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☆ Hong Kong October home prices drop to lowest since March 2017
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

A general view of Two International Finance Centre (IFC), HSBC headquarters and Bank of China in Hong Kong, China July 13, 2021. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 28 (Reuters) - Hong Kong private home prices extended a fall in October, dipping to their lowest since March 2017, official data showed on Tuesday, weighed down by higher interest rates and weak buying sentiment. Home prices in the financial hub, one of the most expensive markets in the world, dropped 2.2% in October from the previous month. Prices have dropped 4% in the first 10 months of the year after the sixth monthly decline in October. Investment bank UBS has forecast that Hong Kong's home prices could drop another 10% in 2024 as borrowing costs in the city have surged to the highest level since 2007.

Persons: Tyrone Siu, Martin Wong, Knight Frank, Clare Jim, Robert Birsel Organizations: International Finance Centre, HSBC, Bank of China, REUTERS, Realtors, Investment, UBS, Thomson Locations: Hong Kong, China, HONG KONG

A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. The VIX index of S&P 500 implied volatility - the so-called Wall Street 'fear index' - closed at 12.46 on Friday, its lowest close since January 2020. Three central banks in the Asia & Pacific region hold policy meetings this week. Like Bank Indonesia last week, the central banks of New Zealand, South Korea and Thailand are all expected to leave key rates unchanged. But, broadly speaking, no further tightening from the Fed gives central banks in Asia a bit more breathing room.

Persons: Tyrone Siu, Jamie McGeever, Diane Craft Organizations: REUTERS, People's Bank of, MSCI's, Emerging, Bank Indonesia, U.S . Federal, Fed, PPI, U.S, Treasury, Thomson, Reuters Locations: Exchange, Hong Kong, China, Israel, New Zealand, South Korea, Thailand, Australia, India, Japan, People's Bank of China, MSCI's Asia, Asia

NEW YORK (AP) — Two more women have come forward to accuse Sean “Diddy” Combs of sexual abuse, one week after the music mogul settled a separate lawsuit with the singer Cassie that contained allegations of rape and physical abuse. After their date, Combs “intentionally drugged” her, then brought her home and sexually assaulted her, according to the filing. Without her knowledge, Combs videotaped the assault and later shared it with several friends in the music industry, the suit alleges. “Upon information and belief, when Combs finished with Jane Doe, he and Hall switched, and they commenced assaulting Jane Doe’s friend,” the suit states. A few days later, an “irate” Combs allegedly showed up at the home of the two women in an attempt to stop them from speaking out about the abuse.

Persons: Sean “ Diddy ” Combs, Cassie, drugging, Combs, Joi Dickerson, Combs “, ”, Dickerson, Aaron Hall, —, Jane Doe —, “, Jane Doe, Hall, Jane Doe’s, ” Combs, Tyrone Blackburn, Mary J, Blige, Biggie Smalls, Cassie Ventura, Ventura Organizations: Syracuse University, Hall, New York City Police Department, Associated Press, Bad Boys Records Locations: New York, Harlem, York, New Jersey

☆ Sean 'Diddy' Combs accused of sexual abuse by two more women
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +5 min

Two more women have come forward to accuse Sean "Diddy" Combs of sexual abuse, one week after the music mogul settled a separate lawsuit with the singer Cassie that contained allegations of rape and physical abuse. After their date, Combs "intentionally drugged" her, then brought her home and sexually assaulted her, according to the filing. Without her knowledge, Combs videotaped the assault and later shared it with several friends in the music industry, the suit alleges. "Upon information and belief, when Combs finished with Jane Doe, he and Hall switched, and they commenced assaulting Jane Doe's friend," the suit states. The suit brought by Dickerson notes that the victim filed police reports in New York and New Jersey after the abuse.

