https://www.scmp.com/rss/324052/feed Ryan Swift is a former senior business reporter for the Post focused on wealth management, green business, the shipping industry and the gaming industry. He was chief editor of The Peak and Asia-Pacific Boating magazines. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com A survey of 140 companies in Hong Kong found that just 15 per cent had cut base salaries for executives, and 11 per cent had put in place unpaid leave to cut employment costs, according to Comptify Analytics, which compiled the data for a report in April. The report, Executive Pay and Cost Containment Measures for Covid-19 in Hong Kong, was released on April 23. The authors said that of the Hong Kong-based executives taking a pay cut, 70 per cent were getting a cut of between 20 per cent to 30... https://www.scmp.com/business/companies/article/3081590/executive-pay-so-far-rarely-chopping-block-even-hong-kong-reels?utm_source=rss_feed https://www.scmp.com/business/companies/article/3081590/executive-pay-so-far-rarely-chopping-block-even-hong-kong-reels?utm_source=rss_feed Mon, 27 Apr 2020 02:00:05 +0000 The battle for market share in Asia’s meatless meat sector is heating up, even amid an economic slowdown driven by Covid-19 lockdowns, which have badly affected the restaurant industry. Industry participants agreed that public concern over health and food safety in the wake of the pandemic will boost the long-term fortunes of alternative protein makers such as Impossible Foods and Beyond Meat, the two best-known manufacturers. The pandemic, along with the African swine fever, which decimated... https://www.scmp.com/business/money/markets-investing/article/3081421/impossible-foods-beyond-meat-eye-bigger-cut-covid?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/3081421/impossible-foods-beyond-meat-eye-bigger-cut-covid?utm_source=rss_feed Sun, 26 Apr 2020 08:00:11 +0000 Some of the world’s biggest pension funds are preparing to plough more money into logistics assets in South Korea, seeing them as winners, as the coronavirus pandemic spurs the next wave of e-commerce transactions. The Canada Pension Plan Investment Board, Dutch pension administrator APG and Hong Kong-listed ESR Cayman are putting US$1 billion into a joint venture called ESR-KS II, according to an email statement on Thursday. The vehicle, on a 45:35:20 equity participation basis, can grow up to... https://www.scmp.com/business/companies/article/3081218/global-pension-funds-raise-bets-south-korea-logistics-assets?utm_source=rss_feed https://www.scmp.com/business/companies/article/3081218/global-pension-funds-raise-bets-south-korea-logistics-assets?utm_source=rss_feed Thu, 23 Apr 2020 07:18:18 +0000 Mainland China has emerged a bright spot in the global dry bulk shipping sector, news that will be welcomed by Hong Kong shipowners, who own a large number of such vessels. “China is really back in action. If anything, it’s an opportunity right now [for shipowners]. There are strong volumes in construction materials,” said Mats Bergland, the chief executive of Hong Kong-based Pacific Basin Shipping, which specialises in this area. Dry bulk ships carry raw materials such as iron ore, coal,... https://www.scmp.com/business/companies/article/3081019/chinas-industrial-recovery-offers-hong-kongs-shippers-sanctuary?utm_source=rss_feed https://www.scmp.com/business/companies/article/3081019/chinas-industrial-recovery-offers-hong-kongs-shippers-sanctuary?utm_source=rss_feed Wed, 22 Apr 2020 10:30:13 +0000 Four in every 10 small and medium enterprises (SMEs), which employ about 45 per cent of non-government employees in Hong Kong, expect their earnings to plunge by 75 per cent over the next year, according to a survey. A poll conducted by Phil Aldridge, who chairs the SME and Start-up Committee for the British Chamber of Commerce in Hong Kong, this month found that about 40 per cent of the 350 companies covered expected their revenue to fall by 75 per cent or more because of the Covid-19 outbreak.... https://www.scmp.com/business/companies/article/3080269/hong-kong-smes-expect-little-relief-governments-hk1-trillion?utm_source=rss_feed https://www.scmp.com/business/companies/article/3080269/hong-kong-smes-expect-little-relief-governments-hk1-trillion?utm_source=rss_feed Thu, 16 Apr 2020 11:18:49 +0000 Cyber threats are growing amid the coronavirus pandemic, with online security experts warning that phishing scams are exploiting heightened fears among consumers and organisations. Last month, amid rapidly rising Covid-19 infections in Italy, an email that had the appearance of being from the World Health Organisation was sent to more than 10 per cent of Italian organisations. The email, which bore the signature of a fictitious Italian doctor, claimed to have an attached document with guideline... https://www.scmp.com/business/companies/article/3079774/cyber-threats-are-rising-hackers-exploit-coronavirus-fears-work?utm_source=rss_feed