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☆ Hong Kong retail sales fall 4.2% in November, snapping two months of growth
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Jan 4 (Reuters) - Hong Kong's November retail sales fell 4.2% from a year earlier, snapping two straight months of growth with tightened financial conditions weighing on local demand, government data showed on Wednesday. Sales dropped to HK$29.5 billion ($3.77 billion). That compared with a revised 4% growth in October. In volume terms, retail sales decreased 5.3% year-on-year in November. ($1 = 7.8171 Hong Kong dollars)Reporting by Donny Kwok; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong retail sales fall in November, outlook challenging
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +3 min

November retail sales fell 4.2% from a year earlier in value terms to stand at HK$29.5 billion ($3.77 billion). Hong Kong is also working to resume quarantine-free travel with mainland China by as early as Jan. 8. For the first eleven months, the total retail sales value eased 1.1% compared with the same period a year earlier. Online retail sales in November rose 9.4% year-on-year in value terms, compared with a revised 35.1% growth in October. ($1 = 7.8180 Hong Kong dollars)Reporting by Donny Kwok; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ As investors shift focus from inflation to growth, Club stocks with China exposure stand to gain
▼ + stars: | 2023-01-03 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

As we kick off 2023, Wall Street appears to be shifting its focus from inflation to growth. Investors apparently believe the Federal Reserve has inflation under control after dramatically raising interest rates throughout last year. But the deepening U.S. economic slowdown comes just as China has moved to abandon its zero-Covid policy and reopen its economy after 3 years. As a result, Club stocks with exposure to China are seeing a boost, with the potential for their share prices, along with overall company growth, to accelerate in the coming months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Hong Kong eyeing Jan 8 to resume cross-border travel with mainland China
▼ + stars: | 2023-01-01 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

HONG KONG, Jan 1 (Reuters) - Hong Kong is working to resume quarantine-free travel with mainland China by as early as Jan. 8, Chief Secretary Eric Chan Kwok-ki said in a Facebook post on Sunday. The return of mainland visitors would be a major boost to Hong Kong's battered economy. China had kept its borders all but shut for three years and Hong Kong itself had maintained some of the world's strictest curbs until the second half of last year. The Jan. 8 date mentioned by Chan was the clearest indication yet that the Hong Kong government is aiming to restore quarantine-free, cross-border travel after a three-year hiatus due to COVID. Chief Executive John Lee said earlier the border with mainland China would reopen by mid-January.

☆ Lawyers exit Hong Kong as they face campaign of intimidation
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +18 min

The event that precipitated his hasty departure, Vidler said, was the appearance of articles in the state-backed media in Hong Kong about him. “This was in my view state-sponsored intimidation and harassment,” said Vidler, whose wife and children later left Hong Kong. One Hong Kong solicitor who has relocated to England told Reuters that she knew of at least 80 Hong Kong lawyers who had moved to Britain since the security law was imposed in June 2020. Another lawyer, now living in Australia, estimated that several dozen Hong Kong lawyers had moved there. Mainland officials have long sought influence over these two influential bodies, according to senior Hong Kong lawyers.

As the cost of signing up new customers rises, “lifetime value” is set to become must-use jargon for technology executives, investors and analysts in 2023. The concept of lifetime value is not new, but a common definition remains elusive. The problem is that everyone seems to have a different definition of lifetime value. But lifetime value isn’t a silver bullet, as Gurley noted a decade ago. As with previous buzzwords, investors may find that references to lifetime value do more to confound than clarify.

LONDON, Dec 27 (Reuters Breakingviews) - One of China’s biggest exports in 2023 will be its social e-commerce phenomenon. There’s early evidence that selling goods over live social networking works beyond the People’s Republic. Live online shopping revenue will help offset shrinking marketing budgets. By contrast, consultancy McKinsey projects U.S. social media e-commerce sales will increase 20% annually over the same span, to $80 billion. Such anecdotes are what will make e-commerce go viral on Western social media.

