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BUSINESS6d agoWill Huanggang Port opening boost spending at Shenzhen’s border retail shops?Retail businesses in Shenzhen are gearing up for the imminent opening of the revamped Huanggang Port at the border Hong Kong shares with mainland China, but some fear the area still lacks commercial appeal to make travellers stay. After six years of redevelopment, the expanded checkpoint is due to open on October 12, according to a source. It will adopt the “joint inspection” model for immigration clearance, which is expected to cut the previous clearance time from about 30 minutes to five...South China Morning Post
BUSINESS6d agoProtect the middle? Why Southeast Asia should care about a vulnerable classAs households across Southeast Asia face rising prices, higher borrowing costs and insecure jobs, analysts say governments should do more to protect a middle class that drives consumer spending but can fall between the cracks of social protection systems designed primarily for poorer households. The issue has come into sharper focus in the Philippines, where the Asian Development Bank Institute (ADBI) urged the government in September to provide targeted support for the middle class to protect...South China Morning Post
BUSINESS6d agoMainland Chinese arrivals to Hong Kong beat ‘golden week’ forecast in just 6 daysMainland Chinese visitor arrivals in Hong Kong exceeded the government’s forecast for the entire National Day “golden week” holiday in the first six days, as major shopping centres and hotel operators reported brisk business. The city recorded 1.3 million mainland visitor arrivals over the first six days of the week-long break, up by 11.6 per cent from the same period last year and surpassing the government’s forecast of 1.29 million for the entire holiday, according to Immigration Department...South China Morning Post
BUSINESS6d agoSamsung forecasts record third-quarter profit of $80 billion on the back of AI boomSamsung Electronics reported preliminary third-quarter earnings on Thursday, with operating profit forecast to top 100 trillion won for the first time.CNBC
BUSINESS6d agoSupertanker chartered from Gulf Coast to China for $76 million, 10 times higher than pre-war levelShipping costs have exploded as the war in the Persian Gulf has led to a shortage of available tankers.CNBC
BUSINESS6d agoChina slaps down EU request for voluntary curbs on hybrid car exportsEuropean Commission now considering temporary limits to control surging shipments that could trigger serious trade conflictFinancial Times
BUSINESS6d ago24 luxury houses at One Stanley sold amid probe into alleged construction defectsTwo dozen luxury houses at One Stanley have been sold since Hong Kong authorities launched an investigation into alleged structural defects in March, with buyers including local and international businesspeople. The transactions have prompted experts to call for stronger homebuyer protections, including implementing a mandatory period for buyers to rescind contracts when statutory violations are discovered. The South China Morning Post learned that 24 transactions were recorded at One Stanley...South China Morning Post
BUSINESSOct 7Why China’s export engine may hit a ceiling as trading partners face limitsWhile China’s export engine still has room to grow, many of its trading partners may be approaching the limit of how much more they can absorb, which could place a ceiling on further growth over the coming years, according to a Goldman Sachs report. “At least over the next few years, there is still room for Chinese exports to maintain their strong momentum,” analysts said in the report led by the American investment bank’s chief China economist Hui Shan on Wednesday. “Over the longer term,...South China Morning Post
BUSINESSOct 7China's Golden Week reveals cautious consumer spending despite travel surgeChinese visitors are returning from trips after the 13-day Golden Week holiday. Their subdued spending has raised fresh questions about domestic demand in the world's second-largest economy.DW News [en]
BUSINESSOct 7Salutica eyes RM16.2m placement to fund property expansionKUALA LUMPUR: Salutica Bhd has proposed a private placement of up to 30 per cent of its issued shares to raise up to RM16.18 million to fund its expansion into property development and construction.nst · malaysia
BUSINESSOct 7Hong Kong and Indonesia can deepen green finance ties, Jakarta envoy saysHong Kong and Indonesia can deepen cooperation in green finance as their ties strengthen, the country’s special envoy for international trade has said, adding that the city’s common law expertise can support the nation’s efforts to attract family offices. Hong Kong also played a vital role as a conduit channelling mainland China investments to Asean, Mari Elka Pangestu told reporters before delivering a lecture at the University of Hong Kong on Wednesday. Pangestu is the Indonesian president’s...South China Morning Post