https://www.scmp.com/business/companies/article/3079774/cyber-threats-are-rising-hackers-exploit-coronavirus-fears-work?utm_source=rss_feed Tue, 14 Apr 2020 03:54:00 +0000 Container shipping companies are cancelling sailings and merging routes to cut losses and stay afloat amid a drop in demand and a worsening outlook for global trade because of the Covid-19 pandemic. The number of “blanked” or cancelled sailings rose last week from 45 to 212, according to a report by shipping consultancy Sea-Intelligence on Monday. The report added that the largest capacity withdrawal was from the Asia-Europe routes, where 29 to 34 per cent of capacity has been removed. On April... https://www.scmp.com/business/companies/article/3079234/container-shipping-lines-cancel-hundreds-sailings-stem-losses?utm_source=rss_feed https://www.scmp.com/business/companies/article/3079234/container-shipping-lines-cancel-hundreds-sailings-stem-losses?utm_source=rss_feed Fri, 10 Apr 2020 04:05:07 +0000 Oil traders and producers are turning crude tankers into floating storage while waiting for prices to rebound, offering some relief to beleaguered fleet owners in Hong Kong amid a slump in the shipping industry. The new use for oil tankers is a bright spot for the shipping industry suffering from a historic collapse in global trade amid the coronavirus pandemic. Dry bulk rates have fallen to unprofitable levels and container liners have blanked sailings to support prices amid the threat of... https://www.scmp.com/business/companies/article/3078658/oil-glut-fuels-demand-crude-tankers-storage-boon-charter-rates?utm_source=rss_feed https://www.scmp.com/business/companies/article/3078658/oil-glut-fuels-demand-crude-tankers-storage-boon-charter-rates?utm_source=rss_feed Tue, 07 Apr 2020 03:30:17 +0000 While most billionaires have seen their fortunes shrink drastically amid a stock market rout brought on by the Covid-19 pandemic and containment measures launched by governments, a handful have seen their wealth rise – significantly. According to research by Hurun Report calculating the pandemic’s impact on billionaires’ fortunes, Eric Yuan, the US-based founder and chief executive of Zoom, the video conferencing software company, saw his net worth skyrocket by US$3.5 billion – or 77 per cent –... https://www.scmp.com/business/investor-relations/article/3078603/zoom-founder-sees-wealth-skyrocket-amid-broad?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/3078603/zoom-founder-sees-wealth-skyrocket-amid-broad?utm_source=rss_feed Mon, 06 Apr 2020 07:02:20 +0000 Cruise ships, which can cost upwards of US$1 billion each, have begun to fall in value as buyers and investors shun the once-lucrative industry that has lost its appeal amid the Covid-19 pandemic. The global cruise ship fleet comprising 483 vessels has collectively lost US$4 billion in value to just over US$167 billion at the end of the first quarter, shipping data provider VesselsValue said in a report on Tuesday. “As long as the virus persists and the vessels cannot trade, cruise companies and... https://www.scmp.com/business/companies/article/3078347/global-cruise-ship-fleets-lose-us4-billion-value-coronavirus?utm_source=rss_feed https://www.scmp.com/business/companies/article/3078347/global-cruise-ship-fleets-lose-us4-billion-value-coronavirus?utm_source=rss_feed Sun, 05 Apr 2020 02:00:16 +0000 Shipping companies, already dealing with slumping demand because of the coronavirus outbreak that has pushed the global economy to the brink of a recession, have been hit by another problem. Travel and quarantine restrictions placed on dozens of countries are affecting their crews and adding to their troubles. “In many ports crew changes are simply prohibited,” said Rajesh Unni, founder and chief executive of Singapore-based Synergy Group. Synergy manages more than 300 ships and over 12,000... https://www.scmp.com/business/companies/article/3077465/troubles-mount-global-shipping-lines-seafarers-are-short-supply?utm_source=rss_feed https://www.scmp.com/business/companies/article/3077465/troubles-mount-global-shipping-lines-seafarers-are-short-supply?utm_source=rss_feed Mon, 30 Mar 2020 04:05:13 +0000 Online education and educational technology companies could be among the biggest beneficiaries of the Covid-19 pandemic as schools across the world shut, forcing children to learn from home. In China, the sector was expected to grow 12.3 per cent to 435.8 billion yuan (US$61.5 billion) this year. Hurun Report, which on Thursday released its first ever global list of billionaires who made their fortunes in the education business, said the education sector was going through a tectonic shift, as... https://www.scmp.com/business/investor-relations/article/3077103/online-education-sector-could-be-among-biggest?