Persons: Sean, Diddy, Combs, Cassie, drugging, Joi Dickerson, Dickerson, Aaron Hall, —, Jane Doe —, Jane Doe, Hall, Jane Doe's, Tyrone Blackburn, Mary J, Blige, Biggie Smalls, Cassie Ventura, Ventura Organizations: Syracuse University, Hall, New York City Police Department, Associated Press, Bad Boys Records Locations: New York, Harlem, York, New Jersey

☆ Stocks maintain November reign, oil hit by OPEC doubts
▼ + stars: | 2023-11-23 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. Wall Street's benchmark S&P 500 (.SPX) is nearing a fresh high for 2023, with the S&P 500 and MSCI's all-country world index (.MIWD00000PUS) both up more than 8% this month alone. For MSCI world that is the best showing since November 2020 when markets got a major shot in the arm from COVID vaccine hopes. Germany's 10-year bund , the benchmark for the Europe, was fractionally higher on the day at 2.57% having touched 3% last month. Bitcoin fell by 0.77% on Thursday to $37,337 after it rose nearly 5% on Wednesday.

Persons: Tyrone Siu, Geert Wilders, Robert Alster, Viktor Orban, Wilders, Mark Rutte, Sterling, Jeremy Hunt, Changpeng Zhao, Marc Jones, Christina Fincher Organizations: REUTERS, PMI, ECB, Oil, Traders, Asset Management, European Union, Freedom Party, Labour, Green, People's Party for Freedom and Democracy, European, HK, Reuters, Treasury, UK Finance, OPEC, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, EU, Germany, Holland, Ukraine, Turkey, Asia, Pacific, Japan, Brent, Bitcoin

☆ Asia stocks hold gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

China's benchmark share index (.CSI300) fell 0.16% on Thursday, with the real estate sub-index (.CSI931775) retrieved earlier losses to gain 2.11%. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin. The minutes of the European Central Bank's October meeting and flash PMIs for a host of European countries are Thursday's highlights.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Bitcoin, Selena Li, Edmund Klamann, Stephen Coates Organizations: REUTERS, Bloomberg, Garden Holdings, HK, Reuters, U.S, The, Federal Reserve, Saxo Markets, Nikkei, Nasdaq, European Central, PMI, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, The U.S, Greater China, Australia, Britain, U.S

☆ Asia stocks hold recent gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

Investors are also looking to Chinese policymakers for clues on possible support for the long-suffering property market, in line with broader growth targets they are hammering out. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged down 0.11% in thin trading, with Japan and the United States on holiday. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Selena Li, Edmund Klamann Organizations: REUTERS, Federal Reserve, Saxo Markets, Nikkei, Reuters, Nasdaq, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, U.S, Greater China, Australia, Britain

☆ Asia stocks slip as dovish Fed cheer fades
▼ + stars: | 2023-11-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

But it fell 0.2% in early trade on Wednesday. Nasdaq futures (.IXIC) were down 0.2% and S&P 500 futures fell 0.1% early in the Asia day. They have fallen about 50 basis points since the Fed held rates steady early in the month. It was broadly steady at $1.0921 to the euro and 148.17 yen in early trade on Wednesday. In commodity markets Brent crude futures held just above their 50-day moving average at $82.64 a barrel.

Persons: Tyrone Siu, Naka, Rabobank's, Philip Marey, Jonathan Petersen, Michele Bullock, Changpeng Zhao, Sam Holmes Organizations: REUTERS, Rights, Japan's Nikkei, Nvidia, Nasdaq, Thursday's, Federal Reserve, Fed, Capital Economics, Bank of Japan, Reuters, Wednesday Reserve Bank of Australia, Thomson Locations: Exchange, Hong Kong, China, Rights SINGAPORE, Asia, Pacific, Japan, United States, U.S, Singapore

☆ Citigroup CEO announces management changes, 'difficult' decisions
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Jane Fraser, Chief Executive Officer of Citi, looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) CEO Jane Fraser announced the next layer of management changes in a sweeping reorganization, according to a memo to staff on Monday. "The actions we're taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy," Fraser said in a separate statement. Specific leadership changes across businesses and functions will be communicated by executives on Monday and later posted on an internal site, the memo to employees said. Reporting by Tatiana Bautzer, editing by Lananh Nguyen and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Tyrone Siu, Fraser, Tatiana Bautzer, Lananh Nguyen, Chizu Organizations: Citi, Global Financial, Investment, REUTERS, Citigroup, Thomson Locations: Hong Kong, China

☆ Anne Richards steps down as Fidelity International CEO
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Anne Richards, CEO of Fidelity International, attends the Global Financial Leaders' Investment Summit, in Hong Kong, China November 8, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNov 20 (Reuters) - Asset manager Fidelity International announced on Monday that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company. Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing Brian Conroy. “Over the last five years Anne has accomplished a tremendous amount for our organisation in service of our clients," Chair of Fidelity International, Abby Johnson, said. In her new role as vice chair, Richards will help the company with its external relationships and strategic partnerships, Fidelity said in a statement.

