Hong Kong’s labour minister has rejected calls to halt the importation of workers amid a manpower shortage across various sectors, despite authorities discovering preliminary evidence in two cases of companies dismissing local employees after bringing in staff from outside the city. Secretary for Labour and Welfare Chris Sun Yuk-han on Sunday reiterated that the Enhanced…
Stocks ended a holiday-shortened trading week at record highs as a better-than-expected June jobs report cooled fears of a broader slowdown brewing in the US economy. The S&P 500 (^GSPC) rose 1.7% to end the week at a record close of 6,279.35. The Nasdaq Composite (^IXIC) also popped about 1.6% and ended the week at…
Hong Kong will roll out the first stage of a pilot scheme in the next few weeks that will use data from more than 10,000 households caring for the elderly or those with disabilities to identify high-risk cases in need of extra support. Secretary for Labour and Welfare Chris Sun Yuk-han also said on Saturday…
The June jobs report is expected to show hiring slowed while the unemployment rate moved higher. The data’s release will come as investors closely watch for any further signs of slowing in the US labor market amid growing debate over when the Federal Reserve will cut interest rates next. Read more: How the Fed rate…
Hong Kong catering and construction unions have called for a review of the labour import scheme amid high jobless rates in the sectors, with some local employees complaining about being replaced or forced to work fewer days after cheaper staff from outside the city were recruited. Chau Sze-kit, chairman of the Hong Kong Construction Industry…
Hong Kong’s residential property market is poised for a recovery after enduring a seven-year downturn, according to Morgan Stanley. Home prices in the city are set to bottom out, driven by an influx of mainland Chinese buyers, improved capital markets and a recent plunge in interest rates, analysts led by Praveen Choudhary said in a…
A local labour union has urged the Hong Kong government to review its imported labour policy after a survey revealed that more than half of catering workers lost their jobs following the Lunar New Year, while the percentage of employers hiring non-local workers trebled. The survey, jointly conducted by the Federation of Hong Kong and…
There’s an old joke in economics that stock markets have predicted nine out of the past five recessions. The point being that predicting a recession solely based on the stock market is difficult. “They can turn around on a dime. They can turn around in a heartbeat,” said James Angel, a finance professor at Georgetown…
(Reuters) – Wall Street futures climbed on Thursday as investors drew confidence from the Federal Reserve’s signaling of more interest rate cuts this year despite uncertainties stemming from U.S. trade policies. The Fed opted to maintain current interest rates on Wednesday, a move widely anticipated by the market, but reaffirmed its forecast for two 25…
The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite saw significant losses this week as investor sentiment soured over escalating trade policy actions and signs of economic weakness. While markets attempted a recovery on Friday, they still posted their worst weekly performance in several months, according to CNBC. The S&P 500 rose 0.55% to…