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/3077103/online-education-sector-could-be-among-biggest?utm_source=rss_feed Thu, 26 Mar 2020 09:30:39 +0000 The shipping industry is expected to remain under pressure in 2020, as freight rates and profits in the container and dry bulk sectors slide, with the coronavirus outbreak pushing the global economy closer to a recession. Global container shippers idled 2.46 million twenty-foot containers as of March 2, equivalent to 10.6 per cent of total industry capacity, according to industry researcher Alphaliner. The pullback is worse than during the aftermath of the 2008 global financial crisis. While the... https://www.scmp.com/business/companies/article/3076117/shipping-industry-choppy-waters-coronavirus-evokes-2016-slump?utm_source=rss_feed https://www.scmp.com/business/companies/article/3076117/shipping-industry-choppy-waters-coronavirus-evokes-2016-slump?utm_source=rss_feed Mon, 23 Mar 2020 10:00:09 +0000 E-commerce will continue to grow in the Asia-Pacific region, accelerated by the Covid-19 outbreak, Hong Kong-listed logistics warehouses and industrial real-estate operator ESR Cayman said on Monday. In its year-end earnings web conference, the company also reported a 40.6 per cent rise in revenue for 2019 to US$357 million. Its net profit climbed 20.8 per cent to US$245 million. Jeffrey Perlman, ESR’s chairman, said that Asia-Pacific logistics remained the largest property investment... https://www.scmp.com/property/hong-kong-china/article/3076430/hong-kong-listed-esr-cayman-posts-revenue-rise-says-e?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3076430/hong-kong-listed-esr-cayman-posts-revenue-rise-says-e?utm_source=rss_feed Mon, 23 Mar 2020 08:15:12 +0000 Hong Kong’s art dealers experimenting with digital marketing say the move is starting to pay dividends, even as the Covid-19 pandemic and last year’s social unrest continue to plague the local market. Macey and Sons, an auctioneer and valuer, has seen an uplift in business after it started using virtual marketing in December. “We do a lot of FaceTime with clients,” said founder Jonathan Macey. “You can sit in your house and the gallery comes to you.” He added that all the galleries in Hong Kong... https://www.scmp.com/business/money/article/3075087/hong-kong-art-dealers-decimated-months-protests-and-coronavirus-turn?utm_source=rss_feed https://www.scmp.com/business/money/article/3075087/hong-kong-art-dealers-decimated-months-protests-and-coronavirus-turn?utm_source=rss_feed Sun, 15 Mar 2020 04:30:12 +0000 Singapore’s decision to bar cruise ships from calling at the city – the busiest in Asia last year – is dealing a body blow to the industry as shares of operators slumped to multi-year lows. The reaction underscores the crisis descending on the world’s cruise ship operators, following news on coronavirus infections aboard Dream Princess in Yokohama, Japan that turned it into a “floating prison.” Last month, five countries shunned the MS Westerdam with virus-infected holidaymakers from entry,... https://www.scmp.com/business/money/stock-talk/article/3075144/singapore-bars-cruise-vessels-port-dealing-blow-industry?utm_source=rss_feed https://www.scmp.com/business/money/stock-talk/article/3075144/singapore-bars-cruise-vessels-port-dealing-blow-industry?utm_source=rss_feed Fri, 13 Mar 2020 10:31:57 +0000 Freight shipping rates for dry bulk and crude oil have begun to show early signs of recovery as factories in China resume production after the coronavirus outbreak. Container cargo shipping lines may have to wait longer for a rebound. The Baltic Dry Index, a composite of dry bulk time-charter averages across major routes and ship sizes, has risen 50 per cent to 617 on March 6, from a four-year low of 411 on February 10, according to the Baltic Exchange. The index slumped from 2019’s peak of... https://www.scmp.com/business/companies/article/3073956/shipping-rates-show-tentative-signs-recovery-chinas-economy?utm_source=rss_feed https://www.scmp.com/business/companies/article/3073956/shipping-rates-show-tentative-signs-recovery-chinas-economy?utm_source=rss_feed Tue, 10 Mar 2020 10:00:15 +0000 Many of Hong Kong’s international schools might be facing financial uncertainty, as tentative start dates for the new term have been pushed back to April 20. These schools account for 5 per cent of the city’s kindergarten, primary and secondary pupils. Amid global efforts to mitigate the impact of the Covid-19 outbreak, there is also no guarantee that these dates will not be pushed back further. And the fear is that the continued closure of schools, or even the tough economic times Hong Kong is... https://www.scmp.com/business/companies/article/3074191/international-schools-face-rising-financial-uncertainty-nervous?utm_source=rss_feed https://www.scmp.com/business/companies/article/3074191/international-schools-face-rising-financial-uncertainty-nervous?utm_source=rss_feed Tue, 10 Mar 2020 00:00:12 +0000 Asia’s population of multimillionaires is expected to grow by 44 per cent over the next five years, or double the pace in North America, fuelled by the rise of the middle classes in emerging markets like India, according to Knight Frank Research. The firm projected the size of India’s ultra high-net-worth individuals (UHNWIs) – those with US$30 million including their primary residence – to grow by 73 per cent over a five-year period to 2024. That would be the biggest increase globally, and... https://www.scmp.com/business/money/wealth/article/3065002/indias-multimillionaires-are-multiplying-fastest-over-next?