On Thursday, a number of the largest banks in Hong Kong, such as HSBS and Bank of China, raised interest rates on loans for the first time in more than 10 years. It was made after the Hong Kong Monetary Authority (HKMA) raised the benchmark interest rate by 25 basis points to 2.5% per annum after the Federal Reserve had raised the rate. To keep the local currency at the level of 7.8 Hong Kong dollar against the US dollar, Hong Kong's monetary policy should be tied to the policy of the Fed. At a briefing in Hong Kong, the head of the HKMA, Norman Chan, said that “the era of extremely cheap lending is over”, and investment and real estate markets expect volatility.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions. According to the court filing, the company filed for ...
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest ...
The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export ...
Renault SA (RENA.PA) announced on Monday that its global car sales fell by 34.9% in the first half of the year due to the impact of the coronavirus pandemic. However, the company said that it had seen some signs of recovery in June. The French ...