HSBC, one of the banks in Hong Kong that issues banknotes, raised the Hong Kong Dollars (HKD) prime rate by 0.125 percent on Sept. 23. The raise came after the Federal Reserve (Fed) announced a 0.75 percent rate increase in the federal funds at midnight on Sept. 22. The rate hike signifies Hong Kong has…
Hong Kong Enters Economic Winter as the US Again Raises Interest Rate
October 1, 2022
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Asia & PacificBusiness & MarketsChinaChina Business & EconomyeconomyFederal Reserve (Fed)HK BusinessHK Current AffairsHong KongHong Kong Monetary AuthorityinflationNouriel RoubiniWorld
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Hong Kong Central Bank Raises Rate, HSBC and Standard Chartered Follow
HONG KONG—Hong Kong on Thursday raised its base rate by 75 basis points (bps) to 3.5 percent, prompting the largest commercial banks operating in the territory, including HSBC, to increase their best lending rates. HSBC was the first bank in Hong Kong to announce it was raising its best lending rate by 12.5 basis points…
In Hong Kong HSI Fell 479 Points as Asian Stocks Declined Reflecting the Wall Street Decline
The Hang Seng Index opened 393 points lower today (14th), after the US stock market plunged yesterday and the Dow fell by more than 1,000 points, the Asia-Pacific region is diving today, the Australian and Japanese stocks retreated more than 2.5 percent, and South Korea and Taiwan added 1.6 percent. The higher-than-expected inflation in the…
In Hong Kong HSI Fell 479 Points Asian Stocks Drop Reflecting the Wall Street Decline
The Hang Seng Index opened 393 points lower today Sept. 14, after the US stock market plunged yesterday and the Dow fell by more than 1,000 points, the Asia-Pacific region also reduced, the Australian and Japanese stocks retreated more than 2.5 percent, and South Korea and Taiwan added 1.6 percent. The higher-than-expected inflation in the…
Chinese Companies Turn to Switzerland for Fundraising as Hong Kong’s IPO Market Deteriorates
August 23, 2022
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Business & MarketsChinaChina Business & EconomyChinese A-share companiesHK BusinessHKEXHong KongMarketsSIX Swiss Exchange.`SwitzerlandU.S. Treasuries
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News Analysis Chinese A-share companies have started listing in Switzerland, while the Hong Kong Stock Exchange (HKEX) saw a record low funding in IPOs. Hong Kong’s Weak IPO Market According to its latest interim results (pdf), in the first half of 2022, the HKEX saw a 27 percent drop in profit and an 18 percent…
UK Blocks Takeover of Tech Company Pulsic by Hong Kong-Based Firm Over Security Fears
August 18, 2022
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Boris JohnsonChinaChina Business & EconomyChinese RegimeEurope-China RelationsHK BusinessHong KongInternational RelationsKwasi Kwartengliz trussNational SecurityNewport Wafer FabtechnologyUKWorld
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The British government has blocked a proposed takeover of an electronic design company by a Hong Kong-based firm on national security grounds. In an order issued on Aug. 17, Business Secretary Kwasi Kwarteng ruled that the acquisition of the Bristol-based Pulsic Limited by Super Orange HK Holding Limited should not proceed. Kwarteng said the decision…
Hong Kong’s Q2 GDP Shrinks 1.3 Percent; Government Cuts 2022 Forecast
HONG KONG—Hong Kong’s economy contracted 1.3 percent in the second quarter from the same period a year earlier, government data showed on Friday, following a weak performance in external trade during the period. It was the second straight quarter of year-on-year contraction for the Asian financial hub’s gross domestic product (GDP). Seasonally adjusted GDP was…
HSI Index Falls 392 Points, Longfor Properties Down 16 Percent, Cathay Pacific Posts Interim Loss
Hong Kong Hang Seng Index fell 392 points on Aug. 10, Longfor July sales contracted 26 percent month-on-month, and the stock price collapsed by more than 16 percent. Cathay Pacific called for lifting entry quarantine restrictions as soon as possible. The Hang Seng Index opened 46 points lower on July 10, then the decline continued…
Cosmetics Giants Maybelline, Shiseido, Abandon China Market Under Zero-Covid Policy
Maybelline, the old American makeup brand, is closing its outlets in China on a large scale. According to mainland media reports, the makeup brand “Maybelline New York,” which belongs to the L’Oréal Group, is gradually closing offline shops across the country. After that, most offline shops will be closed, but counters in the beauty collection…
Stabilizing Currency Peg to US Dollar May Be Too Costly for Hong Kong This Time: Expert
July 31, 2022
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Asia & PacificBusiness & MarketsChinaeconomyFederal Reserveforeign currency reservesHK BusinessHK Current AffairsHKMAHong KongHong Kong Monetary Authorityinterest rateMarketsmonetary policyUSDWorld
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Hong Kong’s central bank has spent over $22 billion in ten weeks to stabilize the exchange rate of the Hong Kong dollar (HKD) amid weakening market confidence in the city’s currency. Since May 2022, the Hong Kong Monetary Authority (HKMA), the city’s central bank, has bought HKDs at its fastest pace to keep the U.S….
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