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3065002/indias-multimillionaires-are-multiplying-fastest-over-next?utm_source=rss_feed Wed, 04 Mar 2020 09:30:08 +0000 Rental rates in London’s top residential markets are on the rise as some landlords withdraw properties from the market to avoid paying taxes that were introduced to make housing in the UK capital more affordable, says Knight Frank. Demand for flats keeps building as those owners withhold leasing supply to avoid charges like stamp duties, according to a survey by the property consultant. “This is part of a national government drive to reduce rents, but they have made it less attractive for... https://www.scmp.com/property/international/article/3064739/londons-prime-residential-rents-rise-landlords-withhold?utm_source=rss_feed https://www.scmp.com/property/international/article/3064739/londons-prime-residential-rents-rise-landlords-withhold?utm_source=rss_feed Tue, 03 Mar 2020 06:48:07 +0000 Cargill, one of the world’s largest suppliers of meat and grains, is joining the race to develop plant-based protein products as the coronavirus outbreak and other recent health scares spur demand for meat substitutes. The privately-owned Minnesota-based group plans to roll out four new meatless burger products for food and beverage outlets and retailers in the US from April to kick start its global distribution plan, a company spokesperson said. This follows its February 24 announcement that it... https://www.scmp.com/business/companies/article/3064635/cargill-joins-race-alternative-protein-eye-china-health-crisis?utm_source=rss_feed https://www.scmp.com/business/companies/article/3064635/cargill-joins-race-alternative-protein-eye-china-health-crisis?utm_source=rss_feed Mon, 02 Mar 2020 11:00:08 +0000 The gloom around the commercial property sector in Asia-Pacific is being tempered by expectations that the downturn, caused by the coronavirus, will be relatively short lived, according to a report released last week by Cushman and Wakefield. “In general, the Covid-19 outbreak is being viewed as a severe but temporary challenge, and vendors will be reluctant to dispose of properties now unless absolutely necessary. We expect that Asia-Pacific transaction volumes will decrease sharply for the... https://www.scmp.com/property/hong-kong-china/article/3052147/coronavirus-severe-temporary-challenge-commercial-property?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3052147/coronavirus-severe-temporary-challenge-commercial-property?utm_source=rss_feed Tue, 25 Feb 2020 06:00:08 +0000 Port calls to China are becoming less frequent, as fear of catching the coronavirus and a slowdown in the Chinese economy have deterred cruise liners, container ships, oil tankers and bulk carriers alike from stopping at the country’s harbours. Commercial vessels have stopped arriving, with port calls falling by an estimated 30 per cent in February, and container throughput estimated to decline by between 20 and 30 per cent, according to Clarksons – a shipping research company. Seven of the... https://www.scmp.com/business/companies/article/3051784/shipping-lines-face-troubled-waters-oil-tankers-container?utm_source=rss_feed https://www.scmp.com/business/companies/article/3051784/shipping-lines-face-troubled-waters-oil-tankers-container?utm_source=rss_feed Mon, 24 Feb 2020 02:30:09 +0000 China is likely to restructure its meat production and distribution system by doing away with smaller producers in favour of large-scale animal farming once the coronavirus outbreak recedes, according to analysts at Jefferies. Producers of plant-based meat substitutes could benefit too, it said. The government is approaching some meat importers and offering them the opportunity to set up state-of-the-art meat and animal processing factories on the mainland, the analysts said in the February 10... https://www.scmp.com/business/companies/article/3050404/china-plans-restructure-meat-supply-system-after-triple-health?utm_source=rss_feed https://www.scmp.com/business/companies/article/3050404/china-plans-restructure-meat-supply-system-after-triple-health?utm_source=rss_feed Thu, 13 Feb 2020 04:46:12 +0000 Global food delivery operators are enjoying a significant boost in demand in Hong Kong amid the coronavirus outbreak, entrenching the eat-at-home habit built over months of anti-government protests in the city last year. Deliveroo, the UK-based online delivery platform that launched in Hong Kong in 2015, is taking the opportunity to expand its physical presence in Hong Kong by setting up more of its Editions kitchens. Foodpanda, owned by German outfit Delivery Hero SE, has reported an 80 per... https://www.scmp.com/business/article/3049785/deliveroo-foodpanda-enjoy-brisk-orders-hong-kong-coronavirus-scare?utm_source=rss_feed