Investment 

Standard Chartered first quarter profit up 2 per cent as weak markets, lower wealth management activity weigh

Standard Chartered said on Tuesday that its profit rose 2 per cent in the first quarter, as a weak market environment and lower wealth management activity weighed on its results and trading revenue at its closest banking rivals.The bank, one of three lenders authorised to issue Hong Kong’s currency notes, reported a profit of US$818 million in the first quarter, compared with US$803 million in the same period a year ago.In the quarter, Standard Chartered took a previously announced charge of US… Source link

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Investment 

Tesla gets restraining order against short seller for stalking factory, harassing workers

Elon Musk’s war with Tesla short sellers just got weirder.The electric carmaker claims a California man who it says is part of an online group of short sellers has been stalking its Fremont factory and harassing its employees – including dangerously swerving his car towards a Tesla Model 3 that was on a motorway test drive and injuring a Tesla security guard in a hit-and-run on company property.Tesla persuaded a state court judge on Friday to issue a temporary restraining order requiring the… Source link

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Investment 

Tencent Holdings to buy back 10 per cent of shares to shore up stock price

Tencent Holdings, operator of China’s biggest social media and video gaming business, has proposed to buy back 10 per cent of its shares in a bid to shore up its share price.Tencent, which has the biggest weighting of 9.9 per cent on the Hang Seng Index, said in a filing to the Hong Kong stock exchange that the repurchase is subject to shareholder approval during the annual general meeting on May 15.The Shenzhen-based company currently has a total of 9.52 billion shares in circulation.Shares of… Source link

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Investment 

‘Yield is king’: real estate investors ditch New York, LA for second-tier US cities

Finding New York and Los Angeles far too expensive as investment options? Then it’s probably time to head for the less glamorous cities of Salt Lake City, Nashville, and Austin.Real estate experts believe that secondary cities in the United States are becoming more popular with investors looking for better returns, even though they could face higher risks and find it more difficult to re-sell in an economic downturn due to lower liquidity.“The cap rate difference in Charlotte, North Carolina… Source link

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Investment 

Potential white knight waiting in the wings as private sector bond defaulter struggles to restructure debt

China Singyes Solar Technologies Holdings, whose shares fell as much as 72 per cent in Hong Kong last week after a three-month trading suspension, is in talks with at least three potential buyers for its assets. The Zhuhai, Guangdong-based solar farm operator had defaulted on a one-year, US$160 million offshore bond in October and is in danger of defaulting on another two-year, US$260 million offshore bond due next month. China Singyes plunges, highlighting cash flow woes of China’s private companies and solar industry “Since news of our default broke, many…

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Investment 

China’s new securities regulator must implement wide-ranging reforms to revive flagging market fortunes

The new head of China’s securities regulator has the unenviable task of overseeing a stock market that is in dire need of reforms as it struggles to claw its way out of its worst slump in a decade. The role of Yi Huiman, the former chairman of Industrial and Commercial Bank of China, is by no means going to be easy, according to analysts who say that he will need to introduce wide-ranging reforms, such as encourage listings of home-grown hi-tech companies, relax restrictions on derivatives and increase the representation…

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Investment 

Here’s how Chinese stocks have performed during the tenures of various CSRC chiefs

In an unexpected move over the weekend, the State Council named a new chairman of the China Securities Regulatory Commission – its ninth overall – to oversee the world’s third-largest stock market. Yi Huiman, 54, the former chairman of Industrial and Commercial Bank of China, takes over from Liu Shiyu, who was in the post for nearly three years. The most uphill task facing Yi, who rose all the way to the top at ICBC, will be to restore confidence in what was the world’s worst-performing equity market in 2018.…

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Investment 

Chinese developer behind Tuen Mun nano flats comes under severe selling pressure as shares plunge 80pc in Hong Kong

Chinese property developers in Hong Kong came under severe selling pressure, with the shares of two builders sinking by as much as 80 per cent in late trading on Thursday afternoon. Analysts said the stocks may have taken a hit because of banks selling shares used as collateral to borrow money and tightening liquidity conditions on the mainland. Jiayuan International Group, which is behind the T Plus micro flat project in Tuen Mun, plunged 80.9 per cent to HK$2.49 at the close. The mainland-based developer has been under pressure as…

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Investment 

Chinese solar farm operator seeks to resolve bond defaults as end of subsidies casts shadow over industry

China Singyes Solar Technologies Holdings, once the mainland’s leading solar developer, is seeking to resolve bond repayments worth 967 million yuan (US$142 million) it had defaulted on in October. The Hong Kong-listed company, focusing on operating solar farms and building solar curtain walls, had defaulted on 202 million yuan of offshore loans and 765 million yuan of onshores loans at the end of October, it said in a stock exchange filing on Thursday. Chinese solar power stocks plunge as government moves to contain industry size Singyes Solar said it has…

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