Bank of China (Hong Kong), a unit of the mainland's third-largest lender, posted better than expected earnings for last year despite making higher than forecast provisions for its United States subprime investments.Wednesday, 26 March, 2008, 12:00am
Net profit at Bank of Communications, the mainland's fifth-largest lender, hit only the lower end of market forecasts with a rise of 65.18 per cent last year to 20.27 billion yuan (HK$22.26 billion) from the previous year.
Despite robust fee income gains, the bottom line was below the median estimate of 21.23 billion yuan given by a Thomson Financial survey.20 Mar 2008 - 12:00am
Hong Kong stocks may shed 1,000 points this week as investor confidence is shaken by concerns over the US financial market and the falling greenback.
'This week will be a bear market with the Hang Seng Index probably falling to 21,200, a new low for the year after the 21,757 record low seen on January 22,' said Sun Hung Kai Financial strategist Castor Pang Wai-sun.17 Mar 2008 - 12:00am
Bank of China (Hong Kong), the city's largest mortgage lender in terms of new loans, will increase mortgage rates ahead of an anticipated round of interest rate reductions in the United States next week.
Other local banks are expected to follow the market leader soon, if not immediately.15 Mar 2008 - 12:00am
Property agencies expect another bullish year in Hong Kong despite the subprime mortgage crisis in the United States, fluctuations in the stock market, the mainland's catastrophic snowstorms and measures by the central government to rein in inflation29 Feb 2008 - 12:00am
The credit crunch in the United States has started to take its toll on air traffic.
Last month, international passenger numbers rose 4.3 per cent from January last year, down from 6.7 per cent in December and 7.4 per cent for the full year, according to the International Air Transport Association, which represents 94 per cent of international scheduled flights.27 Feb 2008 - 12:00am
Fitch Ratings yesterday cut its estimate of Hong Kong's economic growth this year to 4.4 per cent from 5.3 per cent due to a host of factors ranging from the subprime mortgage crisis to high oil prices.21 Feb 2008 - 12:00am
Multinational corporations, particularly financial institutions, are facing pressure to review their housing allowances for senior executives as their profits are squeezed by the United States subprime mortgage crisis.13 Feb 2008 - 12:00am
The recent stock market slump will have little impact on the high-end art and jewellery collection markets because mainland and Middle Eastern buyers favour these alternative investments, according to auction house Sotheby's Asia chief executive Kevin Ching Sau-hong.11 Feb 2008 - 12:00am
Bad loans could rise at some Hong Kong banks as the impact of the subprime crisis ripples through the economy and financial markets, but overall, the city's banking system is sound, the Hong Kong Monetary Authority said yesterday.6 Feb 2008 - 12:00am
Although the cost of raising capital has surged since the subprime crisis hit, lenders have not stopped seeking expansion, especially across the border, according to market participants and watchers.2 Feb 2008 - 12:00am
Hong Kong-listed shipping firm Jinhui Holdings has scrapped a US$245.24 million order for two very large ore carriers as borrowing costs surge amid the global credit crunch.
The cancellation would also reduce any future business risk as the credit market remained affected by the subprime mortgage crisis in the United States, the company said.1 Feb 2008 - 12:00am
The Hong Kong Monetary Authority said there was some uncertainty in the outlook for loan demand given the potential spillover from the US subprime crisis and concerns about economic growth, particularly in the United States.25 Jan 2008 - 12:00am
With local lenders responding to Fed cut, prime drops below inflation level of 3.8pc24 Jan 2008 - 12:00am
Americans were not the only ones who awaited anxiously the release of President George W. Bush's US$145 billion stimulus package for the US economy. The rest of the world is wondering whether it is sufficient - and whether it has come in time to prevent the world's biggest economy sliding into a full-blown recession.20 Jan 2008 - 12:00am