HSBC Holdings is set to debut an international payments app aimed at directly challenging the dominance of fintechs like Revolut and Wise that have gathered tens of millions of retail customers by offering cheap foreign exchange.Zing will initially be offered in the UK, but Europe’s...
Based on historical correlations between gold and the US 10-year treasury yield, gold would have been expected to fare much worse than it did over this period. Instead, the gold market was steadied by record central bank gold purchases, increased market volatility and geopolitical turmoil.As...
Landlords will be forced to lower their rents to close tenancy deals, especially since the demand recovery was slow in the current economic environment, he said.A view of the Central Business District (CBD) area in downtown Beijing, China. Photo: Simon SongMeanwhile, more supplies are forthcoming...
Hong Kong stocks make a dismal start to 2024 after China PMI report hints at sustained economic weaknessHong Kong stocks dropped on the first trading day in 2024 after an official Chinese manufacturing report showed a contraction for a third straight month in December.The...
Chinese budget retailer Miniso Group, which listed in Hong Kong in July, is to open its biggest “brand representative store” in Tsim Sha Tsui in mid-January to gain more exposure for the brand as consumption patterns change.Hong Kong has always been an international shopping...
The soon-to-be-launched enhancements to the cross-border Wealth Management Connect scheme are set to boost sales and capital flows between Hong Kong, Macau and the nine mainland Chinese cities in the Greater Bay Area development zone, Hong Kong’s biggest banks said.The People’s Bank of China’s...
The beginning of a new year means joy and hope for many people, but not for big Chinese developers at the dawn of 2024, after a downward trend in home sales accelerated in December as discounts and easing measures failed to spark demand.China’s top 100...
Slowing growth, intensifying competition and a bruising price war will pile pressure on the 200-plus Chinese electric vehicle (EV) makers this year, with some underachieving players likely buckle and fold.Most of the companies will have to staunch losses to avert a potential capital crunch...
Baidu’s bid to acquire Joyy’s live-streaming business for China has lapsed, dealing a blow to the search engine and AI giant’s attempt to advance into the digital video arena.The Beijing-based company said its US$3.6 billion deal for Joyy’s YY Live has expired three years after...
Crypto services firm linked to Huobi sees losses expand 40% with FTX funds still out of reachHong Kong-listed cryptocurrency firm Sinohope Technology Holdings Limited, formerly Huobi Technology, has seen losses expand in 2023, while it still has funds stuck in the bankrupt exchange FTX and...