https://www.scmp.com/rss/327872/feed Chad is a UK correspondent reporting on issues ranging from business to Sino-British relations. He joined the Post in 2018 as a senior business reporter focused on finance. He has previously written for The New York Times, The Wall Street Journal and Dow Jones Newswires. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Born in a rural village in central China’s Henan province, Hui Ka-yan, the founder and chairman of troubled developer China Evergrande Group, rode a wave of market reforms in China’s property market over the past three decades to become, at one point, the country’s richest man. The 64-year-old former steel mill worker amassed a vast empire that included China’s richest professional football club, a superyacht once valued at US$60 million and reportedly the most expensive home in London. However,... https://www.scmp.com/business/china-business/article/3236345/china-evergrandes-hui-ka-yan-once-chinas-richest-man-has-seen-his-wealth-dwindle-developers?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3236345/china-evergrandes-hui-ka-yan-once-chinas-richest-man-has-seen-his-wealth-dwindle-developers?utm_source=rss_feed Sun, 01 Oct 2023 01:00:19 +0000 China Evergrande Group said its chairman and founder Hui Ka-yan has been placed under so-called “mandatory measures” due to “suspicion of illegal crimes”, hours after the troubled Chinese property developer suspended trading of its shares and those of its two major subsidiaries. Hui, known as Xu Jiayin on the mainland, has not been seen in public for some time, and his whereabouts were a subject of intense speculation in mainland media. The announcement followed the arrest of several top... https://www.scmp.com/business/markets/article/3236055/evergrande-halts-shares-trading-its-group-and-units-amid-scrutiny-its-chairmans-whereabouts?utm_source=rss_feed https://www.scmp.com/business/markets/article/3236055/evergrande-halts-shares-trading-its-group-and-units-amid-scrutiny-its-chairmans-whereabouts?utm_source=rss_feed Thu, 28 Sep 2023 02:20:39 +0000 As Country Garden Holdings founder Yang Guoqiang prepares to celebrate his 69th birthday next month, the company he started more than three decades ago is mired in the biggest crisis in its history. Country Garden, China’s largest developer until last year, is facing a mountain of debt repayments in the next year. It has to contend with a slowing property market as consumers sit on the sidelines amid sluggish economic growth, while concerns about the sector have mounted following a string of... https://www.scmp.com/business/china-business/article/3235418/china-property-crisis-country-garden-faces-reckoning-sluggish-economy-bets-smaller-cities-unravel?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3235418/china-property-crisis-country-garden-faces-reckoning-sluggish-economy-bets-smaller-cities-unravel?utm_source=rss_feed Sat, 23 Sep 2023 02:00:19 +0000 A frenzied debate has kicked off in Britain’s parliament over news that an alleged Chinese spy was privy to sensitive materials relating to foreign policy. Hardliners say the news shows that the British government’s efforts to re-engage China are misplaced, and has put Prime Minister Rishi Sunak’s attempts to steady the ship in China-UK relations at risk. The man worked for the China Research Group, a think tank founded by now security minister Tom Tugendhat, according to multiple sources... https://www.scmp.com/news/china/diplomacy/article/3234169/claims-spy-british-parliament-trigger-fresh-bout-soul-searching-over-countrys-approach-china?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3234169/claims-spy-british-parliament-trigger-fresh-bout-soul-searching-over-countrys-approach-china?utm_source=rss_feed Mon, 11 Sep 2023 13:41:52 +0000 From a gong ceremony to an actual Hong Kong taxi cruising the streets of London, Hong Kong Exchanges and Clearing (HKEX) sought to announce its presence as it opened the doors of its newest international office in Britain’s financial capital on Wednesday. The operator of the Hong Kong stock exchange is hoping the London office, alongside an office it opened in New York in June, will allow it to better connect with international investors and pitch Hong Kong as a global fundraising hub. “Our new... https://www.scmp.com/business/banking-finance/article/3233664/hkex-opens-london-office-31-degree-weather-and-hong-kong-taxi-tow?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3233664/hkex-opens-london-office-31-degree-weather-and-hong-kong-taxi-tow?utm_source=rss_feed Thu, 07 Sep 2023 01:32:58 +0000 The catastrophic crash in Country Garden Holdings, once the gold standard in China’s property industry, has cost stock and bond investors steep losses. Now, the developer stands to potentially inflict wider damage on the economy than the high-profile default of China Evergrande Group. The company’s stock has declined 67 per cent this year, knocking HK$49.2 billion (US$6.3 billion) off its market capitalisation and shrinking its market value to US$3.1 billion, as a cash crunch took the market by... https://www.scmp.com/business/china-business/article/3233079/china-property-crackdown-why-surprise-victim-country-garden-could-be-worse-evergrande-economy?