China stocks slide despite easing boost

China stocks slide despite easing boost

China’s interest rate cut over the weekend after the second Friday in a row for stocks, didn’t help calm nerves and investors had one of most volatile trading sessions ever. (Photo: Xinhua) 

Tuesday, 30 June, 2015, 9:24am

Savers boosting bitcoin demand in China, exchange says

The bitcoin currency logo on an internet website. Photo: AFP

A co-founder of China’s biggest bitcoin exchange on Friday said there were “boundless opportunities” for the digital currency in the country because of the Chinese saving ethic.

15 Nov 2013 - 5:26pm

Britain clinches deal on tax havens

British PM David Cameron will push for an international agreement on tax havens at the G8 meeting. Photo: Reuters

Britain clinched a deal with its major offshore tax havens yesterday that will see 10 British overseas territories and crown dependencies sign up to international protocols on information sharing.

16 Jun 2013 - 6:51am 2 comments

China Investment fund reverses loss to earn 11 per cent on foreign assets

Gao Xiqing. Photo: Bloomberg

China's sovereign wealth fund, China Investment Corp (CIC), says its return on overseas investment was about 11 per cent last year, reversing a loss in 2011, in part due to its diversified investment portfolio.

9 Jun 2013 - 8:46am

Hong Kong Mercantile Exchange fails amid dearth of gold futures trading

Barry Cheung Chun-yuen, HKMEx chairman. Photo: David Wong

The Hong Kong Mercantile Exchange's failure to come up with a viable gold futures business proved to be its undoing as it wilted under competition from more established domestic and international exchanges, market participants say.

20 May 2013 - 4:18am

Hong Kong Mercantile Exchange closes its doors

Barry Cheung

HKMEx chairman Barry Cheung Chun-yuen told the Sunday Morning Post that the decision to surrender the trading licence and not reopen for business tomorrow would have no impact on investors and that client contracts would be honoured.

19 May 2013 - 6:13am 4 comments

Galaxy Securities to expand margin financing business

Galaxy Securities to expand margin financing business

China Galaxy Securities, the nation's seventh-largest brokerage firm by assets, is expanding its margin financing and securities lending businesses to tackle fragmented and low-margin operating conditions at home.

9 May 2013 - 4:39am

With Hong Kong's FringeBacker, achieving big dreams just a click away

Maryann Hwee, founder of FringeBacker. Photo: SCMP

Syrus Kwan Siu-fung flips through his sketchbook, pausing sporadically to name people and places. There is his friend Stephen walking the Tsing Ma Bridge as if it were a tightrope.

7 May 2013 - 11:46am

Australia to invest foreign currency assets of A$1.9b in Chinese bonds

Philip Lowe, the deputy governor of Australia's central bank.

The People's Bank of China (PBOC) has approved an initial quota for the investment, the first time that the Reserve Bank of Australia (RBA) would have invested directly in a sovereign bond market of an Asian country other than Japan, Philip Lowe, the RBA's deputy governor, said yesterday at the Australian Chamber of Commerce in Shanghai.

25 Apr 2013 - 5:37am

Beijing is key to city's fund success

Mainland funds may in future be sold in Hong Kong if an agreement is reached, giving the local industry a massive shot in the arm. Photo: Robert Ng

Proposals designed to make Hong Kong a "world fund factory" have won industry backing, but fund managers say that persuading Beijing to allow local funds to be sold to mainland investors remains the key.

18 Apr 2013 - 5:33am 1 comment

Cyprus gold sale sparks sell-off of metal, in what could be tipping point for bullion

Pedestrians pass a sign offering to buy gold outside a pawnbroker's store. Photo: Bloomberg

The price of gold fell to its lowest level in more than 18 months amid fears that sales of the precious metal forced on Cyprus by its desperate financial plight would lead to wholesale dumping by hard-pressed countries in the coming months.

14 Apr 2013 - 7:46am 1 comment

CIC president cautious but warming to US

Gao Xiqing, vice chairman, president and chief investment officer of China Investment Corp. Photo: Bloomberg

China's US$500 billion sovereign wealth fund is more optimistic about the United States economy than those of Europe and Japan, although it is generally cautious about the outlook for major economies.

7 Mar 2013 - 6:17am

Labour blasts George Osborne over Britain's loss of AAA credit rating

London's financial district. Moody's stripped Britain of its coveted AAA credit rating.

In a rebuff to London's hopes that sharp spending cuts would both gradually eliminate the deficit and give growth a boost, Moody's rating agency cut Britain's grade by one notch to Aa1.

24 Feb 2013 - 5:35am

Rise in reports of dirty money causes alarm

Jerry Chang, managing director of Barons & Co. Photo: Edward Wong

The increase was revealed as the new leaders in Beijing try to make good on their anti-corruption pledges and international banks and financial institutions attempt to restore public faith after a string of dirty-money scandals.

17 Feb 2013 - 5:22am

London and Hong Kong set to ignore EU money-laundering rules

The UK government has made it plain that it will not charge the EU financial transactions tax on deals done in London. Photo: Reuters

The European Union proposed a tax on financial transactions that could be collected worldwide as soon as next year by the 11 countries that have so far signed up to participate. To escape the proposed tax entirely, firms in other countries would have to cease financial services business with the 11 countries involved.

17 Feb 2013 - 1:59am 1 comment