https://www.scmp.com/rss/131548/feed Donald Gasper is a Hong Kong-based analyst and commentator. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Last month, when one might have thought there were more urgent matters to attend to back home, the Trump administration announced with great fanfare a series of steps to increase its presence in Greenland. The Americans are reopening a consulate in the capital, Nuuk, and offering US$12 million in aid. These steps, widely criticised by the public in Greenland, come just eight months after the US president cancelled a visit to Copenhagen in a huff when his offer to buy the vast island territory... https://www.scmp.com/comment/opinion/article/3083938/us-tactics-deny-china-role-arctic-are-welcomed-no-one-itself?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3083938/us-tactics-deny-china-role-arctic-are-welcomed-no-one-itself?utm_source=rss_feed Tue, 12 May 2020 19:00:10 +0000 A black swan is an unpredictable event, beyond what is normally expected of a situation and with potentially severe consequences. Such events are characterised by their extreme rarity and severe impact. The term was popularised by the 2007 book, The Black Swan: The Impact of the Highly Improbable, by former options trader Nassim Nicholas Taleb. As if the coronavirus crisis was not enough, this month, another black swan hit “black gold” – a reference which reflects the high value of petroleum –... https://www.scmp.com/comment/opinion/article/3077302/oil-industry-nears-collapse-saudi-arabia-may-have-no-option-blink?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3077302/oil-industry-nears-collapse-saudi-arabia-may-have-no-option-blink?utm_source=rss_feed Sun, 29 Mar 2020 17:00:16 +0000 Two weeks ago, Russia and China took a major step away from the use of the American dollar in agreeing to develop bilateral trade using the Russian rouble and the Chinese yuan. “Russia and China intend to develop the practice of settlements in national currencies,” said President Vladimir Putin after meeting President Xi Jinping in St Petersburg. He added that both countries had signed agreements to expand the use of their currencies in bilateral financial operations. This move is long awaited... https://www.scmp.com/comment/opinion/article/3014258/pain-tariffs-and-sanctions-behind-china-and-russias-push-dethrone?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3014258/pain-tariffs-and-sanctions-behind-china-and-russias-push-dethrone?utm_source=rss_feed Sat, 15 Jun 2019 19:00:04 +0000 There is growing resentment with the way the United States uses the privileged status of its currency within the international financial system as an instrument of its national policies. The latest expression of this came on February 1, when Germany, France and Britain launched an EU-backed payments system to help businesses circumvent unilateral US sanctions against Iran. Named the Instrument for Supporting Trade Exchanges, it is designed to act as a kind of euro-denominated clearing house for... https://www.scmp.com/business/article/2186536/world-slowly-drifting-away-us-dollar-reserve-currency?utm_source=rss_feed https://www.scmp.com/business/article/2186536/world-slowly-drifting-away-us-dollar-reserve-currency?utm_source=rss_feed Sun, 17 Feb 2019 10:52:15 +0000 Ho Man Tin has often been described as Hong Kong’s Beverly Hills because of its celebrity residents, and, like nearby To Kwa Wan, it differs from better-known luxury areas such as The Peak and Repulse Bay in terms of whom it primarily attracts. Robust first-hand sales of projects at developments including Cristallo, 8 LaSalle, Paxton and Kadooria are evidence of a strong demand, boosted by the opening of Ho Man Tin MTR station in October 2016. “Ho Man Tin and To Kwa Wan enter the picture when a... https://www.scmp.com/special-reports/special-reports/topics/luxehomes-annual/article/2173884/beating-heart-picks-pace?utm_source=rss_feed https://www.scmp.com/special-reports/special-reports/topics/luxehomes-annual/article/2173884/beating-heart-picks-pace?utm_source=rss_feed Fri, 23 Nov 2018 02:00:00 +0000 In a major breakthrough this summer, the first shipment of liquefied natural gas was made from the Russian port of Sabetta, home to the Yamal LNG project in the Russian Arctic, to the Chinese port of Rudong in Jiangsu. Two LNG tankers, the Vladimir Rusanov and the Eduard Toll, with a cargo capacity of over 172,000 cubic metres each, sailed without any icebreaker escort through the Northern Sea Route, which China is calling the Polar Silk Road, in just 19 days, compared to the 35 days that it... https://www.scmp.com/comment/insight-opinion/asia/article/2163719/china-and-russia-want-develop-arctic-energy-resources?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/asia/article/2163719/china-and-russia-want-develop-arctic-energy-resources?utm_source=rss_feed Tue, 11 Sep 2018 21:00:45 +0000 The threat of a global trade war is at the top of the agenda of the summit of the five BRICS nations that opened in Johannesburg on Wednesday as tensions escalate over tariffs and trade and a surge in unilateralism and protectionism led by the United States. The acronym BRIC was first suggested in 2001 by former chairman of Goldman Sachs Asset Management Jim O’Neill as a way to group together Brazil, Russia, India and China, nations at a similar stage of development that in his view promised to... https://www.scmp.com/comment/insight-opinion/united-states/article/2156842/can-brics-form-wall-counter-damaging-effects?