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3233079/china-property-crackdown-why-surprise-victim-country-garden-could-be-worse-evergrande-economy?utm_source=rss_feed Sat, 02 Sep 2023 02:00:23 +0000 James Cleverly will become the first British foreign secretary to visit China for five years next week, in what will be a test for his government’s efforts to rebalance the relationship with Beijing. He is expected to arrive on Tuesday or Wednesday, although no final date has been set for a meeting with Wang Yi, his Chinese counterpart. The British Foreign Office declined to comment on whether Cleverly would travel to China this month, but Beijing’s former ambassador to the UK Liu Xiaoming... https://www.scmp.com/news/china/diplomacy/article/3232359/james-cleverly-become-first-british-foreign-secretary-visit-china-5-years-london-looks-rebalance?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3232359/james-cleverly-become-first-british-foreign-secretary-visit-china-5-years-london-looks-rebalance?utm_source=rss_feed Fri, 25 Aug 2023 13:03:30 +0000 HSBC, the biggest of Hong Kong’s currency-issuing banks, reported a better-than-expected profit for the second quarter, driven by gains in its commercial and retail banking businesses as it benefited from the rising interest rate environment. The London-based bank, which generates much of its profit in Asia, reported a 12 per cent increase in net profit to US$6.64 billion in the three months ended June 30, from a profit of US$5.49 billion a year earlier. The lender, one of Europe’s largest by... https://www.scmp.com/business/banking-finance/article/3229577/hsbcs-second-quarter-profit-beats-estimates-it-benefited-higher-interest-rates-cost-control?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3229577/hsbcs-second-quarter-profit-beats-estimates-it-benefited-higher-interest-rates-cost-control?utm_source=rss_feed Tue, 01 Aug 2023 04:22:05 +0000 Standard Chartered, one of Hong Kong’s three currency-issuing banks, reported a better-than-expected profit for the second quarter, driven by sharp gains in its transaction banking and Asia businesses amid a period of rising interest rates. The emerging markets-focused lender’s net profit rose by 20 per cent to US$982 million in the three months ended in June, from US$818 million a year earlier, the bank said in a stock exchange filing. The London-based bank, which generates much of its pre-tax... https://www.scmp.com/business/banking-finance/article/3229223/standard-chartereds-second-quarter-profit-beats-estimates-gains-asia-transaction-banking-businesses?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3229223/standard-chartereds-second-quarter-profit-beats-estimates-gains-asia-transaction-banking-businesses?utm_source=rss_feed Fri, 28 Jul 2023 05:05:36 +0000 Investors will be keeping a close eye on interest income gains as rates continue to tick higher and any strains from a sluggish Chinese economic recovery as Hong Kong’s biggest banks, including HSBC and Standard Chartered, unveil their second-quarter report cards beginning this week. Standard Chartered will be the first of the city’s three currency-issuing banks to update investors on its first-quarter performance on Friday, followed by HSBC on August 1 and Bank of China (Hong Kong) later next... https://www.scmp.com/business/banking-finance/article/3228686/higher-interest-rates-drive-profits-hsbc-standard-chartered-prepare-report-second-quarter-results?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3228686/higher-interest-rates-drive-profits-hsbc-standard-chartered-prepare-report-second-quarter-results?utm_source=rss_feed Mon, 24 Jul 2023 06:00:19 +0000 China has ruthlessly targeted Britain’s commercial and academic institutions as part of its ambition to be an economic and technological superpower, whilst successive UK governments have been slow to recognise the threat posed by Beijing, according to an influential committee of MPs. The long-awaited report by Parliament’s Intelligence and Security Committee found that Chinese institutions had successfully penetrated every sector of the British economy, in part because of a willingness by UK... https://www.scmp.com/news/china/article/3227619/china-targets-britains-commercial-academic-institutions-government-fails-recognise-threat-mp-report?utm_source=rss_feed https://www.scmp.com/news/china/article/3227619/china-targets-britains-commercial-academic-institutions-government-fails-recognise-threat-mp-report?utm_source=rss_feed Thu, 13 Jul 2023 16:10:34 +0000 When London Metal Exchange (LME) CEO Matthew Chamberlain went to bed on March 7 of last year, he believed the nickel market was still acting orderly despite a frenetic period of trading that had seen the price of the nickel rise as much as 65 per cent over the course of the day. But, by the time he arose at 5.30am London time the next morning and briefly scanned his mobile telephone, Chamberlain said in court documents that he was alarmed by “extreme price movements in nickel” at a level he had... https://www.scmp.com/business/banking-finance/article/3226885/lmes-nickel-crisis-decision-heart-dispute-uk-judicial-review-involving-us12-billion-cancelled-trades?