BUSINESSOct 7Hong Kong police arrest 17 more over HK$137 million ‘crash-for-cash’ scamHong Kong police have arrested 17 more people linked to a suspected “crash-for-cash” scam syndicate as authorities investigate 669 suspicious claims totalling more than HK$137 million (US$17.4 million). Among those arrested was an insurance claimant accused of filing 12 compensation claims worth more than HK$3 million. Officers from the commercial crime bureau arrested the 17 claimants aged 27 to 49 between September 9 and October 7 on suspicion of fraud, bringing the total number of people...South China Morning Post
BUSINESSOct 7How a Shadow Economy in Asia Is Keeping Iranian Oil FlowingCompanies continue to service a “dark fleet” of Iranian tankers in waters off Malaysia in spite of Washington’s threat to target them.NYT World
BUSINESSOct 7Hong Kong tech index to harness fast-growth companies in bid for better performanceHong Kong’s stock index compiler will add 10 fast-growing companies with at least HK$500 million (US$64 million) in annual sales into the city’s technology-focused benchmark in a bid to revitalise an index that has missed out on artificial intelligence-driven gains. The threshold is among a set of new measures Hang Seng Indexes Company will use to reform the Hang Seng Tech Index, which is referred to as Hong Kong’s answer to the Nasdaq but has lost its shine relative to global peers, falling 23...South China Morning Post
BUSINESSOct 7Hong Kong’s Wine and Dine Festival to feature extended hours, 10% more boothsThe annual Hong Kong Wine and Dine Festival in late October will extend its opening hours until 1am on two nights and feature 10 per cent more booths, with the Tourism Board rolling out a gourmet month throughout November to boost visitor spending and encourage longer stays. Organised by the board under the theme “Taste the World’s Best”, the festival will be held from October 29 to November 1 at the Central Harbourfront, opening at 7.30pm on the first day and 1pm on the following days. The...South China Morning Post
BUSINESSOct 7Micron Tech chipmaker union in Taiwan gets OK to strike - ReutersMicron Tech chipmaker union in Taiwan gets OK to strike ReutersReuters World
BUSINESSOct 7Micron Taiwan union authorizes strike over bonus disputeA union at Micron Technology in Taiwan has authorized a strike due to a dispute over bonus payments. This action indicates escalating tensions in labor relations for the company.Seeking Alpha Tech
BUSINESSOct 7Hong Kong finance chief says economy grew in third quarter, warns of external risksHong Kong’s economy continued to expand in the third quarter of this year, driven by strong exports and tourism, the city’s finance chief has said, while warning of risks including the war in the Middle East and inflation. Financial Secretary Paul Chan Mo-po also reiterated his confidence that the economy would grow by between 3.5 per cent and 4.5 per cent this year. He was speaking during a Legislative Council debate on the city’s first five-year plan and annual policy address. He noted that...South China Morning Post
BUSINESSOct 7Japan beer giants raided over alleged price-fixing cartelAsahi, Kirin and Suntory confirmed their premises were searched by Japanese competition authorities.BBC World
BUSINESSOct 7AMD’s chief executive is planning to invest ‘tens of billions’ as Asian tour addresses supply-chain chokepointsAMD’s CEO has been meeting executives in Taiwan and South Korea.marketwatch · united states of america
BUSINESSOct 7Why Morgan Stanley sees more upside in Hong Kong offices than New York towersHigher interest rates have weighed on property markets in both Hong Kong and New York, but Morgan Stanley sees greater upside potential in the Asian financial hub – particularly the office segment – in the months ahead, according to its latest report. The US investment bank highlighted the similarities between two of the world’s leading financial centres, pointing out that Hong Kong’s monetary policy moved in lockstep with the US Federal Reserve, while both cities faced limited land supply,...South China Morning Post
BUSINESSOct 7EU trade chief heads to Beijing under pressure to deliver on Chinese importsBrussels has yet to find a way to curb Chinese imports, while EU leaders demand results from Beijing talks as a trade war looms.EuroNews [en]
BUSINESSOct 7Russia asks Vietnam for planes as illegally re-registered Western fleet falls apartMoscow proposed wet-leasing Vietnamese aircraft, crews and maintenance, but any transfer would involve Airbus or Boeing jets, exposing Vietnamese carriers to secondary sanctions. Nearly a fifth of Russia's largest airlines' planes are already grounded, double the normal downtime rate.EuroNews [en]
BUSINESSOct 7Japan watchdog probes 4 major brewers over alleged beer price cartelJapan's antitrust watchdog on Wednesday searched the offices of the country's four major brewers on suspicion of violating the antimonopoly law by forming a cartel to raise the…Japan Today
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