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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
last updated:
19 September, 2024
Hong Kong’s bustling Central district. Photo: Jelly Tse
China jobs

Hong Kong employers seek more relationship managers and data analysts next year

Human resource professionals also say customer due diligence officers are in demand.

Hong Kong economy

Opinion | Weakest link in Hong Kong’s tech ecosystem? Scale-up funding

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Hong Kong property

Shimao slashes Hong Kong hotel price by 25% to speed up restructuring

Hong Kong stock market

Hong Kong derivatives trading hits record high amid market volatility

More than 377 million futures and options have changed hands on the exchange this year, an increase of 14 per cent from a year earlier.

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China’s stimulus bazooka helped spur Hong Kong’s derivatives market. Photo: Edmond So
Mergers & Acquisitions

MetLife to buy Hong Kong tycoon Richard Li’s PineBridge in asset management push

New York-based insurer’s arm will pay US$800 million for PineBridge, which manages about US$100 billion in assets.

Hong Kong stock market

Ex-Citigroup stock trader wins unfair dismissal case in Hong Kong

Citigroup was also sued by traders it fired in London and Tokyo before being fined by the SFC in 2022.

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Hong Kong transport

HSBC’s PayMe now accepted by 27,000 Hong Kong taxi drivers

New channel launched after ‘significant uptick’ in electronic payment adoption by both riders and drivers, Octopus says.

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Hong Kong is home to 18,163 taxis, of which 15,250 are red urban taxis. Photo: Jelly Tse
Cryptocurrency

Bitcoin records first weekly decline since Donald Trump’s US election victory

The original cryptocurrency was down more than 7 per cent for the seven-day period through 9:27am on Monday in Singapore.

IPO

SPAC backed by Hong Kong investors readies US$150 million NYSE IPO

The SPAC is managed and backed by executives from Pacific Aegis Capital Management, Gobi Partners and Hermitage Capital.

Commodities

Macroscope | Cryptocurrency craze no match for gold’s enduring allure

Leaders and policymakers should not be swayed by calls to pivot to cryptocurrencies when gold is as strong as ever.

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A worker takes a coin from a gold tree consisting of 2,024 Vienna Philharmonic coins displayed in Munich on December 3. Based on the current gold price, the tree, which is almost 3 metres tall, has a value of about 5.3 million euros (US$5.5 million). Photo: EPA-EFE
US-China relations

Opinion | In a world fraught with risk, Trump will add to the bumps

Amid increasing geopolitical uncertainty and trade tensions, investors are counting on the US central bank to keep printing money.

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Passengers at Hong Kong International Airport on July 20, a day after a global IT service shortage affected air travel. Cybersecurity threats and extreme weather events are among the global risks that could become more severe in the coming years, contributing to financial woes across borders. Photo: Xiaomei Chen
Gold in Hong Kong

Local bullion bourse restructures to become Hong Kong Gold Exchange

Friday vote will turn Chinese Gold & Silver Exchange Society into a corporation called Hong Kong Gold Exchange.

Celebrating twin-hub success

OCBC celebrates success with ‘Christmas Festival’ for customers in Hong Kong and Singapore

The bank, which has reported record net profits of S$5.90 billion for the first nine months of 2024, hands out authentic Singaporean pandan cakes.

In partnership with:
OCBC
Hong Kong

Editorial | Hong Kong interest rates volatility price to pay as spectre of Trump tariffs looms

Uncertainty over when next US cuts will come in 2025 prompts Hong Kong Monetary Authority chief to send out warning.

News of the US Federal Reserve’s move to cut its benchmark lending rate by 25 basis points flashes on a television screen as traders work at the New York Stock Exchange. Photo: EPA-EFE
ChatGPT and other generative AIs

HKMA picks 10 banks, 4 tech firms to test GenAI usage in financial sector

Participants will be onboarded to a platform of an AI supercomputing centre operated by Cyberport, with technical trials expected to begin early next year.

Technical trials og GenAI applicaitons are expected to begin early next year.Photo: Xinhua
Ant Group

Chinese fintech giant Ant denies imminent restart of IPO process

Amid rife speculation, the company says it has no current plans to go public or pursue a back-door listing.

HKEX

HKEX unveils reforms to boost Hong Kong’s IPO market so it can reclaim top spot

Changes to board representation and listing rules are aimed at making Hong Kong a more attractive listing destination, HKEX says.

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Yuan

US Fed’s hawkish rate-cut forecast slams China’s yuan

China’s currency, hammered since Trump’s re-election, has depreciated further against the US dollar, despite the yuan’s share among global payments rising.

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The Chinese yuan’s latest decline was driven by the US Fed’s fresh projection of only two quarter-point rate cuts in 2025. Photo: Reuters
Hong Kong Monetary Authority (HKMA)

Hong Kong banks cut lending rates, but HKMA warns of volatility ahead

The latest rate cuts by lenders such as HSBC and Bank of China will lighten the monthly burden on mortgage borrowers by about HK$351 to HK$22,452.

Hong Kong

Editorial | Cooperate to tackle Hong Kong money laundering

US allegations against Hong Kong are not only misguided but also counterproductive to battling a crime that recognises no borders.

New World Development

NWD to focus on corporate strategy as stock slides amid debt crisis

The company’s shares slipped 6.7 per cent to HK$5.27 on Wednesday, bringing the slide this year to 55 per cent.

Chairman Henry Cheng Kar-shun last month picked a new CEO, Echo Huang Shaomei, to tackle New World Development’s debt crisis and boost sales. Photo: Dickson Lee
Digital currencies

Hong Kong licenses 4 more crypto exchanges amid bitcoin price surge

The approvals bring the total number of licenced virtual asset firms to seven, as Hong Kong moves to revive its crypto industry.

People stand next to bitcoin ATMs outside a cryptocurrency exchange in Hong Kong on November 14. Photo: AFP
China economy

China needs to harness the power of AI to transform its finance sector, former central banker says

The call comes amid a Chinese government drive to revitalise the economy by cultivating “new quality productive forces”.

Bonds

China’s record-low government bond yields spark fresh warning from central bank

Institutions are being warned as bearish investor sentiment, and an expectation of lower interest rates, continue to make the bond market a sought-after haven.

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Hong Kong stock market

Hong Kong stock exchange to reduce minimum price changes to boost liquidity

The reform aims to lower overall transaction costs and support a more efficient price-discovery process, says HKEX deputy CEO.

People pass Exchange Square in Central, home to Hong Kong Exchanges and Clearing, on November 21, 2024. Photo: May Tse
Hong Kong property

New World Development takes more beating in market as debt crisis lingers

Stock price slumps further as debt issues threaten to spiral into a crisis of confidence.

A sign outside the headquarters of New World Development in Hong Kong. Photo: Reuters
Financial regulation

Hong Kong set to host global heavyweights at Asian Financial Forum

The event on January 13 and 14 will bring together 100 global policymakers, business leaders, investors and experts.

IPO

Chinese IPOs surge in Hong Kong as Minieye and Guming line up

The maker of autonomous-driving technology aims to raise US$100 million and the bubble-tea purveyor seeks up to US$500 million.

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