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3226885/lmes-nickel-crisis-decision-heart-dispute-uk-judicial-review-involving-us12-billion-cancelled-trades?utm_source=rss_feed Fri, 07 Jul 2023 22:30:10 +0000 HSBC plans to move out of its long-time headquarters in London’s Canary Wharf and downsize to smaller offices in the City of London as it looks to cut costs as more of its staff embrace hybrid working. The bank, which is one of Hong Kong’s three currency-issuing lenders, plans to move to the Panorama St Paul’s in the traditional hub of London’s finance industry in the Square Mile before the lease on its Canary Wharf offices expire in 2027. The London-based bank began a strategic review of its... https://www.scmp.com/business/banking-finance/article/3225433/hsbc-move-global-headquarters-canary-wharf-city-london-cut-costs-amid-shift-hybrid-working?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3225433/hsbc-move-global-headquarters-canary-wharf-city-london-cut-costs-amid-shift-hybrid-working?utm_source=rss_feed Mon, 26 Jun 2023 10:14:04 +0000 The London Metal Exchange (LME) faced a “death spiral” in nickel and its other metals markets with as many as a dozen of its members at risk of default if it failed to step in and stabilise the nickel market during a period of chaos last year, a lawyer for the bourse told a London court on Thursday. US hedge fund Elliott Associates and Jane Street Global Trading, which describes itself as a market maker, have sued the Hong Kong Exchanges and Clearing (HKEX)-owned bourse in London’s high court... https://www.scmp.com/business/banking-finance/article/3225057/lme-faced-death-spiral-many-dozen-firms-risk-default-amid-nickel-chaos-lawyer?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3225057/lme-faced-death-spiral-many-dozen-firms-risk-default-amid-nickel-chaos-lawyer?utm_source=rss_feed Thu, 22 Jun 2023 22:00:09 +0000 The London Metal Exchange (LME) had no senior staff on duty monitoring trading in the early morning hours as nickel prices spiked last year before it decided to cancel billions of dollars of trades, a lawyer for one of two firms suing the bourse has argued. US hedge fund Elliott Associates and Jane Street Global Trading, which describes itself as a market maker, have sued the Hong Kong Exchanges and Clearing (HKEX)-owned bourse in London’s high court, claiming the exchange made an “irrational”... https://www.scmp.com/business/banking-finance/article/3224932/lme-lacked-senior-staff-monitoring-trading-nickel-prices-spiked-jane-street?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224932/lme-lacked-senior-staff-monitoring-trading-nickel-prices-spiked-jane-street?utm_source=rss_feed Wed, 21 Jun 2023 22:00:25 +0000 The London Metal Exchange (LME) made a “wholly unprecedented decision” to cancel nickel trades in March 2022 when it had other less extreme options at hand after a surge in nickel prices forced it to suspend trading last year, according to two funds suing the bourse in London. Among its options, the Hong Kong Exchanges and Clearing (HKEX)-owned bourse could have set the margin price at the closing nickel price on March 7, the day before it suspended trading, according to Elliott Associates and... https://www.scmp.com/business/banking-finance/article/3224793/lme-had-options-avoid-cancelling-trades-during-last-years-nickel-crisis-funds-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224793/lme-had-options-avoid-cancelling-trades-during-last-years-nickel-crisis-funds-say?utm_source=rss_feed Tue, 20 Jun 2023 22:00:18 +0000 The London Metal Exchange (LME) is preparing to defend itself in court on Tuesday, more than a year after it was forced to suspend nickel trading following a short squeeze that threatened to destabilise the global market in March 2022. US hedge fund Elliott Associates and quantitative investing firm Jane Street Global Trading have sued the 146-year-old bourse in London, saying its actions to stem the chaos favoured some clients over others and violated their rights under the European Convention... https://www.scmp.com/business/banking-finance/article/3224512/lme-set-defend-itself-3-day-trial-london-over-nickel-chaos-last-years-trading-freeze?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224512/lme-set-defend-itself-3-day-trial-london-over-nickel-chaos-last-years-trading-freeze?utm_source=rss_feed Sun, 18 Jun 2023 22:30:13 +0000 HSBC has reached revised terms to sell its French retail business to Cerberus Capital Management-backed My Money Group after the lender said earlier this year that a sharp rise in interest rates in France had made the deal “less certain”. The revised terms will see HSBC’s European business, in part, retain a portfolio of €7 billion (US$7.6 billion) in home and other loans originally expected to be transferred as part of the transaction. Those loans will be serviced by My Money Group post-closing... https://www.scmp.com/business/banking-finance/article/3224107/hsbc-reaches-revised-terms-sale-its-french-retail-banking-business?