https://www.scmp.com/rss/325079/feed Louise Moon worked for the Post from 2017 until 2020, as a reporter on the Business desk. She has a master's in Mandarin from Edinburgh University and a master's in journalism from City University, London. Originally from the UK, she spent her teenage years growing up in Hong Kong which sparked her interest in China. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The chairman of Luckin Coffee, touted as China’s answer to Starbucks, apologised over its US$310 million accounting fraud, which has led New York’s Nasdaq stock exchange to move to delist the company amid waning market trust in Chinese financial reporting. Charles Lu Zhengyao, an angel investor and serial entrepreneur, said he is “deeply disappointed and regret” the delisting decision, which the Nasdaq exchange said was based on public interest concerns over recently disclosed fabricated... https://www.scmp.com/business/companies/article/3085132/nasdaq-readies-delist-luckin-coffee-chinas-answer-starbucks?utm_source=rss_feed https://www.scmp.com/business/companies/article/3085132/nasdaq-readies-delist-luckin-coffee-chinas-answer-starbucks?utm_source=rss_feed Tue, 19 May 2020 15:34:06 +0000 Hong Kong’s securities regulator has said it will not take action on HSBC’s decision to scrap its dividend payment this year, after protests by the bank’s shareholders. “There is at present no grounds on which regulatory action should be pursued … in respect of the cancellation and the suspension,” the Securities and Futures Commission (SFC) said in a statement on Friday. The commission said it “has received a large number of enquiries and complaints from the investing public and professional... https://www.scmp.com/business/companies/article/3084644/hong-kong-regulator-says-no-grounds-pursue-action-against-hsbc?utm_source=rss_feed https://www.scmp.com/business/companies/article/3084644/hong-kong-regulator-says-no-grounds-pursue-action-against-hsbc?utm_source=rss_feed Fri, 15 May 2020 12:55:51 +0000 Samsonite International suffered losses of over US$700 million from January to March, and warns coronavirus will hit full-year earnings, as the world’s largest travel luggage company reels from a pause in global travel. The suitcase brand – which owns the likes of Tumi and American Tourister – recorded a net loss of US$787.3 million in the first three months of 2020, compared to a profit of US$22.8 million in the same period last year. Net sales dropped 27.7 per cent, or US$230 million, over the... https://www.scmp.com/business/companies/article/3084507/luggage-giant-samsonites-suffers-first-quarter-loss-us787?utm_source=rss_feed https://www.scmp.com/business/companies/article/3084507/luggage-giant-samsonites-suffers-first-quarter-loss-us787?utm_source=rss_feed Fri, 15 May 2020 04:09:22 +0000 Luckin Coffee, often viewed as China’s answer to Starbucks, has fired its chief executive and chief operating officer after an internal investigation into fabricated transactions that roiled investors and undermined the trust in Chinese financial reporting. According to a filing on Tuesday, The New York-listed coffee chain’s board has terminated CEO Jenny Qian Zhiya and COO Liu Jian and “demanded and received” their resignations from the board, according to a filing and company statement on... https://www.scmp.com/business/companies/article/3084080/luckin-coffee-fires-ceo-coo-following-internal-investigation?utm_source=rss_feed https://www.scmp.com/business/companies/article/3084080/luckin-coffee-fires-ceo-coo-following-internal-investigation?utm_source=rss_feed Tue, 12 May 2020 16:22:13 +0000 For years, Western companies have struggled to profit from a Chinese consumer market that thrives on cheap knock-offs of iconic brands. But that frustration is now turning into optimism, as local courts begin to stamp out thieves and cheats, lawyers say. More companies are filing intellectual property (IP) lawsuits amid a shift in attitude towards protecting original ideas, trademarks and patents, according to official data. The rush has accelerated after the phase-one trade deal in the US-China... https://www.scmp.com/business/china-business/article/3083506/bruce-lee-loreal-china-pumping-optimism-court-cases-against?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3083506/bruce-lee-loreal-china-pumping-optimism-court-cases-against?utm_source=rss_feed Fri, 08 May 2020 23:45:04 +0000 Smithfield Foods, a US unit of China’s biggest pork company, has reopened its processing plant after President Donald Trump ordered the US meatpacking industry to stay open despite an earlier coronavirus outbreak in such facilities across America. The plant in Sioux Falls, South Dakota resumed operations in stages from Thursday after shutting down more than three weeks ago, and aims to be fully operational by late May, Smithfield said in a statement. Smithfield is the largest pork producer in... https://www.scmp.com/business/companies/article/3083392/wh-groups-us-pork-processing-plant-reopen-stages-amid?utm_source=rss_feed