https://www.scmp.com/rss/519497/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Reuters,Agence France-Presse Reuters,Agence France-Presse A fire at one of Australia’s two operating oil refineries could hit petrol production more than diesel and aviation fuel, authorities said on Thursday, as emergency crews worked overnight to extinguish the blaze. Firefighters were battling flames as tall as 60 metres (200 feet) at Viva ‌Energy’s motor petrol production unit at its Geelong refinery in Victoria state, which processes crude into high-octane petrol. No injuries have been reported from the fire, which emergency crews were alerted to... https://www.scmp.com/news/asia/australasia/article/3350236/fire-australian-refinery-fuels-petrol-shortage-fears-amid-global-oil-crisis?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3350236/fire-australian-refinery-fuels-petrol-shortage-fears-amid-global-oil-crisis?utm_source=rss_feed Thu, 16 Apr 2026 01:57:17 +0000 Agence France-Presse Agence France-Presse Australian police said on Monday that they shot dead a fugitive gunman wanted for killing two officers, ending a seven-month manhunt for one of the country’s most-wanted criminals. Desmond Freeman fled into dense bushland in August last year after shooting and killing two police officers on a rural property in Victoria state. Hundreds of police have pursued Freeman through the region’s rugged terrain over the past seven months, pouring resources into one of Australia’s largest manhunts. Police... https://www.scmp.com/news/asia/australasia/article/3348332/australian-police-killer-shot-dead-after-7-month-manhunt?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3348332/australian-police-killer-shot-dead-after-7-month-manhunt?utm_source=rss_feed Mon, 30 Mar 2026 01:03:27 +0000 Agence France-Presse Agence France-Presse One of Australia’s most famous gangsters walked free on Friday after prosecutors said they would drop a planned retrial on drug trafficking charges. Sixty-year-old Tony Mokbel – a key figure in Melbourne’s years-long gangland war – was jailed for 30 years in 2012 after pleading guilty to masterminding an elaborate drug syndicate. But his case fell apart after it was revealed that his high-profile lawyer at the time, Nicola Gobbo, was feeding information to police while supposedly defending her... https://www.scmp.com/news/asia/australasia/article/3342617/australian-drug-lord-tony-mokbel-walks-free-i-dont-regret-anything?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3342617/australian-drug-lord-tony-mokbel-walks-free-i-dont-regret-anything?utm_source=rss_feed Fri, 06 Feb 2026 06:05:23 +0000 Associated Press Associated Press Parts of Australia sweltered in record temperatures of close to 50 degrees Celsius (122 degrees Fahrenheit) on Tuesday as the country sweated through a prolonged heatwave. The rural towns of Hopetoun and Walpeup in Victoria state registered preliminary highs of 48.9 degrees, which if confirmed overnight would top records set on the day in 2009 when 173 people were killed in the state’s devastating Black Saturday bushfires. No casualties were reported from Tuesday’s heatwave, but Victoria... https://www.scmp.com/news/asia/australasia/article/3341450/australia-swelters-temperatures-near-50-degrees-record-breaking-heatwave?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3341450/australia-swelters-temperatures-near-50-degrees-record-breaking-heatwave?utm_source=rss_feed Tue, 27 Jan 2026 13:06:10 +0000 SCMP’s Asia desk SCMP’s Asia desk A controversial church facing possible disbandment over religious-political collusion in South Korea is aggressively expanding its presence across Australia by targeting young people at universities and shopping centres, according to a former member who has accused the group of weaponising fear to shield it from criticism. The Shincheonji Church of Jesus, founded in 1984 by Lee Man-hee, who claims to be the second coming of Jesus Christ, has an estimated 200,000 followers in the East Asian... https://www.scmp.com/week-asia/people/article/3340157/south-korean-churchs-special-force-targets-young-australians-amid-crackdown-home?utm_source=rss_feed https://www.scmp.com/week-asia/people/article/3340157/south-korean-churchs-special-force-targets-young-australians-amid-crackdown-home?utm_source=rss_feed Fri, 16 Jan 2026 08:54:34 +0000 Agence France-Presse Agence France-Presse Authorities in Australia declared a state of disaster on Saturday after bushfires destroyed houses and razed vast belts of forest in the country’s southeast. Temperatures soared past 40 degrees Celsius (104 degrees Fahrenheit) as a heatwave blanketed the state of Victoria this week, with hot winds fanning some of the most dangerous fire weather since the “Black Summer” bushfires of 2019 to 2020. One of the most destructive bushfires ripped through almost 150,000 hectares (370,000 acres) near... https://www.scmp.com/news/asia/australasia/article/3339429/australia-declares-state-disaster-bushfires-rip-through-victoria-state-leave-go?