Persons: Anne Richards, Tyrone Siu, Richards, Brian Conroy, Anne, Abby Johnson, Pritam Biswas, Pooja Desai Organizations: Fidelity International, Global Financial, Investment, REUTERS, G Investments, Fidelity, Aberdeen Asset Management, Thomson Locations: Hong Kong, China, Bengaluru

☆ Citi CEO Fraser touts 'clear benefits' of diversifying supply chains
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Jane Fraser, Chief Executive Officer of Citi, speaks during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNov 16 (Reuters) - Geopolitical tensions and macroeconomic shocks are spurring businesses and governments into reconfiguring their supply chains, and the increased focus on diversification is leading to "clear benefits", Citigroup (C.N) CEO Jane Fraser said on Thursday. Since the COVID-19 pandemic and Russia's invasion of Ukraine shattered global supply chains, a debate has raged over how integrated the global economy will be in the future. Some businesses are responding by "nearshoring" - the trend of locating manufacturing capacity in Mexico, closer to the U.S. market - to keep supply chains more stable. Disruptions to the "old system" signal globalization is changing and would lead to more trade relationships and diversified supply chains.

Persons: Jane Fraser, Tyrone Siu, Fraser, Niket Nishant, Manya, Pooja Desai Organizations: Citi, Global Financial, Investment, REUTERS, Citigroup, Asia Pacific Economic Cooperation, Comprehensive Economic, Trans, Pacific Partnership, Manya Saini, Thomson Locations: Hong Kong, China, Ukraine, United States, Beijing, Mexico, U.S, India, Vietnam, Malaysia, San Francisco, Bengaluru

☆ Tesla faces pressure in Sweden as workers at supplier to strike
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Tesla has no manufacturing plant in Sweden but its electric cars are serviced at workshops across the country, where around 130 mechanics affiliated with Swedish union IF Metall began a strike on Oct. 27. Hydro Extrusions's Vetlanda plant makes aluminium profiles - aluminium alloys transformed into shapes, and is the first Tesla supplier in Sweden to down tools in support of the mechanics' strike. The carmaker told IF Metall on Nov. 6 it did not want to sign a collective agreement, the union said. "We want Tesla Sweden to sign a collective agreement... We want this conflict to be as brief and short as possible," IF Metall spokesperson Jesper Pettersson said. German unions have pressured the carmaker to implement a similar agreement for its 11,000 workers in Gruenheide, near Berlin.

Persons: Tyrone Siu, Tesla, Jesper Pettersson, Marie Mannes, Victoria Waldersee, Johan Ahlander, Emelia Sithole Organizations: Tesla, REUTERS, Rights, U.S, Swedish, IF Metall, dockworkers, Hydro Extrusions, Hydro, IF, Thomson Locations: Taipei, Taiwan, Rights STOCKHOLM, Sweden, Vetlanda, Gruenheide, Berlin

☆ Beijing Bishop Visits Hong Kong Amid Tensions Between China and Vatican
▼ + stars: | 2023-11-14 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Jessie Pang and Joyce ZhouHONG KONG (Reuters) - China's state-backed Bishop of Beijing visited Hong Kong on Tuesday amid fears among some Catholics that Beijing wants tighter control over religious affairs in Hong Kong. The visit is the first trip by a mainland Chinese bishop since the former British colony was returned to China in 1997 and follows a landmark visit to the Chinese capital by his Hong Kong counterpart in April. Hong Kong has traditionally been seen as a regional Catholic hub on the edge of the Chinese mainland under officially-atheist Communist Party rule. Hong Kong has 600,000 Catholics. Tensions between Beijing and the Vatican over the appointment of bishops saw a confidential pact struck in 2018.