https://www.scmp.com/business/article/3049785/deliveroo-foodpanda-enjoy-brisk-orders-hong-kong-coronavirus-scare?utm_source=rss_feed Mon, 10 Feb 2020 05:05:04 +0000 Wynn Macau, one of Macau’s six gaming concessionaires, said the closure of the special administrative region’s casinos was costing it between US$2.4 million and US$2.6 million a day, most of it towards maintaining more than 12,000 staff. The two hotels under the company, Wynn Peninsula and Wynn Palace (Cotai), as well as a couple of restaurants were open for the “few remaining guests” in Macau, Matt Maddox, the chief executive of Wynn Resorts, which operates these hotels along with Wynn Las... https://www.scmp.com/business/investor-relations/article/3049522/wynn-macau-says-it-losing-more-us2-million-day-amid?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/3049522/wynn-macau-says-it-losing-more-us2-million-day-amid?utm_source=rss_feed Fri, 07 Feb 2020 08:48:09 +0000 For the first time in nearly a generation, Li Ka-shing is not the richest man in Hong Kong, according to the newly released list of Hong Kong’s richest tycoons by Forbes Asia. Li’s wealth dropped to US$29.4 billion in 2020 from US$32 billion in 2019, putting him at No. 2. Henderson Land Development’s Lee Shau-kee has been crowned the city’s richest man after his wealth rose 3 per cent to US$30.4 billion, pipping Li, the founder of conglomerate Cheung Kong Holdings, by US$1 billion. Li has been... https://www.scmp.com/business/money/wealth/article/3049296/lee-shau-kee-crowned-hong-kongs-richest-man-latest-survey?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3049296/lee-shau-kee-crowned-hong-kongs-richest-man-latest-survey?utm_source=rss_feed Thu, 06 Feb 2020 05:30:15 +0000 Macau casino operators are likely to write off their performance in the first quarter as the number of visitors shrink and companies comply with an order to shut their premises to gamblers for two weeks to help contain the coronavirus outbreak, analysts said. Gross gaming revenue in Macau could drop by 80 per cent for the three month to April 30, as the outbreak takes its toll on the economy, according to Morningstar Inc’s equity analyst Chelsey Tam. Revenue could recover by 15 per cent in... https://www.scmp.com/business/companies/article/3049207/macau-casino-operators-face-revenue-slump-analysts-pin-hopes?utm_source=rss_feed https://www.scmp.com/business/companies/article/3049207/macau-casino-operators-face-revenue-slump-analysts-pin-hopes?utm_source=rss_feed Wed, 05 Feb 2020 11:26:28 +0000 How do you keep a 15.97 trillion yuan (US$2.3 trillion) industry ticking in the middle of an outbreak that has got 46 million people on lockdown? Mainland Chinese property dealers – banned from opening their sales offices in at least 60 jurisdictions amid an outbreak that has claimed 425 lives and infected more than 20,000 people – are turning to virtual reality (VR) technology as well as social-media platforms such as WeChat, in addition to websites, to sell homes. Last week, companies... https://www.scmp.com/business/companies/article/3048819/chinas-us23-trillion-property-sector-tries-out-vr-amid?utm_source=rss_feed https://www.scmp.com/business/companies/article/3048819/chinas-us23-trillion-property-sector-tries-out-vr-amid?utm_source=rss_feed Tue, 04 Feb 2020 01:30:10 +0000 Macau’s casino operators are likely to suffer a “significant” hit to their cash flow thanks to the outbreak of coronavirus, which has just been declared a global health emergency, Fitch Ratings has warned. A research report released on Friday by the credit ratings agency cited the effects of restrictive travel measures put in place by the Macau and Chinese governments as part of efforts to curb the rapid spread of the virus. On January 28, Beijing announced a temporary freeze on individual visas... https://www.scmp.com/business/china-business/article/3048385/macaus-casinos-will-suffer-significant-blow-cash-flow?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3048385/macaus-casinos-will-suffer-significant-blow-cash-flow?utm_source=rss_feed Sat, 01 Feb 2020 01:45:14 +0000 The worsening Wuhan coronavirus outbreak is taking a heavy toll on airlines, gaming companies and hotel chains that have increasingly relied on the exponential growth of Chinese tourists and their spending power in recent years. It could still get worse, analysts said. The health scare has prompted authorities from Hong Kong to Singapore to stem or ban visits by Chinese residents or people who have visited the mainland in recent weeks to contain the outbreak. Beijing also has locked down some... https://www.scmp.com/business/companies/article/3048331/china-coronavirus-outbreak-could-hit-airlines-hotels-casinos?utm_source=rss_feed https://www.scmp.com/business/companies/article/3048331/china-coronavirus-outbreak-could-hit-airlines-hotels-casinos?utm_source=rss_feed Fri, 31 Jan 2020 04:15:15 +0000 What started out as a promising year for Macau’s tourism industry has turned out to be a major setback for the special administrative region, as visitors are put off by the rapidly spreading coronavirus epidemic that originated in the central Chinese city of Wuhan. The losses have already affected Macau’s events calendar as well as gaming stocks of its concessionaires. Mainland Chinese visitors, who make the bulk of tourists, were down a startling 88.5 per cent on Monday, the fourth day of the... https://www.scmp.com/business/china-business/article/3047931/mainland-tourists-macau-plummet-during-lunar-new-year-amid?