55 h. ago Couple arrested in Hong Kong guest house for allegedly making fake banknotes

A middle-aged couple have been arrested in a Hong Kong guest house for allegedly producing counterfeit banknotes. Police said on Wednesday that they had arrested the pair – an American man and a Filipino woman – after a tip-off and an investigation led authorities to a suspected criminal syndicate involved in manufacturing fake Hong Kong banknotes. Officers raided a room in the guest house on Hennessy Road in Wan Chai at about 1pm on Tuesday and apprehended the man, 54, and the woman, 50, who...

Events

7 d. ago Hong Kong reduces Silver Bond coupon ahead of expected rate cut

The Hong Kong government is lowering the guaranteed coupon rate for its 10th batch of Silver Bonds offered to the city’s senior citizens, as anticipation builds that the US Federal Reserve will commence its next cycle of interest rate cuts on September 18. Up to HK$50 billion (US$6.4 billion) of Silver Bonds will go on sale next month with a guaranteed annual coupon of 3.85 per cent, down from 4 per cent in the batch sold in September last year. Three-year bonds will go on sale from 9am on...

Politics

8 d. ago Hong Kong audit regulator imposes fine of US$245,000 on auditor Deloitte

Hong Kong's audit regulator imposed a combined HK$1.9 million (US$245,000) fine on Deloitte Touche Tohmatsu and two of its partners for multiple audit deficiencies related to two former listed companies from 2011 to 2013, the authority said on Thursday. The move was part of the first batch of disciplinary cases from the Accounting and Financial Reporting Council (AFRC) with the help of the mainland’s Ministry of Finance (MOF). “The successful completion of these disciplinary cases attests to the...

Politics

8 d. ago Hong Kong audit regulator imposes fine of US$245,000 on Deloitte

Hong Kong's audit regulator imposed a combined HK$1.9 million (US$245,000) fine on Deloitte Touche Tohmatsu and two of its partners for multiple audit deficiencies related to two former listed companies from 2011 to 2013, the authority said on Thursday. The move was part of the first batch of disciplinary cases from the Accounting and Financial Reporting Council (AFRC) with the help of the mainland’s Ministry of Finance (MOF). “The successful completion of these disciplinary cases attests to the...

Politics

1 week ago HSBC rolls out fixed mortgage plan at 2.73% ahead of Fed rate cut

Hong Kong’s largest bank has rolled out a fixed-rate mortgage plan, charging lower interest for home loan borrowers ahead of the first relaxation in monetary policy this year, expected in mid-September. HSBC launched a mortgage plan fixed at 2.73 per cent per annum on Monday for either the first three or five years, according to a release. The rate is cheaper than HSBC’s February offer, which came with options of either 3.18 per cent interest for the first three years, or 3.04 per cent for the...

Politics

2 w. ago Hang Seng Bank’s CEO buys Tai Hang flat as city’s home prices rise

The executive director and CEO of Hang Seng Bank has bought a home in Hong Kong’s Tai Hang district, joining a growing coterie of financiers on the hunt for high-value residential property that has helped to drive the city’s lived-in home prices to a five-month high. A lived-in flat measuring 1,193 sq ft (110.8 square metres) at Flora Garden was handed over on Wednesday to Diana Ferreira Cesar, according to the Land Registry. The unit was transacted for HK$26.6 million (US$3.4 million), or...

Economics

2 w. ago Hong Kong exchange’s confidential filing option lures tech listings

Nearly half of the biotech and technology start-ups seeking initial public offerings (IPOs) in Hong Kong are opting for confidential filings under a new listing channel that allows them to protect sensitive data, according to a lawyer with international law firm Cooley. Companies choosing confidential filings often have concerns about sensitive information being released to the market in the early stages of the IPO process, which could attract scrutiny or allegations from competitors, Michael...

Politics

2 w. ago China Merchants Bank subsidiary launches crypto exchange in Hong Kong

China Merchants Bank subsidiary launches crypto exchange in Hong Kong  Cointelegraph

Politics

2 w. ago Hong Kong banks face AI and green finance talent shortage by 2030, study shows

Hong Kong lenders were expected to face a talent shortage in AI, green finance and expertise related to the Middle East and Asean markets over the next five years, according to a study led by the Hong Kong Monetary Authority (HKMA). “We want to see local banks provide more training for their staff to upgrade their knowledge and skills to plug the talent shortage gap, instead of using higher pay to fight for talent from other banks,” Arthur Yuen Kwok-hang, deputy chief executive of the HKMA, said...

Economics

2 w. ago Hong Kong banks to run out of AI, green finance talent by 2030, study shows

Hong Kong lenders were expected to face a talent shortage in artificial intelligence (AI), green finance and expertise related to the Middle East and Asean markets over the next five years, according to a study led by the Hong Kong Monetary Authority (HKMA). “We want to see local banks provide more training for their staff to upgrade their knowledge and skills to plug the talent shortage gap, instead of using higher pay to fight for talent from other banks,” Arthur Yuen Kwok-hang, deputy chief...

