The Federal Reserve has had an artificial demand boost due to likely supply shortages expected as a result of the COVID-19 pandemic leading to a near double-digit inflation, the dollar-decline voices have also re-emerged. Such voices have not been heard for some decades. The first time could date back to the early 1970s when the…
No Decline of US Dollar Expected Anytime Soon
May 5, 2022
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Hong Kong Economy Shrinks 4 Percent Under Anti-Virus Controls
HONG KONG—Hong Kong’s economy shrank by 4 percent compared with a year earlier in the quarter ending in March after the city shut restaurants and other businesses amid a spike in coronavirus infections. Growth plunged from the previous quarter’s 4 percent expansion, government data showed Tuesday. Exports of goods fell 4.5 percent from a year…
China’s Deflationary Debt Crisis
Last week the People’s Bank of China (PBoC) cut the overall required reserve ratio (RRR) by 25 basis points (bps). PBoC claimed officially that an amount of 530 billion Yuan or equivalently 83 billion USD capital would be released. This sounds a huge amount. Imagine, without any interest rate cut or extra money printed, such…
Hong Kong Saw Worst First-Quarter IPO Performance in Nearly A Decade, Falls From Top Five Global Ranking
The Hong Kong Stock Exchange (HKEX) saw its worst performance quarter in IPO fundraising since 2013, pushing the city out of the top five in the global IPO ranking. Analysts believe it is investor lack of confidence in Hong Kong’s capital market that led to the poor performance. Initial public offering (IPO) is the core…
Evergrande Electric Vehicle Arm to Start Taking Car Orders ‘Imminently’
March 28, 2022
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompanieseconomyelectric vehicleevergrandeHK BusinessHong KongInternationalWorld
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HONG KONG—China Evergrande New Energy Vehicle Group said it will start accepting orders for its inaugural electric car, the Hengchi 5 sport utility vehicle, “imminently” and open sales centres in 15 major cities across the country. Liu Yongzhuo, president of the electric vehicle (EV) arm of the world’s most indebted property developer, China Evergrande Group,…
World’s Largest Nickel Producer Faces Billions in Losses; China Releases National Reserves to Rescue
March 16, 2022
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Business & EconomyChinaChina Business & Economycommoditiesfutures marketHK BusinessHong KongHong Kong Stock ExchangeLMELondon Metal ExchangeLondon Metal Exchange (LME)MarketsNickelnickel miningTsingshan HoldingUKWorld
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The world’s biggest nickel and stainless steel producer, Tsingshan Holding Group, suffered a fiasco in a global capital sniping on the London Metal Exchange (LME) on March 7, with its 200,000-ton nickel forward contracts caught in a delivery default and facing potential losses of billions on its short positions. However, a dramatic reversal occurred, attributed…
Hong Kong’s ‘Zero-COVID’ Policy Accelerates Exodus of Talent and Capital
Hong Kong’s “Zero-COVID” policy, following mainland China’s lead, has hit the local economy by making many Hong Kongers worry about their future and causing a massive outflow of both talent and capital. A large number of residents have left Hong Kong since the city implemented Beijing’s National Security Law in July 2020. The exodus has…
Hong Kong Projects Fiscal Deficit Amid COVID-19 Outbreak
Hong Kong government spending will reach an all-time high this fiscal year, putting it into a budget deficit, its financial chief said Wednesday, as the city grapples with its most severe COVID outbreak. The city of 7.4 million people is experiencing its fifth wave of COVID-19 infections. Daily cases have reached record highs with 8,798…
Largest and Most Valuable Blue Diamond to Come to Auction at Sotheby’s Hong Kong
NEW YORK—It’s the largest and most valuable blue diamond to ever come to auction. And, it’s a recent discovery. The more than 15-carat De Beers Cullinan Blue diamond was mined in 2021 at South Africa’s Cullinan Mine, one of the few sources in the world for extremely rare blue diamonds. It will be offered in…
Hong Kong’s Fixation on Zero-COVID Could Shake Its Economy, Survey Says
Hong Kong’s dogged pursuit of zero-COVID has put its economy in serious trouble. A poll shows over 40 percent of business people surveyed said they are inclined to leave the territory. A growing number of European countries and Israel have started to remove COVID-19-related restrictions, including vaccine passports and safety mask mandates. Yet, Hong Kong…
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