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3339429/australia-declares-state-disaster-bushfires-rip-through-victoria-state-leave-go?utm_source=rss_feed Sat, 10 Jan 2026 06:11:49 +0000 Agence France-Presse Agence France-Presse Simply tasting Australia’s Vegemite spread might seem like cruel and unusual punishment to some, but one prison inmate from the land down under argues he should be allowed to enjoy the toast topping as a basic human right. Convicted murderer Andre McKechnie has sued the prisons commissioner in the state of Victoria in a novel bid to eat the quintessentially Australian condiment. McKechnie argued that he had a right to eat Vegemite because it was “his culture as an Australian”, according to court... https://www.scmp.com/news/asia/australasia/article/3333221/murderer-slathers-australian-state-lawsuit-over-vegemite-ban-prison?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3333221/murderer-slathers-australian-state-lawsuit-over-vegemite-ban-prison?utm_source=rss_feed Tue, 18 Nov 2025 06:40:09 +0000 dpa,Reuters dpa,Reuters Victoria Police have charged a 40-year-old man with theft and burglary after dozens of the globally sought-after Labubu dolls were recovered during a property search in a Melbourne suburb. During the search, Australian police recovered 43 of the sought-after Labubu dolls, the collectible plush creatures known for their distinctive googly eyes and pointy teeth. The seized haul, which included several limited-edition figures valued at an estimated A$500 (US$325) each, had a collective worth of... https://www.scmp.com/news/asia/australasia/article/3329939/australian-police-recover-43-stolen-labubu-dolls-charge-man-burglary?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3329939/australian-police-recover-43-stolen-labubu-dolls-charge-man-burglary?utm_source=rss_feed Wed, 22 Oct 2025 09:20:15 +0000 Zhao Ziwen Zhao Ziwen When Mary Wang, a 27-year-old Chinese woman living in the West Australian capital of Perth, heard that thousands of anti-immigration protesters would be marching across the country late last month, she immediately cancelled plans to leave the house. Wang, who works in IT, was planning to continue her volunteer work teaching the elderly how to use smartphones, but the disturbing rallies gave her pause. “I just feel insecure,” Wang said. “I’m already in an environment I didn’t grow up in, and I... https://www.scmp.com/news/china/diplomacy/article/3325127/i-feel-insecure-chinese-nationals-australia-blindsided-anti-immigration-marches?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3325127/i-feel-insecure-chinese-nationals-australia-blindsided-anti-immigration-marches?utm_source=rss_feed Sat, 13 Sep 2025 04:03:48 +0000 Reuters Reuters An Australian woman convicted of murdering three elderly relatives of her estranged husband with a meal containing poisonous mushrooms was sentenced to a minimum of 33 years in prison on Monday. The presiding judge said Erin Patterson’s use of individual portions of beef Wellington laced with death cap mushrooms to poison her in-laws over lunch had a “devastating” impact on the relatives of the deceased. Patterson was found guilty in July of killing her mother-in-law, Gail Patterson,... https://www.scmp.com/news/asia/australasia/article/3324680/australias-mushroom-murderer-sentenced-life-jail-must-serve-least-33-years?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3324680/australias-mushroom-murderer-sentenced-life-jail-must-serve-least-33-years?utm_source=rss_feed Mon, 08 Sep 2025 00:46:26 +0000 Agence France-Presse Agence France-Presse Australia posted a US$659,000 reward on Saturday for the arrest of a gunman on the run for a 12th day after allegedly killing two police officers. Police in the eastern state of Victoria said they were offering the “life-changing” amount in their hunt for the 56-year-old fugitive, Desmond Freeman. Freeman is accused of opening fire when police arrived at his home in Victoria with a search warrant. The shooting killed 59-year-old detective Neal Thompson and 35-year-old senior constable Vadim de... https://www.scmp.com/news/asia/australasia/article/3324582/australia-posts-us659000-reward-gunmans-arrest-over-killing-2-police-officers?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3324582/australia-posts-us659000-reward-gunmans-arrest-over-killing-2-police-officers?utm_source=rss_feed Sat, 06 Sep 2025 03:16:52 +0000 Agence France-Presse Agence France-Presse A gunman opened fire on police on Tuesday at a rural Australian property in a “horrific” confrontation that killed two officers and wounded a third. Police launched a major hunt for the armed man, who fled into the bush after the shooting in the town of Porepunkah in northeast Victoria, senior officers said. Police hunted through the night for the man, who they identified as Dezi Freeman. “The suspect for this horrific event is still at large,” Victoria state police Chief Commissioner Mike Bush... https://www.scmp.com/news/asia/australasia/article/3323203/2-australian-police-officers-killed-rare-fatal-shooting-manhunt-underway-victoria?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3323203/2-australian-police-officers-killed-rare-fatal-shooting-manhunt-underway-victoria?utm_source=rss_feed Tue, 26 Aug 2025 09:22:38 +0000 Agence France-Presse Agence France-Presse The only guest to survive a toxic mushroom lunch with Australian murderer Erin Patterson said on Monday he felt “half alive” without his wife, who was one of the three victims. Pastor Ian Wilkinson wept in court as he spoke of the loss of his wife, Heather, after she ate a beef Wellington dish laced with death cap mushrooms – the world’s deadliest fungi. Patterson, 50, was convicted last month of serving the poisonous fare to her husband’s parents, aunt and uncle at a sumptuous lunch in her... https://www.scmp.com/news/asia/australasia/article/3323011/sole-survivor-australias-mushroom-murders-tells-court-grief-i-feel-half-alive?