Hong Kong
Retail sales crashed 42% to $23b in March
Retail sales crashed 42% to $23b in March
Jewellry, watches and clocks and valuable gifts saw the sharpest decline.
HSBC Life launches video-conference insurance service
Retail banking clients registered in Personal Internet Banking can opt in.
Local household spending to shrink 5.2% in 2020
Some food service chains have reduced operating hours.
GDP growth drops 8.9% YoY in Q1
This is due to the weak performance in both domestic and external demand.
What makes a successful mobile ad campaign?
A 30-second ad gets 12% less in revenue compared to a 15-second ad.
Mid-sized banks most vulnerable to loan losses if pandemic persists: Moody's
Their exposure to SMEs and unsecured loans heightens the risks.
Government to roll out subsidies for some leisure firms in May
One-off tiered subsidies will be provided to parlours, massage establishments, and party rooms.
Hong Kong hotels on cliff edge from protest, pandemic pain
The industry posted an overall occupancy rate of 29% in February.
Oriente bags $387.5m (US$50m) in series B funding round
Co-Chairman of Henderson Land and Wix.com named as new investors. Technology and data science company Oriente has secured approximately $387.5 (US$50m) in its on-going series B funding round, according to an announcement. Co-chairman of Henderson Land Peter Lee has committed as the lead new investor whilst cloud-based website development platform Wix.com has also participated in the funding round along with the existing investors. The new capital will be used to enhance the company’s technology infrastructure, product suite and big-data capabilities, and drive expansion into new markets such as Vietnam, according to Oriente. This follows the previously announced initial funding in November 2018, and a separate $387.5m (US$50m) debt funding facility from Silverhorn Group.
Air trade on Q2 projected to worsen
Air exports and imports record a downward trend due to decline in demand. Overall air trade outlook of companies that focus on in- or out-bound air trading dropped to 23.7 in Q2 2020, according to DHL Hong Kong Air Trade Leading Index. This is 5.5 points lower than 29.2 in Q1 and the lowest reading since 2014.
Singapore and Hong Kong will be the most impacted amidst pandemic: Moody's
Both markets are deemed export-dependent.
Almost half of senior managers expects business situation to be worse in Q2
Accomodation and food services worst hit amongst all sectors.
Inflation up 2.3% YoY in March: C&SD
This is attributed to the rents paid and waived by the government.
Rental decline in commercial properties seen in Q1
Grade A office leasing net absorption at its weakest since 2002. The rental declines in warehouse, grade A offices, and retail properties accelerated in Q1 2020, according to CBRE.
Total exports volume up 5.4% in February
Exports to Vietnam, Taiwan and China saw double-digit increases.
Unemployment rate widens to 4.2% in Q1
Food and beverage suffered the most with an 8.6% increase in unemployment rate.
AXA releases first policy with dementia benefit
The plan has an annuity period of 10 to 20 years starting at the age of 50.
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