Team Hongkong Journalist, Author at hongkong-journalist

May 26, 2023
Team Hongkong Journalist
Banking and Finance, Investment Banking

Morgan Stanley Contemplates Reducing Asia Investment Bank Jobs by 7%

Morgan Stanley, an American multinational investment banking company, is planning to lay off its 7% of workforce in the Asia-Pacific region. There could be around 40 jobs, according to...

May 24, 2023
Team Hongkong Journalist
Banking and Finance, Investment Banking

Hong Kong Banks Benefit from Surging Hibor, Says Goldman Sachs

Gurpreet Singh Sahi stated in a note on Thursday that “the market is missing an expected improvement in net interest margins.” Because the lender’s shares have not responded to...

May 23, 2023
Team Hongkong Journalist
Economy, Economic policies

China Criticizes U.S. Report Urging Sanctions on Hong Kong Security Judges

On Friday, China’s doomed U.S. Congressional report that stated sanctions against 29 Hong Kong judges who are involved in national security cases was blamed for ‘weakening’ the rule of...

May 23, 2023
Team Hongkong Journalist
Lifestyle

China is launching a project to promote “new-era” marriages and childbearing culture

To prevent China’s falling birth rate, authorities will launch a new project to create a “new-era” marriage along with a childbearing culture to foster a good and friendly childbearing...

May 22, 2023
Team Hongkong Journalist
Retail, Retail technology

Hong Kong to Introduce Strict Regulations for Crypto Companies Upon Opening its Doors in June

Hong Kong may be opening its doors to cryptocurrency businesses in an effort to establish itself as a global centre for the industry, but it has no plans to...

May 22, 2023
Team Hongkong Journalist
Retail, Retail technology

Alibaba Logistics Division Aims for $2 Billion Hong Kong IPO, Eyes Listing

The logistics division of Alibaba Group Holding Limited (NYSE: BABA) hopes to raise $2 billion through a Hong Kong IPO in the first quarter of 2024. According to Reuters,...

In a statement issued on Thursday after the conclusion of the 2023 Article IV Consultation Discussions with Hong Kong, the International Monetary Fund (IMF) acknowledged the contribution of the Hong Kong Special Administrative Region (HKSAR) in strengthening its economy and preserving the stability of its financial system. In a difficult global macro-financial environment, it confirmed Hong Kong's success as an international financial center. The statement claims that despite difficult macroeconomic conditions, Hong Kong's financial system has maintained stability. This has been supported by solid institutional frameworks, high-quality financial sector oversight, significant capital, liquidity buffers, and the effective operating Linked Exchange Rate System. The transition to post-pandemic normal in Hong Kong and the Chinese mainland can be made smoother with the help of strong pent-up demand. This could ultimately result in an earlier economic recovery, which includes inbound tourism. The mission proposes that the HKSAR Government maintain its efforts to fortify links with other cities in the Greater Bay Area and RCEP participants. It implies that investing more funds in technical advancement and innovation can create new growth drivers and increase economic vitality. The Hong Kong SAR Government's Financial Secretary, Paul Chan Mo-Po, hailed the mission's favorable evaluation. Chan said, “The Mission’s positive assessment is a reflection of our capability, determination and accomplishment in maintaining financial stability and economic growth." And added, “It also clearly shows that under our new policy vision of integrating a 'capable government' and a 'highly efficient market', we are leaping forward steadily and bolstering prosperity.”

May 8, 2023
Team Hongkong Journalist
Economy, Economic policies

Hong Kong receives IMF applause for boosting economy, financial stability

In a statement issued on Thursday after the conclusion of the 2023 Article IV Consultation Discussions with Hong Kong, the International Monetary Fund (IMF) acknowledged the contribution of the...

May 5, 2023
Team Hongkong Journalist
Economy, Economic policies

Hong Kong Finance Chief Paul Chan Predicts Up to 5.5% Economic Growth in 2023 with Stable Global Conditions

The financial secretary of Hong Kong expressed optimism about the performance of the city’s economy this year, and estimated further growth might be possible if international tensions do not...

May 4, 2023
Team Hongkong Journalist
Property, Property Development

Hong Kong Private Housing Developments Need Dedicated Funds for Maintenance and Repairs, Says Consumer Watchdog

After management fees topped the list of complaints made to the city’s consumer watchdog, developers and owners of private residences in Hong Kong should think about establishing specialized funds...

May 3, 2023
Team Hongkong Journalist
Banking and Finance, Investment Banking

Optimistic outlook as Hong Kong’s Q1 GDP rises by 2.7%

John Lee, the head of the Asian Financial Centre, announced unexpectedly before the formal publication of the data on Tuesday that Hong Kong’s GDP expanded by 2.7% in the...