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3323011/sole-survivor-australias-mushroom-murders-tells-court-grief-i-feel-half-alive?utm_source=rss_feed Mon, 25 Aug 2025 03:26:45 +0000 Associated Press Associated Press An arsonist set fire to the door of a Melbourne synagogue and forced the congregation to flee on Friday. The incident comes seven months after criminals destroyed a synagogue in the same Australian city with an accelerant-fuelled blaze that left a worshipper injured. A man doused the double front doors of the downtown East Melbourne Hebrew Congregation and set them alight around 8pm, a police statement said on Saturday. Around 20 worshippers sharing a meal to mark the Shabbat Jewish day of rest... https://www.scmp.com/news/asia/australasia/article/3317076/australian-synagogue-fire-sparks-antisemitism-fears-amid-wave-hate-crimes?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3317076/australian-synagogue-fire-sparks-antisemitism-fears-amid-wave-hate-crimes?utm_source=rss_feed Sat, 05 Jul 2025 06:57:48 +0000 Agence France-Presse Agence France-Presse European settlers committed genocide against Australia’s indigenous people, a truth-telling inquiry in the state of Victoria has found, calling for government redress including financial compensation. In a final report, Victoria’s four-year royal commission said indigenous people suffered massacres, the forced removal of children from their families and the suppression of their culture. The findings – presented to parliament on Tuesday – said mass killings, disease, sexual violence, child... https://www.scmp.com/news/asia/australasia/article/3316599/europeans-committed-genocide-against-indigenous-australians-inquiry-finds?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3316599/europeans-committed-genocide-against-indigenous-australians-inquiry-finds?utm_source=rss_feed Wed, 02 Jul 2025 05:15:08 +0000 Associated Press Associated Press The woman accused of murdering three members of her ex-husband’s family by serving them poisonous mushrooms has taken the stand at an Australian court on Monday as the highly publicised triple murder trial nears its conclusion. Erin Patterson, 50, is accused of killing her former parents-in-law, Don and Gail Patterson, both 70, and Gail Patterson’s sister, Heather Wilkinson, 66, and also of attempting to murder Wilkinson’s husband, Ian, 68, after the four consumed a meal at Patterson’s home in... https://www.scmp.com/news/asia/australasia/article/3312782/australias-erin-patterson-accused-3-murders-testifies-over-mushroom-poisoning?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3312782/australias-erin-patterson-accused-3-murders-testifies-over-mushroom-poisoning?utm_source=rss_feed Mon, 02 Jun 2025 11:50:28 +0000 Associated Press Associated Press An Australian state government is banning the sale of machetes after a violent gang fight in a suburban shopping centre injured a young man. Victoria Premier Jacinta Allan announced the ban on the sale of large knives would take effect on Wednesday after machete-wielding gang members clashed at a Melbourne mall on Sunday afternoon. A 20-year-old man was seriously injured in the fight that involved eight combatants armed with machetes, a police statement said. Four suspects had been arrested and... https://www.scmp.com/news/asia/australasia/article/3312073/how-machete-wielding-mobs-rampage-led-new-australian-knife-laws-days-later?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3312073/how-machete-wielding-mobs-rampage-led-new-australian-knife-laws-days-later?utm_source=rss_feed Wed, 28 May 2025 03:50:22 +0000 SCMP’s Asia desk SCMP’s Asia desk Australians in New South Wales are facing yet another extreme weather challenge even as thousands are still reeling from days of storms and unprecedented flooding. Massive dust clouds blanketed parts of the state, including the capital of Sydney, on Tuesday, creating conditions which experts warn are hazardous to health. Authorities warned of “extremely poor” air quality in some suburbs, with PM10 particle levels exceeding 600 – far above the “good” threshold of 40, according to environmental... https://www.scmp.com/week-asia/health-environment/article/3311987/new-south-wales-battered-hazardous-dust-storm-wake-record-floods?utm_source=rss_feed https://www.scmp.com/week-asia/health-environment/article/3311987/new-south-wales-battered-hazardous-dust-storm-wake-record-floods?utm_source=rss_feed Tue, 27 May 2025 09:54:37 +0000 Two historic statues were damaged in Melbourne ahead of Australia Day celebrations on Sunday, with tens of thousands of people across the country joining protests in support of Aboriginal groups who say the date is not one to celebrate. A statue of colonist John Batman, a founder of the country’s second-largest city and who was involved in the killing of Indigenous people, was sawn in half, while a monument commemorating Australian soldiers in the first world war was daubed in red paint and the... https://www.scmp.com/news/asia/australasia/article/3296341/australia-day-protesters-support-aboriginal-groups-deface-statues?