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Banking & finance

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
HSBC’s first-quarter pre-tax profit fell 1 per cent to US$9.38 billion, below the consensus forecast of US$9.59 billion. Photo: Karma Lo
HSBC

HSBC profit flat as Middle East provisions offset wealth growth

HSBC stock slides 5.2 per cent as higher credit charges linked to Middle East uncertainty and UK exposure offset wealth business growth.

HSBC

OCBC acquires HSBC’s retail and wealth management operations in Indonesia

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HKEX

Middle East war drives demand for Hong Kong metal storage, but capacity falls short

Yuan

How China is quietly reshaping Southeast Asia’s payments beyond the US dollar

New initiative lets consumers use home-grown apps like Alipay for cross-border payments – supporting Beijing’s push to expand regional financial links.

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Alipay QR code in Jakarta, Indonesia, after the launch of the China-Indonesia cross-border payment system. Photo: Xinhua
Gold in Hong Kong

Gold rush: Hong Kong bullion imports from Dubai jump amid US-Iran war

Gold traders from the Middle East and Russia have been selling physical gold in Hong Kong at a discount of 15 to 20 per cent since early April.

Hong Kong Monetary Authority (HKMA)

Hong Kong Exchange Fund records smallest gain in 5 quarters amid market slump

The war chest used to defend the city’s currency takes a hit as conflicts in Middle East prompt investors to move from stocks to safer assets.

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Stock Connect

Kazakhstan’s AIFC discussing stock-trading links with Shanghai, Hong Kong

Cross-border trading connections could start with ETFs, says special economic zone’s governor.

A view of the Astana International Financial Centre in Kazakhstan. Photo: Handout
Wealth management

Why Singapore wealth-tech firms pick Hong Kong as their first overseas market

Chocolate Finance joins Syfe and Endowus in targeting the city’s wealthy population and idle savings.

US, Israel war on Iran

Macroscope | Mini-crises sparked by the Iran war may add up to a big collapse

From energy, inflation and trade to slowing global growth and investment uncertainty, these mini-crises have the makings of a massive crisis.

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United States

Wall Street rises towards more records as oil prices slip

The main uncertainty for the global economy is where oil prices will go because of the Iran war.

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A trader works on the floor of the New York Stock Exchange on Friday. Photo: AP
Mainland China

From banking to AI, these are the major economic bodies based in China

Amid what China sees as US’ polarising unilateral measures, a push for ‘global governance’ gives rise to a network of multi-country agencies.

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The International Organization for Mediation, located in Hong Kong’s Old Wan Chai Police Station, was established last year to resolve disputes through mediation. Photo: Stanley Shin
Hong Kong

Gold, cruises and Dior: Hong Kong lenders aim to entice mainland China visitors

With 980,000 visitors from the mainland expected during golden week, Hong Kong lenders line up incentives to capture wealthy customers.

United States

US economy grows 2% in January–March; Iran war clouds outlook

The economy also recovered from last autumn’s 43-day federal shutdown.

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Agricultural Bank of China

China’s Big Four banks post stronger earnings as policy lending lifts growth

Strong loan growth to infrastructure and policy-backed sectors helps lift profits, while margins show early signs of stabilising.

China’s largest state-owned banks delivered stronger-than-expected first-quarter earnings. Photo: Shutterstock Images
Standard Chartered Bank

Standard Chartered’s 19% first-quarter profit jump beats estimates

Wealth management gains support earnings, but margin pressure from lower rates and rising credit costs weigh on overall performance.

The Standard Chartered logo on Tower 1 of the Marina Bay Financial Centre in Singapore. Photo: Harvey Kong
Hong Kong economy

Opinion | How Hong Kong’s institutional strengths can power its 5-year plan

The ‘small government’ era is over. Hong Kong must proactively serve as a super value-adder connecting China and the world.

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Brics

Brics to push for intra-currency payments as ‘immunity’ against Western clout

New Delhi has to be wary of any move to challenge the US dollar as it seeks to sign an interim trade deal with Washington, analysts say.

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Interest rates

HKMA warns of interest-rate uncertainty as Fed’s trajectory remains unclear

HSBC, Standard Chartered and Bank of China (Hong Kong) keep their prime and savings rates unchanged.

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The Hong Kong Monetary Authority maintained the city’s base rate at 4 per cent on Thursday. Photo: Jonathan Wong
United States

Powell says he’ll stay at Fed as governor, defying Trump

Outgoing chair triggers fresh clash with the White House by exercising his right to remain on the Fed board.

Hong Kong

Airport Authority issues record HK$19b in bonds amid strong investor demand

Investor participation was predominantly local, with more than 90 per cent from Hong Kong, according to joint bookrunner HSBC.

Hong Kong economy

Hong Kong throws SMEs lifeline with raft of measures, HK$450 billion in loans

Measures aim to improve access to financing, strengthen resilience, and accelerate transformation amid challenges linked to Middle East war.

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Hong Kong’s small businesses are grappling with soaring fuel prices. Photo: Sam Tsang
Hong Kong Monetary Authority (HKMA)

Hong Kong, mainland China officials meet to bolster cross-border connect schemes

HKMA’s Eddie Yue, State Administration of Foreign Exchange’s Zhu Hexin discuss ways to strengthen city’s role as a global financial hub.

The talks likely covered boosting the bond markets, expanding the wealth connect scheme, enhancing Hong Kong’s role as a yuan trading hub, and aligning with the country’s next five-year plan, according to analysts.Photo: Sam Tsang
HKEX

HKEX posts record quarterly profit, topping forecast as listings, turnover surge

Earnings jump 27 per cent to HK$5.19 billion as global capital continues to seek safe havens and access to Asian growth: CEO Bonnie Chan.

China manufacturing

China targets ‘zombies’ with regulatory headshots to kill off indebted laggards

Six provinces and the capital city test a forced-insolvency pilot to purge overcapacity and dismantle local protectionism, prioritising market efficiency.

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IPO

Hong Kong’s IPO lead

Hong Kong has retained its crown as the world’s busiest market for initial public offerings so far this year, helped by offerings from printed circuit board maker Victory Giant and pork producer Muyuan Foods.

Hong Kong’s IPO lead
Business of climate change

China Resources Power’s renewable energy arm cleared for Shenzhen IPO

Listing approval for Hong Kong-listed CRP’s unit highlights strong demand for clean energy, driven by China’s long-term decarbonisation targets.

Proceeds will be used to fund the construction of wind and solar projects, according to the company’s prospectus. Photo: Shutterstock
IPO

Chinese industrial robot maker Inovance joins Hong Kong IPO queue

Company aims to enhance internationalisation strategy with listing expected to raise up to US$2 billion.

Moody’s

Why Moody’s has raised China’s credit outlook amid Iran war shocks

Ratings agency gives China an A1 long-term rating, citing the economy’s resilience in the face of trade and geopolitical pressures.

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