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HSBC scraps minimum-balance fee for 3 million Hong Kong customers, other lenders expected to follow suit as they brace for threat from virtual banks

HSBC is to scrap the minimum balance fee that applies to 3 million customers in Hong Kong in a move likely to be followed by other big lenders as they brace for fierce competition from a wave of virtual banks due to come online later in the year.The monthly charge of HK$50 for small depositors with a passbook savings account and other basic accounts with a balance below HK$5,000 (US$640), has long been viewed as a penalty on some of the bank’s most loyal customers. It was introduced 18 years……

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Hong Kong top destination for Chinese IPOs, but new Shanghai tech board poses threat, Baker McKenzie says

Hong Kong is the top destination for Chinese companies seeking to list their shares outside China so far this year, but could face a challenge for initial public offerings from Shanghai’s new technology innovation board, according to a new report by the law firm Baker McKenzie.Thirty-four Chinese companies have raised or are expected to raise more than US$6.8 billion in IPOs in Hong Kong in the first six months of 2019, including new listings by the drug maker Hansoh Pharmaceutical Group and… Source link

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Stocks Blog: Traders face fresh tough tariff threat from Trump

Good morning, traders. Overnight, “Tariff Man” Donald Trump had a lot to say about … you guessed it — tariffs. The US president said his Chinese counterpart– whom he lavish praise on — better show up to talk at the G20 meeting later this month in Japan or he will go through with his latest batch of tariffs on Chinese goods immediately. He said China will make a deal because “they’re going to have to.” We will be watching markets closely for you. Please send any questions you have for…

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China 

Trump’s Huawei ban is a more severe threat to global economy than trade war tariffs, economists say

US President Donald Trump’s ban on Chinese telecoms giant Huawei Technologies, and its implications for 5G development, poses a more serious threat to the global economy than higher tariffs, according to economists.The US-China trade war – which has become white hot in recent weeks after simmering for months – is quickly evolving into a fight over which of the world’s two largest economies will control the future of technology and telecommunications.Last week, the Trump administration… Source link

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Vietnam 

Korean threat actor creates malware to identify connected Bluetooth devices – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  HCM CITY — ScarCruft, a Korean-speaking threat actor, has tested and created new tools and techniques, and extended both the range and volume of information collected from victims. Among other things, the group has created code able to identify connected Bluetooth devices, according to Kaspersky Lab. The group’s attacks begin, like many other ScarCruft advanced persistent threats (APTs), with either spear-phishing or strategic website compromise, also known as ‘watering-hole’ attacks, using an exploit or other tricks to infect certain visitors.  Kaspersky Lab researchers uncovered an interest in stealing data…

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China 

US tariffs threat strikes raw nerve on 20th anniversary of Nato bombing of Chinese Embassy in Serbia

Nationalist sentiment is brewing on Chinese social media after the Office of the US Trade Representative chose Wednesday – the 20th anniversary of the lethal US-led Nato bombing of the Chinese Embassy in Belgrade, Serbia, during the Kosovo War – to announce increased tariffs on US$200 billion worth of Chinese goods.In a tweet on Wednesday, US President Donald Trump reiterated his plan to increase tariffs as his officials planned to meet their Chinese counterparts on a deal to do away with them… Source link

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Global 

Donald Trump is a business ‘killer’ who ‘never plays by the rules’, say Chinese exporters after tariff threat

US President Donald Trump is a business “killer” who “never plays by the rules”, according to China’s manufacturers who have been left reeling by the news that tariffs will be increased from 10 per cent to 25 per cent on US$200 billion of Chinese imports into the United States.Trump issued the threat to increase the tariffs in a tweet on Sunday, changes which were confirmed US trade representative Robert Lighthizer some 24 hours later, with the new rates set to become effective at 12.01am on… Source link

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Wall Street whipsawed by Donald Trump’s surprise threat of additional tariffs on Chinese goods

US financial markets took US President Donald Trump’s threat to more than double the tariffs on Chinese goods in stride, clawing back much of the lost ground that greeted investors at the open of trading on Monday.Trump’s surprise tweet on Sunday that he planned to increase tariffs on US$200 billion of Chinese goods to 25 per cent from 10 per cent sent global markets into a tailspin. Whether by design or not, his tweet just before Chinese trade negotiators were due to arrive in the United… Source link

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China 

Chinese services figures suggest economy was stabilising before Donald Trump’s latest trade war threat

The Chinese service sector remained resilient in April, according to the monthly Caixin/Markit survey released on Monday, a further sign that the Chinese economy was stabilising before Donald Trump’s most recent tariff threat.On Sunday, the US President tweeted that he would raise tariffs on US$200 billion of Chinese imports on Friday because he was disappointed by the lack of progress in talks to end the trade war.If implemented, the tariffs are likely to put further downward pressure on the… Source link

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China 

Donald Trump’s threat to increase China tariffs dashes hopes of keeping yuan exchange rate stable

Hopes that China will meet demands by the United States to include a provision to prevent an unfair devaluation in the yuan’s exchange rate is fading rapidly, according to analysts.A demand from the US to limit the yuan’s depreciation and thus the competitive advantage given to China’s exporters was seen as an acceptable condition for Beijing to end the trade war.That helped drive a 1.46 per cent appreciation in the yuan against the US dollar this year, the second best performer among Asia’s 11… Source link

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