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Hong Kong’s monetary chief Norman Chan to retire at the end of his contract in September, sources say

Norman Chan Tak-lam, the chief executive officer of Hong Kong’s de facto central bank, will retire in September upon the expiry of his contract, several sources familiar with the matter told South China Morning Post. Chan, who turns 65 in October, will retire this year, ending his decade-long tenure as the central banker of the city, the sources said. Soon after he became HKMA chief executive in October 2009, he introduced eight rounds of mortgage tightening measures on banks to better… Source link

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Standard Chartered to set aside US$900 million for potential fines in US, UK inquiries

Standard Chartered said on Thursday that it planned to set aside US$900 million in the fourth quarter to cover potential fines for its past conduct after regulators in the United Kingdom indicated they planned to fine the bank.The bank, which is based in London but generates much of its revenue in Asia, has faced scrutiny from regulators over its prior dealings with clients facing US sanctions, paying a US$1.9 billion settlement in 2012.It said on Thursday that the UK’s Financial Conduct… Source link

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JPMorgan estimates bitcoin’s fair value at US$2,400, to the dismay and disagreement of digital currency miners everywhere

Cryptocurrency miners have debated over a recent report by JPMorgan Chase & Co., in which it estimates bitcoin “fair value” at US$2,400, with some arguing that the basis on which the US investment bank cites the lowest production cost miners’ in China as break-even as misplaced.Based on the digital currency’s prevailing price at US$3,900, that would point to a further 38 per cent downside before the market reaches what JPMorgan calls “fair value”, defined by the estimated marginal cost of… Source link

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Chinese stocks flirt close to five-month high – but is a correction coming?

China’s stocks traded near a five-month high as investors weighed the sustainability of this year’s rally that has made the Shanghai benchmark among the world’s best performers. Hong Kong’s equities fell slightly.The Shanghai Composite Index was little changed at 2,762.84 on early Thursday morning trading. The Hang Seng Index dropped 27.72 points, or 0.1 per cent, to 28,486.33.The mainland’s stock benchmark closed at its highest since September on Wednesday, taking its gain to 11 per cent this… Source link

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US Federal Reserve officials remain divided over whether to raise interest rate again

Federal Reserve policymakers see 2019 marking the end of their balance sheet run-off, but not necessarily their interest-rate increases.Minutes of the central bank’s January 29-30 policy meeting released on Wednesday showed “almost all participants” agreeing it best to halt roll-offs this year, a move that should be welcomed by investors worried the balance sheet draw-down is hurting the economy.The news on interest rates was less friendly to financial markets, where some investors think the… Source link

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PC maker Lenovo returns to profit in third quarter on strong performance across business groups

Chinese PC maker Lenovo Group said on Thursday it swung to a net profit in the three months through December, beating market expectations, due to strong performance across its major business groups.Profit for the quarter reached US$233 million, versus a loss of US$289 million in the same period a year earlier when the world’s largest personal computer (PC) maker by shipments took a one-off hit due to US tax reform.The result was ahead of the US$207 million average of 10 analyst estimates… Source link

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China’s embattled HNA looking at dumping Reuters London office at US$130 million discount

HNA Group is in advanced negotiations to sell the former UK headquarters of Thomson Reuters at a sharp discount to the price it paid for the building less than four years ago, according to people with knowledge of the matter.UK investment manager LS Estates, which is seeking to purchase the property on behalf of an Asian client, has proposed a price of about 135 million pounds (US$176 million) for the building at 30 South Colonnade in London’s Canary Wharf district. That’s about 100 million… Source link

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Xiaomi unveils new flagship smartphone, naming Chinese singer as brand ambassador to pump up domestic sales

Xiaomi, the world’s fourth largest smartphone supplier, launched a new medium-to-high-end model on Wednesday, naming an 18 year old Chinese singer and actor as brand ambassador in a move to shore up slipping sales in the hypercompetitive domestic market.The Mi 9, priced from 2,999 yuan (US$444) is the company’s first smartphone to be launched since it turned its budget Redmi line into an independent brand last month, a move that has enabled it to pursue the high-end segment of the smartphone… Source link

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Hong Kong’s Link Reit makes first move into Shenzhen, paying U$$975 million for shopping centre

Link Reit, the largest property investment trust in Asia, on Wednesday announced that it had bought a shopping mall close to a high-speed railway station in Shenzhen for 6.6 billion yuan (US$975 million).The six-storey shopping precinct, called Central Walk and located in the central business district of Futian, is the company’s first acquisition in the city. It is its second in the “Greater Bay Area”, which is destined to be China’s innovation and financial powerhouse, embodying President Xi… Source link

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