Hong Kong Financial News

Credit Suisse in Hong Kong is likely to be laid off this week, as part of the bank's integration with UBS Group, Reuters reported on Monday. Only 20 bankers out of the 100-strong investment banking team will be spared from the cuts, the Reuters report said, citing sources familiar with the matter. Hong Kong houses the largest share of Credit Suisse's investment bankers in Asia.

Adani Energy Solutions (AESL), the transmission and distribution business arm of the Adani Group, said it has achieved financial closure for its $1 billion (about ₹8,268 crore) green high voltage direct current (HVDC) link project, which will increase renewable energy supply to Mumbai. The credit facility is part of the $700 million revolving project finance facility tied up in October 2021 for the company's under-construction transmission assets portfolio.

Credit Suisse Group’s crown jewel is its wealth management business in Asia, judging by the tremendous personnel effort its acquirer is making. UBS Group plans to retain most of Credit Suisse’s relationship managers in the region, while cutting more than half of its smaller rival’s 45,000-strong workforce worldwide. Bonuses are being dangled for private bankers with growing client books.

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LONDON (Reuters) — UBS announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse.

OPNX, a digital asset exchange created by the founders of failed hedge fund Three Arrows Capital, has proposed a takeover of the struggling crypto lender Hodlnaut.

EnergyAustralia’s parent company is still in discussions with potential partners for the business after Macquarie Group walked away, but chief executive Richard Lancaster says the solution may turn out to be deals at a project level rather than for the company as a whole.

New Delhi: Adani Energy Solutions on Monday announced the successful financial closure for its $1 billion Green HVDC link project, which will enable supply of more renewable power to the city and support its rising electricity demand. The credit facility is part of the $700 million revolving project finance initiative tied up in October 2021 for AESL’s ongoing transmission assets portfolio.

Adani Energy Solutions Limited (AESL) on Monday announced financial closure for its $1 -billion green high voltage direct current (HVDC) link project. It will enable further ‘greening’ of the Mumbai Grid by supplying more renewable power to the city while supporting its rising electricity demand, the company said in its press release. The 80 km multi-faceted project’s construction work for this link will begin in October this year. The credit facility is part of the $700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio. The banking consortium for the platform infrastructure financing framework comprised nine international banks including DBS Bank Ltd., Intesa Sanpaolo S.p.A., Mizuho Bank Ltd., MUFG Bank Ltd., Siemens Bank GmbH, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Hong Kong Mortgage Corporation Limited.“This link is the need of the hour for the city and will support its growth aspirations. It showcases our commitment to offering Mumbai a brighter and greener future. The project will help accelerate the city’s decarbonization and its net zero journey,” said Anil Sardana, MD of AESL.

unemployment rate was at a historically low level of 3.5%, below June’s 3.6% figure. MSCI’s broadest index of Asia-Pacific shares outside Japan traded little lower. The index lost 2.3% last week.

Foreign buying of Japanese equities has exceeded that of Chinese peers for the first time since 2017, according to a Goldman Sachs Group Inc. report, which cited data for the first six months of the year. Long-only managers continued to sell stocks in China and Hong Kong on a net basis in July despite a sharp rally, while buying shares in Japan, strategists at Morgan Stanley wrote in a report last week.

Suez Canal tugboat sank on Saturday and one of its crew was missing after it collided with a Hong Kong-flagged LPG tanker though shipping traffic in the strategically important waterway was largely unaffected, the canal authority said. Convoys of ships passing through the canal from the north were not affected, while the passage of ships travelling from the south returned to normal by about midnight on Saturday, Suez Canal Authority (SCA) said in a statement. The tanker, Chinagas Legend, is waiting in Port Said until the completion of procedures related to the accident, (SCA) head Osama Rabie said in an earlier statement.

TikTok owner ByteDance, another highly valued private tech company that counts private-equity funds among its shareholders, shelved its IPO plans. In 2022, the average annual return for China private-equity funds, including venture capital funds, was minus 5.6%, according to estimates from data-analytics firm Burgiss. That was the lowest since the global financial crisis in 2008, although it was better than the global average last year.

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Covid pandemic. Nationwide, just 52,000 people arrived to mainland China from overseas on trips organized by travel agencies during the first quarter, the latest period for which national data is available, compared with 3.7 million in the first quarter of 2019. As in past years, nearly half of the visitors came from the self-ruled island of Taiwan and the Chinese territories of Hong Kong and Macau, rather than farther-away places like the U.S.

Airtel's improving subscriber mix, cost-led margin improvement, and improving free cash flow generation in the June quarter were strong enough reasons for the US brokerage to reiterate a buy. Hong Kong-based CLSA too maintained a 'Buy' stance on the counter, arguing for a favourable risk-to-reward ratio. The stock jumped nearly 2% on the NSE to attain its day's high of Rs 482.

Asian shares rose on Friday, while the dollar pulled back from a one-month peak as investors took stock of the slew of U.S. economic data that showed a resilient labour market ahead of a crucial non-farm payrolls report due later in the day. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.46% higher after dropping 2.3% on Thursday.

jobless benefits increased slightly last week, while layoffs dropped to an 11-month low in July, labor department report showed. A separate report showed that the US services sector slowed in July. Investors will now focus on the jobs report for July that is due on Friday.

Bank of America has made two high-profile changes in its investment bank, building on a successful strategy of elevating Australian bankers into broader regional roles this year.

Fitch's downgrade of US long-term credit rating. BSE Sensex fell 542 points, or 0.82%, to at 65,240. NSE's Nifty declined 144 points, or 0.74%, to end at 19,381.

Hong Kong has taken a major step today in embracing cryptocurrency by granting a retail trading license to HashKey, making it the first platform in the country to receive such authorization.