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
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 3115 Aug 2012 - 10:51pm
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
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
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 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
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 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
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
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
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
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
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
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
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