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American executives’ confidence about growth in next three years cuts a stark contrast with global outlook, KPMG survey shows

American executives are most optimistic about the prospects of economic growth over the next three years, drawing a stark contrast with corporate chieftains in 10 other countries, according to KPMG’s survey.A poll of 1,300 chief executives in 11 of the world’s largest economies showed that 87 per cent of US executives were either “confident” or “very confident” about the prospects of economic growth in the next three years, an improvement from 52 per cent last year.The rising confidence of… Source link

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Rising uncertainty over trade war could weigh on bottom lines at Hong Kong’s banks, KPMG says

Rising interest rates helped boost Hong Kong banks as the city’s economy slowed last year, but heightened uncertainty from an escalating trade war between the United States and China could weigh on their performance in 2019, according to KPMG.Operating profit before impairments at the city’s licensed banks rose 15 per cent to HK$268 billion (US$34 billion) last year, from HK$234 billion in 2017, the accounting giant said. Total revenue at Hong Kong’s lenders increased 11.2 per cent to HK$445… Source link

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China’s electric car makers face ‘critical’ maturity period over the next two years, KPMG says

The next two years will be “critical” for China’s new energy vehicle (EV) makers as the industry matures and Beijing slashes subsidies that have encouraged consumers to adopt the technology, a KPMG executive said on Wednesday.Philip Ng, head of technology at KPMG China, said that consolidation is likely in the industry in the next 18 months to two years, particularly as EV makers face tighter capital markets and challenges to build consumer trust in the world’s largest car market.“All of those … Source link

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KPMG launches law firm in Hong Kong, unveils plans for another in Shanghai

Accounting and consulting firm KPMG has launched an affiliated law firm in Hong Kong and has plans to debut another in Shanghai at the end of this year to meet increasing client demand for legal services, according to its senior executives. The law firm, SF Lawyers, is located three floors above KPMG’s office at the Prince’s Building in Central, and is headed by lawyer and accountant Shirley Fu. She will lead a team of 20 lawyers. The Shanghai firm will have a team of 22 lawyers when it launches later…

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Hong Kong IPOs to raise HK$100 billion less in 2019, but city will remain top listings destination, says KPMG

Fundraising through initial public offerings in Hong Kong is expected to decline by HK$100 billion (US$12.8 billion) in 2019 amid market uncertainties, according to professional services company KPMG. At HK$300 billion, such fundraising hit an eight-year high in 2018. The special administrative region is expected to retain its position as the world’s largest IPO market in terms of funds raised next year, even if it only raises HK$200 billion from 200 listings in 2019, a third below this year because of smaller flotation sizes, according to the accounting giant. Six…

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Technology push could open Hong Kong banks to more cyberattacks in 2019, KPMG says

The advent of virtual banking and the increased use of emerging technology could open Hong Kong’s banks to more risks of cyberattacks in the coming year, according to KPMG. In a new report, the accounting and consulting firm said that it expects to see more cyberattacks and breach attempts in 2019 as traditional banks increasingly adopt new technology to remain competitive with new financial providers and as hackers and online criminals become more sophisticated. The report came just days after HSBC was forced to tighten security around its PayMe e-wallet…

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Nine in 10 Chinese consumers are ready to share data for better services, according to KPMG poll

Nine out of 10 consumers in mainland China are willing to share personal data in return for a better experience and personalised services, according to a survey conducted by global professional services company KPMG. The number was much higher than the global average of 12 per cent. The company surveyed 25,000 consumers online and conducted interviews in the United Kingdom, the United States, Brazil, the United Arab Emirates, France, Canada, China and India. Only 6 per cent of respondents in the UK said they were willing to share their data,…

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Venture capital investment in China’s electric car market accelerates, says KPMG

New energy vehicle and automotive ancillary service projects have attracted heavy venture capital (VC) investment into China over the past six months, bolstering valuations of some automotive start-ups into unicorn status, or a private company valued at over US$1 billion, according to a new KPMG report. In notable deals highlighted, US$596 million was raised by Guangzhou-based Xpeng in a series-B funding round, led by Primavera Capital, Morningside Venture Capital and others, creating a new unicorn out of a company merely four years old. Clock’s ticking for China’s emerging electric car…

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For Hong Kong-listed firms, environment and governance disclosure is ‘box-ticking’ exercise: KPMG

Listed firms should see value in the Hong Kong stock exchange’s mandatory disclosure on environment, social and governance (ESG) issues and stop treating it as a “box-ticking” exercise, according to KPMG which verifies and advises on such reports. Many only disclose historical figures and do not provide targets on key performance indicators such as carbon emission reduction, as well as an analysis on what the numbers mean for their operational risks, cost savings and business opportunities. “Like financial statements, if you only give the numbers without explaining the details, the…

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