Money 

Taiwan tech firms set to join exodus from China amid trade war, says Citibank research

A 25 per cent tariff will largely wipe out cost advantages of Taiwanese tech firms on the mainland, accelerating their exodus from China and lead to as many three million job losses, a Citibank study predicted on Thursday.“Taiwan firms’ exports account for at least 10 per cent of total Chinese exports, and 37 Taiwanese firms operating in China are in the top 100 exporters’ list to US,” the report said, adding that because of rapidly rising wages and other costs, labour intensive industries have… Source link

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Property 

Half of Hongkongers think property prices will rise in next 12 months, Citibank survey finds

About half of Hongkongers think the city’s property prices will rise in the next 12 months, according to the quarterly Hong Kong Residential Property Ownership Survey, conducted on behalf of Citibank by the University of Hong Kong’s Social Sciences Research Centre. In comparison, only 18 per cent expected a price increase in the last quarter of 2018.The survey, released on Monday, also found the number of respondents who felt it was a “bad and terrible” time to buy a home in the city fell by 10… Source link

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Home 

Citibank thinks Hong Kong stocks can claw their way back from painful slide. Here’s how

After a bloodbath in 2018, the Hong Kong stock market just got bullish vote of confidence – Citibank is forecasting the Hang Seng Index will rebound to 30,000 by the end of the year. That would be a nearly 20 per cent rise from its close at 25,130 on Wednesday. The Hang Seng lost nearly 14 per cent last year, weighed down by the US-China trade war as well as the China’s economic slowdown. It went into a bear market – defined as drop of 20 per cent from a…

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From Citibank to Standard Chartered, rattled global banks curb China travel after UBS executive is barred from exiting

Several global banks including Citigroup and Standard Chartered have asked their private banking staff to postpone or reconsider travel to China after authorities there prevented a UBS banker from leaving the country, sources said. BNP Paribas and JPMorgan also asked their private banking employees to reconsider their China travel plans after the authorities’ action against the UBS banker, two people said. The Singapore-based UBS banker, who is a client relationship manager in the Swiss bank’s wealth management unit, still has her passport, but was last week asked to delay her…

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