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3296341/australia-day-protesters-support-aboriginal-groups-deface-statues?utm_source=rss_feed Sun, 26 Jan 2025 10:10:41 +0000 US President Joe Biden’s absence from key Southeast Asian summits this week has raised concerns over Washington’s commitment to the region, though some analysts say it is a shift in strategy towards bilateral and multilateral partnerships rather than reduced engagement. Biden will be notably absent from the US-Asean summit and the East Asia summit in Laos that both begin on Friday, in his second consecutive year of absence. Vice-President Kamala Harris attended the summits last year, and... https://www.scmp.com/week-asia/politics/article/3282064/biden-skips-southeast-asia-summits-us-losing-influence-region?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3282064/biden-skips-southeast-asia-summits-us-losing-influence-region?utm_source=rss_feed Sat, 12 Oct 2024 05:30:44 +0000 A self-described Nazi will become the first person in Australia sentenced to prison for performing an outlawed Nazi salute when a magistrate sets his term next month. Magistrate Brett Sonnet told Jacob Hersant on Wednesday he will be sentenced to a “relatively modest term of imprisonment” at his next court appearance. “It will not be a severe term of imprisonment, but I have not determined the length,” Sonnet said. Sonnet initially intended for Hersant to be taken into custody on Wednesday until... https://www.scmp.com/news/asia/australasia/article/3281744/australia-jail-self-described-nazi-salute-i-regret-nothing?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3281744/australia-jail-self-described-nazi-salute-i-regret-nothing?utm_source=rss_feed Wed, 09 Oct 2024 13:21:03 +0000 Zhang Shidong Zhang Shidong China’s stocks fell in volatile trading after an underwhelming press conference by the country’s economic planner poured cold water on two weeks of frenzied buying, raising questions about the strength and durability of the world’s biggest market rally. The Hang Seng Index retreated 1.4 per cent to 20,637.24 in Hong Kong on Wednesday, after starting the day 1.7 per cent higher. The benchmark plunged 9.4 per cent a day earlier in its worst decline since 2008. The Hang Seng Tech Index slipped 1.2... https://www.scmp.com/business/china-business/article/3281625/chinas-stocks-head-topsy-turvy-day-hang-seng-gains-while-mainland-markets-plunge?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3281625/chinas-stocks-head-topsy-turvy-day-hang-seng-gains-while-mainland-markets-plunge?utm_source=rss_feed Wed, 09 Oct 2024 02:07:36 +0000 Eric Ng Eric Ng Lance Yuen, the new chief of CK Life Sciences International, is banking on his experience with global pharmaceutical giants to help the healthcare company bring drug candidates to the market and enhance its earnings outlook. Yuen, who last month became CEO at the firm controlled by Hong Kong tycoon Victor Li Tzar-kuoi, spent two decades in the region at US drug giant Bristol Myers Squibb and German biotechnology and pharmaceutical group Bayer. He sees himself as a “commercialisation expert... https://www.scmp.com/news/china-future-tech/biomedicine/article/3281575/ck-lifes-new-ceo-counts-big-pharma-experience-boost-new-drug-success-earnings?utm_source=rss_feed https://www.scmp.com/news/china-future-tech/biomedicine/article/3281575/ck-lifes-new-ceo-counts-big-pharma-experience-boost-new-drug-success-earnings?utm_source=rss_feed Tue, 08 Oct 2024 11:13:09 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks soared for a sixth day in a row, hitting a 20-month high on mounting speculation China is not done with its stimulus to rescue the market. BlackRock said investors may expect more measures from Beijing to jump-start the ailing economy. The Hang Seng Index jumped 6.2 per cent on Wednesday to the highest level since January 2023, bringing the six-day cumulative gain to 23 per cent. The Tech Index surged 8.5 per cent. A gauge tracking US-listed Chinese stocks rallied 5.5 per cent... https://www.scmp.com/business/markets/article/3280741/hong-kong-stocks-surge-sixth-day-blackrock-modestly-overweight-china-shares?utm_source=rss_feed https://www.scmp.com/business/markets/article/3280741/hong-kong-stocks-surge-sixth-day-blackrock-modestly-overweight-china-shares?utm_source=rss_feed Wed, 02 Oct 2024 02:34:32 +0000 Daniel Ren Daniel Ren Chinese electric vehicle (EV) builder Xpeng will begin exporting its cars to Qatar as it steps up a global expansion effort amid crushing competition in the mainland China market. The Guangzhou-based company signed an agreement with distributor Pioneer Motors on September 10, taking an initial step towards tapping consumer demand for premium electric cars in the Middle Eastern nation, according to a statement. By the end of the year, drivers in Qatar will have the chance to buy several... https://www.scmp.com/business/china-business/article/3279572/chinese-ev-maker-xpeng-adds-qatar-export-list-amid-price-war-home?