Category: Hong Kong Market
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The Louis Vuitton and Fendi luxury fashion stores in Hong Kong’s Times Square have shut, months after a reported rift over store rents between owner LVMH and Wharf Real Estate Investment Corporation (Wharf Reic), operator of the upscale mall in the prime retail district of Causeway Bay. A spokesperson for Louis Vuitton confirmed that its Times Square…
Ngozi Okonjo-Iweala takes over the World Trade Organization on Monday amid hopes that she will spur the beleaguered body into addressing its towering challenges, including the pandemic-fuelled global economic crisis.“The WTO is too important to allow it to be slowed down, paralysed and moribund,” the first woman and first African to ever lead the…
Standard Chartered will revamp its 70 branches in Hong Kong but has no plans to reduce the size of its network as there is still strong demand for in-person banking services, according to its Hong Kong chief executive.One of three note-issuing banks in the city, Standard Chartered opened its first branch in 1859, and now has one of the largest branch…
Hong Kong stocks rebounded from their biggest weekly loss in almost a year as global central banks moved to ease worries amid rising bond yields and as investors prepared for details on a local benchmark revamp.The Hang Seng Index climbed 1.2 per cent to 29,328.38 at the local noon break on Monday. The gauge tumbled 5.2 per cent last week for the steepest…
TOKYO (AP) — Asian shares rose Monday on hopes for President Joe Biden’s stimulus package and bargain-hunting after sell offs last week. Japan’s benchmark Nikkei 225 surged 2.2% in morning trading to 29,587.82. Australia’s S&P/ASX 200 jumped 1.5% to 6,774.00.Hong Kong’s Hang Seng advanced 0.9% to 29,253.72, while the Shanghai Composite…
Shares of Shenzhen-listed Suning.com surged 10 per cent on Monday after Shenzhen International Holdings and Shenzhen Kunpeng Equity Investment Management agreed to acquire 23 per cent of the online electric appliance retailer for 14.8 billion yuan (US$2.28 billion).Suning.com opened at 7.7 yuan on Monday, while Hong Kong-listed Shenzhen International…
A consortium formed by Wing Tai Properties, the brother of former Hong Kong Chief Executive Tung Chee-hwa and Macau casino operator Francis Lui Yiu-tung has agreed to buy an office building in London for an estimated £255 million (US$356.8 million).All the office space in the 11-storey building at 66 Shoe Lane, formerly known as Athene Place, is leased…
(Bloomberg) — Investors will soon discover if Hong Kong’s Hang Seng Index will undertake one of the biggest overhauls in its 51-year history, a move that would impact tens of billions of dollars in funds tracking the stock benchmark.On Monday, Hang Seng Indexes Co. will offer its conclusion after an industry consultation over proposed changes to…
Hong Kong stocks rebounded from their biggest weekly loss in almost a year as global central banks moved to calm sentiment amid rising bond yields and as investors prepared for details on a local benchmark revamp.The Hang Seng Index climbed 1.4 per cent to 29,381.05 in early Monday trading. The gauge tumbled 5.2 per cent last week for the steepest loss…
Roblox Corp, which built its reputation on games for tweens, thinks it can win over middle-aged workers.During the company’s first investor day Friday, Roblox said it wants to turn its gaming platform into a place where workers can meet up and collaborate – potentially opening up a big new growth opportunity. For the past few months, the company…
China’s fundraising boom for electric cars looks set to continue through the Year of the Ox as the capital-intensive industry ploughs billions of dollars into new models, marketing and infrastructure across the world’s largest car market.The single largest investment by the auto industry in a century is well under way, as electric vehicle – known…
Hong Kong’s plan to increase the stamp duty on stock trading will not harm the competitiveness of the city’s financial markets, Financial Secretary Paul Chan told CNBC on Friday.Chan said in his budget speech on Wednesday that the government will raise the stamp duty paid on listed stock trades from 0.1% to 0.13%. The announcement sparked a sell-off…
In just over two weeks, Singapore, Hong Kong and Britain will, by the middle of this week, have unveiled budget packages that in normal times would have been catastrophic. The US Congress has passed a US$1.9 trillion economic aid package. Almost all governments worldwide are staring at similar unprecedented red arithmetic, with no clear timetable to…
Some Hong Kong hotel operators are considering converting their properties into residential buildings as the tourism industry shows no sign of recovery and home prices start to rebound.The applications for conversion of two hotels – the Horizon Suite Hotel in Ma On Shan, and the Novotel Nathan Road Kowloon – to residential use were approved by the…
The world’s super-rich have weathered the Covid-19 pandemic, their numbers increasing last year, particularly in China which saw the fastest gain, according to the latest Wealth Report by property consultancy Knight Frank.The elite club of people whose net worth exceeds US$30 million excluding their primary residence swelled by 16 per cent in China…
Hong Kong’s stock market will add three stocks to the blue chip index in a month when the benchmark compiler is readying investors for one of the biggest makeovers since its inception in late 1969. The trio may advance by at least 2 per cent, going by recent market history.The compiler, Hang Seng Indexes Company, added Alibaba Health Information,…