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Banking & finance

AI declared a first-half interim dividend of HK$0.445 per share, an increase of 5.2 per cent from a year earlier. Photo: Bloomberg

Mainland Chinese buying spree boosts AIA’s first-half profit 53%

Asia’s largest insurer posted its best first-half profit in five years at US$3.31 billion and beat analysts’ estimates of US$3.27 billion.

  • Asia’s largest insurer posted its best first-half profit in five years at US$3.31 billion and beat analysts’ estimates of US$3.27 billion

Deeper China-Saudi ties mean more yuan-based transactions, ratings agency says

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Buyers snap up US$1.54 billion in Hong Kong Urban Renewal Authority bonds

Gold soars to record high as central banks stockpile amid rate-cut bets

Citigroup says the metal could be headed for US$3,000 per ounce next year after hitting US$2,531.75 overnight.

Strong buying by gold exchange-traded funds in China and elsewhere is a factor in the rise. Photo: Dreamstime/TNS

The View | Central banks need to communicate policy more effectively

The ability of central banks to pursue their main goals will depend increasingly on pursuing reforms in how they think and function.

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Hong Kong’s deposit-taking companies face extinction as HKMA reform deepens

Hong Kong’s deposit-taking companies, once a thriving corner in Hong Kong’s banking system, are facing an ultimatum: evolve by recapitalising within five years, or perish.

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China’s beer market loses fizz as drinkers opt for cheaper brews

An upmarket strategy has gone flat amid a decline in spending while long-term demographic trends are shrinking the population of fans.

Attendees at a festival in Tianjin, in north China’s Tianjin Municipality, sample beer on August 2, 2024. Photo: Xinhua

Hong Kong hedge fund SVI closes China stock bets

The hedge fund manager intends to use its own capital and investment from new strategic partners to form a multifamily office.

China intensifies money-laundering crackdown, targets crypto, online coins

China’s highest judicial bodies on Monday made 13 revisions to its money-laundering law.

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Kaisa claims creditors buy its debt workout plan to avoid winding up

Kaisa, with 226.4 billion yuan in total liabilities, has spent more than two years on its restructuring plan since missing its payments in late 2021.

The Future City property project in Shanghai by Kaisa Group Holdings Limited on November 30, 2021. Photo: Bloomberg.

China’s pet sector attracts investor bets on domestic manufacturers

Import substitution gives domestic companies a chance to bite off a bigger share of the fragmented market for food and other pet supplies.

A cat rests on its owner’s shoulder while attending cat night at the Shanghai Museum in Shanghai on July 27, 2024. The event was part of an ancient Egypt exhibition. Photo: AFP

Hong Kong Monetary Authority to create task force to support SMEs repaying loans

Industry leaders express doubts over plan’s effectiveness and say businesses might fear that banks will cancel loan agreements.

Hong Kong urged to grab chance after unprecedented ruling in blockchain case

Authorities urged to introduce legal framework to boost investors’ confidence and turn Hong Kong into a global Web3 hub.

US, China seek to ‘strengthen’ cooperation in times of financial stress

Financial Working Group met in Shanghai last week, with officials from China and the US discussing a wide range of issues over two days.

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Senior finance officials from China and the United States held in Shanghai. Photo: People’s Bank of China

Hong Kong pension regulator’s new reforms put members’ needs at the top

The MPFA’s reforms will allow members to choose providers, widen Reit investment choices and implement the ‘whole-free walk’ scheme, chairperson Lau says.

There is a strong desire among Hong Kong employees to choose their pension scheme providers, according to the chair of the MPFA. Photo: Shutterstock

Regulatory, geopolitical uncertainties cloud M&A in China: Deloitte

Investors are not sure about the economy, confidence is not high and they want the Chinese government to take steps to drive growth, Deloitte’s Stanley Lah says.

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China puts private sector policy on the front burner after July data disappoints

Premier Li Qiang tells the cabinet that more effort must be made to boost domestic demand.

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Libya central bank ‘suspends all operations’ after official abducted

The bank said on Sunday it was “suspending all operations” after the kidnapping of Musab Msallem, head of information technology.

Libyan protesters hold placards and the national flag during a demonstration in Tripoli, in May, 2014. Photo: EPA

Diageo submits financial documents in New Delhi police investigation

Spirits group Diageo’s Indian unit has submitted financial documents sought by New Delhi anti-corruption police.

New Thai prime minister scrutinising US$14 billion in cash handouts

Paetongtarn said Thailand’s economic stimulus, almost $14 billion in cash, will need further study to ensure compliance with existing laws.

Hong Kong exchange’s proposal on dividend policy disclosure gains support

Market players say the idea offers transparency that will buttress investor confidence. But an HKEX proposal to place caps on the tenure of independent directors receives a mixed response.

Pedestrians cross a street in Central on August 15, 2024. Photo: May Tse

BEA unit to hold fintech day in October to promote innovation

The inaugural Beast event will be held during Fintech Week in late October, which will allow start-ups and bankers to exchange ideas to build a tech ecosystem in the city, according to a senior BEA executive.

Stephen Leung, group chief information officer of Bank of East Asia, said the bank’s Beast platform will hold its inaugural fintech day in October. Photo: Enoch Yiu

Nurture Hong Kong’s start-up scene to attract global talent, INSEAD dean says

A vibrant scene will allow promising companies to prosper and attract global talent to the city, INSEAD dean Francisco Veloso says.

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Chinese commercial bank chairman killed, ex-subordinate held by police: report

Bank of Handan chairman Zheng Zhiying died in hospital on Thursday having been allegedly killed by his former employee, according to reports.

China’s interbank system promoted as safeguard against Swift consequences

A senior researcher has encouraged China to expand the use of its interbank transfer protocol, warning of risks inherent in the use of Western systems like Swift.

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A researcher at a Chinese state-owned bank has cautioned of the risks created by an overdependency on Western interbank transfer systems like Swift. Photo: Bloomberg

Market regulator’s alleged links with billionaire group sparks row in India

Opposition’s call for parliamentary probe could put government in an awkward position, but analysts say market fallout may be unlikely.

A man attends to a phone call at the BSE building in Mumbai on August 5. Photo: AFP

Hong Kong’s CK Infrastructure gets approval for secondary listing in London

Company says listing on London Stock Exchange will benefit its ‘geographically diverse shareholder base’ and build its profile. It comes amid a buying spree of renewable energy assets in the UK.

HKMA, Cyberport collaborate on GenAI sandbox to support adoption in banking

The sandbox serves as a framework, with computing resources and supervisory guidance, to help banks test and build their GenAI applications.

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
last updated:
22 August, 2024
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