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3279572/chinese-ev-maker-xpeng-adds-qatar-export-list-amid-price-war-home?utm_source=rss_feed Mon, 23 Sep 2024 07:00:09 +0000 Yuke Xie Yuke Xie Slowing consumption in China and fierce competition from domestic rivals have weighed on the performance of many international consumer brands. And yet a select few, including Lululemon, Adidas, and Ralph Lauren, have managed to outperform their peers and post strong revenue growth in recent months. A key factor driving their success may be a growing polarisation of consumer preferences. Budget-conscious shoppers are seeking greater value for their money, while higher-income consumers continue... https://www.scmp.com/business/companies/article/3279323/how-5-international-brands-are-charting-growth-china-despite-miserly-consumers?utm_source=rss_feed https://www.scmp.com/business/companies/article/3279323/how-5-international-brands-are-charting-growth-china-despite-miserly-consumers?utm_source=rss_feed Sun, 22 Sep 2024 03:30:13 +0000 Xinyi Wu,Yuke Xie Xinyi Wu,Yuke Xie A bestselling pair of Lululemon yoga pants costs nearly 1,000 yuan (US$141) in China – three to six times more than similar products from local brands. Yet, the Canadian activewear company stands out as a bright spot in China’s sluggish consumer market, posting strong mainland sales in its latest earnings. Lululemon’s performance is uncommon but not unique. While many international brands struggle in China amid a downturn in consumer spending and stiff local competition, a select few premium... https://www.scmp.com/business/companies/article/3279319/lululemon-arcteryx-lead-niche-apparel-brands-defying-chinas-spending-downturn?utm_source=rss_feed https://www.scmp.com/business/companies/article/3279319/lululemon-arcteryx-lead-niche-apparel-brands-defying-chinas-spending-downturn?utm_source=rss_feed Sun, 22 Sep 2024 01:30:16 +0000 Hong Kong stocks rose, with the city’s benchmark capping its biggest weekly gain in nearly five months, taking cues from a global rally amid optimism that the US economy will achieve a soft landing. The Hang Seng Index climbed 1.4 per cent to 18,258.57 at the close. It advanced 5.1 per cent this week, delivering the best performance for a five-day period since April 26. The Hang Seng Tech Index also gained 1.4 per cent and the Shanghai Composite Index added less than 0.1 per cent. Among gainers,... https://www.scmp.com/business/china-business/article/3279232/hong-kong-stocks-head-biggest-weekly-gain-nearly-5-months?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3279232/hong-kong-stocks-head-biggest-weekly-gain-nearly-5-months?utm_source=rss_feed Fri, 20 Sep 2024 02:26:00 +0000 Eric Ng Eric Ng Yutong Bus, the world’s largest electric-bus maker, has unveiled a new technology platform that aims to boost driving ranges and cut operating costs, as it vies for a bigger slice of a growing market amid a decarbonisation push by public transport fleets worldwide. The company, based in Zhengzhou in China’s central Henan province, announced the Asia-Pacific launch of the platform on Tuesday at Australia’s biennial National Bus and Coach show in Brisbane, where it showcased four electric buses.... https://www.scmp.com/business/china-business/article/3279100/chinas-yutong-worlds-top-electric-bus-maker-touts-new-technology-exports-grow?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3279100/chinas-yutong-worlds-top-electric-bus-maker-touts-new-technology-exports-grow?utm_source=rss_feed Thu, 19 Sep 2024 07:00:08 +0000 Enoch Yiu Enoch Yiu Five of Hong Kong’s major commercial banks cut their prime rates for the first time in almost five years, after the local monetary authority followed the US Federal Reserve in kicking off a rate-cut cycle. Bank of China (Hong Kong), HSBC and its Hang Seng Bank unit will trim their prime lending rates by a quarter percentage point to 5.625 per cent, and cut their savings rate by the same margin to 0.625 per cent per annum for deposits that exceed HK$5,000 (US$640), the banks said in separate... https://www.scmp.com/business/article/3278874/hong-kong-cuts-base-rate-half-point-lockstep-us-feds-aggressive-bid-economy?utm_source=rss_feed https://www.scmp.com/business/article/3278874/hong-kong-cuts-base-rate-half-point-lockstep-us-feds-aggressive-bid-economy?utm_source=rss_feed Wed, 18 Sep 2024 23:00:59 +0000 Zhang Shidong Zhang Shidong Chinese stocks rebounded from their lowest levels in more than five years after a holiday break, as investors eagerly awaited a rate decision from the US Federal Reserve. Hong Kong’s market is closed for a public holiday and will resume trading on Thursday. The CSI 300 Index added 0.4 per cent to 3,171.01 at the close. On Friday, it closed at its lowest point since January 24, 2019. The Shanghai Composite Index gained 0.5 per cent and the Shenzhen Composite Index retreated 0.2 per cent. Mainland... https://www.scmp.com/business/china-business/article/3278947/chinas-stocks-hover-around-5-year-low-trading-resumes-after-holiday?