YouTube cracks down on anti-vaccine misinformation

Australia's reopening unlikely to immediately bring foreign buyers to residential property market

Hong Kong jewellers' group peeved at UK exhibition organiser Informa's move to hold rival trade show in November

Bordeaux wines topple Hermes' Birkin bags, Scotch whisky as top luxury investment during pandemic

Wines have replaced Scotch whisky and Hermes handbags as the best performing luxury investment during the pandemic, according to Knight Frank. The average price of investment grade wines rose 13 per cent in the 12 months to June, while the average price of the coveted handbag declined by 3 per cent in the period, according […]

Lululemon survey finds vast majority of Asian workers want to ditch suits for T-shirts, shorts and yoga pants

More than four in five consumers across Asia-Pacific hope T-shirts, shorts and yoga and jogging pants are here to stay in offices, as companies adopt hybrid or flexible work arrangements, according to a survey conducted by fitness apparel maker Lululemon Athletica. Of the more than 6,000 individuals surveyed, 96 per cent said comfort was their […]

Inflation is not the worry the US Fed, and the markets, suppose

Inflation is not the bogeyman it is cracked up to be. Doomsters were caught off guard last week when the US consumer price index (CPI) recorded a lower-than-expected 0.3 per cent monthly gain in August, temporarily boosting bonds and denting stocks. It could be a game changer, reducing pressure on the US Federal Reserve to […]

Hong Kong had world's second largest billionaire population in urban centres last year even as its economy suffered historic contraction

Hong Kong had 111 billionaire residents, the second-largest such population among urban centres in the world, last year as the city added 15 more individuals with a net worth of at least US$1 billion each, according to the latest report by US-based Wealth-X. New York topped the list with the most number of billionaires at […]

Fosun Tourism-owned Club Med eyes expansion in Southeast Asia as it sees region leading travel rebound after pandemic

Resort chain operator Club Med is looking to expand in Southeast Asia, eyeing properties in Thailand, Vietnam and Indonesia as it anticipates an aggressive travel rebound in Asia-Pacific after the pandemic ebbs. Despite the Covid-19 pandemic ravaging the global tourism industry, Club Med, owned by Hong Kong-listed Fosun Tourism, has continued to aggressively open new […]

Coronavirus outbreak in neighbouring Fujian province force Canton Fair to be cut to just 5 days

China’s largest trade fair has been cut to just five days from 15 days following the recent coronavirus outbreaks in southern China. The biannual Canton Fair in Guangzhou, Guangdong province, which has been held since 1957, will resume in person activities from October 15 after holding the past three events online, but outbreaks in the […]

After rebates and freebies, Thai developers to auction flats online in bid to shake off supply glut

After dangling rebates and freebies to attract buyers, Thai developers are trying out a new strategy to trim their inventory of unsold homes by auctioning them online at deep discounts. Some 120 flats in several projects across the Southeast Asian country will be made available for bidding next month on whyborder, an online property portal […]

Ping An Insurance enters top 10 most-admired companies as Apple, Nike, Netflix slip in global perception ranking

Ping An Insurance (Group) climbed into the top 10 most admired companies for the first time in a global ranking as public perception about its business improved. Apple fell off its perch while Nike and Netflix slipped out of the top pile. China’s biggest insurer rose seven rungs to eighth on the FutureBrand Index, an […]

SCMP's China Internet Report 2020 finds that Covid-19 has accelerated digitisation of economy

The South China Morning Post on Tuesday launched its third edition of the China Internet Report, and in 2020 one theme dominates more than any other – the acceleration of digital trends as a result of the Covid-19 health crisis. The pandemic has permanently changed how people in China are using technology in their everyday […]

Why chance to offload BS jobs is an upside to Covid-19 pandemic

As economies worldwide start to recover from the medical, economic and social shocks of the Covid-19 pandemic, some uncomfortable questions have emerged. Of the millions of jobs that were lost or suspended through the past 18 months, how many will return and how many are lost forever? How many will take a new form? And […]

The top 10 takeaways from the China Internet Report 2020

China’s technology scene has been in for a wild ride over the last year. From the US-China tech war to the Covid-19 pandemic, the landscape has been changing fast. The South China Morning Post’s third China Internet Report is an annual look at the state of the country’s tech industries. Here are the biggest takeaways […]

Why Southeast Asian economic growth is safe from Covid-19 Delta ravages, for now

New coronavirus variants are producing some of the worst outbreaks seen during the pandemic in many countries in Asia, especially Southeast Asia. Not only is the Delta variant more virulent than previous ones, its high transmissibility is raising concerns that it will spawn new variants that may eventually compromise the efficacy of current vaccines. This […]