Wynn's 2 properties in the special administrative region of Macao, China, had generated roughly 70% of the company's total revenue pre-Covid-19. Both Wynn and Estee Lauder are down more than 30% year-to-date, while Honeywell has risen more than 3% this year. The Club take China's latest move to reopen its economy should be a catalyst for multiple Club holdings. For Estee Lauder, a leader in luxury skin care, makeup and fragrances, China represents a key driver of growth. Relaxed quarantine restrictions should also boost the aerospace industry, which still hasn't fully recovered from the pandemic.

[1/2] Former acting chief editor of Stand News Patrick Lam leaves the court after release on bail over his charge of conspiring to publish "Seditious Publications" in Hong Kong, China November 7, 2022. REUTERS/Tyrone SiuHONG KONG, Dec 22 (Reuters) - A Hong Kong Court on Thursday rejected an application to terminate a sedition trial against now-defunct online media outlet Stand News, a case that could see two former top editors jailed if convicted. Former editors Chung Pui-kuen, 53, and Patrick Lam, 35, and the outlet's parent company, Best Pencil (Hong Kong) Limited, have been charged with conspiracy to publish seditious material related to news articles and commentaries between July 2020 and December last year. Hong Kong's government has said press freedom is enshrined in the city's mini-constitution, the Basic Law. Reporting by Jessie Pang and Darerca Siu; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ China smartphone maker Xiaomi to slash 15% of jobs - South China Morning Post
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%, the South China Morning Post reported on Tuesday. The Hong Kong newspaper cited social media posts by affected employees and local Chinese media, saying China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said. read moreReporting by Donny Kwok; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Smartphone maker Xiaomi to slash 10% of jobs amid China's COVID battle
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in its smartphone and internet services business, joining a long list of Chinese tech firms cutting jobs as the country battles COVID-19 outbreaks. China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts this week. Chinese local media first reported on Monday that the job cut would affect 15% of Xiaomi's payroll, citing unnamed sources. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said.

☆ Hong Kong c.bank raises rates after Fed hike, HSBC follows
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 15 (Reuters) - The Hong Kong Monetary Authority (HKMA) said on Thursday it would raise its base rate charged through the overnight discount window by 50 basis points to 4.75%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. read more"Rate hike in the U.S. will not affect the financial and monetary stability of Hong Kong," HKMA Chief Executive Eddie Yue told reporters. HSBC Holdings tracked the rate hike saying it was raising its best lending rate in Hong Kong by 25 basis points to 5.625% effective Dec. 16. The market generally expects the U.S. dollar interest rate to continue to rise and together with increase Hong Kong dollar funding demand driven by seasonal requirements and the local stock market, the Hong Kong dollar interbank rates might remain at elevated levels for some time, HKMA said. Hong Kong's private home prices have fallen 10.5% in the first 10 months of this year with October prices down 2.4% in the biggest drop since November 2018, hit by rising interest rates and a pessimistic economic outlook.

☆ Food delivery M&A leaves sour taste in the mouth
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 9 (Reuters Breakingviews) - Two rapid grocery delivery players are serving up an unappetising deal for their investors. Turkish company Getir, last valued at $11.8 billion in March, is gobbling up its German rival Gorillas. It values the target at $1.2 billion, a 60% cut to its last valuation acquired in last year’s funding round. It’s worst for Gorillas investors like Delivery Hero and Tencent (0700.HK), however. With an upcoming recession, they will have to hope that luxury grocery delivery services still have a future.

Buying out the Turquoise Hill minority shareholders is Stausholm’s other initiative. Imagine minority shareholders vote down the offer, but Rio then has Turquoise Hill issue fresh equity. With minimal net debt, the miner had enough cash to buy more Turquoise Hill equity. Rio shareholders soon will see just how well Stausholm plays. Pentwater Capital Management and SailingStone Capital Partners, which own respective 15.2% and 2.2% stakes in Canada-based Turquoise Hill, have resisted the offers.

