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HONG KONG: Hong Kong stocks extended losses to end lower on Thursday, hurt by a slump in shares of IT companies, amid rising trade war fears and as investors digested the impact of a rate hike by the U.S. Federal Reserve.
HONG KONG: Normally, when a currency is falling, a simple step exists to revive it: raising interest rates. But in Hong Kong there are no interest rates to raise, and that has created problems.
HONG KONG: Hong Kong’s biggest banks are increasingly locking mortgage rates to lure customers from upstart rivals in the world’s least affordable housing market, where borrowing costs are soon expected to rise.
HONG KONG: Cash withdrawals at Hong Kong ATMs have surged, prompting scrutiny from monetary authorities, the banking industry and police amid media reports that mainland Chinese are withdrawing hundreds of thousands of dollars using up to 50 cards at a time.
HONG KONG: A rising tide lifts all boats, and nowhere is this truer than in Hong Kong’s unstoppable property market.
Money & you by Yap Ming Hui
THE year is shaping up to be a challenging one.
Ravi Menon is the architect of the most audacious makeover of Singapore’s financial system in 50 years
SINGAPORE: The Monetary Authority of Singapore (MAS) unveiled a raft of new initiatives to further the city’s push into financial technology (fintech), including a project to improve banks’ ability to detect money launderers and others on blacklists, and a tie-up with the Canadian central bank on cross-border payments.
HONG KONG: Hong Kong is gearing up to grab a bigger slice of the US$483 trillion global derivatives market as regulatory upheaval in Europe increases demand for alternative trading centres.