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224107/hsbc-reaches-revised-terms-sale-its-french-retail-banking-business?utm_source=rss_feed Wed, 14 Jun 2023 15:52:06 +0000 CK Hutchison Holdings, one of the two flagship companies of Hong Kong’s richest man, Li Ka-shing, said it would merge its British telecommunications business with Vodafone’s domestic business, creating the UK’s biggest mobile provider worth a combined £12.4 billion (US$15.7 billion). The long-gestating deal that has involved more than a year of talks will see Vodafone own 51 per cent of the combined company, with no cash consideration being paid. Instead, the joint venture will take on £6... https://www.scmp.com/business/banking-finance/article/3224097/li-ka-shings-three-uk-merge-vodafone-unit-form-britains-biggest-mobile-provider-worth-us157-billion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3224097/li-ka-shings-three-uk-merge-vodafone-unit-form-britains-biggest-mobile-provider-worth-us157-billion?utm_source=rss_feed Wed, 14 Jun 2023 12:48:34 +0000 For much of the past year, HSBC, the largest of Hong Kong’s three currency-issuing banks, has faced pressure from its biggest shareholder, Ping An Insurance Group, and a vocal contingent of frustrated retail investors in the city to break up the bank. The London-based bank’s management argued that its core strategy centred around its international network, driven by its strength in growth markets in Asia, and said a spin-off of the Asian business suggested by some shareholders would be too... https://www.scmp.com/business/banking-finance/article/3222690/what-next-hsbc-after-preventing-ping-carving-hong-kongs-largest-bank-quelling-shareholder-revolt?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222690/what-next-hsbc-after-preventing-ping-carving-hong-kongs-largest-bank-quelling-shareholder-revolt?utm_source=rss_feed Fri, 02 Jun 2023 22:00:13 +0000 Prudential said its chief financial officer James Turner has resigned following an investigation into a “code of conduct issue” relating to a recent recruitment. Hong Kong-based Turner, 54, was named CFO in March 2022 after serving as the Asia-focused insurer’s group chief risk and compliance officer. He had been with the London-based company since 2010. “The group sets itself high standards and Mr Turner fell short on this occasion,” Prudential said in a Hong Kong stock exchange filing. Turner... https://www.scmp.com/business/banking-finance/article/3222490/prudential-cfo-james-turner-resigns-following-code-conduct-investigation-insurer-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222490/prudential-cfo-james-turner-resigns-following-code-conduct-investigation-insurer-says?utm_source=rss_feed Wed, 31 May 2023 13:00:18 +0000 HSBC and four other large banks broke UK competition law by sharing “competitively sensitive information” in chat rooms while trading British government bonds, according to a provisional finding by the United Kingdom’s Competition and Markets Authority (CMA). Information was shared in one-to-one Bloomberg chat rooms between a small number of traders at Citigroup, Deutsche Bank, HSBC, Morgan Stanley and Royal Bank of Canada (RBC) between 2009 and 2013, including details on pricing and trading... https://www.scmp.com/business/banking-finance/article/3221690/hsbc-four-other-banks-broke-uk-competition-law-bond-trading-communications-regulator?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3221690/hsbc-four-other-banks-broke-uk-competition-law-bond-trading-communications-regulator?utm_source=rss_feed Wed, 24 May 2023 10:15:10 +0000 The CEO of London Metal Exchange (LME) said the 146-year-old metal trading bourse is making incremental progress in reviving investors’ confidence after last year’s chaos, hoping to gain a stronger presence in Asia. “I don’t think restoring confidence is something that just happens overnight,” Matthew Chamberlain told the Post on the sidelines of the LME Asia Metals Seminar in Hong Kong on Tuesday. “Every day you have to show you’re doing something to earn that trust, and people have to see the... https://www.scmp.com/business/china-business/article/3220769/lme-making-incremental-progress-reviving-investor-confidence-after-last-years-nickel-fiasco-ceo?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3220769/lme-making-incremental-progress-reviving-investor-confidence-after-last-years-nickel-fiasco-ceo?utm_source=rss_feed Tue, 16 May 2023 22:00:20 +0000 Qianhai Mercantile Exchange (QME), a Chinese commodities trading platform, is working with its sister company, the London Metal Exchange, to launch battery metal contracts. The bourse, owned by Hong Kong Exchanges and Clearing (HKEX), was studying the possibility of offering investors the chance to buy and sell spot contracts of lithium carbonate, nickel sulphate and cobalt, said Dong Feng, general manager of the QME. Cobalt, lithium and nickel are the three critical metals used to make... https://www.scmp.com/business/commodities/article/3220757/lme-works-chinese-commodities-exchange-launch-ev-battery-metal-contracts-demand-prices-surge?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3220757/lme-works-chinese-commodities-exchange-launch-ev-battery-metal-contracts-demand-prices-surge?utm_source=rss_feed Tue, 16 May 2023 10:29:45 +0000 CK Hutchison Holdings, one of the two flagship companies of Hong Kong’s richest man, Li Ka-shing, said it would form a new joint venture with Swedish private-equity firm EQT to provide wholesale mobile and fixed communications services in Italy. The Hong Kong conglomerate’s Italian mobile business Wind Tre will transfer its active network equipment and wholesale mobile and wholesale fixed communications services business in Italy to the new company as part of the transaction. The new firm will... https://www.scmp.com/business/banking-finance/article/3220410/li-ka-shings-ck-hutchison-form-new-italian-telecoms-company-private-equity-firm-eqt?