HSBC’s biggest shareholder tells bank to spin off Asian business HSBC China’s largest insurer has told HSBC it should break itself up and separate out its Asian operations. Shenzhen headquartered insurer Ping An has told HSBC’s board it believes the London and Hong Kong listed bank should split itself up, in order to free up the its Asian business. The Chinese insurance giant, which owns a [...]
Hong Kong’s former number 2 and Beijing favourite John Lee enters the race for city state’s top job Change of leadership John Lee, Hong Kong’s former number two official, confirmed today he has formally registered his candidacy in the election for the top job after securing 786 nominations to enter the race. Lee, who resigned as chief secretary last week before declaring he would run for chief executive, is the only candidate formally entered so far [...]
It’s all over for Carrie Lam as controversial Hong Kong leader plans to quit without seeking second term Change of leadership in Hong Kong Hong Kong’s much-criticised, controverisal leader Carrie Lam says she will not seek a second term and will depart public service after more than four decades. The successor of Ms Lam, who survived massive protests against her government in 2019 and oversaw the implementation of a tough national security law that quashed dissent, will be picked [...]
‘A false veneer to a broken system’: British judges resign from Hong Kong’s highest court March 30, 2022 British judges have resigned from Hong Kong’s highest court, in a move which has been welcomed by the foreign secretary and UK-based advocacy group Stand With Hong Kong (SWHK). Two senior judges, Robert Reed and Patrick Hodge, submitted their resignation to the city’s Court of Final Appeal (HKCFA), saying their role was “no longer tenable” because of [...]
Hong Kong’s Covid-19 battle has ‘brain drained’ economy as house prices are forecast to fall March 30, 2022 While some restrictions are due to be eased next month, Hong Kong’s battle with Covid-19 will fuel a shrinking economy and plunging house prices, according to Goldman Sachs economists. House prices are forecast to fall around 20 per cent over the next four years, falling five per cent every year, while mortgage rates are expected [...]
Hong Kong life insurance market value to exceed £73bn in next four years March 28, 2022 Hong Kong’s life insurance market value has been pegged to soar over the next few years, driven by the pandemic-era trend to get one’s affairs in order. The industry is forecast to grow at a compound annual growth rate of 6.6 per cent, and more than five per cent over the 2022. Analysts at GlobalData [...]
‘Isolated status’ of Hong Kong pushes half of European firms to consider their exit March 25, 2022 Hong Kong’s pandemic-induced “isolated status” has pushed half of European businesses in the financial hub to consider packing up their bags, according to a new report. With firms unable to keep hold of staff, the city’s “ongoing ‘Zero-Covid’ strategy has come at a very high cost for Hong Kong’s business community,” the European Chamber of [...]
Hong Kong to soon ‘open up to world’ just as Singapore eases its own restrictions March 24, 2022 Hong Kong is looking likely to “open up to the rest of the world” once its latest Covid-19 wave fades, before the lights of Singapore grow too tempting for corporate expats. Hong Kong leader Carrie Lam said she is “very optimistic” the financial hub will soon pull off pandemic restrictions which have blanketed the city [...]
‘Financial institutions are losing patience’ with Hong Kong, admits Lam March 17, 2022 Hong Kong’s leader has admitted today that the city’s controversial ‘Zero-Covid’ restrictions are blocking out businesses and wearing down its residents. Carrie Lam has since been forced to reconsider the financial hub’s tough Covid-19 restrictions, while case numbers remain high – but are thought to have peaked. “The time has come” to review the measures, [...]
Long way to go: Hong Kong Covid-19 spiral appears to have peaked, says Lam March 16, 2022 Hong Kong’s Covid-19 spiral appears to have peaked, but there remains a long way to go for the finance hub as it ushers in extra medics from the mainland. The city of 7.4m people reported 29,272 new infections on Wednesday, and recorded 217deaths, compared with 228 in the previous 24 hours. Hong Kong leader [...]