Persons: Jessie Pang, Joyce Zhou HONG, Bishop, Pope, Bishop Joseph Li, Li, of Hong Kong Stephen Chow, Chow, Cardinal Joseph Zen, Zen, Tyrone Siu, Joyce Zhou, Michael Perry Organizations: Reuters, Hong, Hong Kong Catholic Cathedral, Hong Kong Liaison Office, Communist Party Locations: Joyce Zhou HONG KONG, Beijing, Hong Kong, China, of Hong Kong, Vatican, China . Hong Kong, Asia

A panel displays the Hang Seng Index during afternoon trading, in Hong Kong, China May 4, 2020. Other economic and policy highlights across the continent this week include preliminary Japanese third-quarter GDP, Indian inflation, and a policy decision from the Philippine central bank on Thursday. Some, like the China and aggregate emerging market indexes, last week fell to their lowest in three months. Perhaps the most interesting of all Goldman's FCIs is its Japanese index. Citi's economic surprises index for Japan turned negative last week and is now the lowest since June.

Persons: Tyrone Siu, Jamie McGeever, Wall, Goldman, Joe Biden, Xi Jinping, Diane Craft Organizations: REUTERS, Nasdaq, Bank of Japan, Mizuho, Mitsubishi UFJ, Sumitomo, Economic Cooperation, China's, Tencent Holdings, Alibaba, Lenovo, APEC, Thomson, Reuters Locations: Hong Kong, China, U.S, Philippine, Asia, Japan, San Francisco, India

☆ Nvidia will reportedly sell new chips to China that still meet U.S. rules
▼ + stars: | 2023-11-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Tyrone Siu | ReutersBEIJING — U.S. chipmaking giant Nvidia has reportedly found a way to sell high-end chips to Chinese companies — while remaining compliant with U.S. rules aimed at curbing China's access to the tech. Nvidia is set to deliver three new chips to domestic manufacturers in the coming days, Chinese financial media Cailian Press said Thursday, citing sources. The chips — called HGX H20, L20 PCle and L2 PCle — are based on Nvidia's H100 chip, the report said. Nvidia said in a September 2022 filing the U.S. government would still allow it to develop the H100 in China. In the near term, Chinese manufacturers have no better option and they will continue to buy Nvidia's chips, while searching for replacements.

Persons: Tyrone Siu, Bo Du, Du, SemiAnalysis, Nomura, Orin Organizations: Nvidia Corporation, Reuters, Reuters BEIJING —, Nvidia, Cailian Press, WestSummit Capital Management Companies, WestSummit Capital Management, CNBC, Times, U.S . Department of Commerce, Bureau of Industry, Security Locations: Taipei, Taiwan, Reuters BEIJING, China, U.S

☆ Reaction to Reuters report on potential Ping An rescue of Country Garden
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

EUGENE LAW, DIRECTOR OF CHINA GALAXY INTERNATIONAL:"If the central government steps in to help Country Garden, it's for easing the debt crisis and preventing a spillover to financial institutions. But it will not help the China property market, which depends on factors, including employment and consumer confidence. Homebuyers would not rush to buy property just because Country Garden gets out of trouble. For the broader property market, the key is still home sales." Country Garden may have reached a tipping point where it will need more liquidity to fulfill such a policy goal.

Persons: Tyrone Siu, Ping, EUGENE LAW, Homebuyers, MICHAEL WONG, XU TIANCHEN, YAO, homebuyers, GARY NG, Clare Jim, Anne Marie Roantree, Edwina Gibbs, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping An Insurance Group, HK, Reuters, LU, OF CHINA GALAXY, Garden, Central Financial Work Conference, Thomson Locations: Shenzhen, China, HONG KONG

☆ Wall Street CEOs Flocked to Hong Kong—and Kept Quiet on China
▼ + stars: | 2023-11-07 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

John Lee, Hong Kong’s chief executive, at the Global Financial Leaders’ Investment Summit in Hong Kong on Tuesday. Photo: tyrone siu/ReutersHONG KONG—When some of Wall Street’s most powerful executives assembled in Hong Kong this week, one topic was noticeable by its absence: China. The chief executives of U.S. banks including Citi group, Goldman Sachs and Morgan Stanley were in the city on Tuesday for the Global Financial Leaders’ Investment Summit, where they rubbed shoulders with local government officials and senior Chinese regulators. They spoke about broad topics such as financial stability, interest rates and capital markets.

