Home 

Hong Kong watchdog issues record HK$15.2 million fine to Chinese broker over failure to report money laundering

The Securities and Futures Commission, Hong Kong’s securities watchdog, has fined mainland Chinese state-owned firm Guosen Securities (HK) Brokerage a record HK$15.2 million (US$1.9 million) for failure to report money-laundering activity, it said on Monday.An investigation found the Hong Kong unit of Shenzhen-based Guosen had processed 10,000 third-party deposits amounting to HK$5 billion for more than 3,500 clients during a 14-month period until December 2015.Hong Kong markets watchdog to sue… Source link

Read More
Home 

How much is enough to retire in Hong Kong – HK$19,000 a month sounds about right, survey finds

How much will you need each month to retire in Hong Kong and elsewhere in the Greater Bay Area?Hongkongers think HK$19,000 (US$2,420) is about right. That’s roughly double than what workers in Guangdong and Macau think they need, according to a retirement survey by insurer FWD Hong Kong released on Monday.Workers in the nine municipalities of southern Guangdong Province aim to have 8,700 yuan (US$1,285) per month while those in Macau want MOP11,700 (US$1,452) each month for retirement,… Source link

Read More
Home 

China and Hong Kong stocks climb on record new lending and trade deal outlook

China and Hong Kong stocks rose for the first time in three days after official data showed that new lending by mainland banks surged to a record in January and on optimism that the Asian nation and the US are close to clinching a deal to resolve their trade dispute.The Shanghai Composite Index rose 1.3 per cent, or 33.68 points, to 2,716.06. Hong Kong’s Hang Seng Index added 1.4 per cent, or 378.93 points, to 28,279.77.Traders cheered the news that China’s banks are pumping more money into the… Source link

Read More
Home 

Citi turns to AI for the early work in approval of corporate loans – and chooses Hong Kong for first testing

US banking giant Citigroup has begun tapping artificial intelligence to analyse companies’ financial statements in the approval process for corporate loans – an unusual step because to date AI technology has concentrated on retail consumer loans. Citigroup developed the technology and chose Hong Kong for its first tests. The technology enables computers to scan and read hard copies of clients’ financial statements and automatically calculate indicators such as current ratio and leverage ratio… Source link

Read More
Home 

Britain seems to be setting itself up as ‘another Hong Kong’

The City of London’s “charm offensive in the race for renminbi” has paid off, with London daily trading in renminbi now exceeding that in euro, the Financial Times reported. But this is only half the story, which is also about life after Brexit for Britain, and about the nation’s role in China’s “Belt and Road Initiative”.Some have suggested that post-Brexit Britain could become “another Singapore” by modelling itself on successful island economies. But in reality Britain may be in process of… Source link

Read More
Singapore 

Singapore, Hong Kong and Tokyo among Asia-Pacific’s top cities for millennials to move to, Singapore News

Singapore is the most millennial-friendly city in the Asia-Pacific, with Hong Kong ranking as the third-best place for young people to move to, according to a new study. Research firm ValueChampion analysed a variety of public data and ranked 20 Asia-Pacific cities that were the best fit for millennials based on employment prospects, cost of living and quality of life. After Singapore on the list came Tokyo, Hong Kong, Guangzhou and Melbourne respectively. “Singapore is the best city for millennials seeking to build a career and enjoy a great quality…

Read More
Home 

Hong Kong’s securities watchdog freezes brokerage accounts for suspected involvement in misleading data

Hong Kong’s securities watchdog has frozen an unknown number of client accounts managed by three brokerages which were related to the suspected disclosure of false or misleading financial information by a listed company. The Securities and Futures Commission (SFC) has issued restriction notices that prohibit Changjiang Securities Brokerage, Haitong International Securities Company and Kingston Securities from dealing with assets held in those accounts, it said in a statement on Friday. The brokerages are not the focus of the SFC’s investigation, the SFC said. Their operations and other clients will not…

Read More
Home 

Hong Kong, China stocks fall as dramatic slump in US retail sales hits markets

Hong Kong and China stocks got off to a poor start on Friday after a dramatic fall in US retail sales, and a resurfacing of scepticism over a possible trade deal being reached dragged markets down. The Hang Seng Index, Hong Kong’s benchmark, slumped by more than 300 points within a quarter of an hour of the market opening before clawing back some ground to trade 0.81 per cent, or 230.84 points, lower at 28,201.21. In mainland China the CSI 300, which tracks blue chips listed in Shenzhen and Shanghai,…

Read More
Home 

Hong Kong office space rents to further soften as US-China trade war lingers

Prime office rents in the Central business district are forecast to decline by as much as 7 per cent this year as mainland Chinese companies pare back their expansion plans amid uncertainties ranging from the US-China trade war to cooling domestic economic growth, according to Knight Frank’s latest global outlook report released on Thursday. “There are already signs of market softening since November, the first time in 29 months. An uncertain China-US trade relationship and the mainland’s own market challenges have curtailed demands from some mainland firms for prime office…

Read More
Home 

Encourage Hong Kong employees to raise voluntary MPF contributions with tax incentives, says advisory body

Employees contributing to Hong Kong’s Mandatory Provident Fund should be given tax incentives to encourage them to increase their contributions, according to a report released by the Financial Services Development Council on Thursday. This will help plug the gap between contributions and retirement needs. While employers in the city are entitled to tax deductions on up to 15 per cent of an individual employee’s total pay in a tax year, employees are not offered any such incentives. Only their mandatory contributions are tax deductible. Hong Kong’s compulsory provident scheme makes…

Read More