Small and medium health care, pharmaceutical and logistics firms stood out in Asia-Pacific last year, Forbes says

Small and medium companies related to health care, pharmaceuticals and logistics stood out last year in the Asia-Pacific region, according to the Forbes’ 2021 Best Under A Billion list. The region hosts more than 20,000 publicly traded companies with annual revenue more than US$10 million but under US$1 billion. The list highlighted 200 unranked companies […]

Two-wheeler demand is picking up after lifting of curbs: Honda

Demand for two-wheelers has gained pace since the easing of Covid-induced curbs by state governments and the momentum is expected to continue well into the festive season, said a top executive at the country’s second largest two-wheeler maker, Honda Motorcycle & Scooter India (HMSI). “With the markets opening up, we have seen an increase in […]

Bank of East Asia half-year profit surges 75 per cent as impairment costs decline and China, Hong Kong economies recover

The Bank of East Asia (BEA), Hong Kong’s largest independent and family-run lender, said its half-year profit soared 75 per cent as it benefited from declining impairment costs for soured loans in mainland China and in Hong Kong. The banking group, whose business is primarily focused on Hong Kong and mainland China, said it was […]

Chinese AI start-up SenseTime hires HSBC as it pursues US$2 billion Hong Kong IPO

SenseTime Group, China’s largest artificial intelligence (AI) company, has hired HSBC to help it pursue an initial public offering in Hong Kong that could raise at least US$2 billion, according to a person familiar with the matter. The Beijing-based start-up, known for its facial-recognition software, has also tapped China International Capital Corp (CICC) for the […]

Standard Chartered sees second-quarter profit more than double, resumes interim dividend payout

Standard Chartered, one of Hong Kong’s three currency-issuing banks, said its profit more than doubled in the second quarter as it joined larger crosstown rival HSBC in restoring its interim dividend to shareholders and said it would buy back US$250 million in shares. The London-based bank and other United Kingdom lenders suspended their dividends last […]

HSBC, Standard Chartered dividends in focus as banks seen delivering stronger half-year results

Investors will be watching this week to see whether HSBC and Standard Chartered resume paying interim dividends as the lenders prepare to report their first-half results against the backdrop of a sharp economic recovery in Hong Kong, their single biggest market. HSBC will be the first of the city’s three currency-issuing banks to update investors […]

Latest round of Hong Kong’s Silver Bonds attracts record US$8.77 billion from senior savers

The latest round of Hong Kong’s inflation-linked government debt targeted at senior savers, known as Silver Bonds, has been oversubscribed 2.8 times, attracting a record HK$67.97 billion (US$8.77 billion) from 257,000 people, according to preliminary data released by the Hong Kong Monetary Authority on Friday. Due to the overwhelming response, the final issuance amount of […]

Exchange Fund posts US$6.6 billion second-quarter gain, giving Hong Kong more firepower to defend city’s currency

Hong Kong’s Exchange Fund, the war chest used to defend the local currency from attacks by short sellers, earned HK$51.4 billion (US$6.6 billion) from its investments in the second quarter as it benefited from gains in overseas equity markets and on its bond portfolio, according to the Hong Kong Monetary Authority (HKMA). The fund’s investment […]

Electric car subscription startup Onto races ahead with $175M to drive Britain towards a greener future

The electric car market is growing exponentially. According to a recent report, global sales of electric cars raced forward in 2020, rising by 43% to a total of 3.2 million, despite overall car sales slumping by a fifth during the coronavirus pandemic. Combine this with the rise of the subscription economy in the UK. There […]

Science Saturday: Space hopper, brain technology and world’s largest 5G market

In this week of Science Saturday, we keep you updated with the latest science and tech news making headlines around the world, ranging from a billionaire’s new mission in space to China’s 5G market. Amazon founder Jeff Bezos successfully blasted himself into space. The launch of the New Shepard rocket shot Bezos and a team […]

Bankers expect bigger bonuses in 2022 as financial sector goes on Asia hiring spree

Financial services professionals in Asia are confident they will receive bigger bonuses in 2022 as banks and other institutions scramble to attract and retain talent in Asia, according to headhunting firm Selby Jennings. Bonus payouts this year, particularly in Asia, did not reflect the exceptional profits banks produced in 2020 as trading volumes surged despite […]

Hong Kong’s latest Silver Bond in strong demand, say banks, after government lowered age threshold to 60