Persons: John Lee, Hong, tyrone siu, Goldman Sachs, Morgan Stanley Organizations: Global, ’ Investment, Reuters, Citi Locations: Hong Kong, Reuters HONG KONG, China

☆ Banking chiefs say market vulnerable to 'geopolitical escalation', regulatory push
▼ + stars: | 2023-11-07 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/3] UBS Chairman Colm Kelleher looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Nov 7 (Reuters) - Top global banking chiefs on Tuesday said they are concerned the financial sector's next crisis may come from rising geopolitical uncertainty which could test financial market resiliency, while the industry remains vulnerable to regulatory tightening. The trigger for the next global financial crisis is likely to come from the geopolitical or political space, said Morgan Stanley (MS.N) Chairman and CEO James Gorman. Gorman was among more than a dozen top executives of international firms speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority. REGULATION "WAY TOO FAR"The global banking bosses also took the stage of the Asia summit to voice their concerns in an unusually aggressive joint effort to push back on a set of stricter banking rules.

Persons: Colm Kelleher, Tyrone Siu, Morgan Stanley, MS.N, James Gorman, Gorman, " Gorman, Christian, Goldman Sachs, David Solomon, Solomon, Morgan Stanley's Gorman, Selena Li ， Kane Wu, Xie Yu, Scott Murdoch, Summer, Tom Hogue, Christopher Cushing, Lincoln Organizations: UBS, Global Financial, Investment, REUTERS, Tyrone, Investment Summit, Hong Kong Monetary Authority, Deutsche Bank, Christian Sewing, UBS Group, Thomson Locations: Hong Kong, China, HONG KONG, Israel, Gaza, Russia, Ukraine, Asia, U.S

☆ Gay Games: Sporting and cultural LGBTQ event faces a conservative backlash in Hong Kong
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Chris Lau | ) edition.cnn.com time to read: +8 min

I have no idea how it managed to reach Hong Kong,” he said. Gay Games organizers hit back at the opposition from Hong Kong lawmakers and have vowed the event will be a proud, non-political, celebration of inclusivity. A spokesman did not answer the first part and replied on the latter: “Any activity that takes place in Hong Kong must not contravene any laws of Hong Kong. One of Hong Kong leader John Lee’s top advisers and also a lawmaker, Ip has been one of the few Hong Kong politicians vocally supportive of the games. Meanwhile Chan Kwan-on, one of the Gay Games ambassadors in Hong Kong, urged critics not to jump to conclusions and come see for themselves.

Persons: Hong Kong CNN —, –, ”, Junius Ho, Peter Shiu, Lisa Lam, Alan Lang, Hong, Tyrone Siu, Xi Jinping, Hong Kong, ” Wayne Morgan, ‘, Lang, Regina Ip, John Lee’s, Ip, Chan Kwan, “ Organizations: Hong Kong CNN, Gay Games, Wednesday, firebrand, Beijing, CNN, Reuters, Gay, Valencia, Hong, Gay Sports and Movement Association, China’s Communist Party, ’ Gay Locations: Hong Kong, Asia, Mexican, Guadalajara, Beijing, China, Hong, Australian, Taiwan

☆ Hong Kong central bank leaves interest rate unchanged, tracking Fed move
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

A taxi drives in front of skyscrapers at the central business district, including AIA Central, China Construction Bank (CCB) Tower, Bank of China Tower, Cheung Kong Centre, HSBC and Standard Chartered Bank headquarters, in Hong Kong, China August 17, 2021. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 2 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday left its base rate charged through the overnight discount window unchanged at 5.75%, tracking a move by the U.S. Federal Reserve to keep rates steady. The U.S. central bank held interest rates steady on Wednesday as policymakers paused its aggressive tightening of monetary policy to consider if conditions were restrictive enough to tame inflation. "The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time," HKMA said in a statement, adding that local financial and monetary markets continue to operate in a smooth and orderly manner. Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.

