LONDON—World shares rose on Monday, led by sharp gains in energy shares as crude oil prices soared to three-year highs of almost $80 a barrel while European stocks firmed after Germany’s election results ruled out chances of a purely left-wing coalition. Stock markets benefited too from an ostensible easing in Sino–U.S. tensions and Chinese authorities’…
Oil Shares Lead Charge as Crude Hits New 3-Year Highs
September 27, 2021
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HSBC, StanChart May Face Secondary Shockwaves From Evergrande Crisis: Analysts
September 24, 2021
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Business & EconomyChinaChina Business & EconomyCompaniescrisisEuropeevergrandeHK BusinessHong KongHSBCMarketsSecondaryShockwavesStanChartUKWorld
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LONDON—HSBC and Standard Chartered could face spillover damage to their profits and balance sheets from the debt crisis enveloping China Evergrande Group even though the two banks say they have limited their direct exposure, analysts have warned. Other banks and insurers could also suffer indirect effects such as loss of fees or a devaluation of…
Hong Kong Tycoon Richard Li’s FWD Makes US IPO Filing Public
HONG KONG—Insurance company FWD Group Holdings Ltd., owned by Hong Kong billionaire Richard Li, made its filing for a stock market listing in the United States public on Thursday Sept. 23, revealing a jump in revenue last year. The insurer, which will list through an initial public offering (IPO), posted revenue of $9.49 billion last…
China Evergrande Shares Slide 6 Percent in Early Trade
September 24, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesEconomiesevergrandeHK BusinessHong KongMarketsshareslide
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HONG KONG—Shares of cash-strapped China Evergrande fell as much as 6 percent in early trade on Friday, paring gains of nearly 18 percent the previous day as time ticked by on an interest payment deadline for the country’s most indebted developer.
HSBC CEO Sees Market Impact From Evergrande Debt Woes
September 23, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesdebtEconomiesevergrandeHK BusinessHong KongHSBCimpactmarketMarketsUKWorld
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HSBC Holdings PLC expects the debt problems involving embattled property developer China Evergrande Group to have an impact on capital markets but does not see any direct impact on the bank, its group CEO said. “I’d be naive to think that the turmoil in the market doesn’t have the potential to have second-order and third-order…
Asian Shares Perk up but Evergrande Jitters Keep Investors on Edge
September 23, 2021
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Asia & PacificasianBusiness & EconomyChinaChina Business & EconomyCompaniesEconomieseconomyEuropeevergrandeHK BusinessHong KongInternationalInvestmentinvestorsMarketsSharesUSWorld
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HONG KONG—Asian shares made cautious gains on Thursday, supported by some positive news from cash-strapped developer China Evergrande Group, while the dollar held near a one-month top after the U.S. Federal Reserve took a hawkish tilt overnight. However, nerves were still frayed about Evergrande’s future and the country’s property sector as a whole, with a…
Cathay Pacific Lowers Q4 Capacity Forecast as Travel Restrictions Linger
Hong Kong’s Cathay Pacific Airways Ltd. said on Monday it had lowered its passenger capacity forecast for the remainder of the year to 13 percent of pre-COVID levels, down from an earlier 30 percent target for the fourth quarter as travel restrictions linger. The airline said it continued to target cash burn of less than HK$1…
Hong Kong Property Stocks See Biggest Loss Since May 2020 Amid Angst Over Evergrande Collapsing
September 20, 2021
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Hong Kong’s property stocks saw their biggest loss since May 2020 amid growing investor angst about China’s property company Evergrande collapsing and the country’s real estate crackdown. The Hang Seng Index (HSI) was down more than 3 percent with China and Japan closed for a holiday, the most since May 2020. Hong Kong real estate giant Henderson Land…
Pro-China HSBC Bank Exits US Retail Banking Amid Financial Losses
September 16, 2021
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Business & EconomyChinaChina Business & Economychina tiescitizens bankCompaniesHK BusinessHong KongHSBCUSUS NewsUS-China relations
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HSBC is in the process of retreating from the American retail banking market. Meanwhile, customers in New York have already been notified to clean out their safe-deposit boxes. HSBC Holdings is a British multinational investment bank and financial services holding company. It’s the largest bank in Europe and headquartered in London. According to a May…
Hong Kong Media Group Next Digital Says It Aims to Wind Down, Board Quits
HONG KONG—Hong Kong media group Next Digital Ltd announced on Sunday that it aimed to go into liquidation and its board of directors had resigned to facilitate the process. Next Digital is owned by jailed tycoon Jimmy Lai and was the publisher of Apple Daily, a popular pro-democracy newspaper that closed in June after its…
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