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3278947/chinas-stocks-hover-around-5-year-low-trading-resumes-after-holiday?utm_source=rss_feed Wed, 18 Sep 2024 02:29:06 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks advanced as local developers rallied ahead of an expected rate cut from the Federal Reserve, as appliance maker Midea Group surged on its trading debut. The Hang Seng Index jumped 1.4 per cent to 17,660.02 on Tuesday, the biggest single-day gain since August 16, taking the gauge to a two-week high. The Tech Index gained 1.2 per cent. Mainland markets are closed for a holiday. E-commerce giant Alibaba jumped 1 per cent to HK$82.85, food delivery platform Meituan rallied 1.7 per... https://www.scmp.com/business/markets/article/3278802/hong-kong-stocks-soar-ahead-expected-fed-rate-cut-midea-surges-debut?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278802/hong-kong-stocks-soar-ahead-expected-fed-rate-cut-midea-surges-debut?utm_source=rss_feed Tue, 17 Sep 2024 02:35:31 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s efforts to attract family offices, fintech start-ups and global financial leaders to the city are giving some of the city’s landlords a big helping hand, boosting income from hosting events and conferences, while lifting hotel occupancy and tourism receipts. Henderson Land can vouch for that. The 6,800-sq ft rooftop banquet ballroom at the 36-storey The Henderson in Central will host the gala dinners for the Hong Kong FinTech Week, the 53rd Hong Kong Arts Festival Fundraising and the... https://www.scmp.com/business/article/3278743/hendersons-rooftop-venue-host-hong-kong-gala-dinners-mega-events-boost-builder?utm_source=rss_feed https://www.scmp.com/business/article/3278743/hendersons-rooftop-venue-host-hong-kong-gala-dinners-mega-events-boost-builder?utm_source=rss_feed Mon, 16 Sep 2024 23:30:09 +0000 Aileen Chuang Aileen Chuang The monetary authorities of Hong Kong and Macau will establish a direct link between their clearing, settlement, and custodian systems to promote the development of bond markets and deepen financial cooperation under the Greater Bay Area initiative. The Hong Kong Monetary Authority (HKMA) will link its Central Moneymarkets Unit (CMU) to the central securities depository unit under the Macau Central Securities Depository and Clearing for investors to clear, settle and hold bonds lodged in each... https://www.scmp.com/business/banking-finance/article/3278739/hong-kong-link-its-bond-market-macau-create-deeper-bigger-hub-debt-finance?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3278739/hong-kong-link-its-bond-market-macau-create-deeper-bigger-hub-debt-finance?utm_source=rss_feed Mon, 16 Sep 2024 10:30:11 +0000 Bloomberg Bloomberg Warehouses across China are bulging with grain as a deepening economic crisis takes hold, leaving the world’s farmers to grapple with the prospect of a long-lasting slowdown gripping one of their largest customers. The strain across global markets is already showing. French barley exports to China have been tumbling, and the US has yet to sell a full corn cargo for the new season. Wheat farmers in Australia are likely to be nervous as they prepare to start harvesting their new crop over the... https://www.scmp.com/business/commodities/article/3278677/chinas-fading-hunger-grain-spells-trouble-world-farmers?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3278677/chinas-fading-hunger-grain-spells-trouble-world-farmers?utm_source=rss_feed Mon, 16 Sep 2024 05:29:06 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks reversed losses to climb for a third day, as lacklustre Chinese economic data spurred hope that Beijing would roll out more stimulus, while the US Federal Reserve’s imminent easing cycle lifted sentiment. The Hang Seng Index gained 0.3 per cent to 17,422.12 on Monday, after losing as much as 1.1 per cent in earlier trading. The Tech Index jumped 0.5 per cent; mainland markets are closed through Tuesday for a holiday. Food delivery platform Meituan advanced 2.8 per cent to... https://www.scmp.com/business/markets/article/3278646/hong-kong-stocks-fall-weak-china-data-alibaba-and-tencent-lead-losses?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278646/hong-kong-stocks-fall-weak-china-data-alibaba-and-tencent-lead-losses?utm_source=rss_feed Mon, 16 Sep 2024 02:26:28 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks jumped for a second day to a one-week high as mainland developers rallied on speculation about mortgage-rate cuts. The Hang Seng Index added 0.8 per cent to 17,369.09 on Friday, adding to a 0.8 per cent gain on Thursday and narrowing the week’s loss to 0.4 per cent. The Tech Index gained 0.1 per cent while the Shanghai Composite Index dropped 0.5 per cent to a fresh eight-month low. Food delivery platform Meituan added 0.6 per cent to HK$123, smartphone maker Xiaomi added 1.6... https://www.scmp.com/business/markets/article/3278339/hong-kong-stocks-rise-speculation-about-mortgage-rate-cuts-china?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278339/hong-kong-stocks-rise-speculation-about-mortgage-rate-cuts-china?utm_source=rss_feed Fri, 13 Sep 2024 02:31:54 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks climbed from a one-month low, joining a rally in Asia-Pacific markets amid bullish bets on global rate cuts. Alibaba Group Holding led tech leaders higher on signs of surging demand from mainland-based investment funds. The Hang Seng Index rose 0.8 per cent to 17,240.39 on Thursday, after sliding on Wednesday to the lowest level since August 9. The Tech Index advanced 0.7 per cent, while the Shanghai Composite Index slipped 0.2 per cent to fresh eight-month low. E-commerce... https://www.scmp.com/business/markets/article/3278176/alibaba-wuxi-biologics-lead-hong-kong-stock-rebound-fund-inflows-fed-rate-focus?