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3220410/li-ka-shings-ck-hutchison-form-new-italian-telecoms-company-private-equity-firm-eqt?utm_source=rss_feed Fri, 12 May 2023 13:30:19 +0000 The Public Company Accounting Oversight Board (PCAOB) said on Wednesday that it found an “unacceptable rate” of deficiencies as it carried out its first review of audits of mainland Chinese firms since striking a deal last year to give it access to mainland audit records for the first time. The US regulator said that it found significant shortcomings in three-quarters of the audits of US-listed mainland firms conducted by PwC in Hong Kong and 100 per cent of the audits conducted by KPMG Huazhen... https://www.scmp.com/business/banking-finance/article/3220122/us-accounting-regulator-finds-unacceptable-rate-shortcomings-mainland-china-audits?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3220122/us-accounting-regulator-finds-unacceptable-rate-shortcomings-mainland-china-audits?utm_source=rss_feed Wed, 10 May 2023 15:57:52 +0000 Millions of Britons gathered in a rain-soaked central London on Saturday to commemorate the coronation of King Charles as part of a long weekend of celebrations and pageantry across the country to mark the formal beginning of his reign. King Charles ascended to the throne in September following the death of his mother Queen Elizabeth at age 96, but his coronation was scheduled for months later as tradition dictates an “appropriate period of time” passes following a monarch’s death. At 74, he is... https://www.scmp.com/news/world/europe/article/3219651/britain-marks-coronation-king-charles-rainy-london?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3219651/britain-marks-coronation-king-charles-rainy-london?utm_source=rss_feed Sat, 06 May 2023 14:43:12 +0000 This blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. Britain, world leaders and royalty from across the globe gathered on Saturday to celebrate the formal coronation of King Charles as England’s and Britain’s 62nd monarch in London. The king, 74, ascended to the throne in September following the death of his mother, Queen Elizabeth, at the age of 96 after a 70-year reign. King Charles is the oldest person to... https://www.scmp.com/news/world/europe/article/3219627/king-charles-coronation-pomp-and-pageantry-london-uk-prepares-crown-its-monarch?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3219627/king-charles-coronation-pomp-and-pageantry-london-uk-prepares-crown-its-monarch?utm_source=rss_feed Sat, 06 May 2023 08:46:34 +0000 HSBC shareholders on Friday rejected a proposal by frustrated minority investors to increase the bank’s dividend payouts and radically change its structure in a major affirmation of the lender’s strategy under chief executive Noel Quinn. The critical shareholder vote followed a year-long campaign by Ping An Insurance Group, the bank’s biggest shareholder, to shake up the lender and ongoing frustration by some of its Hong Kong retail investors over the cancellation of its dividend three years ago... https://www.scmp.com/business/banking-finance/article/3219577/hsbc-investors-reject-minority-shareholders-proposal-spin-asia-business-raise-dividend-payouts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219577/hsbc-investors-reject-minority-shareholders-proposal-spin-asia-business-raise-dividend-payouts?utm_source=rss_feed Fri, 05 May 2023 12:58:51 +0000 HSBC, the biggest of Hong Kong’s three currency-issuing banks, reported a better-than-expected profit in the first quarter as it seeks to fend off renewed pressure from some shareholders to split up the bank. The bank, one of Europe’s largest by assets, said its net profit rose to US$10.3 billion for the three months ended March 31, from US$2.8 billion in the same period a year earlier. On a pre-tax basis, HSBC reported a profit of US$12.9 billion, ahead of the US$8.6 billion expected by... https://www.scmp.com/business/banking-finance/article/3219096/hsbc-posts-better-expected-first-quarter-result-amid-pressure-split?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219096/hsbc-posts-better-expected-first-quarter-result-amid-pressure-split?utm_source=rss_feed Tue, 02 May 2023 04:25:41 +0000 Economies in Asia are in a “different place” than their Western counterparts as the region continues its economic recovery from the coronavirus pandemic, according to Andy Halford, Standard Chartered’s chief financial officer. Markets in Standard Chartered’s footprint, particularly in Asia, are not facing the same inflationary pressures as Western economies and are expected to post much higher economic growth over the next two years as China’s economy reopens, Halford said. “There is just... https://www.scmp.com/business/banking-finance/article/3218530/standard-chartered-asia-different-place-west-chinas-economy-gathers-momentum?