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3047931/mainland-tourists-macau-plummet-during-lunar-new-year-amid?utm_source=rss_feed Tue, 28 Jan 2020 11:22:59 +0000 From Ikea to personal care manufacturer Beiersdorf, businesses are shutting their doors and telling employees to stay home in Wuhan, the epicentre of a viral outbreak that has killed more than three dozen and spread from China to as far away as the United States. But, the question for corporate leaders is whether a travel ban in Wuhan and seven other cities in Hubei province amid fears over the spread of the coronavirus will keep workers home after the Lunar New Year holiday break, stifle the... https://www.scmp.com/business/companies/article/3047591/retailers-manufacturers-shutting-doors-letting-employees-work?utm_source=rss_feed https://www.scmp.com/business/companies/article/3047591/retailers-manufacturers-shutting-doors-letting-employees-work?utm_source=rss_feed Sat, 25 Jan 2020 01:00:12 +0000 Major hotel chains are waiving cancellation fees or offering refunds in China and beyond, as millions of people rethink their Lunar New Year travel plans following the Wuhan coronavirus outbreak. At least seven top hotel chains have said they will offer free changes or cancellations to bookings up to February 8, and with some offering the service worldwide. These include 5-star hotel group The Peninsula Hotels, Shangri-La Hotels and Resorts, French hospitality group Accor, Hilton, Marriott... https://www.scmp.com/business/companies/article/3047562/major-hotel-chains-waive-fees-wuhan-coronavirus-outbreak-hits?utm_source=rss_feed https://www.scmp.com/business/companies/article/3047562/major-hotel-chains-waive-fees-wuhan-coronavirus-outbreak-hits?utm_source=rss_feed Fri, 24 Jan 2020 09:30:13 +0000 China’s private jet market took a beating in 2019, a sign that business confidence among the country’s wealthy elites has faded sharply as the trade war and economic slowdown dampened enthusiasm for big ticket purchases and spending. There was a 12 per cent year-on-year drop in business jet flight hours in China last year, according to WingX, a data analytics firm focused on the business jet industry. The firm tracked approximately 10,000 flights on 953 business jets, conducted by 264... https://www.scmp.com/business/china-business/article/3047145/japan-emerges-hotspot-chinas-wealthy-jet-setters-lunar-new?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3047145/japan-emerges-hotspot-chinas-wealthy-jet-setters-lunar-new?utm_source=rss_feed Wed, 22 Jan 2020 06:16:12 +0000 A new survey of Hong Kong employment conditions has cited long working hours as the top complaint among employees in the financial hub. A domineering senior management and a lack of communication from them also ranked high. The long working hours was cited by 65 per cent of people in an inaugural survey commissioned by law firm Deacons in November last year, amid the worst period of anti-government protests in the city. The survey covered 1,010 employees and 100 in-house legal and human-resource... https://www.scmp.com/business/companies/article/3046998/whats-making-hong-kong-employees-frustrated-work-new-survey?utm_source=rss_feed https://www.scmp.com/business/companies/article/3046998/whats-making-hong-kong-employees-frustrated-work-new-survey?utm_source=rss_feed Tue, 21 Jan 2020 07:36:04 +0000 Terry Gou, once Taiwan’s richest man and a former presidential candidate, has slipped from first to fourth place on Forbes Asia’s latest rich list of Taiwanese billionaires and their families. Gou, who ran in the Kuomintang primary to compete in the 2020 Taiwan presidential election, saw his fortune fall from US$7.3 billion to US$6.9 billion. Gou made his fortune as founder and chairman of Foxconn, the world’s largest contract manufacturer and Taiwan’s largest employer. CNBC reported in May 2019... https://www.scmp.com/business/money/wealth/article/3046415/terry-gou-founder-iphone-assembler-foxconn-replaced-instant?