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278176/alibaba-wuxi-biologics-lead-hong-kong-stock-rebound-fund-inflows-fed-rate-focus?utm_source=rss_feed Thu, 12 Sep 2024 03:07:54 +0000 Aileen Chuang Aileen Chuang HSBC Holdings emerged as the world’s largest dividend payer during the second quarter of this year, while growth in the Asia-Pacific region lagged behind the rest of the world during the period, according to asset manager Janus Henderson Investors’ latest global dividend index. The largest bank in Europe and Hong Kong topped the dividend-payout list with a total disbursement of US$11.7 billion for the June quarter, aided by a US$4 billion special dividend with proceeds from the sale of its... https://www.scmp.com/business/banking-finance/article/3278057/hsbc-tops-nestle-worlds-best-dividend-payer-while-china-mobile-leads-hong-kong-peers?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3278057/hsbc-tops-nestle-worlds-best-dividend-payer-while-china-mobile-leads-hong-kong-peers?utm_source=rss_feed Thu, 12 Sep 2024 01:46:13 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks retreated to a one-month low as a slump in crude oil prices revived jitters about the global growth outlook. The Hang Seng Index fell 0.7 per cent to 17,108.71 at the close, the lowest level since August 9. The Hang Seng Tech Index rose less than 0.1 per cent, and the Shanghai Composite Index retreated 0.8 per cent. China Petroleum and Chemical, also known as Sinopec, led the pack of decliners after crude futures tumbled by more than 4 per cent overnight to an almost three-year... https://www.scmp.com/business/china-business/article/3278029/hong-kong-stocks-dip-1-month-low-amid-slumping-oil-prices-us-presidential-debate?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3278029/hong-kong-stocks-dip-1-month-low-amid-slumping-oil-prices-us-presidential-debate?utm_source=rss_feed Wed, 11 Sep 2024 02:27:08 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks edged higher, reversing earlier losses, thanks to a rally from Alibaba and stronger-than-expected export data out of China. The Hang Seng Index added 0.2 per cent at 17,234.09 on Tuesday, after losing as much as 0.4 per cent in earlier trading, to climb out from a three-week low. The Tech Index added 0.4 per cent, while the Shanghai Composite Index added 0.3 per cent to claw out of an eight-month low. Alibaba jumped 4.2 per cent to HK$81.60 after exchanges in Shanghai and... https://www.scmp.com/business/markets/article/3277868/hong-kong-stocks-hover-around-3-week-low-ahead-china-trade-data?utm_source=rss_feed https://www.scmp.com/business/markets/article/3277868/hong-kong-stocks-hover-around-3-week-low-ahead-china-trade-data?utm_source=rss_feed Tue, 10 Sep 2024 02:29:55 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks fell to the lowest in three weeks after a poor inflation report from the mainland reinforced concerns about slowdown risks. Citigroup joined other Wall Street banks in snubbing Chinese stocks, citing weak consumption and corporate earnings outlook. The Hang Seng Index retreated 1.4 per cent to 17,196.96 on Monday, a level last seen on August 15. The Tech Index declined 1.5 per cent, while the Shanghai Composite Index slipped 1.1 per cent to an eight-month low. E-commerce leader... https://www.scmp.com/business/markets/article/3277712/hong-kong-stocks-hit-3-week-low-china-inflation-data-fuels-worries-about-growth?utm_source=rss_feed https://www.scmp.com/business/markets/article/3277712/hong-kong-stocks-hit-3-week-low-china-inflation-data-fuels-worries-about-growth?utm_source=rss_feed Mon, 09 Sep 2024 02:43:48 +0000 Zhang Shidong Zhang Shidong Chinese stocks traded at a seven-month low after a hint at more monetary easing from the nation’s central bank intensified concerns about the growth outlook. Hong Kong’s market did not trade Friday because of a typhoon. The Shanghai Composite Index dropped 0.8 per cent to 2,765.81 at the close, its lowest level since February 5. The benchmark fell 2.7 per cent this week, making for a third weekly loss. The CSI 300 Index also lost 0.8 per cent, while the Shenzhen Composite Index slid 1.6 per... https://www.scmp.com/business/china-business/article/3277409/chinese-stocks-advance-pbocs-hint-easing-hong-kong-closed-due-typhoon?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3277409/chinese-stocks-advance-pbocs-hint-easing-hong-kong-closed-due-typhoon?utm_source=rss_feed Fri, 06 Sep 2024 02:32:15 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks fell for a fourth day in a row, the longest losing streak in a month, as investors weighed the prospect of a rate cut by the Federal Reserve later this month following a weak US jobs report. The Hang Seng Index was down 0.1 per cent to 17,444.30 at the close, erasing an earlier gain of as much as 0.6 per cent. For the week, the benchmark is down 3 per cent. The Hang Seng Tech Index added 0.1 per cent Thursday and the Shanghai Composite Index was up by the same amount. Oil... https://www.scmp.com/business/china-business/article/3277249/hong-kong-stocks-snap-three-day-decline-hopes-fed-rate-cut-wharf-shk-rally?