https://www.scmp.com/business/companies/article/3083392/wh-groups-us-pork-processing-plant-reopen-stages-amid?utm_source=rss_feed Thu, 07 May 2020 15:27:19 +0000 Mulberry Group Plc, the UK’s largest luxury leather goods producer, is focusing international efforts on Asia with new pricing and an online push, while the coronavirus pandemic upends global tourism and keeps its target buyers at home. Its new pricing system will lower the cost of some of its Made-in-England handbags by about a fifth in some markets, in the hope of raising digital and overseas sales, particularly among younger consumers, chief executive officer Thierry Andretta said. For... https://www.scmp.com/business/companies/article/3083202/mulberry-iris-handbag-now-18-cent-cheaper-china-uk-luxury?utm_source=rss_feed https://www.scmp.com/business/companies/article/3083202/mulberry-iris-handbag-now-18-cent-cheaper-china-uk-luxury?utm_source=rss_feed Wed, 06 May 2020 23:30:17 +0000 Cargo transport firm Chu Kong Shipping Enterprises (Group) said on Monday that it plans to acquire 60 per cent of New World First Ferry Services from NWS Holdings for HK$232.8 million (US$30 million). Set up in 1999, NWFF runs five inner harbour and outlying island ferry routes in Hong Kong. Following the purchase, due to be completed on May 31, NWFF will become a non-wholly owned subsidiary of Hong Kong-listed CKSG. The remaining 40 per cent will be continue to be owned by conglomerate NWS... https://www.scmp.com/business/companies/article/3082815/hong-kongs-new-world-first-ferry-services-be-acquired-chu-kong?utm_source=rss_feed https://www.scmp.com/business/companies/article/3082815/hong-kongs-new-world-first-ferry-services-be-acquired-chu-kong?utm_source=rss_feed Mon, 04 May 2020 12:57:33 +0000 The coronavirus pandemic is shining a spotlight on sustainability practises at some of the world’s biggest companies as they outperform the broader market and attract more fund inflows. Firms that manage things like their supply chains and employees well are likely to grow market share, according to money managers including Fidelity International and Schroders. Data from market sell-off has strengthened the case for companies with high environmental, social and governance (ESG) characteristics... https://www.scmp.com/business/companies/article/3082499/coronavirus-strengthens-case-sustainable-investing-esg-stocks?utm_source=rss_feed https://www.scmp.com/business/companies/article/3082499/coronavirus-strengthens-case-sustainable-investing-esg-stocks?utm_source=rss_feed Fri, 01 May 2020 09:44:59 +0000 Thomas Hui To, the chief operating officer of mainland Chinese tycoon Li Ruigang’s China Media Capital, has become non-executive chairman of Television Broadcasts (TVB), in the latest move signalling Li’s increasing influence at Hong Kong’s largest free-to-air broadcaster. Li, dubbed China’s Rupert Murdoch because of his vast media empire, became an indirect investor in troubled TVB when his company bought an undisclosed stake in Young Lion, in April 2015. Young Lion Holdings is the largest... https://www.scmp.com/business/article/3082220/thomas-hui-comrade-li-ruigang-chinas-rupert-murdoch-named-chairman-hong?utm_source=rss_feed https://www.scmp.com/business/article/3082220/thomas-hui-comrade-li-ruigang-chinas-rupert-murdoch-named-chairman-hong?utm_source=rss_feed Wed, 29 Apr 2020 14:54:54 +0000 Esprit Holdings will close all its stores in Asia outside mainland China as part of its effort to cope with challenges posed by the coronavirus pandemic. The Hong Kong-listed fashion house announced on Monday that it will close 56 shops in Singapore, Malaysia, Taiwan, Hong Kong and Macau by June 30. Those stores represent less than 4 per cent of the group’s global turnover, and the closures are part of the company’s “restructuring initiatives to focus resources and recalibrate operations” amid... https://www.scmp.com/business/companies/article/3081810/clothing-giant-esprit-shut-down-all-56-stores-asia-outside?utm_source=rss_feed https://www.scmp.com/business/companies/article/3081810/clothing-giant-esprit-shut-down-all-56-stores-asia-outside?utm_source=rss_feed Mon, 27 Apr 2020 14:21:05 +0000 New Balance has won a lawsuit filed against a Chinese company over its logo, indicating the country is taking protection of intellectual property more seriously. The Shanghai Pudong People’s Court last week ordered New Barlun to pay damages of 10.8 million yuan (US$1.54 million) to the US sports footwear and apparel company. New Barlun was found guilty of unfairly using an “N” symbol that closely resembles New Balance’s signature logo, which the court said would mislead customers. New Balance... https://www.scmp.com/business/companies/article/3081315/new-balance-wins-copyright-case-against-chinese-firm-over-n-logo?utm_source=rss_feed https://www.scmp.com/business/companies/article/3081315/new-balance-wins-copyright-case-against-chinese-firm-over-n-logo?utm_source=rss_feed Fri, 24 Apr 2020 01:30:13 +0000 Japan’s Nippon Paint and Corning of the US have developed a coating