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/united-states/article/2156842/can-brics-form-wall-counter-damaging-effects?utm_source=rss_feed Thu, 26 Jul 2018 03:30:15 +0000 Although President Donald Trump appears for the moment to have suspended US threats to launch a trade war with Beijing, the dark clouds of protectionism continue to linger, putting a damper on the development of free trade in Asia and many other parts of the world. There are reports, however, of possible new initiatives to strengthen trade and economic links between China and the countries of the ancient Silk Road. Such moves could help to offset negative trends elsewhere and could prove to be a... https://www.scmp.com/comment/insight-opinion/article/2147129/how-chinas-belt-and-road-initiative-can-extend-its-reach?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2147129/how-chinas-belt-and-road-initiative-can-extend-its-reach?utm_source=rss_feed Tue, 22 May 2018 04:15:30 +0000 Lantau’s attractive but affordable lifestyle has increased its appeal. On the big island, South Lantau has attracted many investors and end users keen on luxury developments. “South Lantau is a hidden gem,” says Kelly Merrick of Home Solutions real estate agency, which serves South Lantau and Tung Chung. “Lantau is still quite affordable. Every year, more amenities are added. We have a great choice in schools and numerous community activities.” Alice Leung of Findley Leung, another local... https://www.scmp.com/special-reports/business/topics/hong-kong-hidden-gems/article/2122201/lantaus-affordable-hidden?utm_source=rss_feed https://www.scmp.com/special-reports/business/topics/hong-kong-hidden-gems/article/2122201/lantaus-affordable-hidden?utm_source=rss_feed Fri, 01 Dec 2017 02:19:05 +0000 Spanking new buildings have transformed parts of the northwestern New Territories from rural to urban. But the laid-back lifestyle still makes the area a haven for those fleeing the hustle and bustle of Hong Kong Island. Kingswood Villas in Tin Shui Wai was one of the first luxury properties in the area. “The development of Kingswood Villas thoroughly changed the face of an otherwise unknown rural area,” says Charlie Xue of City University’s department of architecture and civil... https://www.scmp.com/special-reports/business/topics/luxehomes-2017-annual-edition/article/2122200/new-territories-north?utm_source=rss_feed https://www.scmp.com/special-reports/business/topics/luxehomes-2017-annual-edition/article/2122200/new-territories-north?utm_source=rss_feed Fri, 01 Dec 2017 02:01:12 +0000 The recent visit to Hong Kong by Russian Deputy Prime Minister Arkadiy Dvorkovich indicates that relations with Moscow are about to enter a new stage. “We are committed to expanding and advancing co-operation between Hong Kong and Russia in every sphere,” Dvorkovich told the Asian Financial Forum, noting that contact between the heads of various agencies and business communities had become increasingly regular. Cultural ties have also gained momentum, with concerts, exhibitions and other events... https://www.scmp.com/comment/insight-opinion/article/1908856/why-hong-kong-investors-may-find-russia-newly-attractive?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1908856/why-hong-kong-investors-may-find-russia-newly-attractive?utm_source=rss_feed Wed, 03 Feb 2016 05:59:05 +0000 The International Monetary Fund board meeting on November 30 may go down in history as helping to usher in a new world financial order. As widely expected, the meeting approved the inclusion of China’s currency, the renminbi, into the basket of currencies used to calculate the fund’s special drawing rights (SDR). The renminbi’s inclusion in the currency basket will be moderately advantageous to China and a feather in its cap Behind the scenes, a vicious rearguard struggle had been waged by those... https://www.scmp.com/comment/insight-opinion/article/1885439/following-imfs-nod-renminbi-its-beijing-decide-when-lift-all?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1885439/following-imfs-nod-renminbi-its-beijing-decide-when-lift-all?utm_source=rss_feed Tue, 01 Dec 2015 06:08:12 +0000 After a long and bloody war that left few countries untouched, the defeat of the Axis powers 70 years ago was undoubtedly the key event that shaped our modern world. It was made possible by a coalition of countries that, while they might have had differences on many issues, shared a belief in the importance of uniting to save human civilisation from the threat of barbarism. The Russian Federation and China, two members of that wartime coalition, have announced that to mark the anniversary, they... https://www.scmp.com/comment/insight-opinion/article/1755446/second-world-war-remembrance-gives-nations-chance-renew?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1755446/second-world-war-remembrance-gives-nations-chance-renew?utm_source=rss_feed Sun, 05 Apr 2015 19:00:27 +0000 It's official: the initial public offering last week of Alibaba Group now ranks as the world's largest IPO, having raised US$25 billion. This came about after the company, now one of the biggest publicly traded technology firms in the world, agreed to sell an additional 48 million shares by exercising the so-called "green shoe" overallotment option. This really marks a significant milestone, not just for Alibaba but for Chinese businesses in general and for e-commerce worldwide. Unfortunately,... https://www.scmp.com/comment/opinion/article/1600997/jack-ma-rewriting-rules-capitalism?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/1600997/jack-ma-rewriting-rules-capitalism?utm_source=rss_feed Sat, 27 Sep 2014 22:03:12 +0000 Last month, the US Department of Justice launched a highly publicised indictment against five employees of the People's Liberation Army, accusing them of cyberhacking to steal US commercial secrets. This came - was it merely coincidence? - just after the exposure by former US intelligence contractor Edward Snowden of further details of massive spying activities by American intelligence agencies, involving targets on several continents. The US allegations have been vigorously rejected by the... https://www.scmp.com/comment/insight-opinion/article/1531716/us-charges-pla-hacking-likely-hurt-rather-protect-american?