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3046415/terry-gou-founder-iphone-assembler-foxconn-replaced-instant?utm_source=rss_feed Thu, 16 Jan 2020 11:00:13 +0000 For the first time, cybersecurity has emerged as a leading risk for businesses in Asia-Pacific and around the world, according to the 2020 Allianz Risk Barometer Survey. The survey, now in its ninth year, found that 35 per cent of Asia-Pacific risk-management executives ranked cyber incidents, or cyber threats, as the most important business risk, followed by business disruption, which was cited by 34 per cent of respondents. The Allianz poll found cyber incidents were listed among the top three... https://www.scmp.com/business/companies/article/3046215/cybersecurity-among-leading-concerns-asia-pacific-businesses?utm_source=rss_feed https://www.scmp.com/business/companies/article/3046215/cybersecurity-among-leading-concerns-asia-pacific-businesses?utm_source=rss_feed Wed, 15 Jan 2020 10:00:15 +0000 Hong Kong and mainland Chinese investors are stepping up their interest in UK residential property again after the decisive election of Conservative Prime Minister Boris Johnson, who has pushed for a definitive deadline on taking Britain out of the European Union. “Chinese and Hong Kong buyers are not waiting any more, they are starting to invest now that they can see a clearer Brexit resolution is coming,” said Nick Whitten, director of residential research at Jones Lang LaSalle. His firm has... https://www.scmp.com/property/international/article/3045961/chinese-investors-boris-johnson-effect-buying-interest?utm_source=rss_feed https://www.scmp.com/property/international/article/3045961/chinese-investors-boris-johnson-effect-buying-interest?utm_source=rss_feed Tue, 14 Jan 2020 05:30:09 +0000 China’s 10 largest companies have grown eight-fold in value over the past decade, according to an inaugural Hurun Research Institute report, shedding light on a sector that contributes half of the nation’s tax receipts and 80 per cent of jobs. The 10, led by e-commerce behemoth Alibaba Group Holding, were valued a combined US$1.8 trillion, a size that would rank them as the 10th largest by gross domestic product surpassing Canada, were they an economic entity, based on International Monetary... https://www.scmp.com/business/china-business/article/3045316/value-top-10-private-companies-communist-partys-china-rose?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3045316/value-top-10-private-companies-communist-partys-china-rose?utm_source=rss_feed Thu, 09 Jan 2020 05:11:52 +0000 Hong Kong companies could be ripe for a change to a shorter work week, according to Brett Cooper, general manager of the Hong Kong office for Philip Morris International. The 350-person office, which oversees the highly lucrative Asia-Pacific region for the cigarette maker, works four and a half days a week, with most staff calling it quits by 1pm on Friday afternoon. Philip Morris Hong Kong adopted the policy in 2015, just as Cooper, a 20-year company veteran, arrived from the London office.... https://www.scmp.com/business/companies/article/3043159/what-are-chances-companies-implementing-four-day-working-week?utm_source=rss_feed https://www.scmp.com/business/companies/article/3043159/what-are-chances-companies-implementing-four-day-working-week?utm_source=rss_feed Mon, 23 Dec 2019 04:00:20 +0000 From a small office in Sheung Wan, Spacious founder Asif Ghafoor is plotting to reshape Hong Kong’s property market. The website he created in 2013, in part to deal with unscrupulous estate agents and old fashioned marketing tactics, has grown substantially this year, and Ghafoor is now trying to expand one of Hong Kong’s first home-grown proptech companies into the Greater Bay Area and overseas. Six years since inception, Spacious is now one of the go-to websites for buyers and sellers in Hong... https://www.scmp.com/property/hong-kong-china/article/3042294/hong-kong-based-digital-property-marketing-firm-spacious?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3042294/hong-kong-based-digital-property-marketing-firm-spacious?utm_source=rss_feed Mon, 16 Dec 2019 23:00:17 +0000 This year has been one of the worst on record for the global shipbuilding industry as order books have halved in value, causing pain to companies in China, South Korea and Japan, which account for more than 90 per cent of the market. Clarksons Research, the world’s leading provider of data for the shipping and shipbuilding industries, estimated that the global order book had fallen by 54 per cent by mid year, noting they were “touching historic lows” and that “limited new capacity can be... https://www.scmp.com/business/china-business/article/3041313/outlook-global-shipbuilding-industry-dismal-order-books?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3041313/outlook-global-shipbuilding-industry-dismal-order-books?utm_source=rss_feed Tue, 10 Dec 2019 01:30:11 +0000 When it comes to philanthropy, Asia’s super-rich are giving away their wealth at a slower pace than their peers in North America and Europe. The trend may yet persist as they lose their wealth at a faster clip this year. The region’s population of ultra high net worth individuals (those with US$30 million of assets or more) gave away a combined US$18.8 billion or 0.19 per cent of their fortune to charities in 2018, data analytics firm Wealth-X said in a report on Wednesday. North Americans and... https://www.scmp.com/business/money/wealth/article/3040630/crazy-rich-asians-trail-peers-north-america-europe-charitable?