Global economy

The nature of surging sales in luxury goods

Higher luxury-goods sales could indicate a brighter economic future for a country. Photo: Bloomberg

Despite the global economic crisis, sales of luxury goods are surging worldwide. Why? While marketing has contributed to the rise, the market's robust growth is actually rooted in biology.

Friday, 19 October, 2012, 2:12am 1 comment

Global slowdown erodes profits at technology firms

The global economic slowdown is prompting companies to curtail technology spending and pushing consumers to favour mobile devices such as Apple's iPhone over personal computers, eroding profitability at Intel and trimming sales for International Business Machines.

18 Oct 2012 - 4:47am

Economic woes dampen Canton Fair opening

A buyer talks to a washing machine exhibitor at the Canton Fair yesterday. Activity was down due to global economic problems and a China-Japan territorial row. Photo: Xinhua

It was a hot late-summer day in Guangzhou yesterday but some traders might have felt the chill from the global economy on the opening day of the Canton Fair.

Some domestic exporters are worried that a possible drop in the number of buyers this year will add to the difficulties in an already hard year, particularly as demand from Europe refuses to pick up.

16 Oct 2012 - 4:03am

Tired ideas won't save ailing Western economies

Tired ideas won't save ailing Western economies

Over the past 20 years, nearly everyone seems to have become an economics expert. Discussions about complex economic theories, once reserved for dusty lecture halls in elite universities, are now heard all over Hong Kong. The bars in Central echo with arguments about growth rates, deflationary spirals and cures for unemployment.

15 Oct 2012 - 1:53am 3 comments

China's 9.9pc export growth eases fears of sharper global downturn

Photo: AFP

China's exports grew more than expected in September, temporarily easing worries of a sharper downturn in the global economy, though analysts warned the pickup might not be sustainable.

8 May 2015 - 9:46am

Amid global gloom, cities can spark growth

This week, the International Monetary Fund and the World Bank are holding their Annual Meetings in Tokyo. The mood has already been set by the downgrading of growth forecasts.

13 Oct 2012 - 5:15am

China sets up new department to flex economic muscles for global goals

Chinese Foreign Minister Yang Jiechi. Photo: Xinhua

The Foreign Ministry has set up a new agency to manage "economic diplomacy" in yet another sign that China intends to continue flexing its economic muscle to pursue its international goals.

8 May 2015 - 9:46am

IMF and World Bank leaders lack imagination

Pedestrians pass posters for the IMF annual meeting in Tokyo. Little hope is held for a quick fix for economic ills. Photo: Bloomberg

Memo to International Monetary Fund ministers: is your journey to Japan really necessary?

10 Oct 2012 - 3:39am

HSBC lays off middle managers at Hong Kong investment banking unit

HSBC Bank branch. Photo: Reuters

HSBC quietly laid off a number of investment bankers in Hong Kong yesterday, as Europe's biggest lender by assets continues to trim non-traditional banking businesses hit by weak demand.

9 Oct 2012 - 8:55am

World economy can't afford China-Japan dispute, says Lagarde

IMF boss Christine Lagarde

International Monetary Fund chief Christine Lagarde has warned China and Japan that the shaky global economy could not afford to have the two nations embroiled in a territorial dispute after Chinese banks withdrew from the fund's annual meeting in Tokyo.

4 Oct 2012 - 4:33am 1 comment

Health and economic fallout from climate change is already here, study says

A Sichuan man digs for lotus roots in a dried-up pond. Photo: Reuters

Climate change is already contributing to the deaths of nearly 400,000 people a year and costing the world more than US$1.2 trillion (HK$9.3 trillion), wiping 1.6 per cent annually from global GDP, according to a new study.

30 Sep 2012 - 1:43am

Taking banking to the people

The 2008 financial crisis highlighted the importance of finance for the globalised economy. But 2.5 billion people worldwide still lack access to formal banking services, credit facilities or savings instruments. Bringing this largely ignored "missing market" into the formal financial system would enrich and strengthen the global economy.

27 Sep 2012 - 2:36am

Forecasts throw doubts over global prospects: official

Prospects for the global economy remain uncertain in the face of lower growth forecasts, a senior mainland transport official said yesterday.

21 Sep 2012 - 2:46am

Why global saving patterns differ

Ever since the integration of emerging markets into the global economy began in the early 1990s, three striking trends have emerged: a divergence in private savings rates between the industrialised core and the emerging periphery (the former experiencing a steady decline, and the latter a sharp rise); large global imbalances between the two regions; and a drop in interest rates worldwide.

17 Sep 2012 - 1:29am