designed for use in hospitals that it said can repel microbes and help frontline health care and medical services workers in the fight against public health crises. Nippon Paint’s Antivirus Kids Paint aims to protect frontline workers and has been developed with Corning, a US-based and New York-listed technology company. It has been tested by Texas-based Microchem Laboratory and can render inactive almost 100 per cent of Feline... https://www.scmp.com/business/companies/article/3080294/japans-nippon-paint-and-corning-develop-antivirus-coating?utm_source=rss_feed https://www.scmp.com/business/companies/article/3080294/japans-nippon-paint-and-corning-develop-antivirus-coating?utm_source=rss_feed Fri, 17 Apr 2020 00:00:16 +0000 Hong Kong’s Airport Authority (AA), which is in talks with banks for a HK$20 billion (US$2.6 billion) loan to help fund the city’s third runway, announced another round of relief package for the aviation industry valued at HK$2 billion on Wednesday. The five-year facility for the runway, which is also meant for general corporate purposes, offers an interest margin of 72 basis points over the Hong Kong interbank offered rate (Hibor) and a top-level all-in of 82 basis points, reported Bloomberg,... https://www.scmp.com/business/banking-finance/article/3079021/hong-kongs-airport-authority-talks-banks-us26-billion-loan?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3079021/hong-kongs-airport-authority-talks-banks-us26-billion-loan?utm_source=rss_feed Wed, 08 Apr 2020 09:58:33 +0000 Investors seeking to pick up stock bargains from China’s biggest market pullback since 2018 may be facing a value and liquidity trap as the first quarter earnings season kicks off. The CSI 300 Index, representing the nation’s 300 biggest listed companies on the Shanghai and Shenzhen exchanges, is forecast to report a 13 per cent drop in corporate earnings for the first three months of this year, according to Bloomberg data. Excluding financial firms, the drop may be as steep as 32 per cent,... https://www.scmp.com/business/markets/article/3078946/investors-face-value-trap-chasing-chinas-stock-rebound-first?utm_source=rss_feed https://www.scmp.com/business/markets/article/3078946/investors-face-value-trap-chasing-chinas-stock-rebound-first?utm_source=rss_feed Wed, 08 Apr 2020 06:00:17 +0000 A group of lenders is seeking to sell more than 76 million shares of Luckin Coffee, pledged as loan collateral, after an entity controlled by the start-up’s chairman defaulted on a US$518 million margin loan, according to Goldman Sachs. Goldman, which is acting as a “disposal agent”, said a syndicate of lenders is preparing to sell some 76.4 million shares pledged to secure the loan held by an entity controlled by a family trust of Lu Charles Zhengyao, an angel investor and chairman of Luckin,... https://www.scmp.com/business/companies/article/3078691/luckin-coffee-lenders-seek-sell-over-76-million-shares-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/3078691/luckin-coffee-lenders-seek-sell-over-76-million-shares-after?utm_source=rss_feed Mon, 06 Apr 2020 18:01:24 +0000 Luckin Coffee – touted as China’s rival to Starbucks – has suspended its chief operating officer for alleged misconduct as part of an ongoing internal investigation, causing its share price to plummet on the Nasdaq. The Xiamen-based start-up has formed a committee to lead an internal investigation into misconduct related to “fabricating transactions” last year by Chief Operating Officer Liu Jian and several employees working under him, Luckin said in a statement. The company’s turnover was... https://www.scmp.com/business/companies/article/3078194/luckin-coffee-chinas-starbucks-wannabe-plunge-nasdaq-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/3078194/luckin-coffee-chinas-starbucks-wannabe-plunge-nasdaq-after?utm_source=rss_feed Thu, 02 Apr 2020 15:19:51 +0000 Tycoon Group Holdings, seller of health supplements and skin care products, launched its initial public offering (IPO) in Hong Kong, having recently added “anti-epidemic” products like surgical masks to its portfolio amid the coronavirus outbreak. The firm is offering 192.4 million shares for sale globally through April 3, with 19.2 million for Hong Kong investors and 173 million for international buyers at a range of HK$1.48 to HK$1.52 per share, according to a statement on Monday. The group... https://www.scmp.com/business/companies/article/3077546/tycoon-group-plans-hong-kong-ipo-health-care-flavour-firm-adds?utm_source=rss_feed https://www.scmp.com/business/companies/article/3077546/tycoon-group-plans-hong-kong-ipo-health-care-flavour-firm-adds?utm_source=rss_feed Mon, 30 Mar 2020 06:52:43 +0000 Hong Kong and most other Asia-Pacific stock markets fell Thursday, as jittery investors took profits after two days of run-ups and worries grew about the economic and human toll of the coronavirus pandemic. Singapore’s gross domestic product for the first quarter fell far more than expected. It was the first Asian economy to publish GDP data, and shows