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3040630/crazy-rich-asians-trail-peers-north-america-europe-charitable?utm_source=rss_feed Thu, 05 Dec 2019 00:02:46 +0000 The passage of the Hong Kong Human Rights and Democracy Act will have little impact on Hong Kong’s transshipping sector in the short term, according to shipping and logistics industry experts. Roberto Giannetta, secretary general of the Hong Kong Liner Shipping Association, which represents the interests of shipping companies and shipping agents, said that he does not expect an immediate impact on the shipping business in Hong Kong. “I do not expect that transshipment cargo coming through Hong... https://www.scmp.com/business/companies/article/3040110/smooth-sailing-ahead-hong-kong-human-rights-and-democracy-act?utm_source=rss_feed https://www.scmp.com/business/companies/article/3040110/smooth-sailing-ahead-hong-kong-human-rights-and-democracy-act?utm_source=rss_feed Sun, 01 Dec 2019 22:30:08 +0000 US President Trump signed the Hong Kong Human Rights and Democracy Act into law on November 27. The legislation amends the US-Hong Kong Policy Act of 1992, under which Hong Kong enjoys special status that allows it to be treated as a separate entity from the rest of China in terms of customs, trade, investment, technology transfer and immigration. The bill requires an annual review by the US Secretary of State to certify whether Hong Kong remains “sufficiently autonomous” to justify the special... https://www.scmp.com/business/banking-finance/article/3039975/explainer-how-big-deal-businesses-and-companies-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3039975/explainer-how-big-deal-businesses-and-companies-hong-kong?utm_source=rss_feed Fri, 29 Nov 2019 10:01:17 +0000 Link Reit, the biggest real estate investment trust in Asia whose business practices have at times provoked protests from local communities, is looking forward to engaging with Hong Kong’s new slate of pan-democratic district councillors to improve their rapport. While some of the councillors are new faces in the local political scene, the company is keen to meet up with them to understand the views on the ground where Link Reit’s portfolio of assets, such as public wet markets and shopping... https://www.scmp.com/business/companies/article/3039663/link-reit-seeks-engage-pan-dem-councillors-after-hong-kong-asset?utm_source=rss_feed https://www.scmp.com/business/companies/article/3039663/link-reit-seeks-engage-pan-dem-councillors-after-hong-kong-asset?utm_source=rss_feed Thu, 28 Nov 2019 01:15:13 +0000 Haseley Manor, located in the county of Warwickshire in England’s West Midlands, is an example of a new kind of property investment opportunity: take an old manor house and convert it into a handful of luxury residences. The restoration has returned the manor to its former glory, and nine new houses occupy the grounds, while the manor has been converted into 12 flats ranging from one- to four-bedroom units. Eight acres of greenery surrounds the cluster of luxury homes, and the property also... https://www.scmp.com/property/international/article/3039290/shakespeares-birthplace-warwickshire-uk-beckons-buyers-flats?utm_source=rss_feed https://www.scmp.com/property/international/article/3039290/shakespeares-birthplace-warwickshire-uk-beckons-buyers-flats?utm_source=rss_feed Tue, 26 Nov 2019 02:30:07 +0000 The London-based International Chamber of Shipping (ICS), which represents the interests of commercial shipowners worldwide, has established its first overseas office in Hong Kong as China’s status as a global maritime power rises. The organisation’s new China Liaison Office was opened on Thursday in a ceremony attended by Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor. Initially staffed by just one person, a maritime lawyer, its goal is to help build relationships with Chinese shipowners... https://www.scmp.com/business/china-business/article/3038825/international-chamber-shipping-opens-first-overseas-office?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3038825/international-chamber-shipping-opens-first-overseas-office?utm_source=rss_feed Fri, 22 Nov 2019 00:00:21 +0000 More than five months of anti-government protests in Hong Kong have forced organisers to cancel the RISE Conference scheduled for March 2020 in what is the first event of the new year to be taken off the city’s calendar, suggesting the social unrest is now hurting longer term business planning. The RISE Conference, a global technology and business conference, joins a long list of programmes that have recently fell victim to heightened security concerns as rising casualties as Hong Kong police... https://www.scmp.com/business/companies/article/3038375/hong-kong-protests-prompt-organiser-scrap-rise-conference-2020?utm_source=rss_feed https://www.scmp.com/business/companies/article/3038375/hong-kong-protests-prompt-organiser-scrap-rise-conference-2020?utm_source=rss_feed Tue, 19 Nov 2019 06:09:48 +0000