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3218530/standard-chartered-asia-different-place-west-chinas-economy-gathers-momentum?utm_source=rss_feed Sun, 30 Apr 2023 04:00:17 +0000 Standard Chartered, one of Hong Kong’s three currency-issuing banks, reported a better-than-expected profit for the first quarter, driven by strong growth in its cash management and Asia businesses. The emerging markets-focused lender’s net profit rose by 9.4 per cent to US$1.16 billion in the three months ended in March, from US$1.06 billion a year earlier. The London-based bank, which generates much of its pre-tax profit in Asia, reported US$1.81 billion in pre-tax profit, ahead of the US$1.43... https://www.scmp.com/business/banking-finance/article/3218389/standard-chartereds-first-quarter-profit-jumps-9-cent-cash-management-asia-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3218389/standard-chartereds-first-quarter-profit-jumps-9-cent-cash-management-asia-growth?utm_source=rss_feed Wed, 26 Apr 2023 05:09:33 +0000 Investors will be closely watching for any signs of financial stress as well as fresh guidance on the pace of China’s economic recovery as Hong Kong’s biggest banks, including HSBC and Standard Chartered, unveil their first-quarter report cards beginning this week. Standard Chartered will be the first of the city’s three currency-issuing banks to update investors on its first-quarter performance on Wednesday, followed by Bank of China (Hong Kong) on Friday and HSBC on May 2. Their earnings come... https://www.scmp.com/business/banking-finance/article/3218222/hsbc-standard-chartered-ready-first-quarter-report-cards-investors-watch-financial-stresses-china?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3218222/hsbc-standard-chartered-ready-first-quarter-report-cards-investors-watch-financial-stresses-china?utm_source=rss_feed Tue, 25 Apr 2023 02:04:08 +0000 Ping An Insurance Group hit back at HSBC again on Friday in the latest tit-for-tat between the companies over its push to separately list the bank’s Asian operations in Hong Kong. The asset management arm of China’s biggest insurer called for HSBC earlier this week to sell a minority stake in the bank’s Asian arm through a listing on the Hong Kong stock exchange, with HSBC remaining the unit’s majority owner similar to the lender’s 62.14 per cent ownership of Hang Seng Bank. On Friday, Michael... https://www.scmp.com/business/banking-finance/article/3217940/ping-continues-war-words-hsbc-over-proposed-asian-arm-listing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217940/ping-continues-war-words-hsbc-over-proposed-asian-arm-listing?utm_source=rss_feed Fri, 21 Apr 2023 14:25:59 +0000 HSBC said a spin-off of its Asian operations through a Hong Kong listing would result in a “material loss of value” for investors as the bank refuted claims by Ping An Insurance Group that it had exaggerated the costs and risks of doing so. Structural reforms suggested by its biggest shareholder, including a minority listing of HSBC’s Asia-Pacific arm in Hong Kong, would “significantly dilute the international business model” that underlies the bank’s strategy, the London-based lender... https://www.scmp.com/business/banking-finance/article/3217650/hsbc-pushes-back-ping-ans-claims-spin-asian-business?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217650/hsbc-pushes-back-ping-ans-claims-spin-asian-business?utm_source=rss_feed Wed, 19 Apr 2023 18:00:16 +0000 Ping An Insurance Group, HSBC’s biggest shareholder, has called for HSBC to separately list its Asian arm in Hong Kong as it continues to push the London-based lender to make structural changes to enhance its value. On Tuesday, the insurer’s asset management arm – which holds its HSBC investment – said it favours a separate listing of the Asian business with HSBC remaining as the majority shareholder, similar to its 62.14 per cent ownership of Hang Seng Bank. “We believe the new HSBC Asia, after... https://www.scmp.com/business/banking-finance/article/3217495/ping-calls-hsbc-separately-list-asian-arm-hong-kong-it-continues-push-restructuring?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217495/ping-calls-hsbc-separately-list-asian-arm-hong-kong-it-continues-push-restructuring?utm_source=rss_feed Tue, 18 Apr 2023 13:05:32 +0000 HSBC’s sale of its French retail business to Cerberus Capital Management-backed My Money Group is in jeopardy as a sharp rise in interest rates in France has made completing the deal “less certain”, the bank said on Friday. The unexpected rise in interest rates since the deal was agreed in June 2021 has “significantly increased” the capital requirements for the buyers at closing, the London-based lender said. “The purchaser group has advised us that they consider that they will be unable to... https://www.scmp.com/business/banking-finance/article/3217143/hsbcs-sale-french-retail-business-my-money-group-jeopardy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217143/hsbcs-sale-french-retail-business-my-money-group-jeopardy?utm_source=rss_feed Fri, 14 Apr 2023 15:11:16 +0000 China’s government is making more friendly overtures to the nation’s private sector and foreign companies as it seeks to jump-start the world’s second biggest economy after years of restrictive measures to control the spread of Covid-19, according to an independent panel of China policy and economic experts. One reason driving efforts by the government to court private-sector investment is the need to create jobs, including roles for 12 million fresh graduates, according to Yu Jie, a senior... https://www.scmp.com/business/china-business/article/3216184/china-courting-private-sector-foreign-companies-bid-boost-growth-policy-experts-say?