Economics

3 w. ago Innogen’s shares almost quadruple in Hong Kong trading debut

Shares of Guangzhou Innogen Pharmaceutical Group soared on their Hong Kong debut, buoyed by strong investor appetite for China’s pharmaceuticals sector, which has enjoyed rising valuations and solid performance. Trading under the stock code 2591, Innogen’s shares first changed hands at HK$72 on Friday, almost four times more than the initial public offering (IPO) price of HK$18.68 despite a declining market. The city’s benchmark Hang Seng index opened almost 1 per cent lower. “We are taking a...

Politics

3 w. ago Innogen Pharmaceutical’s shares soar in Hong Kong trading debut

Shares of Guangzhou Innogen Pharmaceutical Group soared on their Hong Kong debut, buoyed by strong investor appetite for China’s pharmaceuticals sector, which has enjoyed rising valuations and solid performance. Trading under the stock code 2591, Innogen’s shares first changed hands at HK$72 on Friday, almost four times more than the initial public offering (IPO) price of HK$18.68 despite a declining market. The stock closed at HK$57.25, while the city’s benchmark Hang Seng Index fell 1 per...

Politics

3 w. ago HKMA, HSBC allay fears about Hong Kong’s loan risks amid property glut

Hong Kong’s de facto central bank and the city’s largest lender have issued separate statements to assuage concerns about a glut in the commercial property market, saying that the local banking system remained robust and well-capitalised. Risks associated with commercial real estate (CRE) loans were “manageable”, as the classified loan ratio – a measure of borrowings deemed substandard, doubtful, or at loss – shrank slightly to 1.97 per cent in the second quarter, from 1.98 per cent at the end...

Events

3 w. ago Hong Kong sells US dollars to fight carry trade, defend currency peg

The Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market overnight for the 11th time since late June, buying local currency and absorbing interbank liquidity in a move that analysts believe will increase local interest rates and deter carry traders looking to exploit the city’s interest rate differential with the US dollar. The HKMA said it sold US$900 million and purchased the equivalent of HK$7.07 billion at an exchange rate of HK$7.85 per US dollar during New York...

Politics

3 w. ago Bankers Risk US Backlash Over Chinese Funding Boom in Hong Kong

Bankers Risk US Backlash Over Chinese Funding Boom in Hong Kong  Bloomberg.com

Events

3 w. ago Former Hong Kong bank manager guilty of HK$21 million fraud of Japanese investors

A former manager at Standard Chartered Bank has admitted to helping an illegal syndicate deceive Japanese investors into pouring more than 400 million yen (US$2.7 million) into projects in Africa, following an investigation by Hong Kong’s anti-corruption agency. The Commission Against Corruption (ICAC) said on Monday that Leung Ho-yin, a former relationship manager at the bank, had pleaded guilty to two counts of conspiracy to defraud. The watchdog first investigated the corruption report and...

Economics

3 w. ago Hong Kong bank manager guilty in HK$21 million fraud against Japanese investors

A former manager at Standard Chartered Bank has admitted helping an illegal syndicate deceive Japanese investors into pouring more than 400 million yen (US$2.7 million) into projects in Africa, following an investigation by Hong Kong’s anti-corruption agency. The Independent Commission Against Corruption (ICAC) said on Monday that Leung Ho-yin, a former relationship manager at the bank, had pleaded guilty to two counts of conspiracy to defraud. The watchdog first investigated the corruption...

Economics

4 w. ago Hong Kong court blocks forger Peter Chan’s bankruptcy discharge

A Hong Kong court has temporarily blocked convicted forger Peter Chan Chun-chuen from being discharged from a bankruptcy order imposed on him after he was found to have faked the will of late tycoon Nina Wang Kung Yu-sum and failed to pay HK$28.4 million (US$3.6 million) in legal fees to her charitable foundation. Chan, a former feng shui master who claimed to be Wang’s lover, would have been automatically discharged from the High Court’s bankruptcy order in 2021 if no valid objection had been...

Events

4 w. ago Hong Kong court blocks bankruptcy discharge of man who forged Nina Wang’s will

A Hong Kong court has temporarily blocked convicted forger Peter Chan Chun-chuen from being discharged from a bankruptcy order imposed on him after he was found to have faked the will of late tycoon Nina Wang Kung Yu-sum and failed to pay HK$28.4 million (US$3.6 million) in legal fees to her charitable foundation. Chan, a former feng shui master who claimed to be Wang’s lover, would have been automatically discharged from the High Court’s bankruptcy order in 2021 if no valid objection had been...

Events

4 w. ago Over half of Hong Kong residents plan to work past 65, survey shows

More than half of Hong Kong residents do not plan to retire at the typical retirement age of 65, with many feeling that they cannot reach the average HK$5 million (US$637,000) savings target necessary for a comfortable post-work life, according to the T. Rowe Price Hong Kong Retirement Survey released on Thursday. About 52 per cent of respondents indicated they would not retire at age 65. Among them, about 80 per cent preferred not to retire at all or opted instead for a “micro-retirement”,...

Politics