Hong Kong’s senior citizens rushed to subscribe to the latest batch of inflation-protected bonds on the first day of the offering on Tuesday, after the government opened the bond offering to more people by lowering the entry age from 65 to 60, according to banks and brokers. The government plans to double the maximum offer […]

HSBC, Standard Chartered dividend limits removed by Bank of England

The Bank of England removed a series of “temporary guardrails” implemented in December that restricted the amount HSBC, Standard Chartered and other United Kingdom-based lenders could distribute to shareholders when they resumed paying dividends for the 2020 financial year. HSBC and Standard Chartered cancelled their final 2019 payments and suspended interim payouts last year at […]

Network of shared office spaces takes shape in Hong Kong as pandemic boosts demand for flexible work arrangements

A network of co-working spaces that people can use with just one membership pass is starting to take shape in Hong Kong after the pandemic boosted demand for remote working arrangements. MilkGarage, which manages a network of shared office facilities under a membership programme, has just teamed up with another operator with four work spaces […]

Hong Kong logistics start-up Lalamove files confidentially for US$1 billion US listing

Hong Kong logistics start-up Lalamove has filed confidentially for an initial public offering (IPO) in the United States, becoming the latest Asian logistics unicorn to seek to tap the capital markets this year, Bloomberg reported, citing people familiar with the matter. The company, which is known as Huolala in China, is seeking to raise at […]

51job.com agrees to US$5.7 billion privatisation deal, latest US-listed Chinese firm to go private

Chinese human resources and job search provider 51job.com has agreed to be taken private in a deal that valued it at about US$5.7 billion, making it the latest US-listed Chinese firm to dump the public markets in favour of private ownership. The transaction followed a nine-month engagement with Beijing private-equity firm DCP Capital, which was […]

Hong Kong coronavirus: 2021 to be a difficult year for banks as their bottom lines remain squeezed by low interest rates and economic uncertainty amid a raging global coronavirus pandemic

The profitability of Hong Kong’s banking sector, including such big lenders as HSBC and Standard Chartered remains under pressure in 2021, weighed down by historically low interest rates and the ongoing economic uncertainty tied to the coronavirus pandemic, according to KPMG China. Net interest margin – a key profitability measure for lenders – is likely […]

IMF says Hong Kong’s financial system resilient to future shocks, cautions property valuations and deep China links as potential risks

The International Monetary Fund (IMF) said Hong Kong’s financial system remains resilient to future financial shocks and crises even after a challenging two years that saw the city’s economy experience its worst contraction on record. In its latest financial system stability assessment, the international organisation’s executive directors found the main vulnerabilities for the city’s economy […]

Coronavirus: HSBC to reopen Hong Kong office to all employees on Monday as fourth wave subsides

HSBC, the city’s biggest currency-issuing bank, plans to reopen its offices to all employees in Hong Kong beginning on Monday as the fourth wave of Covid-19 infections subsides and a push to return to the office gathers steam globally. Staff will be able to return to their desks subject to seating capacity plans in individual […]

Carbon neutrality goal: China is leading global surge in green bond financing this year

China has led a surge in green bond financing this year, with global issuances growing threefold to about US$194 billion in the first five months of 2021, and was on target to easily pass record issuance levels seen in 2020, according to a new report. Through May 27, China accounted for 13.4 per cent of […]

Hong Kong’s latest round of iBonds subscriptions off to strong start as savers seek shelter from historically low interest rates

Hong Kong’s latest round of inflation-linked government debt, known as iBonds, got off to a strong start on Tuesday, as savers flocked to the government programme as interest rates remain at historic lows and consumer prices ticked higher this year, according to banks and brokers. The city’s government plans to issue up to HK$20 billion […]

North Korean cyberattacks a more immediate threat than its missiles, experts say

Nuclear-armed North Korea is advancing on the front lines of cyberwarfare, analysts say, stealing billions of dollars and presenting a clearer and more present danger than its banned weapons programmes. Pyongyang is under multiple international sanctions over its atomic bomb and ballistic missile programmes, which have seen rapid progress under North Korean leader Kim Jong-un. […]

China’s central bank says it has no plans to ease exchange rate controls

China’s central bank has no plans to alter its exchange rate mechanism, one of its deputy governors said on Sunday, dismissing speculation that the yuan might be allowed to move more freely against other currencies. The existing “managed floating exchange rate” system was “an institutional arrangement fit for China at present and in the foreseeable […]

Banks in Hong Kong remain cautious on return to office as US, UK colleagues reopen workplaces

Global banks in Hong Kong are taking a cautious approach and continuing to limit the number of people coming into their offices, even as their counterparts in the US and other “high risk” countries prepare to invite more employees back to their desks as soon as next month. Unlike financial hubs from New York to […]

