Hong Kong Financial News

Also Read: Silver prices up 18% YTD; should you prefer silver to gold for investments? Furthermore, strong domestic buying, improved voter turnout in the fourth phase, and stability in crude oil prices also played significant roles in driving the market higher. Also, markets received a boost after US benchmark indices reached record highs. Metal stocks, on the other hand, surged significantly following China's announcement of a comprehensive stimulus package aimed at bolstering its distressed property market.

Asian stocks have advanced after U.S. stock indexes drifted near their records on Friday with the Dow Jones Industrial Average finishing above 40,000 for the first time

Gujarat International Finance Tec-City (GIFT City) will soon take another step to resemble state-of-the art global finance centres as the hub is set to launch its own foreign currency settlement system, K Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA) told Bhaskar Dutta in an interview. He also listed out the latest steps being taken by the IFSC Authority to «onshore what is offshore». Edited excerpts: Markets have been telling us about the development of an international-style instant foreign exchange settlement system in GIFT City. What is happening on the ground?

Indian spice-mix products of MDH and Everest on Friday due to quality issues, following in the footsteps of Hong Kong and Singapore. Nepal’s Department of Food Technology and Quality reported that the ban is due to the suspicion of ethylene oxide contamination. The banned spices include madras curry powder, sambhar mixed masala powder, mixed masala curry powder of MDH, and fish curry masala of Everest. The importers and traders are requested to recall these products from the Nepalese market. “As residue contents of ethylene oxide are found to be exceeding the prescribed limit in these four products, the import and sale of these products are banned within the country as per Article 19 of the Food Regulation 2027 B.S.,” Nepal's Department of Food Technology and Quality Control, in a notice said.

Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as the digital yuan on Friday.

Popular and lovable Solana meme coin Slothana ($SLOTH) today announced that it will be listed on top 10 crypto exchange HTX.

FISS) on Friday said India's spice export may decline nearly 40 per cent in FY25 if the issue of ethylene oxide or EtO contamination in spices meant for exports is not addressed at the earliest. The statement came against the backdrop of Hong Kong and Singapore banning the sale of popular brands MDH and Everest after detecting carcinogenic chemical ethylene oxide in their products, leading to a mandatory recall from shelves. In 2023-24, India's spice exports totalled USD 4.25 billion, accounting for 12 per cent share of global spice exports. «Lot of exporters have orders on their hands and they have been halted to an extent after that episode. As per our estimate, spice exports could be affected by 40 per cent of the volume this year if the issue is not resolved quickly,» said Tejas Gandhi, Secretary of FISS, an association of nearly 600 spice traders, exporters and farmers from across the country.

The Autorité des Marchés Financiers (AMF), France’s local financial commission, has reminded investors in a warning note published Thursday, to refrain from trading crypto platform, ByBit.

Shares of HSBC Holdings fell over 3% in Hong Kong on Friday after reports that its top shareholder Ping An Insurance might be looking to cut its stake in the British bank.

Asian stocks inched lower on Friday as traders pondered the near term U.S. monetary policy path after Federal Reserve officials suggested that interest rates may need to stay higher for longer even as inflation shows early signs of easing. Data on Wednesday showed cooling U.S. consumer price inflation, prompting markets to swiftly price in at least two rate cuts this year but the excitement soon fizzled out as the latest report showed the labour market remains tight, while central bankers were still cautious about inflation.

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Mint on the impact of climate change in the Asia Pacific region. India accounts for most of the economic and human losses in South Asia region.

Shares of Chinese property developers surged on rising expectations that government entities in China are moving to help buy up excess housing in a bid to revive the struggling real-estate sector. The Hang Seng Mainland Properties Index, which tracks Chinese property developers listed in Hong Kong, was up 5.6% in afternoon trading Thursday.

Sensex declined 117.58 points, or 0.16%, to close at 72,987.03, while the Nifty 50 settled 17.30 points, or 0.08%, lower at 22,200.55. “Relentless FIIs selling and India Vix at elevated levels put pressure on the market. We expect the market to consolidate in a broader range as the election polling progresses and the result season nears the end," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

The two FS giants worked with Standard Chartered-owned Hong Kong digital bank Mox and asset tokenisation tech firm Libeara on the PoC, which took place on the Hong Kong Monetary Authority's Fintech Supervisory Sandbox.It saw the first live test of the Mastercard Multi-Token Network (MTN) used for a test scenario where a Mox client wants to buy a carbon credit to offset personal carbon usage and deposit the funds for this in their bank account.In the pilot, Mox requests Standard Chartered tokenise the desired carbon credit using Libeara. Then, through the Mastercard MTN, the client’s deposit is also tokenised and an atomic swap is initiated between the two instruments.

YouTube has blocked access to videos of a protest song in Hong Kong to comply with a removal order, days after a court approved an injunction to ban the song in the city

Chinese e-commerce company Alibaba Group Holding on Tuesday posted a greater-than-expected decline in profit for the fourth quarter due to its equity investments, sending its stock price plunging in New York

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European carmaker Stellantis says it will begin selling electric vehicles from its Chinese partner Leapmotor in nine European countries later this year

India is the world’s largest producer of spices by a long shot. Hong Kong, it has been reported, has suspended the sales of three spice blends made by two Indian companies that are household brand names, MDH and Everest. The reason given for the regulatory action is that these products apparently contain high levels of a cancer-causing pesticide ethylene oxide.

Asian shares hovered around 15-month highs on Tuesday and the dollar was firm ahead of highly anticipated U.S. inflation data, while Japanese bonds were squeezed as the central bank pulled back a little on its bond buying programme. MSCI's broadest index of Asia-Pacific shares outside Japan climbed slightly and hit its highest since early 2023 in morning trade, as a strong rally in Hong Kong shares extended into a fourth consecutive week.