Goldman says billions moved from Hong Kong to Singapore amid unrest

Difficult times: Whether it’s glitzy shops in Central or decades-old family businesses along the city’s winding streets, retailers of all levels across Hong Kong these days find themselves struggling in much the same way. — Bloomberg

HONG KONG: The potential benefit to Singapore from the turmoil in Hong Kong: $4 billion.

That’s the upper end of an estimate from Goldman Sachs Group Inc. of the money investors have moved to Singapore amid escalating political protests in the former British colony.

The New York-based bank estimated that there has been a maximum outflow of Hong Kong dollar deposits totaling $3 billion to $4 billion to Singapore, an alternative financial center for the region, as of August.