Hong Kong
Hong Kong lags Singapore as freest economy in the world
Hong Kong lags Singapore as freest economy in the world
Free economies are said to enjoy incomes more than double the global average.
Jobless rate expanded to 3.7% in February
It was dragged down by the construction, retail, accommodation and food services sectors.
Cathay Pacific's passenger count crashed 54.1% in February
Average Lunar Year numbers of 90,000 dropped to only 20,000 this year.
HKMA cuts base rate to 0.86%
It had already slashed the rate to 1.5% earlier this month.
Hang Seng Bank to reopen nine branches
Three in Hong Kong Island, three in Kowloon, and three in New Territories.
Citigroup names Loretta Ko as Hong Kong financial institutions head
She was formerly with Banco Santander where she held the same position.
Total cargo up 1.8% to 263.3 million tonnes in 2019
But exports dropped 24% to 6.3 million in Q4 2019.
Bank of East Asia Foundation ups COVID relief to $3m
Partner NGOs will distribute sanitary packs and necessities in Hong Kong.
Tumbling retail and hospitality sectors weigh on employment
In contrast, the hype around virtual banks and fintech adoption may counter the worsening unemployment.
Unrest bolsters demand for corporate rescue services
Despite headwinds, demand for regulatory practice and advisory on cross-border issues may still grow.
Standard Chartered consortium unveils Hong Kong virtual bank Mox
It will launch Asia’s first numberless bank card when it launches later this year.
Only 1 in 10 bosses bullish on global growth: survey
About 79% cited changing consumer behaviour as the top threat to their businesses’ growth.
The Human Side of Working from Home
The very fabric of how the world usually works is being put to the test. The business world and our social life are spinning as the World Health Organization raised its risk assessment of the coronavirus to “very high”, alerting all of wide-spread risk and global impacts. And at press time, things are not exactly looking up. The number of COVID-19 confirmed cases globally has exceeded 90,000, death toll has risen over 3,000, and 60 countries have reported confirmed infection cases. Closer to home, Hong Kong has 100 confirmed infections and, sadly, lost two lives, as of March 2.
Demand for Grade A office spaces sours amidst slow economy
Leasing demand from co-working centres plunged 63%.
Apex Motors to launch $1.5m electric supercar
The car is priced to compete with Tesla’s Roadster.
Bank of East Asia to review its portfolio
This follows after its profits were nearly halved in Q4 2019 due to losses.
HKMA cuts benchmark interest rate to 1.5%
It was in line with the US Fed’s cuts in response to the virus outbreak.