what others can expect as the outbreak of coronavirus hits economic activity. Meanwhile, Japan’s planned stimulus package could lead to a... https://www.scmp.com/business/markets/article/3077027/asian-markets-look-direction-after-us-fails-pass-us2-trillion?utm_source=rss_feed https://www.scmp.com/business/markets/article/3077027/asian-markets-look-direction-after-us-fails-pass-us2-trillion?utm_source=rss_feed Thu, 26 Mar 2020 02:03:14 +0000 Good day, traders -- So, we are having another volatile week, with markets down here Monday, up Tuesday and Wednesday, and back down today. Catch up on the day's action below. And, hey, are you getting your Live Stocks Blog every morning via email? You can! Don't miss out on our coverage of Hong Kong and mainland markets each trading day! If you would like the Live Stocks Blog emailed to you each morning, click here. If you need to reach the stocks team, email deb.price@scmp.com . -- Louise... https://www.scmp.com/business/article/3077022/hong-kong-china-traders-assess-upheaval-deadly-coronavirus?utm_source=rss_feed https://www.scmp.com/business/article/3077022/hong-kong-china-traders-assess-upheaval-deadly-coronavirus?utm_source=rss_feed Thu, 26 Mar 2020 01:24:57 +0000 Hello traders -- A second day of gains in Hong Kong and the mainland. Catch up on the action below. And, hey, are you getting your Live Stocks Blog every morning via email? You can! Don't miss out on our coverage of Hong Kong and mainland markets each trading day! If you would like the Live Stocks Blog emailed to you each morning, click here. -- Louise Moon, Gigi Choy and Deb Price  Note: Information in this blog is on an "as is" basis and not a solicitation or offer to buy or sell any... https://www.scmp.com/business/article/3076853/hong-kong-china-stocks-poised-extend-gains-after-us-stock-rally-virus?utm_source=rss_feed https://www.scmp.com/business/article/3076853/hong-kong-china-stocks-poised-extend-gains-after-us-stock-rally-virus?utm_source=rss_feed Wed, 25 Mar 2020 01:25:57 +0000 Asia-Pacific stocks rallied on Tuesday after the US Federal Reserve launched unlimited bond buying and took other steps while the US Congress appeared closer to a deal on a massive stimulus package to boost the world’s largest economy hammered by the coronavirus. After Monday’s negative start to the week, Asia stocks rose in the face of the latest death toll due to the spreading respiratory illness: more than 16,000 people have died around the globe, with the highest single tally in Italy, with... https://www.scmp.com/business/markets/article/3076644/asian-markets-rally-after-federal-reserve-launches-unlimited-bond?utm_source=rss_feed https://www.scmp.com/business/markets/article/3076644/asian-markets-rally-after-federal-reserve-launches-unlimited-bond?utm_source=rss_feed Tue, 24 Mar 2020 02:19:47 +0000 Hello traders -- We're off to another roller-coaster, volatile week that requires nerves of steel! Monday was down, Tuesday saw big gains. Catch up on the day's action below. And, hey, are you getting your Live Stocks Blog every morning via email? You can! Don't miss out on our coverage of Hong Kong and mainland markets each trading day! If you would like the Live Stocks Blog emailed to you each morning, click here. -- Louise Moon, Gigi Choy and Deb Price    Note: Information in this blog is on... https://www.scmp.com/business/article/3076636/hong-kong-china-stocks-poised-gains-us-congress-appears-near-coronavirus?utm_source=rss_feed https://www.scmp.com/business/article/3076636/hong-kong-china-stocks-poised-gains-us-congress-appears-near-coronavirus?utm_source=rss_feed Tue, 24 Mar 2020 01:26:59 +0000 US stocks followed a drop in Asia-Pacific markets, which plunged on Monday over concerns that a deep global recession is building as the world’s coronavirus death toll rose and the US Congress failed to pass a proposed US$1.8 trillion stimulus package. The Dow Jones Industrial Average and the Standard &Poor’s 500 index both closed about 3 per cent lower. The Nasdaq composite index, heavy in tech stocks, pared some losses, falling only about 0.3 per cent. The Federal Reserve announced before the... https://www.scmp.com/business/money/markets-investing/article/3076372/no-respite-asia-pacific-markets-investors-recoil?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/3076372/no-respite-asia-pacific-markets-investors-recoil?utm_source=rss_feed Mon, 23 Mar 2020 02:12:31 +0000 Good morning, traders -- The Hang Seng had another 1,000-plus point fall, ending down nearly 5 per cent. China stocks fell as well. Catch up on the day's action below. And, hey, are you getting your Live Stocks Blog every morning via email? You can! Don't miss out on our coverage of Hong Kong and mainland markets each trading day! If you would like the Live Stocks Blog emailed to you each morning, click here. -- Louise Moon, Deb Price and Gigi Choy Note: Information in this blog is on an "as is"... https://www.scmp.com/business/article/3076367/hong-kong-china-stocks-set-big-falls-worries-world-falling-recession-over?utm_source=rss_feed