☆ Read the memo Slack CEO Stewart Butterfield wrote to staff announcing his departure from Salesforce
▼ + stars: | 2022-12-05 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +4 min

Slack CEO Stewart Butterfield announced Monday that he's leaving Salesforce, Slack's corporate owner. The news comes days after Salesforce announced its CEO Bret Taylor is also stepping down. Slack CEO Stewart Butterfield announced Monday morning that he is leaving Salesforce in January, according to an announcement Butterfield posted to a company Slack channel that was viewed by Insider. Slack will have a new CEO: Lidiane Jones. He's going to keep the bar high, and then keep pushing it higher.

☆ An exiled billionaire has given Chinese protesters 7 tips for stonewalling police if they get arrested
▼ + stars: | 2022-11-30 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Exiled Chinese billionaire Guo Wengui shared tips for how protesters can deal with police questioning. Guo posted his tips on Gettr, the social media site relaunched by a former Donald Trump aide. Guo Wengui, who is also a political activist, shared the tips in a post on Tuesday. Gettr is a social media app that was previously in Chinese and used by dissidents to oppose the Chinese Communist Party, according to Politico. Guo was accused of corruption and fled to the US in 2014 as the Chinese government initiated a campaign to discredit him.

[1/4] Hong Kong Chief Executive John Lee delivers his first annual policy address at the Legislative Council in Hong Kong, China October 19, 2022. REUTERS/Tyrone SiuHONG KONG, Nov 29 (Reuters) - Hong Kong leader John Lee said on Tuesday the central government in Beijing was "highly concerned" about the issue of foreign lawyers appearing in national security cases, with a landmark legal interpretation on the matter by Beijing expected soon. Lee said Hong Kong authorities are seeking a delay to the start of the trial. "It is a grim moment," said one veteran Hong Kong criminal lawyer. Hong Kong officials, including Lee, have said repeatedly that Hong Kong is strongly committed to the rule of law, and its independent judicial power is constitutionally protected.

☆ Nestlé U-turn is refreshing example of M&A candour
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

It’s less common for them to admit as much and reverse tack after just two years. Nestlé originally touted potential annual sales of $1 billion for the drug, which had received U.S. Food and Drug Administration approval. Nestlé Chief Executive Mark Schneider can arguably afford to be honest, rather than trying to bury the M&A flop within his $330 billion behemoth. That’s because his overall acquisition strategy seems to be working. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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☆ Macau's 6 casino operators get new licences, Malaysia's Genting out
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

Nov 26 (Reuters) - Macau's government said on Saturday its six incumbent casino operators would be given new licences to operate in the world's biggest gambling hub from January, with Malaysian operator Genting missing out on a spot. The highly anticipated announcement signals stability and continuity for the Macau operators who have invested more than $50 billion in the Chinese special administrative region in the past 20 years. Officials in Macau, the world's biggest casino hub, told a news briefing the main considerations for granting licences included ensuring local employment, developing overseas tourist markets and developing non-gaming projects. Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China (2282.HK), Melco Resorts (MPEy.F), and SJM Holdings (0880.HK), have operated in the Chinese special administrative region since 2002. "We are committed to Macau and its development as Asia's premier tourist destination," Lawrence Ho, chairman and chief executive of Melco, said in a statement.

A sour mixture of manufacturing hiccups, Chinese Covid lockdowns and other issues have watered down Oatly’s once-heady growth rates. On that basis, the company could exhaust its $116 million cash pile early next year. Petersson has announced layoffs and other cost-cutting measures, which he hopes will save $50 million in annual terms. And even if he finds a manufacturing partner soon, it’s unlikely to stop the company burning cash. That leaves Petersson two options: sell the company, or raise cash.

