspended trading in two investment products that track cryptocurrencies, citing confusion in the markets over whether the products are exchange-traded funds (ETFs), Reuters reports. Trading has been halted in...
  • Warren Buffett said investors are better off owning a basket of stocks than long-term bonds as a strong US economy bolsters corporate profits. Photo: Bloomberg

    Buffett says Berkshire buying own stock, more Apple

    Aug 31, 2018 10:25am
    Berkshire Hathaway Inc. chairman Warren Buffett said the conglomerate bought back its own stock for the first time since 2012 and added to its already huge stake in Apple Inc., Reuters reports. Buffett also said investors...
  • The 105-year Aston Martin, famed for making the sports car driven by James Bond, would become the first British carmaker to list in London for years. Photo: Bloomberg

    Aston Martin plans London listing as turnaround picks up speed

    Aug 30, 2018 10:38am
    Luxury carmaker Aston Martin plans to float on the London Stock Exchange, completing a turnaround for the once perennially loss-making company that could now be valued at up to 5 billion pounds (US$6.4 billion), Reuters reports....
  • Nio seeks fresh capital to develop new products and finance in areas such as autonomous driving and battery technologies. Photo: Bloomberg

    Chinese EV maker Nio seeks to raise US$1.32 billion in IPO

    Aug 29, 2018 10:18am
    Chinese electric vehicle start-up Nio Inc., backed by Chinese tech heavyweight Tencent Holdings Ltd. (00700.HK), said it expects to raise up to US$1.32 billion in its US initial public offering. Nio expects its offering of 160...

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