https://www.scmp.com/business/article/3076367/hong-kong-china-stocks-set-big-falls-worries-world-falling-recession-over?utm_source=rss_feed Mon, 23 Mar 2020 01:25:59 +0000 The mother of all grizzly bears is mauling stock portfolios around the globe. Many investors – grappling with stocks that have been ripped to pieces in just weeks because of the coronavirus pandemic – have been left shell-shocked. Their anxious question: When will this bear go back into hibernation? Just about everybody – from mom-and-pop investors to seasoned pros – agrees the bottom hasn’t been reached. But no one knows when it will be. “Everyone is looking for a bottom,” said Jeffrey Halley,... https://www.scmp.com/business/markets/article/3076331/mother-all-grizzly-bears-mauling-global-stock-markets-when-will?utm_source=rss_feed https://www.scmp.com/business/markets/article/3076331/mother-all-grizzly-bears-mauling-global-stock-markets-when-will?utm_source=rss_feed Sun, 22 Mar 2020 23:00:13 +0000 Hong Kong’s Fung family and Singapore’s GLP Group have made a HK$7.2 billion (US$928 million) offer to privatise 114-year-old global merchandise supply chain manager Li & Fung at a price premium of 150 per cent, as they seek to take advantage of the worst economic and stock market downturn in a decade caused by the coronavirus pandemic. Golden Lincoln, controlled by Victor Fung Kwok-king and William Fung Kwok-lun, has teamed up with GLP, a global operator and investor in logistics, real estate,... https://www.scmp.com/business/article/3076174/hong-kongs-fung-family-offers-privatise-global-supply-chain-manager-li?utm_source=rss_feed https://www.scmp.com/business/article/3076174/hong-kongs-fung-family-offers-privatise-global-supply-chain-manager-li?utm_source=rss_feed Fri, 20 Mar 2020 10:38:58 +0000 Italian luxury brand Prada Group’s outlook is negative for the year ahead, blindsided by the outbreak of coronavirus, despite posting better-than-expected results for 2019. The fashion house said on Wednesday that it had a “very positive” start to the year until the coronavirus outbreak erupted in China, one of its key markets, before later spreading to its home market of Italy. “Although it is difficult to forecast the evolution of the epidemic, we are expecting a negative impact on this year’s... https://www.scmp.com/business/companies/article/3075870/prada-braces-tough-year-ahead-after-coronavirus-outbreak-wreaks?utm_source=rss_feed https://www.scmp.com/business/companies/article/3075870/prada-braces-tough-year-ahead-after-coronavirus-outbreak-wreaks?utm_source=rss_feed Thu, 19 Mar 2020 01:27:16 +0000 Tencent Holdings could be one of its online game characters – its shares clawed their way out of a scary stock market dungeon, took a quick run uphill during the coronavirus lockdown in China, and recently were knocked down by the global market upheaval. The Chinese online gaming and social-media giant will report its 2019 and fourth-quarter results on Wednesday night, after market close in Hong Kong, and analysts were very upbeat. “It’s not just the game market. You can barely get through a day... https://www.scmp.com/business/companies/article/3075637/tencent-has-big-expectations-beat-chinese-gaming-giant-prepares?utm_source=rss_feed https://www.scmp.com/business/companies/article/3075637/tencent-has-big-expectations-beat-chinese-gaming-giant-prepares?utm_source=rss_feed Tue, 17 Mar 2020 23:00:16 +0000 The Hongkong and Shanghai Hotels, which owns and operates Peninsula hotels globally, said on Tuesday it faces an operating loss in the first quarter of 2020, as the Covid-19 outbreak brings global tourism to a grinding halt. In an annual results filing to the Hong Kong stock exchange, made after the market close, it said the operating loss would come “despite measures to contain costs”. Its unaudited revenue for the two months ending February 29 was down by 21 per cent year on year, the company... https://www.scmp.com/business/article/3075622/hong-kong-owner-peninsula-hotels-posts-weak-better-expected-annual-result?utm_source=rss_feed https://www.scmp.com/business/article/3075622/hong-kong-owner-peninsula-hotels-posts-weak-better-expected-annual-result?utm_source=rss_feed Tue, 17 Mar 2020 13:00:19 +0000 The Old Boys’ Club of portfolio managers has become a bit more coed – especially in Asia. But the glass ceiling remains hard to break, even in a Me Too era that has cast a broad spotlight on women in the work world. As International Women’s Day is celebrated today, women in mainland China, Hong Kong, Singapore and Taiwan have made more progress in being elevated into powerful roles in the financial world than in other parts of the world, as shown in a Morningstar report. About one in four... https://www.scmp.com/business/article/3074138/asia-leads-world-women-breaking-old-boys-club-portfolio-management?utm_source=rss_feed https://www.scmp.com/business/article/3074138/asia-leads-world-women-breaking-old-boys-club-portfolio-management?utm_source=rss_feed Sun, 08 Mar 2020 08:29:00 +0000 Hong Kong’s