Bank of East Asia (BEA), Hong Kong’s largest family-owned lender, beat expectations with 14 per cent growth in its first-half net profit, as a robust wealth-management business offset an increase in bad debt from commercial real estate. The bank recorded HK$2.41 billion (US$309 million) in net profit for the six months to June, or 86…
In the second instalment of our two-part series on Hong Kong’s beleaguered property market, analysts explore why this slump is different from past downturns. The first instalment discussed how the resurgence of the city’s stock market as a venue for initial public offerings could boost office uptake and ease developers’ pain. Swiss bank UBS got…
In the second instalment of our two-part series on Hong Kong’s beleaguered property market, analysts explore why this slump is different from past downturns. The first instalment discussed how the resurgence of the city’s stock market as a venue for initial public offerings could boost office uptake and ease developers’ pain. Swiss bank UBS got…
The Hong Kong Monetary Authority (HKMA) kept its base rate unchanged in lockstep with the US Federal Reserve, after the American central bank said it needed more time and data to monitor the potential inflationary impact of President Donald Trump’s tariffs. On Thursday, the HKMA maintained its rate at 4.75 per cent, hours after the…
Caution returned to Hong Kong stocks as the city’s benchmark fell from its highest point in three years, with investors gearing up for the US Federal Reserve’s rate decision and earnings reports. The Hang Seng Index fell 0.9 per cent to 25,316.44 as of 10.08am local time on Tuesday, while the Hang Seng Tech Index…
The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said it had no plans to establish a “bad bank” to absorb troubled debt in the financial system, saying that the local banking sector remained healthy and profitable. “Overall, banks in Hong Kong maintain a healthy balance sheet; their credit risk is manageable…
A transport worker who turned himself in to police has been arrested on suspicion of receiving some of the HK$380,000 (US$48,717) in cash snatched during an armed bank robbery in Hong Kong, the Post has learned. The worker, 47, surrendered to police on Wednesday, two days after a Hang Seng Bank branch at the Fortune…
A robber who triggered a manhunt after he held a woman at knifepoint and stole HK$370,000 (US$47,180) from a Hang Seng Bank branch is a Hongkonger and has fled to mainland China, the Post has learned. A source said on Tuesday that police’s elite tactical unit, the Flying Tigers, was searching for the local man,…
Hong Kong police have launched a manhunt for a robber who held up a Hang Seng Bank branch with a knife and injured a staff member before fleeing with HK$370,000 (US$47,180). Wearing a face mask and cap, the man entered the bank alone at Fortune City One shopping centre on Ngan Shing Street at about…