75 m. ago Starbucks China valued at about US$5 billion by bidders, sources say

Most of the bidders seeking to buy a portion of Starbucks’ China operations have submitted offers valuing the business at as much as US$5 billion, said two people with knowledge of the discussions. That would make a potential deal one of the most valuable China unit divestments by a global consumer company in recent years. The offers, which have not been reported previously, would let Starbucks push ahead with the sale in a market where it faces sluggish growth and stiff competition from local...

Economics

6 h. ago Citi’s Asia private bank ramps up hiring as capital inflows drive regional rally

Citigroup’s Asia private bank has hired 10 per cent more advisers this year as strong capital inflows have sparked rallies in Hong Kong and other markets in the region, its Hong Kong head said. In an interview on Wednesday, Horace Yip Chi-ho said a growing number of wealthy clients wanted to take advantage of the rallies and were interested in alternative investments like hedge funds and private equity. “We needed to hire more people as we have seen a growing business this year in Asia,...

Economics

6 h. ago Chinese Earnings Point to Fragility of $2.7 Trillion Stock Rally

Chinese Earnings Point to Fragility of $2.7 Trillion Stock Rally  Bloomberg.com

Politics

10 h. ago Trump admin opens criminal mortgage fraud probe into Fed governor Lisa Cook

The US Justice Department has launched a criminal mortgage fraud probe into Federal Reserve Governor Lisa Cook and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter. The investigation, which followed a criminal referral from Federal Housing Finance Agency Director Bill Pulte, is being conducted by Ed Martin, who was tapped by Attorney General Pam Bondi as a special assistant US attorney to assist with...

Politics

19 h. ago A rising stock tide lifts sales of all financial products in Hong Kong

Sales of non-listed investment products soared to a record last year in Hong Kong, as capital poured into mutual funds, debt and equity-lined financial products amid improving market sentiments, underscoring the city’s growth as a financial hub. Sales increased by 40 per cent from 2023 to a record HK$6.07 trillion (US$778.3 billion), according to a survey released on Thursday by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA). As many as 1.2 million...

Economics

25 h. ago China's BYD cuts 2025 sales target by 16%, sources say, a sign its white

China's BYD cuts 2025 sales target by 16%, sources say, a sign its white-hot growth is cooling  CNBC

Events

26 h. ago China's BYD cuts sales target, sources say, as white hot growth cools

China's BYD cuts sales target, sources say, as white hot growth cools  Reuters

Events

27 h. ago Hong Kong stocks record biggest drop in a week as Chinese equities stumble

Hong Kong stocks record biggest drop in a week as Chinese equities stumble  South China Morning Post

Politics

29 h. ago Local Chinese government stimulus pushes big spenders to dig in while dining out

A local government in China’s provincial economic powerhouse of Zhejiang has announced plans to subsidise the restaurant meals of high-value consumers, in a move that is intended to stimulate consumption but could raise questions about whether it runs contrary to the central government’s austerity drive. Shaoxing – a city known for its textile industry and a prized variety of cooking wine – will offer subsidies of up to 5,000 yuan (US$700) to banquet holders if they host five or more tables and...

Politics

32 h. ago Famed tram in Portugal’s capital Lisbon derails and crashes, killing 17

The death toll in the Lisbon tram crash has risen to 17, an emergency services official said on Thursday. Two of the injured died overnight in a hospital, Margarida Castro Martins, head of Lisbon’s Civil Protection Agency, told reporters. She did not provide the names or nationalities of the dead, saying that their families would be informed first. Another 21 people were injured in Wednesday’s crash, including multiple foreigners who were on the tram popular with tourists, she said. Portugal...

Events

42 h. ago US tariff damps holiday mood of India’s jewellers as exports set to fall by 70%

India’s gem and jewellery businesses face a bleak year-end holiday season following Washington’s decision to slap a 50 per cent tariff on the country’s exports, as they warn the move could affect more than two-thirds of their shipments to the United States. On Wednesday, the tariff on India’s exports to the US took effect in response to New Delhi’s purchases of Russian oil and weapons. “With the imposition of a 50 per cent tariff, we expect exports to the US to decline by more than 70 per cent....