homebuyers spurned the city’s first property sale in two months, as larger-than-usual discounts failed to attract them to big-ticket financial commitments amid a slumping economy wrecked by a coronavirus outbreak. China Evergrande sold 49 of the 141 flats on offer at the second phase of its Emerald Bay project in Tuen Mun as at 5pm, even after increasing the discounts on each unit by HK$20,000 per square foot to an average of 14 per cent, from the previous 11 per cent, according to... https://www.scmp.com/business/article/3074088/buyers-spurn-hong-kongs-first-home-sale-two-months-covid-19-outbreak-adds?utm_source=rss_feed https://www.scmp.com/business/article/3074088/buyers-spurn-hong-kongs-first-home-sale-two-months-covid-19-outbreak-adds?utm_source=rss_feed Sat, 07 Mar 2020 11:11:16 +0000 Weaving through central Hong Kong is the world’s longest outdoor escalator, which for years has carried patrons from the city’s glass skyscrapers deep into streets full of restaurants overflowing with expats and tourists. Nowadays, on a quiet escalator ride home one passes by rows of boarded up eateries. On a recent Thursday evening, many sat virtually empty from 6pm to 11pm. A waitress said she serves two to three tables a night, and that her employer has just two more months to survive. She... https://www.scmp.com/business/companies/article/3073947/covid-19-final-nail-coffin-hong-kongs-soho-bar-and-restaurant?utm_source=rss_feed https://www.scmp.com/business/companies/article/3073947/covid-19-final-nail-coffin-hong-kongs-soho-bar-and-restaurant?utm_source=rss_feed Sat, 07 Mar 2020 02:00:14 +0000 Skype co-founder Geoff Prentice has raised US$20 million of debt financing for his start-up venture that targets financial inclusion in Southeast Asia, as innovations in the region’s payment system bring greater competition in the field. Hong Kong-based Oriente Investment raised the fresh capital from investment management company Silverhorn Group to expand its Philippine online lending platform, known as Cashalo, where about two-thirds of adults do not have a banking account. Oriente also runs... https://www.scmp.com/business/companies/article/3065007/skype-co-founder-raises-us20-million-expand-online-lending?utm_source=rss_feed https://www.scmp.com/business/companies/article/3065007/skype-co-founder-raises-us20-million-expand-online-lending?utm_source=rss_feed Wed, 04 Mar 2020 08:59:36 +0000 Hong Kong’s iconic Jumbo Kingdom floating restaurants will close their doors from this week “until further notice” as the coronavirus outbreak continues to slam a food and beverage industry that has been reeling since social unrest since last year. “As of March 3 and until further notice, Jumbo Kingdom will suspend its day-to-day operation,” said Hong Kong-listed owner and conglomerate Melco International Development, in a statement on Monday. “This decision has been taken in light of the severe... https://www.scmp.com/business/companies/article/3064550/hong-kongs-iconic-jumbo-floating-restaurant-feted-queen-tom?utm_source=rss_feed https://www.scmp.com/business/companies/article/3064550/hong-kongs-iconic-jumbo-floating-restaurant-feted-queen-tom?utm_source=rss_feed Mon, 02 Mar 2020 03:41:28 +0000 If online prices provide an accurate measurement, then Hong Kong should be known as the City of Very Clean Hands, judging by the soaring costs of liquid soap, disinfectants and wipes. The median price of liquid soaps including disinfectants soared by more than 113 per cent, while all-purpose cleaning wipes now cost 214 per cent more, as panic buying by jittery Hongkongers caused shortages at many pharmacists and grocery stores across the city, according to a Euromonitor report based on data from... https://www.scmp.com/business/article/3052812/online-prices-liquid-soap-disinfectants-toilet-paper-soar-hong-kong?utm_source=rss_feed https://www.scmp.com/business/article/3052812/online-prices-liquid-soap-disinfectants-toilet-paper-soar-hong-kong?utm_source=rss_feed Sat, 29 Feb 2020 04:45:12 +0000 Feeling spooked yet? If so, you belong to a rapidly growing crowd around the world reacting strongly to the coronavirus outbreak. The respiratory illness that began in mainland China has upended global stock markets, supply chains, company earnings and investors’ portfolios. It’s also sparked panic buying of toilet paper in Hong Kong and driven up online prices of cleaning wipes by more than 200 per cent. China’s bigger role in the global economy – it accounted for 4.3 per cent of the world’s... https://www.scmp.com/business/banking-finance/article/3052940/coronavirus-has-sparked-infodemic-news-spreading-panic?