Author: admin

31 Jan Hong Kong’s banks report bumper profits in 2023 as record interest rates swell margins

Posted at 07:39h in Asia

Hong Kong’s banks reported their second straight year of bumper profits, as higher funding costs bloated their net interest margins, while a general recovery in post-pandemic business activity increased the demand for loans.Pre-tax profit among the city’s retail banks increased by 62.1 per cent in...

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31 Jan China EVs: lithium producers Ganfeng, Tianqi issue profit warnings, blame price plunge for battery material as stocks sink

Posted at 06:30h in Asia

Shares of Ganfeng Lithium and Tianqi Lithium, two of the world’s largest producers of the metal that powers batteries for all kinds of products including electric vehicles (EVs), fell after warning their profits plunged last year due to sharply lower prices.Xinyu, Jiangxi province-based Ganfeng, which...

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31 Jan Opinion | China’s economic prospects are brighter than they appear

Posted at 06:30h in Asia

Such sales increased by 7.2 per cent last year, reflecting a recovery in consumer spending after a dip in 2022. But sustaining this growth momentum seems unlikely, and many Chinese economists expect a significant consumption slowdown in 2024.Weighed down by weaker global demand, China’s net...

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31 Jan Chinese EV battery maker CATL expects 2023 profit to jump as much as 48 per cent as it maintains huge advantage over rivals

Posted at 05:30h in Asia

The company, based in Ningde in East China’s Fujian province, said in a filing to the Shenzhen Stock Exchange on Tuesday evening that earnings for last year would reach 42.5 billion yuan (US$6 billion) to 45.5 billion yuan, up by between 38.3 per cent...

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31 Jan Swiss bank Lombard Odier cuts China asset allocation amid challenges facing world’s second-biggest economy

Posted at 04:40h in Asia

Lombard Odier is the latest to sour on China, cutting allocation to the nation’s assets over concerns about the outlook for the world’s second-largest economy and geopolitical risks.It is too early to take a positive view on Chinese assets, including stocks, bonds and the yuan,...

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31 Jan Microsoft, Alphabet and AMD tout AI progress, but investors want tangible results

Posted at 04:28h in Asia

Microsoft, Alphabet’s Google and Advanced Micro Devices – three companies working harder than nearly anyone to weave artificial intelligence into their products – are finding that, when it comes to AI, investors are hard to please.Shares of the tech giants slipped in...

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31 Jan Hong Kong stocks set for worst month since August as China manufacturing extends slump, Fed to offer no early relief

Posted at 02:39h in Asia

Hong Kong stocks set for worst month since August as China manufacturing extends slump, Fed to offer no early reliefHong Kong stocks were headed for the worst performance in five months after China’s manufacturing shrank in January, underlining the lack of stimulus to spur...

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31 Jan Opinion | Iconic brands and new stars show Hong Kong has what it takes for global success

Posted at 01:30h in Asia

These developments are no surprise. Hong Kong was the most prosperous city in China, known for its entrepreneurial zeal and ability to create products with great appeal. The success of these brands were built on a foundation of trust, quality, efficient distribution and a deep...

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31 Jan Chinese video game firms continue to look overseas for growth, shrugging off geopolitical tensions, survey finds

Posted at 00:00h in Asia

China’s video gaming studios are largely unconcerned by geopolitical tensions when it comes to generating revenue from overseas markets, according to a survey of 33 gaming companies in the country with an overseas presence.Only three of the companies surveyed, or 9.1 per cent, said that...

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30 Jan More fiscal support the catalyst to revive consumption and housing market in China, Pimco says

Posted at 23:30h in Asia

Pimco, one of the world’s largest asset managers overseeing assets worth US$2 trillion, has called for more fiscal support from China to prop up consumer sentiment and the housing market.Policy support such as the People’s Bank of China’s announcement last Wednesday of a...

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