Persons: Tyrone Siu, HKMA, Donny Kwok, Jacqueline Wong Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Hong, Hong Kong Monetary Authority, U.S . Federal Reserve, Hong Kong, Thomson Locations: Cheung Kong, Hong Kong, China, HONG KONG, U.S, United States

☆ Deutsche Bank plans to close nearly half its Postbank branches
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsBERLIN, Oct 30 (Reuters) - Deutsche Bank (DBKGn.DE) plans to close nearly half its Postbank branches by mid-2026 in response to changing demand from customers, a spokesperson for the German bank said on Monday. The bank plans to reduce the number of Postbank branches to around 300 from its current 550, the spokesperson said. Deutsche Bank's new head of private banking, Claudio de Sanctis, had first told the Financial Times about the closures in an interview earlier Monday. He told the FT that the bank's Deutsche-branded branches will also be scaled back, without giving more details.

Persons: Tyrone Siu, Claudio de Sanctis, Friederike Heine, Miranda Murray, Matthias Williams, Tomasz Janowski Organizations: Deutsche, REUTERS, Rights, Deutsche Bank, Financial Times, Thomson Locations: Hong Kong, China

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

[1/2] Hong Kong Chief Executive John Lee delivers his annual policy address at the Legislative Council in Hong Kong, China October 25, 2023. Chief Executive John Lee said Hong Kong's economy, which contracted 3.5 percent last year, would "resume growth this year" as inbound tourism and consumption improved, and unemployment fell. Hong Kong's economy grew 2.2% in the first half of the year, and is expected to grow four percent this year. "External forces continue to meddle in Hong Kong affairs," he said, without giving specifics or naming any country. Some Western governments have criticised the ongoing national security clamp down, which has led to the imprisonment of many opposition democrats and closure of liberal media outlets.

Persons: John Lee, Tyrone Siu, Hong, Lee, Hong Kong's, Clare Jim, Twinnie Siu, Jessie Pang, Donny Kwok, James Pomfret, Simon Cameron, Moore Organizations: Hong, Legislative, REUTERS, Tyrone, U.S, Thomson Locations: Hong Kong, China, HONG KONG, Hong

☆ Exclusive: China's cabinet curbs debt growth in 12 "high risk" regions - sources
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +5 min

The sources were citing a cabinet document dated late September that was delivered to local governments and state lenders this month. The move by China's cabinet, or the State Council, to contain local government debt has not been previously reported. HIGH-RISK REGIONSThe 12 regions were previously identified as areas with "high risks" of defaulting on debt obligations. The massive piles of debt highlights local governments' financial stress, fuelling concerns of a systemic financial crisis. The bond issuance is widely believed to be part of Beijing's measures to defuse debt risks of LGFVs.

Persons: Tyrone Siu, Don Durfee, Raju Gopalakrishnan Organizations: REUTERS, Tyrone, Rights, State Council, Council, LGFVs, Communist Party, Reuters, Beijing, Thomson Locations: Central, Hong Kong, China, Rights BEIJING, Liaoning, Jilin, North Korea, Guizhou, Yunnan, Tianjin, Chongqing

☆ Asian shares hit 11-month lows; focus on US economic data
▼ + stars: | 2023-10-24 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.28% lower at 473.37, having touched 472.73 - the lowest since November 2022. China shares remained under pressure, with the Shanghai Composite Index (.SSEC) 0.32% higher, while Hong Kong's Hang Seng Index (.HSI) slid 0.5%. China's blue-chip CSI300 Index (.CSI300) was 0.2% higher after closing at its lowest level in 4-1/2 years on Monday. The dollar index was 0.038% lower at 105.56. The Japanese currency was last at 149.62 per dollar, having hit the symbolic 150 level on both Friday and Monday.

Persons: Tyrone Siu, Hong, Gary Dugan, bitcoin, Chris Weston, Jamie Freed Organizations: REUTERS, Rights, U.S . Federal Reserve, Nikkei, Shanghai, Dalma, Microsoft, Facebook, U.S . Commerce Department, Treasury, West Texas, Brent, Thomson Locations: Exchange, Hong Kong, China, Rights SINGAPORE, Asia, Israel, Pacific, Japan, Britain, France, United States

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