Hong Kong Financial News

Asian markets opened lower, as investors prepare for comments from Jerome Powell later Friday. Equities in Australia and South Korea fell alongside Hong Kong share futures, echoing Thursday’s selloff in US stocks where both the S&P 500 and tech-heavy Nasdaq 100 indexes retreated.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

inter-ministerial panel has cleared five-six investment proposals in the electronics manufacturing sector, which include some pure-play Chinese companies and others with connections to the neighbouring country, people familiar with the matter said. The development is significant as these are among the first such approvals in recent times given border tensions and the scrutiny that investments from China have been attracting in India. Prominent names that have recently got approval include Chinese electronics major Luxshare, which is also a vendor for Apple, and a joint venture (JV) between Bhagwati Products (Micromax) and Huaqin Technology, in which the Chinese company will own a minority stake. Other proposals cleared include some Taiwan-based firms listed in Hong Kong or having investments from there.

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Bitcoin remained relatively stable throughout the week, trading between $58,000 and $59,000 as markets anticipated a series of key data releases. The week kicked off with the release of July's Consumer Price Index (CPI) data from both the US and the UK on Wednesday. This was followed by major earnings reports on Thursday from retail giants Walmart and Alibaba. Today, all eyes are on the GDP data expected from Hong Kong and Taiwan, which could further influence market dynamics. Despite these developments, Bitcoin has yet to gather the momentum needed to break above the crucial $60,000 level. A surge in liquidations from crypto derivatives markets has contributed to the lack of upward movement. The US CPI data revealed a price rebound for July, aligning with market expectations. However, this has tempered hopes for a significant interest rate cut by the Federal Reserve in the upcoming month, adding to the cautious sentiment among investors. Additionally, rising geopolitical tensions between Iran and Israel have further intensified market pressures, creating an uncertain environment for risk assets like Bitcoin. Whales are active at the support levels buying the dip.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Asian stocks rose, following a buoyant session on Wall Street amid bets the Federal Reserve will soon signal it’s ready to start cutting interest rates. Shares advanced in Japan, South Korea and Australia. The MSCI Asia-Pacific index headed for a third day of gains while Hong Kong futures also pointed to a rise. The advance was fueled by a bullish mood in the US, where the S&P 500 climbed for an eighth straight day — the longest winning streak this year.

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Max, Peacock, and Hulu. We have a list of movies with their release dates on OTT streaming platforms. After a bumpy run in theaters, Kevin Costner's Western “Horizon: An American Saga” is landing Friday, August 23, on Max. Costner's three-hour epic, the first of what Costner had hoped would be a four-film series, didn't win over a lot of critics and didn't light up the box office ($29 million domestically) despite Costner's passionate belief in the project. (He put up millions of his own money for its $100 million-plus budget.) A release date for the already-completed part two was also postponed. An ensemble cast is led by Sienna Miller, Sam Worthington, Jena Malone and Costner. George Miller’s “Furiosa: A Mad Max Saga,” streaming now on Max, may have struggled to match the dizzying heights of 2015’s “Fury Road.” But the film, a prequel to “Fury Road,” features some extraordinary action sequences, a grand fleet of dystopian vehicles and one of the best performances of Chris Hemsworth’s career. Anya Taylor-Joy stars as young Furiosa, taking over the role played earlier by Charlize Theron.

The Food Safety and Standards Authority of India conducted inspections, sampling and testing of mixed spice blends after Hong Kong suspended sales of some blends of the MDH and Everest brands in April over high levels of a pesticide. Britain then tightened controls on all spice imports from India, while New Zealand, the United States and Australia have said they were looking into issues related to the brands.

Hedge funds, pensions and banks continued to lavish capital into exchange-traded funds that invest directly in Bitcoin, as more traditional investors embrace the asset class that US regulators begrudgingly helped push into the mainstream at the beginning of the year. Among the most well-known buyers that have emerged are hedge funds like Millennium Management, which held shares in at least five Bitcoin ETFs, according to a Bloomberg analysis of second-quarter filings with the US Securities and Exchange Commission. The firm, which has $68 billion in assets under management, trimmed its stakes in the ETFs significantly from the prior quarter but remained as the top holder for most of the funds, including BlackRock's iShares Bitcoin Trust.

Japanese stocks are leading gains in world markets after Wall Street close to its record heights as data showed the U.S. economy is holding up better than expected

IT firm Happiest Minds saw its banking financial services and insurance (BFSI) vertical’s contribution going up by 540 basis points, even as its US’ contribution coming down by 250 basis points in the just concluded quarter of this fiscal. One basis point is a hundredth of a percentage point. Acquisitions in the first quarter influenced both BFSI and US geography, said Executive Vice Chairman Joseph Anantharaju to ET on Tuesday. The IT firm, which announced its Q1 earnings Monday late night, acquired Aureus and PureSoftware in the first quarter of this fiscal. «Both these acquired firms are strong in financial services. While PureSoftware is focused more on banking and financial services, Aureus is on insurance», added Anantharaju.

Crypto custody platform Bitgo is planning to move the wrapped bitcoin (WBTC) product to its joint venture with Hong Kong-based BiT Global which is triggering a backlash due to Justin Sun’s involvement.

Avengers ride. Disney has revealed details about Avengers: Infinity Defense project which will feature Thanos, as per a Collider report. On the all-new Avengers: Infinity Defense ride, where guests will journey through legendary Marvel landscapes, battling the formidable King Thanos. This immersive experience promises heart-pounding excitement as you team up with your favorite heroes, navigating through stunningly recreated scenes straight out of the Marvel Universe.

A federal indictment has charged three current and former executives of Smartmatic in a scheme to pay more than $1 million in bribes to put its voting machines in the Philippines, a setback for a company that has been feuding with allies of Donald Trum...

lab-grown diamond industry is facing challenges such as significant fall in prices, eroding consumer interest and competition from imports, think tank Global Trade Research Initiative (GTRI) said Sunday, adding said that though India faces the issue of production overcapacity, it continues to import in large amounts and this issue needs deeper investigation. To address these challenges, the government needs to take certain steps such as setting clear and consistent rules to standardize quality, certification, and market practices; issuing a Quality Control Order to check quality of imports; and investment in research and development to improve production processes, reduce costs, and enhance the quality of lab-grown diamonds. As per the report, India’s lab-grown diamond industry is facing a major challenge, with prices falling by 65% in the past year to Rs 20,000 per carat from Rs 60,000 due to local overproduction and oversupply from abroad, which points to problems like overproduction, high imports, and lack of regulation. The number of units producing lab-grown diamonds in India has increased to 10,000 units, leading to over supply and tougher competition.

It's an open secret that vendors are offering one of the world's most sought-after technologies: the microchips that create artificial intelligence, which the United States is battling to keep out of Chinese hands. One vendor said he could order the chips for delivery in two weeks. Another said companies came to the market ordering 200 or 300 chips from him at a time. A third business owner said he recently shipped a big batch of servers with more than 2,000 of the most advanced chips made by Nvidia, the U.S. tech company, from Hong Kong to mainland China. As evidence, he showed photos and a message with his supplier arranging the April delivery for $103 million.

Here is the list of award money athletes get for finishing on the podium in Olympics. Hong Kong and Singapore top the list for the highest cash payouts for Olympic victories.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...