HONG KONG: Hong Kong needs to watch carefully for any further “spillover” from US regional banks, although the city has very little exposure to the situation in European and US financial institutions, the Hong Kong Monetary Authority said on Friday (Mar 24). The failure of two US banks and aContinue Reading
“FEAR INDEX” DROPS The US and European rally filtered through to Asia, where banks were among the big gainers with tech firms. Hong Kong led the way, riding more than 2 per cent thanks to a bump in lenders HSBC and Standard Chartered as well as e-commerce titans Alibaba andContinue Reading
China is facilitating easier access to subsidies and more control over state-backed research for a handful of its chip companies, the Financial Times reported on Tuesday (Mar 21). Chipmakers such as Semiconductor Manufacturing International (SMIC), Hua Hong Semiconductor and Huawei, as well as equipment suppliers like Naura and Advanced Micro-FabricationContinue Reading
BEIJING: China is launching an annual recruitment of college graduates in large and midsize cities, the official Xinhua news agency said on Sunday (Mar 19), as authorities double down on efforts to meet a more ambitious job creation goal this year. The recruitment drive, hosted by the Ministry of HumanContinue Reading
BEIJING: China will step up financing support for private micro and small enterprises, its central bank said on Wednesday (Mar 15), as the country aims to build on a recovery from COVID-19 disruptions while facing weaker demand abroad and a domestic property downturn. The People’s Bank of China (PBOC) willContinue Reading
Yields on government bonds around the world have tumbled in light of the crisis, and analysts warn the risk of recession has grown. “Global bond markets are suggesting a global economic slowdown, which is not great for Asia,” said John Vail of Nikko Asset Management. Equity markets were well inContinue Reading
HONG KONG: Top Chinese property developer Country Garden Holdings said on Monday (Mar 13) it expected to post its first net loss since listing in 2007 due to a sluggish property market and flagged a worse-than-feared drop in core profit. China’s top homebuilder by sales was the latest in aContinue Reading
The SVB failure raised concerns among venture capitalists and start-ups in China, which viewed the bank as an opportunity to access US capital.Continue Reading
BEIJING: Yi Gang’s surprise re-appointment as China’s central bank governor on Sunday (Mar 12) means a pro-market mind of high international stature will continue to represent the world’s second-largest economy on the global stage. Yi, 65, was widely expected to retire as President Xi Jinping installs close allies in keyContinue Reading
SEOUL: South Korea’s finance minister said on Sunday (Mar 12) the country was closely monitoring any impact from the collapse of Silicon Valley Bank on South Korean markets. Top financial officials met on Sunday to discuss the collapse, the biggest bank failure since the 2008 financial crisis, the finance ministryContinue Reading