HONG KONG—Hong Kong’s zero-Covid policy is driving foreign talent out of the financial hub and putting off newcomers even as some firms offer pay packages not seen since the lavish days before the collapse of Lehman Brothers in 2008. While the new Omicron variant has renewed anxiety around the world, leading some countries to tighten…
Hong Kong’s Zero-Covid Policy Keeps Movers Busy, Gives Recruiters Headaches
November 30, 2021
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Global Jet Fuel Demand Under Pressure From Omicron, Border Curbs
November 30, 2021
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Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus variant at bay, prompting travelers to reconsider their plans. Jet fuel demand—the biggest laggard in the oil complex—had been forecast to post the strongest growth of 550,000 barrels per day to 5.9 million bpd…
Asian Stocks Mixed After Late Slump on Wall Street
November 23, 2021
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Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower. Tokyo was closed Tuesday for a holiday. Hong Kong and Seoul declined while Shanghai advanced. Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm…
Hong Kong Fines ICBC, UBS Units, Others $5.7 Million for Anti-Money Laundering Breaches
HONG KONG—Hong Kong’s banking regulator has fined four banks, including local units of Industrial and Commercial Bank of China and UBS, a combined $5.67 million for breaches of anti-money laundering rules. The four banks failed to carry out appropriate customer due diligence, the Hong Kong Monetary Authority said in a statement. ICBC (Asia) was fined…
Evergrande to Be Removed From Hang Seng China Enterprises Index
November 19, 2021
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HONG KONG—Embattled developer China Evergrande Group will be removed from Hong Kong’s Hang Seng China Enterprises Index, the benchmark provider said on Friday following its regular quarterly review. The Hang Seng Indexes Company does not typically give reasons for changes to its indexes, and did not in Friday’s statement. The Hang Seng China Enterprises Index…
World Stocks Struggle Near Record Highs; Europe in Focus
November 19, 2021
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LONDON—Concerns over slowing China growth and a spike in COVID-19 cases in Europe stymied the global equity markets rally on Friday with stocks struggling to cling to recent record highs and the euro looking on track for a second straight week of losses. While U.S. stocks closed at a record high on Thursday, aided by…
‘Evil Forces’ Push Hong Kong Pro-Democracy Clothes Shop to Shut
HONG KONG—A Hong Kong clothing chain popular with democracy supporters said on Thursday it will shut its stores by the end of 2022, citing landlords’ reluctance to renew leases coupled with complaints leading to investigations by various government departments. Originally a children’s clothes chain, Chickeeduck became known for selling protest-themed items, including shirts that made…
S&P Says It Believes China Evergrande Default Still ‘Highly Likely’
November 18, 2021
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HONG KONG—S&P Global Ratings said on Thursday a default is still “highly likely” for China Evergrande Group despite its recent bond coupon payments because it has a bigger test in March and April next year, facing a total of $3.5 billion maturities in dollar bonds. “The firm has lost the capacity to sell new homes,…
Global Shares Mixed After US Stocks Fall Back
November 18, 2021
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TOKYO—Global shares were mixed Thursday after stock indexes shuffled lower on Wall Street. France’s CAC 40 edged up nearly 0.2 percent in early trading to 7,167.47. Germany’s DAX gained 0.2 percent to 16,275.17. Britain’s FTSE 100 fell 0.2 percent to 7,277.41. The future for the Dow industrials was trading 0.2 percent higher, while the future…
Hong Kong Disneyland Closes for One Day as Staff Take COVID-19 Tests
HONG KONG—Hong Kong’s Disneyland will close for a day on Wednesday for staff to take compulsory COVID-19 tests after authorities found one person who visited the theme park over the weekend was infected with the coronavirus. Disneyland, majority-owned by the city government with Walt Disney holding a minority stake, said in a statement the closure…
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