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3216184/china-courting-private-sector-foreign-companies-bid-boost-growth-policy-experts-say?utm_source=rss_feed Thu, 06 Apr 2023 09:01:26 +0000 Chinese short video app TikTok has been fined £12.7 million (US$15.8 million) by Britain’s privacy watchdog for misusing children’s data over a two-year period. The Information Commissioner’s Office (ICO) said the app, which is owned by China’s ByteDance, breached UK data protection rules by allowing children under the age of 13 to sign up for the service between May 2018 and July 2020 despite claiming doing so was in violation of its terms of service. The app also processed children’s data... https://www.scmp.com/business/article/3216009/tiktok-fined-us158-million-uk-privacy-watchdog-over-misuse-childrens-data?utm_source=rss_feed https://www.scmp.com/business/article/3216009/tiktok-fined-us158-million-uk-privacy-watchdog-over-misuse-childrens-data?utm_source=rss_feed Tue, 04 Apr 2023 14:23:47 +0000 Britain reached an agreement to join an 11-member trans-Pacific trade pact on Friday, an important milestone in its efforts to build new trading partnerships since its exit from the European Union three years ago and to play a larger role in the Indo-Pacific region. After British officials hinted a deal was close this week, UK Prime Minister Rishi Sunak confirmed in the early morning hours in London on Friday that a deal had been reached to join the Comprehensive and Progressive Agreement for... https://www.scmp.com/news/china/diplomacy/article/3215485/britain-reaches-agreement-join-trans-pacific-trade-pact?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3215485/britain-reaches-agreement-join-trans-pacific-trade-pact?utm_source=rss_feed Fri, 31 Mar 2023 00:41:08 +0000 The London Metal Exchange (LME) has unveiled its long-awaited “action plan” to improve its markets a year after a short squeeze threatened to destabilise the global nickel market, saying it would overhaul its margin requirements and introduce a new nickel contract focused on the Asian markets to improve liquidity. As part of a two-year overhaul, the Hong Kong Exchanges and Clearing (HKEX)-owned bourse also said it would seek to further enhance its monitoring of liquidity and over-the-counter... https://www.scmp.com/business/banking-finance/article/3215468/lme-overhaul-margins-introduce-new-nickel-contract-market-revamp?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3215468/lme-overhaul-margins-introduce-new-nickel-contract-market-revamp?utm_source=rss_feed Thu, 30 Mar 2023 15:52:52 +0000 Lalatech Holdings, the operator of on-demand logistics and delivery service known as Lalamove, has filed its long-anticipated application to go public on the Hong Kong stock exchange. The company did not specify how much it intends to raise from its initial public offering (IPO) or indicate a timetable for its listing, in the regulatory filing on Tuesday. Goldman Sachs, BofA Securities and JPMorgan Chase are the IPO sponsors. The application comes nearly two years after the Lalamove operator... https://www.scmp.com/business/banking-finance/article/3215187/lalatech-start-behind-lalamove-logistics-service-files-hong-kong-ipo-after-turning-its-back-new-york?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3215187/lalatech-start-behind-lalamove-logistics-service-files-hong-kong-ipo-after-turning-its-back-new-york?utm_source=rss_feed Wed, 29 Mar 2023 01:25:28 +0000 HSBC’s directors have recommended that investors vote against proposals by a group of frustrated minority shareholders to increase its dividend payouts and consider radical structural restructuring to enhance the bank’s value, such as spinning off its Asian operations. The proposals, submitted by Ken Lui Yu-kin, the leader of the “Spin Off HSBC Asia Concern Group”, earlier this month, are among 18 resolutions to be voted on at the bank’s May 5 annual general meeting in Birmingham, England. “A... https://www.scmp.com/business/banking-finance/article/3214764/hsbc-tells-investors-reject-proposals-unhappy-minority-shareholders-dividends-restructuring?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214764/hsbc-tells-investors-reject-proposals-unhappy-minority-shareholders-dividends-restructuring?utm_source=rss_feed Fri, 24 Mar 2023 12:00:08 +0000 Hong Kong held on to its fourth-place ranking globally in the latest study of the world’s leading international financial centres, as the city’s economy continues to recover from three years of Covid-19 restrictions. The city ranked fourth in the 33rd edition of the semi-annual Global Financial Centres Index, produced by the China Development Institute in Shenzhen and the London think tank Z/Yen Partners. New York was No 1 financial centre, followed by London and Singapore. Financial industry... https://www.scmp.com/business/banking-finance/article/3214624/hong-kong-holds-fourth-place-global-financial-centre-rankings?