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3052940/coronavirus-has-sparked-infodemic-news-spreading-panic?utm_source=rss_feed Fri, 28 Feb 2020 23:30:12 +0000 American companies expect their 2020 revenue to take a beating in China, as the ongoing coronavirus outbreak disrupts production and crimps consumption, prompting some of them to seek alternative supply chains to reduce their reliance on the “world’s factory,” according to separate surveys by the American Chambers of Commerce in China, and Singapore. Sales in China will fall in 2020 if the coronavirus continues to disrupt output through April, said half of the respondents in AmCham China’s... https://www.scmp.com/business/companies/article/3052674/some-american-companies-are-seeking-cut-their-reliance-china?utm_source=rss_feed https://www.scmp.com/business/companies/article/3052674/some-american-companies-are-seeking-cut-their-reliance-china?utm_source=rss_feed Thu, 27 Feb 2020 12:00:15 +0000 The costs of employer-sponsored health care benefits in Asia-Pacific will rise faster than the global average this year, according to global advisory and insurance firm Willis Towers Watson. The bills could spike if the coronavirus outbreak turns “uncontrollable,” it added. They are expected to increase by 7.1 per cent this year in Asia-Pacific, compared with an average 6.8 per cent gain globally, based on a survey of medical insurers by the London-based company. The costs in some countries will... https://www.scmp.com/business/money/wealth/article/3052486/corporate-health-care-benefits-come-under-cost-pressure?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3052486/corporate-health-care-benefits-come-under-cost-pressure?utm_source=rss_feed Wed, 26 Feb 2020 22:30:10 +0000 Jamie’s Italian, the chain of upmarket eateries started by the British celebrity chef and restaurateur Jamie Oliver, said it would shut its two Hong Kong franchises and Taipei restaurant by the end of this week. The chain’s Taipei restaurant at the Shin Kong Mitsukoshi Xinyi Place shopping centre will cease operating on February 27 and the two Hong Kong franchises in Causeway Bay and Harbour City will shut on February 28 . The three outlets, which opened with the Causeway Bay flagship in 2014... https://www.scmp.com/business/companies/article/3052464/jamies-italian-shut-restaurants-hong-kong-taipei-week?utm_source=rss_feed https://www.scmp.com/business/companies/article/3052464/jamies-italian-shut-restaurants-hong-kong-taipei-week?utm_source=rss_feed Wed, 26 Feb 2020 13:15:09 +0000 Wharf Hotels said it closed the Prince Hotel for renovations, making use of the business lull created by months of anti-government protests and the coronavirus outbreak for refurbishments, amid market talk that its parent Wheelock was planning a privatisation. The hotel, located in the Habour City commercial complex in Kowloon, will undergo 15 months of renovations until the third quarter of 2021, the first in a trio of Wharf’s properties in the Canton Road vicinity of Tsim Sha Tsui – the other... https://www.scmp.com/business/companies/article/3052125/wharf-close-prince-hotel-tsim-sha-tsui-renovations-amid?utm_source=rss_feed https://www.scmp.com/business/companies/article/3052125/wharf-close-prince-hotel-tsim-sha-tsui-renovations-amid?utm_source=rss_feed Mon, 24 Feb 2020 10:45:14 +0000 China’s ageing population is increasing the pressure on the state pension deficit at the same time employers are falling behind on their contributions. A deeper economic slowdown could burn a bigger hole in the retirement pot, experts say. The cumulative balance in the pool stood at about 5 trillion yuan (US$712 billion) at the end of 2019, and the employers’ contributions were expected to fall short by 417.4 billion yuan due to measures to ease their burden, vice finance minister Yu Weiping... https://www.scmp.com/business/money/wealth/article/3051975/chinas-state-pension-plan-needs-retooling-slowdown-ageing?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3051975/chinas-state-pension-plan-needs-retooling-slowdown-ageing?utm_source=rss_feed Mon, 24 Feb 2020 01:30:14 +0000 Twelve years ago, 300,000 children in China were poisoned after drinking infant milk formula that contained melamine, a chemical used in plastic. Six babies were killed by the toxic substance, which was used by 22 companies to artificially boost the protein levels that showed up in nutrition tests. Those responsible were punished with sentences ranging from lengthy prison terms to the death penalty. Dubbed the ‘melamine scandal’, the tragedy rocked China’s baby milk formula industry. Many... https://www.scmp.com/business/companies/article/3051808/foreign-brands-still-dominate-parents-do-not-trust-chinas-home?utm_source=rss_feed https://www.scmp.com/business/companies/article/3051808/foreign-brands-still-dominate-parents-do-not-trust-chinas-home?utm_source=rss_feed Sat, 22 Feb 2020 00:00:10 +0000 Chinese conglomerate Fosun International has announced one of its biggest executive reshuffles in three years after a slew of acquisitions overseas, strengthening its top management just as the local economy is growing at the slowest pace since 1990. The Shanghai-based group appointed Chen Qiyu and Xu Xiaoliang as joint chief executive, effective immediately, according to a Hong Kong exchange filing late Friday. Chen and Xu, who are both executive directors, relinquished their positions