The Asian contribution to HSBC’s performance is increasing. In a statement to the Hong Kong stock exchange the bank said that its “pivot to Asia” had driven over 70 per cent of the group’s adjusted profit in the first nine months of this year. ( read original story ...)
Asia helps HSBC post jump in third quarter pretax profit
Hong Kong: HSBC Holdings PLC (HSBA.L) posted a more than five-fold rise in its pretax profit for the third quarter, as the bank expanded its market share in its key business in Asia, and helped by a lower comparative base in the year-ago quarter. ( read original story ...)
HSBC Q3 profits up five-fold to $4.6 bn on booming Asia
Profits at banking giant HSBC leapt five fold in the third quarter to $4.6 billion ... Shares were up 0.7 percent at HK$77.65 ($9.95) in early afternoon trading. Gulliver said the bank had "maintained good momentum in the third quarter", with higher ... ( read original story ...)
HSBC says profits rose in the third quarter as a sweeping corporate overhaul, aimed at winning more business in Asia pays off.
HONG KONG (AP) -- HSBC said Monday that its profit rose in the third quarter as a sweeping corporate overhaul aimed at winning more business in Asia paid off. The London-based global bank said pretax profit rose to $4.6 billion in the July-September period ... ( read original story ...)
Hong Kong slow to go cashless? Blame success of Octopus card, minister says
Hong Kong is lagging behind mainland China in becoming a cashless society because the city’s first such payment option, the contactless Octopus card, was so successful that the city stopped exploring more options, Secretary for Commerce and Economic ... ( read original story ...)
Refusal to establish a start-up board is a competitive setback for Hong Kong
“It’s not really money unless you use it,” as the old Cantonese saying goes. The same can be said about government power and authority. Last week, we witnessed this conundrum in action. Hong Kong’s stock market operator and the regulator have ... ( read original story ...)
Hong Kong stocks trade sideways at mid-morning; property developers pressured
Hong Kong stocks traded little changed at mid-morning on Monday, while mainland Chinese stocks fell for the first time in seven trading sessions. The Hang Seng Index was unchanged at 28,438.45, after trading as much as 0.7 per cent higher at 9.35am. ( read original story ...)
Swap Hong Kong property for Australia: Savills Investment
Hong Kong's sky-high prices and low affordability rank it as one of the riskiest property markets for Savills Investment Management, which is avoiding the city in favour of Japan and Australia. "Hong Kong is highly, highly expensive," Kiran Patel, who ... ( read original story ...)
Hong Kong still the gateway to mainland China for foreign companies, commerce chief says
Foreign companies are still attracted to Hong Kong for its “super connector” role to mainland China even though a lot now go north directly, the city’s commerce minister said. In an interview with the Post, Secretary for Commerce and Economic ... ( read original story ...)
Hong Kong property seen among riskiest at Savills investment
“Hong Kong is highly, highly expensive,” Kiran Patel, who helps manage US$18 billion (RM76.33 billion) as chief investment officer at Savills Investment, said in an interview in Singapore. “Even with the lowest cost of capital, it is hard to justify ... ( read original story ...)
Hong Kong’s Iconic Trading Floor Is Latest to Close for Good
Hong Kong Exchanges & Clearing Ltd. is about to become the newest member of a once unthinkable club: stock exchanges without a trading floor. HKEX will shut its iconic Trading Hall on Friday, 31 years after opening the space in the heart of the city’s ... ( read original story ...)
Hong Kong stocks rally may continue into fourth quarter on stabilising growth in China and global fund inflows
Overseas investors will shift more allocations to the city’s equities and other emerging markets from the United States, where stocks are 50 per cent more expensive than Hong Kong, said Cheng Yu, a fund manager at HSBC Jintrust Fund Management. ( read original story ...)
Hong Kong sharpens fintech focus as a collaborative centre
“The real opportunity is for up and coming players to use the location as a base,” said Henri Arslanian, fintech and regtech leader for PwC in China and Hong Kong. “In the B2B [business to business] fintech and regtech, there’s a lot of appetite in ... ( read original story ...)
Inside Hong Kong’s growing appetite for veganism
Veganism is rapidly growing globally and Hong Kong is no exception, its local advocates claim, as dabbling in or adopting the plant-based lifestyle gains popularity. In the United States, six per cent of the population, or roughly 20 million people ... ( read original story ...)