Politics

43 h. ago More Chinese went to cinemas this summer, but filmmakers still face challenges

China’s film market showed signs of recovery this summer, but industry insiders said it was still grappling with challenges. By the end of last month, this year’s domestic box office totalled 39.23 billion yuan (US$5.5 billion), according to the China Film Administration, with over 900 million film-goers. The summer season generated 11.96 billion yuan in box office revenue, up 2.76 per cent year on year but well down on the 20.62 billion yuan record set in 2023 and the pre-pandemic levels of...

Culture

46 h. ago South China’s Greater Bay Area boasts world’s largest innovation cluster

A portion of China’s Greater Bay Area has been named the world’s largest innovation cluster, underscoring Beijing’s drive for technological self-reliance at a time of rising geopolitical uncertainties with the United States. The Shenzhen-Hong Kong-Guangzhou technology hub – the heart of the bay area plan – has overtaken Tokyo-Yokohama to become the world’s largest innovation cluster, according to the World Intellectual Property Organisation’s (WIPO) 2025 Global Innovation Index released on...

Politics

47 h. ago Hong Kong’s ‘Cassette King’ offers to sell luxury property to pare debt

One of Hong Kong’s best-known real estate investors has put another luxury home up for sale at a discount, as the city’s property glut and elevated interest rates weigh on highly leveraged entrepreneurs. David Chan Ping-chi, dubbed the “Cassette King” for his fortunes made from producing audiovisual cassettes and compact discs, plans to sell a three-storey mansion at 51 Mount Davis Road on Hong Kong Island to repay debt, he said in a phone interview with the Post. Chan is asking for about HK$450...

Politics

47 h. ago ‘Human barrier’: Chinese men rescue boy trapped between huge rocks in rapid river

A group of Good Samaritans in China used their bodies to block fast-flowing river water and saved a boy who was stuck between giant rocks, earning widespread praise online The boy, 12, was playing in a creek in the countryside of southwestern China’s Guizhou province, on August 24 when he was suddenly washed away by the running water and became trapped between two rocks. Only his head was above the surface of the water as it surged down between the rocks. Hearing his call for help, several...

Events

52 h. ago Jungkook warns fans he will ‘lock in’ intruders after stalker breaks into home

BTS member Jungkook has vowed strong action against repeated invasions of his privacy after a woman was arrested for breaking into his home. During a Weverse live-stream held on Monday to mark his birthday, Jungkook spoke about the incident, which occurred just days earlier. According to Yongsan police in Seoul, a woman in her 40s was arrested on the night of August 30 for trespassing in the underground parking space of the K-pop star’s residence. She followed a vehicle through the entrance,...

Events

52 h. ago More military technologies targeted for civilian sector to boost economy

China will strengthen innovation by developing high-tech industries with military technologies to boost military-civil integration, a move that aims to cultivate new growth drivers and boost the economy, said a recent State Council guideline.

Events

52 h. ago Water diversion project drives environmental improvements and provides new jobs for locals

Green industries such as eco-agriculture and tourism are helping to raise living standards along the program's central route

Politics

53 h. ago Putin, Kim accompany Xi to Tiananmen Gate for Victory Day military parade

This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing with a special discount during our summer sale, available for a limited time and to new subscribers only. Today, China will host a massive military parade along Changan Avenue in central Beijing, showcasing the country’s latest and most advanced weapons to commemorate the 80th anniversary of China’s victory over Japan in World War II. President Xi Jinping...

Events

53 h. ago New ICBM, ‘loyal wingman’ drone, China’s Himars, latest tanks on show at parade

This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing with a special discount during our summer sale, available for a limited time and to new subscribers only. Today, China will host a massive military parade along Changan Avenue in central Beijing, showcasing the country’s latest and most advanced weapons to commemorate the 80th anniversary of China’s victory over Japan in World War II. President Xi Jinping...

Events