as... https://www.scmp.com/business/article/3051869/fosun-names-new-chiefs-one-biggest-management-reshuffles-2017-after?utm_source=rss_feed https://www.scmp.com/business/article/3051869/fosun-names-new-chiefs-one-biggest-management-reshuffles-2017-after?utm_source=rss_feed Fri, 21 Feb 2020 16:36:24 +0000 Cracks in Hong Kong’s retail industry are widening as the coronavirus fallout heaped pressure on more players while some of the city’s biggest landlords continue to lower rents for their tenants. Dickson Concepts, operator of Harvey Nichols department stores in Hong Kong, will cut staff salaries by up to 30 per cent, joining a list of peers in cutting costs. Hysan Development and MTR Corp disclosed they have offered rent concessions in their properties to help their clients ride out the... https://www.scmp.com/property/hong-kong-china/article/3051649/cracks-hong-kongs-retail-industry-widen-dickson-concepts?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3051649/cracks-hong-kongs-retail-industry-widen-dickson-concepts?utm_source=rss_feed Fri, 21 Feb 2020 01:15:09 +0000 Dining room tables have become de facto offices for many in Hong Kong and mainland China recently, as staff are advised to stay home and contain the Covid-19 outbreak. While employees grapple with how to focus in the unusual comfort of their homes, employers have been forced to try and virtually manage remote workers. Businesses say it has been a huge test in exposing what is needed to make remote working – usually a luxury – productive and efficient. Some say the crisis could prove a huge... https://www.scmp.com/business/article/3050914/coronavirus-exposes-flaws-chinese-and-hong-kong-firms-remote-working?utm_source=rss_feed https://www.scmp.com/business/article/3050914/coronavirus-exposes-flaws-chinese-and-hong-kong-firms-remote-working?utm_source=rss_feed Wed, 19 Feb 2020 04:00:09 +0000 The coronavirus outbreak could cost the global tourism industry about US$80 billion in lost revenue, with players warning that the sector is unlikely to recover for at least one year. With millions of Chinese cancelling travel plans, or delaying future holidays over safety fears because of the disease, now called Covid-19, online travel companies like Expedia and Tripadvisor are already forecasting a drop in revenues, which could ripple into everything from hotels to retail outlets... https://www.scmp.com/business/companies/article/3050682/global-tourism-take-us80-billion-hit-and-year-shake-effects?utm_source=rss_feed https://www.scmp.com/business/companies/article/3050682/global-tourism-take-us80-billion-hit-and-year-shake-effects?utm_source=rss_feed Fri, 14 Feb 2020 10:00:16 +0000 Luxury brands are feeling the heat from the coronavirus outbreak, as consumers in China remain cooped up at home, unable to shop or travel. Analysts say it could take months for the sector, which is highly reliant on the world’s largest consumer market, to recover. High-end clothing labels like Moncler and Burberry and beauty giants like L’Oreal have warned of negative impact from the epidemic, with some brands trimming forecasts, scaling back shipments, product launches and delaying expansion... https://www.scmp.com/business/companies/article/3050390/luxury-labels-brace-impact-coronavirus-outbreak-saps-consumer?utm_source=rss_feed https://www.scmp.com/business/companies/article/3050390/luxury-labels-brace-impact-coronavirus-outbreak-saps-consumer?utm_source=rss_feed Thu, 13 Feb 2020 10:30:09 +0000 Overseas property markets are feeling the pinch of the outbreak of the deadly coronavirus in China with inquiries from mainland buyers slowing markedly. One real estate agency in Adelaide, Australia has temporarily shut its office after two individuals who tested positive for the infection had visited its premises. And markets such as Thailand and the US are reeling from the halt in activities and interest coming from the Chinese, underscoring the impact of the outbreak on the sector. “The... https://www.scmp.com/business/article/3049825/international-property-markets-reel-coronavirus-outbreak-chinese-investors?utm_source=rss_feed https://www.scmp.com/business/article/3049825/international-property-markets-reel-coronavirus-outbreak-chinese-investors?utm_source=rss_feed Tue, 11 Feb 2020 00:00:16 +0000 About eight in every 10 hotel rooms in China fell vacant during the Lunar New Year holiday after the deadly coronavirus outbreak triggered global travel alerts, flight restrictions and border controls. The occupancy rate across mainland cities fell to 17 per cent on average on January 26, from 70 per cent on January 14, according to US-based data analytics firm STR, which tracks the global hospitality industry. The occupancy level was 22 per cent during the January 24-26 period, versus 55 per... https://www.scmp.com/business/article/3049466/no-takers-eight-10-hotel-rooms-china-coronavirus-triggers-travel-alerts?utm_source=rss_feed https://www.scmp.com/business/article/3049466/no-takers-eight-10-hotel-rooms-china-coronavirus-triggers-travel-alerts?utm_source=rss_feed Fri, 07 Feb 2020 10:00:19 +0000