Finance

Lenders scramble for non-resident yuan accounts

Hong Kong lenders are getting ready to battle it out for non-residents who want to open yuan bank accounts in the city.

Non-residents were allowed to open yuan accounts from yesterday.

Wednesday, 15 August, 2012, 10:54pm

Bank gets stuck with drug-money buck

HSBC's top executives apologised yesterday for 'shameful' mistakes made concerning the bank's lax anti-money laundering controls. The bank set aside US$700 million for fines and other regulatory costs in the US.

SCMP, July 31

15 Aug 2012 - 10:51pm

StanChart extends profit-growth run

Standard Chartered Bank will continue to invest and hire in the second half of this year, after posting record first-half profits for the 10th consecutive year.

Net profit rose 12 per cent to US$2.8 billion compared with the same period last year, boosted by growth across all regions except India, where non-performing loans jumped 2.5 times to US$649 million.

15 Aug 2012 - 10:51pm

Regulator calls for share buy-back

The mainland's securities regulator is encouraging listed companies to buy back and cancel some of their shares, the latest effort to boost stock prices and bolster investor confidence.

15 Aug 2012 - 10:51pm

Beijing pushes for key projects in infrastructure

In the face of a global economic slowdown, Premier Wen Jiabao has called for the launch of major infrastructure projects to draw private investment.

15 Aug 2012 - 10:46pm

Beijing may bring steel tax breaks back to life

Beijing is mulling moves to revive an old policy exempting high-end steel sold to manufacturers of export products from a 17 per cent value-added tax, in an effort to help the steel industry reeling from widespread losses.

15 Aug 2012 - 10:47pm

Mainland agency aims to boost its global rating

A mainland credit ratings agency wants to break into the global market by rating yuan-denominated bond issuers in Hong Kong.

15 Aug 2012 - 10:47pm

There's no shame in changing your mind

There may be people with higher IQs than John Maynard Keynes but when it comes to human affairs, I doubt there has been a greater thinker in recent memory than the great economist, probability theorist and philosopher.

4 Sep 2012 - 10:58am

Streamlined HSBC ready to hire again

HSBC Asia Pacific is close to completing planned staff reductions as well as the sale of non-core businesses and now plans to hire new employees in some areas, chief executive Peter Wong Tung-shun said.

15 Aug 2012 - 10:43pm

Loans system revamp boosted amid lack of trust

The central government's plan to expand a planned revamp of the national financial loans system is a reflection of authorities seeking to combat rising moral degradation.

Analysts say the move also suggests that the government recognises that the public is becoming increasingly distrustful amid widespread corruption, negligence of duty and other malpractice among officials.

31 Jul 2012 - 12:00am

HSBC can't avoid Senate's rocket-propelled grenade

Banks operating in the more exciting parts of the world have always faced big risks.

Just consider the old British Bank of the Middle East (BBME). On January 20, 1976, during a lull in Lebanon's bitter civil war, a military unit surrounded the BBME's Bab Idriss branch in Beirut, favourite depository of the city's wealthy elite.

31 Jul 2012 - 12:00am

Not ready to retire yet

A survey by a Mandatory Provident Fund provider shows that Hongkongers' readiness for retirement has dropped this year compared with 2010.

The retirement survey, designed by Fidelity Worldwide Investment, shows the Retirement Readiness Index of Hongkongers this year has slipped and expectations and attitudes towards retirement are not realistic enough.

31 Jul 2012 - 12:00am

Are diamonds the new best friend of investors?

What can you do with HK$2 million to defy inflation? Buying funds, bonds, equities, properties and gold are some of the usual options for Asian investors.

But now a private Singapore-based diamond broker is encouraging investors to include the sparkling gems in their portfolio.

30 Jul 2012 - 12:00am

Private deals cornering theIPO market

In bearish markets, more often than not, the trick to getting a big or small company listed on the stock market is quietly finding a group of investors with a healthy appetite - before the shares go on sale to the public.

30 Jul 2012 - 12:00am

Mainland tycoon faces insider trading inquiry in US

Billionaire Zhang Zhirong is at the centre of a probe involving China's biggest overseas acquisition.

A company controlled by the 43-year-old mainland-born entrepreneur who founded Hong Kong-listed shipbuilder China Rongsheng Heavy Industries is the subject of an insider-trading complaint filed by the US Securities and Exchange Commission.

30 Jul 2012 - 12:00am