Prudential’s interim results missed market estimates after a valuation loss in its investment portfolio drove the UK insurer to an unexpected plunge on its bottom line. Net profit fell 87 per cent from last year to US$120 million in the first six months of 2024 after deducting a short-term investment loss of US$1.08 billion, in
A Hong Kong building subcontractor surnamed Chan, who was responsible for electrical and mechanical work in air-conditioning systems on a project at Hong Kong International Airport at the beginning of this year, waited several months for the project’s main contractor to pay him. Seeking relief from his liquidity problem, Chan even approached banks but was
Small businesses and home mortgage borrowers are most exposed when high interest rates and falling asset prices combine to exert pressure on cash flow. Timely access to financial relief can make a difference to survival. Within the bounds of prudence, they need lenders to expedite eligible applications for accommodation and reflect temporary business conditions in
Chinese e-commerce giant Alibaba Group is upgrading its shares in Hong Kong to a primary listing, following through on a plan first proposed a little over two years ago and potentially allowing the company to tap massive flows of mainland Chinese capital. The Hangzhou, China-based company first listed on the New York Stock Exchange in
Walmart was largest shareholder in JD.com with 5.19% stake -LSEG Companies say they will continue commercial cooperation JD.com shares close nearly 9% lower in Hong Kong, down 5% in US Walmart sold its entire stake in JD.com, ending an eight-year investment in the Chinese e-commerce firm that was yielding waning returns, and the U.S. retail
China is closely monitoring the use of virtual assets in money laundering activities, according to the country’s highest court, in a move that legal experts say could increase the risk of prosecution for trading cryptocurrency on the mainland. Using virtual assets to transfer or convert criminal proceeds is among a range of money laundering methods
The number of new-home buyers who have forfeited their deposits has jumped by nearly a fifth in the first half compared with the whole of last year amid a persistent slump in property prices, according to Centaline Properties Research. There were 149 forfeitures in the second quarter, compared with 159 in the first three months
Hong Kong is competing with financial centres around the world to establish itself as a hub for cryptocurrency business. To achieve this requires allowing multiple forms of cryptocurrency tools as well as the appropriate regulatory framework to help manage the risk of monetary and financial instability. To that end, a regulatory regime for stablecoins has
The owners of two grade-A office buildings on Hong Kong Island, known as Cityplaza Three and Four, are putting the towers up for sale amid a financing disagreement, five years after buying the assets for HK$15 billion (US$1.9 billion) at a market peak. Hong Kong-based firms Gaw Capital and Hengli Investments have appointed Savills and
Bitcoin, the world’s largest cryptocurrency token, briefly tumbled below US$50,000 on Monday during one of the worst global markets sell-off in years, hitting crypto investors amid Hong Kong’s efforts to boost its virtual assets sector. Bitcoin at one point on Monday saw its value shed 15 per cent, with its price briefly dipping below US$50,000