☆ Debt-laden China Evergrande gives back land sites to Wuhan city
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 22 (Reuters) - A Chinese municipal district said it had taken back 134,500 hectares (332.4 acres) of land formerly held by a unit of debt-laden developer China Evergrande Group (3333.HK) and had made no payment for doing so. The government of Jiangxia District in the central city of Wuhan retrieved its land-use rights over the undeveloped sites at the Evergrande Technology Tourism City on November 16, according to a statement by the district's Planning and Natural Resources Bureau. China Evergrande unit Wuhan Baden City Investment Co Ltd has held the land as developer of Evergrande Technology Tourism City. A right to use land is the Chinese equivalent of ownership, since title is always ultimately held by the state. read moreThe land parcels taken back by Jiangxia comprised nine residential sites, two commercial and one for mixed development, the filing, dated Nov. 18 showed.

☆ Berkshire Hathaway sells shares worth $80.7 mln in China's BYD
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 23 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 3.23 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$630.33 million ($80.67 million), a stock exchange filing showed. The sale lowered Berkshire Hathaway's holdings in BYD's total issued H-shares to 15.99% on Nov. 17 from 16.28%, a filing to the Hong Kong Stock Exchange showed on Tuesday. The Hong Kong-listed shares of BYD fell as much as 2.3% to HK$174.10 on Wednesday, their lowest since Oct. 31. Berkshire Hathaway last sold 5.78 million Hong Kong-listed shares in BYD on Nov. 8 for HK$1.14 billion. ($1 = 7.8188 Hong Kong dollars)Reporting by Twinnie Siu and Donny Kwok; Editing by Anne Marie Roantree andOur Standards: The Thomson Reuters Trust Principles.

☆ Police probe playing of Hong Kong protest anthem at Sevens rugby final
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 15 (Reuters) - Hong Kong police said on Tuesday they were investigating the playing of a song which was the unofficial anthem of the city's anti-government protests at the men's final of the Sevens Series rugby tournament in South Korea this weekend. "Glory to Hong Kong" was written in 2019, just as Hong Kong's pro-democracy protests erupted, and was considered by many demonstrators in the former British colony to be their national anthem. In a statement, Hong Kong police said China's national anthem should have been played at Sunday's final, which pitted Hong Kong against South Korea in the Asia Rugby-organised tournament in Incheon. The Hong Kong Sevens side won 19-12. Hong Kong leader John Lee said it was up to the organisers to ensure that the correct song was played.

☆ Hong Kong's economy shrinks for third straight quarter, outlook dims
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 11 (Reuters) - Hong Kong's economy contracted 4.5% in the third quarter from a year earlier, advance government data showed on Friday, weighed down by rising global interest rates and a slump in trade. It was the third consecutive quarter of year-on-year contraction for the Asian financial hub's gross domestic product (GDP), and marked the worst contraction since the second quarter of 2020. "Looking forward, the markedly deteriorating external environment will continue to pose immense pressure on Hong Kong's export performance," a government spokesman said in a statement, adding that geopolitical tensions and uncertainties over COVID-19 will add downside risks. Cases of negative equity in Hong Kong's residential mortgage loans registered a near nine-fold increase in the third quarter from the previous one, with a fall in house prices accelerating during the period. "(Hong Kong) economic outlook remains cloudy on all fronts if the border remains partially opened in the fourth quarter," said Samuel Tse, an economist at DBS Bank.

☆ China Evergrande says Hong Kong land plot sold by receivers for $637 mln
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - China Evergrande Group (3333.HK) said on Sunday its plot of undeveloped land for residential development in Hong Kong's Yuen Long district has been sold by its receivers for $636.94 million. The land project is expected to result in a loss of about $770 million, the Chinese property developer said in a filing to the Hong Kong bourse. The sale proceeds will be used to repay the financial obligations tied to the land plot, it said. Evergrande bought the rural land plot from local developer Henderson Land for $600 million in 2019, and spent around $532 million to convert it into buildable land, according to local media. Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.

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