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3277249/hong-kong-stocks-snap-three-day-decline-hopes-fed-rate-cut-wharf-shk-rally?utm_source=rss_feed Thu, 05 Sep 2024 02:27:47 +0000 Daniel Ren Daniel Ren Changan Automobile, the Chinese partner of Ford Motor and Mazda Motor, has made a foray into Europe after setting up its first subsidiary on the continent, a marketing and service unit in Germany. The fourth-largest state-controlled carmaker in mainland China, Changan said on Tuesday that its German unit, Changan Automobile Deutschland, will perform marketing and engineering research to facilitate the company’s further expansion in Europe. “Establishment of the German subsidiary represents... https://www.scmp.com/business/china-business/article/3277142/chinas-state-owned-changan-automobile-establishes-subsidiary-germany?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3277142/chinas-state-owned-changan-automobile-establishes-subsidiary-germany?utm_source=rss_feed Wed, 04 Sep 2024 06:00:36 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks slid to halt a monthly gain as an official report showed that manufacturing in China contracted for a fourth consecutive month and a flurry of companies from banks to property developers reported disappointing results. The Hang Seng Index fell 1.8 per cent to 17,670.72 at the noon break, backtracking after the benchmark rose almost 4 per cent in August for the biggest monthly gain since April. The Hang Seng Tech Index dropped 1.8 per cent, and the Shanghai Composite Index... https://www.scmp.com/business/china-business/article/3276799/hong-kong-stocks-drop-halt-monthly-gain-weak-china-manufacturing-corporate-results?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3276799/hong-kong-stocks-drop-halt-monthly-gain-weak-china-manufacturing-corporate-results?utm_source=rss_feed Mon, 02 Sep 2024 02:21:00 +0000 Salina Li Salina Li Chow Tai Fook Enterprises (CTFE), the investment holding company of the Cheng family, said on Friday that it has set up a CEO’s office that will be helmed by three executives, including one of the clan’s youngest scions. The newly established position will be headed by Christopher Cheng Chi-leong, the co-CEO and head of North Asia; Patrick Tsang On-yip, the co-CEO and head of Americas, Australia and Europe; and Ho Gilbert Chi Hang, the co-CEO and head of corporate functions and operations, CTFE... https://www.scmp.com/business/article/3276641/chow-tai-fook-enterprises-appoints-3-co-ceos-diversified-experience-lead-growth?utm_source=rss_feed https://www.scmp.com/business/article/3276641/chow-tai-fook-enterprises-appoints-3-co-ceos-diversified-experience-lead-growth?utm_source=rss_feed Fri, 30 Aug 2024 13:25:15 +0000 Enoch Yiu Enoch Yiu Life insurance sales in Hong Kong surged by 12 per cent in the first half to a record high as a buying spree continued among mainland visitors and wealthy individuals in Hong Kong. A world record policy also helped. New life insurance sales rose to HK$115.9 billion (US$14.9 billion) from the HK$103 billion reported in the same period last year, which itself was a record, according to the Insurance Authority. The level is the highest since the authority was established in 2016 and 16 per cent... https://www.scmp.com/business/banking-finance/article/3276563/hong-kong-life-insurance-sales-hit-record-driven-buyers-china-and-jumbo-policy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3276563/hong-kong-life-insurance-sales-hit-record-driven-buyers-china-and-jumbo-policy?utm_source=rss_feed Fri, 30 Aug 2024 07:46:14 +0000 A 47-year-old man wanted in connection with the murder of a property agent in Toronto earlier this month has fled to Hong Kong, according to Canadian police. Lisa Moskaluk, a media relations officer with the York Regional Police in Toronto, said the Canada Border Services Agency (CBSA) had confirmed to its investigators that Zhixiong Marko Hu, 47, from the city of Markham had travelled to Hong Kong. “All we know is Hu travelled to Hong Kong. We do not have information regarding his movements... https://www.scmp.com/news/hong-kong/law-and-crime/article/3276551/toronto-murder-case-suspect-flees-hong-kong-canadian-police-say?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3276551/toronto-murder-case-suspect-flees-hong-kong-canadian-police-say?utm_source=rss_feed Fri, 30 Aug 2024 06:40:23 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong employees looking for sizeable pay increases could be in for a disappointment, as companies struggle with inflationary pressures, cost cuts and weaker earnings, according to a study by the UK-based consultancy WTW (Willis Towers Watson). Nearly 40 per cent of Hong Kong companies have a smaller payroll budget for the current financial year ending March than they did last year, compared with 21 per cent a year ago, and the outlook for next year is equally conservative, the firm said in... https://www.scmp.com/business/banking-finance/article/3276426/hong-kong-firms-smaller-salary-budgets-double-amid-inflation-economic-woes?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3276426/hong-kong-firms-smaller-salary-budgets-double-amid-inflation-economic-woes?utm_source=rss_feed Thu, 29 Aug 2024 09:28:23 +0000