Economy of Hong Kong

Booming inland provinces bolster China's top banks

Thomson ReutersMarch 27, 2013 07:30

HONG KONG (Reuters) - China's top banks, led by Industrial and Commercial Bank of China Ltd (ICBC) <1398.HK>, reported benign bad-loan ratios as brisk lending in fast-growing inland regions countered souring loans to overheated sectors on the country's eastern coast. A cooling Chinese economy has raised expectations of a spike in bad loans, mainly stemming from a massive 4-trillion-yuan ($644.02 billion) government stimulus programme during the global financial crisis that led to overinvestment in the real estate and infrastructure industries.

Hong Kong stocks close 0.69% higher

Agence France-PresseMarch 27, 2013 05:15

Hong Kong stocks rose 0.69 percent on Wednesday, in line with a regional rally following another record for the Dow Jones index on Wall Street. The benchmark Hang Seng Index added 153.74 points to 22,464.82 on turnover of HK$63.36 billion ($8.18 billion), with buying sentiment also supported by strong corporate results. "The market may have a little bit more upside in the short run underpinned by quarter-end window dressing and a raft of mostly solid corporate earnings," Prudential Brokerage associate director Alvin Cheung told Dow Jones Newswires.

Hong Kong stocks open 0.86% higher

Agence France-PresseMarch 26, 2013 22:15

Hong Kong shares were up 0.86 percent in the opening minutes of trade Wednesday following a rise on Wall Street, as US economic indicators showed a strengthening housing market. The benchmark Hang Seng Index rose 192.70 points to 22,503.78 in early trade. ami/jw

Hong Kong's Hutchison Whampoa 2012 profit falls 53%

Agence France-PresseMarch 26, 2013 08:00

Hong Kong tycoon Li Ka-shing's Hutchison Whampoa said Tuesday net profit plunged 53 percent in 2012 because of one-off gains the previous year, but income rose on growth in the property sector. The port-to-telecoms conglomerate said net profit was HK$26.13 billion ($3.37 billion) in the year to December 31, from HK$56.02 billion in 2011. The 2011 figure was lifted by a huge one-off gain from the sale of port assets. The group's 2012 total revenue grew 4 percent to HK$398.39 billion, driven by a 16 percent increase in income at its property and hotels divisions.

Hong Kong stocks close up 0.27%

Agence France-PresseMarch 26, 2013 06:15

Hong Kong stocks bounced back from earlier losses Tuesday to end 0.27 percent higher, as traders shrugged off fears that the Cyprus bailout deal could be a template for future eurozone bank rescues. The benchmark Hang Seng Index added 59.93 points to 22,311.08 on turnover of HK$64.1 billion ($8.26 billion). Jeroen Dijsselbloem, who heads the Eurogroup of finance ministers, sowed panic on regional markets after he said the cost of bank recapitalisations should not fall on the public sector, but on bondholders, shareholders and, if necessary, uninsured deposit holders.

Hutchison Whampoa reports 53 pct net profit fall in 2012

Agence France-PresseMarch 26, 2013 06:15

Hong Kong tycoon Li Ka-shing's Hutchison Whampoa said Tuesday net profit plunged 53 percent in 2012 because of one-off gains in the previous year, but income rose on growth in the property sector. The port-to-telecoms conglomerate said net profit was HK$26.13 billion ($3.37 billion) in the year to December 31, from HK$56.02 billion in 2011. The 2011 figure was lifted by a huge one-off gain from the sale of port assets. The group's 2012 total revenue grew 4 percent to HK$398.39 billion, driven by a 16 percent increase in income at its property and hotels divisions.

Hong Kong stocks close 0.19% lower

Agence France-PresseMarch 19, 2013 05:46

Hong Kong shares ended 0.19 percent lower Tuesday after a late sell-off, despite a broad regional rebound from the previous day's losses that were sparked by concerns over Cyprus. The benchmark Hang Seng Index fell 41.50 points to 22,041.86 on turnover of HK$68.32 billion ($8.82 billion). Investors have been spooked by Nicosia's plan to impose a levy on all depositors in order to qualify for a 10 billion euro ($13 billion) bailout for Cyprus.

Bank of China chairman resigns

Agence France-PresseMarch 17, 2013 12:15

Bank of China chairman Xiao Gang resigned from his post after he was chosen to head China's top securities regulator, reports said late Sunday. Xiao was named the head of the China Securities Regulatory Commission, the country's securities regulator, according to Xinhua, citing the Shanghai Securities News and other financial reports. Bank of China, one of China's "Big Four" lenders, said Xiao resigned "due to the needs of national financial work," in a filing to the Hong Kong stock exchange, without further explanation.

Bank of China chairman resigns

Agence France-PresseMarch 17, 2013 12:15

Hong Kong stocks end 0.38% lower

Agence France-PresseMarch 15, 2013 06:15

Hong Kong shares ended 0.38 percent lower Friday as early gains were wiped out by profit-taking and concerns over China's economic recovery. Hong Kong's benchmark Hang Seng Index lost 86.07 points to 22,533.11 on turnover of HK$102.78 billion ($13.25 billion). Traders chose to ignore an eighth straight record close for the Dow on Wall Street fuelled by upbeat US jobs data, and despite Beijing finalising its leadership transition with the naming of Li Keqiang as the new premier. That came a after Xi Jinping became the new president of the world's second largest economy.