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214624/hong-kong-holds-fourth-place-global-financial-centre-rankings?utm_source=rss_feed Thu, 23 Mar 2023 13:17:48 +0000 Better data and new technology is needed for central banks to be able to truly judge the risk of climate change to financial stability, according to bankers and regulators. Speaking at the Bank of International Settlements’ Innovation Summit, Erik Thedeen, governor of Sveriges Riksbank, Sweden’s central bank, said bankers and regulators need to deploy new technology to better assess potential risks, from artificial intelligence-assisted text analysis of company disclosures to “granular level”... https://www.scmp.com/business/banking-finance/article/3214485/regulators-need-deploy-ai-gather-granular-data-bid-assess-climate-risk-financial-markets-bankers-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214485/regulators-need-deploy-ai-gather-granular-data-bid-assess-climate-risk-financial-markets-bankers-say?utm_source=rss_feed Wed, 22 Mar 2023 22:00:14 +0000 Chad Bray Chad Bray Central bank digital currencies (CBDCs) have an important role to play in future as both an alternative to cash for the general public and as a way to speed settlement of cross-border payments, according to a panel of central bank chiefs. Speaking at the Bank of International Settlements’ Innovation Summit, Christine Lagarde, president of the European Central Bank (ECB), said central bank digital currencies can serve as an important anchor for monetary policy as use of physical banknotes... https://www.scmp.com/business/banking-finance/article/3214353/digital-currencies-have-important-role-future-financial-system-central-bank-chiefs-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214353/digital-currencies-have-important-role-future-financial-system-central-bank-chiefs-say?utm_source=rss_feed Tue, 21 Mar 2023 23:00:14 +0000 UBS’s US$3.2 billion rescue of smaller Swiss banking rival Credit Suisse could put thousands of jobs at risk, including positions in Asia, as the lender looks to cut the combined company’s annual cost base by US$8 billion over the next four years. The two companies have significant overlap in terms of their investment banking and wealth management businesses and are Switzerland’s two largest lenders. Combined, they employed nearly 125,000 people as of the end of 2022, including about 23,000... https://www.scmp.com/business/banking-finance/article/3214202/thousands-jobs-risk-ubs-seeks-integrate-credit-suisse-following-us32-billion-rescue?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214202/thousands-jobs-risk-ubs-seeks-integrate-credit-suisse-following-us32-billion-rescue?utm_source=rss_feed Mon, 20 Mar 2023 22:00:13 +0000 European banking supervisors, including the chief regulator for HSBC and Standard Chartered, sought to reassure bondholders on Monday about the adequacy of a class of riskier debt created to help avoid future bank bailouts after Credit Suisse’s regulator moved to wipe out some US$17 billion of the lender’s bonds. The European Central Bank and the Bank of England separately issued statements outlining the hierarchy for how shareholders and debtholders will bear losses in a bank... https://www.scmp.com/business/banking-finance/article/3214216/hsbc-standard-chartered-regulator-tries-reassure-bondholders-after-credit-suisse-rescue?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214216/hsbc-standard-chartered-regulator-tries-reassure-bondholders-after-credit-suisse-rescue?utm_source=rss_feed Mon, 20 Mar 2023 17:14:03 +0000 This is the second part of a two-part series looking at upcoming changes at Hong Kong Exchanges and Clearing Limited, which operates the Hong Kong bourse and owns the London Metal Exchange. The fallout from the chaos in nickel trading last March has hurt volumes at the 146-year-old commodities bourse, spawned lawsuits and emboldened potential competitors. Part one is here. The London Metal Exchange (LME) is still struggling to regain its reputation and standing as the predominant market for... https://www.scmp.com/business/banking-finance/article/3213837/london-metal-exchange-owned-hkex-seeks-rebuild-reputation-dominance-year-after-nickel-chaos?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213837/london-metal-exchange-owned-hkex-seeks-rebuild-reputation-dominance-year-after-nickel-chaos?utm_source=rss_feed Sat, 18 Mar 2023 02:00:18 +0000 A group of British lawmakers have called for the UK government to be more aggressive in confronting Beijing and addressing an ongoing “threat” posed by China’s rising influence under President Xi Jinping, particularly on human rights issues. In recent years, Britain’s policy towards China has evolved from an era of cooperation under former prime minister David Cameron to today’s confusing and incoherent approach - each time driven by economics, according to Jim Shannon, a Democratic Unionist... https://www.scmp.com/news/world/europe/article/3213812/british-lawmakers-call-stronger-approach-threat-posed-beijings-rising-influence?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3213812/british-lawmakers-call-stronger-approach-threat-posed-beijings-rising-influence?utm_source=rss_feed Thu, 16 Mar 2023 18:47:27 +0000