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1531716/us-charges-pla-hacking-likely-hurt-rather-protect-american?utm_source=rss_feed Sun, 15 Jun 2014 19:03:07 +0000 Britain's Chancellor of the Exchequer George Osborne blundered when he claimed recently that 160 million Chinese watched the popular British period television drama Downton Abbey. But the minister, on a trade mission to China with London Mayor Boris Johnson, was right to say the perception of China as simply a "sweatshop" was outdated: "This is a country that is right at the forefront of medicine and hi-tech and computing and hi-tech engineering and all of that. It is a very rapidly changing... https://www.scmp.com/comment/insight-opinion/article/1339793/londons-belated-courting-chinese-banks-will-pay?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1339793/londons-belated-courting-chinese-banks-will-pay?utm_source=rss_feed Sun, 27 Oct 2013 19:26:44 +0000 The opening in Hong Kong last week of Universal Credit Rating Group, a new ratings agency with Chinese, Russian and US partners, comes at a time when confidence in the dominant US-based agencies is at a low point. Ratings agencies play an essential role in today's globalised financial sector. Their primary function is to assess what is safe to buy and what is not. Their researchers analyse anybody or anything that borrows money, whether that is a mortgage borrower, a company, a city or a... https://www.scmp.com/comment/insight-opinion/article/1272519/new-credit-rating-agency-will-bring-needed-competition?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1272519/new-credit-rating-agency-will-bring-needed-competition?utm_source=rss_feed Sun, 30 Jun 2013 16:00:00 +0000 David Held, the well-known British academic, gave a lecture in Hong Kong last week, titled "Gridlock: Why global co-operation is failing when we need it most". Held pointed out that radical reforms of institutions tend to come in the wake of wars, as was the case after the second world war with the creation of the United Nations and the Bretton Woods financial architecture - the International Monetary Fund, the World Bank and the General Agreement on Tariffs and Trade, the predecessor of today's... https://www.scmp.com/comment/insight-opinion/article/1200366/can-brics-break-through-global-gridlock?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1200366/can-brics-break-through-global-gridlock?utm_source=rss_feed Tue, 26 Mar 2013 16:00:00 +0000 Britain's Financial Services Authority has this week tightened its controls on overseas banks seeking to take deposits in London. Instead of allowing them to open branches, the watchdog is trying to pressure them to set up subsidiaries that are locally regulated but have their own access to capital and cash. However, this move, in co-ordination with similar measures by the US Federal Reserve, could backfire for the British capital's highly vaunted status as an international financial centre. A... https://www.scmp.com/comment/insight-opinion/article/1103051/loss-chinese-banks-will-dent-londons-ambitions?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1103051/loss-chinese-banks-will-dent-londons-ambitions?utm_source=rss_feed Tue, 11 Dec 2012 16:00:00 +0000 Laos hosted the 9th Asia-Europe Meeting in its capital, Vientiane, this week, and many will see this as a coming-out party for the Southeast Asian nation, which is about to become the newest member of the World Trade Organisation. When, on October 26, the WTO invited Laos to become a member it was the culmination of 15 years of negotiations. The country's lawmakers are now expected to accept the invitation when they meet next month, making it the final member of the Association of Southeast... https://www.scmp.com/comment/insight-opinion/article/1077190/laos-russia-join-wto-path-growth?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1077190/laos-russia-join-wto-path-growth?utm_source=rss_feed Wed, 07 Nov 2012 16:00:00 +0000 The Asia-Pacific Economic Co-operation grouping was once described by former Australian premier Paul Keating as "a talk shop of debatable output". With the latest Apec summit opening in the Russian city of Vladivostok this month, we will soon be able to judge whether the gathering is more than just a photo opportunity for leaders to pose in gaudy outfits. Apec was set up to promote economic growth in the region. In its 1994 Bogor Declaration, its leaders stated as their target free and open... https://www.scmp.com/comment/insight-opinion/article/1027176/russias-far-east-should-be-apecs-agenda?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1027176/russias-far-east-should-be-apecs-agenda?utm_source=rss_feed Fri, 31 Aug 2012 16:00:00 +0000 Things are changing in the world. BRICS member states are exerting growing influence on most major global issues, including recovery of the world economy in the post-crisis period, reform of international financial institutions and ensuring food and energy security. So it should be no surprise that top-level business forums, like the World Economic Forum in Davos, are no longer the monopoly of the West. To further upgrade integration in global economic affairs and increase their role in... https://www.scmp.com/article/1004650/emerging-economies-move-big-boys?utm_source=rss_feed https://www.scmp.com/article/1004650/emerging-economies-move-big-boys?utm_source=rss_feed Thu, 21 Jun 2012 16:00:00 +0000