HSBC is launching a new education series to equip Hong Kong’s small and medium-sized enterprises (SMEs) with knowledge to help them maintain smooth business operations amid the threat of disruption from US tariffs. The city’s largest lender said the Account Fitness initiative would help SMEs effectively manage and maintain healthy accounts. “Many entrepreneurs of SMEs…
The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong on Thursday, a move that is likely to bolster the international trading of its contracts. The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse. Analysts…
Hong Kong businesses, social groups, a major bank and a think tank have jointly set up a platform to devise initiatives to make the city more elderly-friendly through the nurturing of a “silver economy”. The Alliance of Silver Economy Development was launched on Tuesday, with the goal of encouraging collaboration between companies and social organisations….
The Hong Kong Monetary Authority (HKMA) will announce on Monday new measures to be implemented by banks to safeguard the public from financial fraud, stepping up its vigilance to prevent scams that caused losses of HK$9.15 billion (US$1.2 billion) last year. Called “E-Banking Security ABC”, the “ABC” refers to tightening “authorisation” methods for transactions, saying…
The Hong Kong Monetary Authority (HKMA) maintained its base rate at 4.75 per cent on Thursday. Hours earlier, the Fed left its target rate in the 4.25 to 4.5 per cent range, following the second Federal Open Market Committee (FOMC) meeting of the year. The HKMA last cut the city’s base rate to 4.75 per…
China Vanke has sold around a quarter of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers. By 1pm on Saturday, 58 of the 228 available flats at the…
A dozen banks have joined six major lenders in Hong Kong to provide financial support for small and medium-sized enterprises (SME), which account for 98 per cent of the enterprises in the city, to help resolve cash-flow issues. The Hong Kong Association of Banks (HKAB) said on Monday that a total of 18 banks on…
Hong Kong’s largest banks are likely to offer new mortgages to ease the burden on homebuyers amid elevated interest rates, but experts doubt that the trend would overcome the factors weighing down the struggling property market. HSBC, one of the city’s three currency-issuing lenders, unveiled on Wednesday new mortgage plans offering a fixed rate of…
The impact on Asian stocks from tariffs imposed on China by US President Donald Trump will be much more limited compared with a stronger dollar due to the uncertainty over the Federal Reserve’s rate cuts, according to Hang Seng Bank. “The actual impact of Trump’s tariffs on the Chinese economy is limited,” Belle Liang, the…
As Hong Kong’s workers return to their desks on Monday after a long holiday break, many large banks and financial firms are offering them millions of dollars in lai see, hampers, Asia Miles, lucky draws and other gifts to ring in the Year of the Snake. Companies have traditionally given staffers lai see packets on…