Japan’s NTT Group commits $10 million towards Covid-19 relief in India

Pune: Global technology firm NTT Ltd. has announced a donation of $3 million to support Covid-19 relief operations in India, increasing the total commitment by the Japan-based group to $10 million. The donations will support local hospitals and healthcare providers, increase access and transportation of care facilities and boost vaccination efforts in the virus-stricken nation. […]

Hong Kong to raise up to HK$20 billion (US$2.6 billion) in latest round of iBonds

Hong Kong plans to issue up to HK$20 billion (US$2.6 billion) of inflation-linked government debt, known as iBonds, beginning June 1, according to the Hong Kong Monetary Authority (HKMA). The iBonds, the eighth series issued since 2011, will make an interest payment every six months based on the average rate of the consumer price index […]

Cathay Pacific sells first US dollar bond in 27 years to raise working capital as global air travel slumps

Cathay Pacific Airways Limited is selling a US-dollar senior unsecured bond for the first time in about 27 years, as it battles to stabilise its finances amid a slump in international travel. Hong Kong’s dominant carrier is marketing the 5.25-year bond with an initial price guidance of 5.20 per cent, according to a terms sheet […]

Has Asia missed the blank-cheque boat? The SPACs frenzy is cooling before Hong Kong, Singapore even get off the starting blocks

With tens of billions of dollars in new listings at stake, Hong Kong’s Financial Secretary Paul Chan Mo-po directed the city’s securities regulator and bourse operator in March to study the feasibility for amending rules to let special purpose acquisition companies (SPACs) raise funds in the city. Singapore expects to open its arms to SPACs […]

Hang Seng Bank’s chief executive to take three-month leave of absence as she recovers from medical condition

Hang Seng Bank’s vice-chairman and chief executive officer Louisa Cheang Wai-wan will take a three-month leave of absence as she recovers from a medical condition first disclosed last year, according to a statement by the lender. Margaret Kwan Wing Han, executive director and the head of Hang Seng’s wealth and personal banking business, will serve […]

How to Enter the Chinese Luxury Market

Overview China's luxury market has grown steadily at high rates over the past few decades. With such growth, China is predicted to become the world's biggest luxury market by 2025, according to many expert reports. Without a doubt, the pandemic has caused some shifts and changes in the Chinese luxury market; however, despite some drawbacks […]

Hong Kong Exchange Fund reports US$1.5 billion gain in first quarter

Hong Kong’s Exchange Fund, the war chest used to defend the local currency from attacks by short-sellers, earned HK$11.6 billion (US$1.5 billion) from its investments in the first quarter as it benefited from a global rally in stock markets, according to the Hong Kong Monetary Authority (HKMA). The gain was a turnaround from a record […]

JD.com’s logistics unit gets go-ahead for up to US$4 billion IPO in Hong Kong

The logistics unit of Chinese e-commerce giant JD.com received the green light on Thursday to proceed with an initial public offering (IPO) that could raise between US$3 billion and US$4 billion on the Hong Kong stock exchange, according to people familiar with the matter. The IPO would mark the latest JD arm to tap the […]

Standard Chartered first-quarter profit more than doubles on economic rebound

Standard Chartered, one of Hong Kong’s three currency-issuing lenders, said its profit more than doubled in the first quarter as economies in Asia and other parts of the world rebounded from a slowdown prompted by the coronavirus pandemic. Like many of its rivals, the emerging markets-focused bank has been trying to keep its costs in […]

HSBC first-quarter profit soars as it makes big bet on Asia growth

HSBC, the biggest of Hong Kong’s currency-issuing banks, said its profit more than doubled in the first quarter as it leans more heavily into Asia as part of its latest revamp under CEO Noel Quinn. Like many of its rivals, HSBC is facing pressure on its traditional lending products because of an extended period of […]

HSBC, Standard Chartered give investors glimpses of their cost cuts and bets on Asia when they post first-quarter results this week

Investors will be watching this week to see whether historically low interest rates gash the bottom lines of Hong Kong’s banks in the first quarter as economic conditions in the city begin to normalise. HSBC will be the first of Hong Kong’s three currency-issuing banks to update investors on its performance for the January to […]

CX Daily: Can China Overtake U.S. to Become World’s Top Consumer?

Consumption / In Depth: Can China overtake U.S. to become world’s top consumer? China took the crown of the world’s biggest manufacturer from the U.S. in 2010, and as rivalry between the two countries continues to dominate the headlines, the focus is now switching to consumers. Given China’s sheer size — its population of 1.4 […]

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