Hong Kong Financial News

US citizens by falsely claiming to renew their policies or providing technical assistance. Among those arrested was Ankur Gupta, an MBA graduate who led the gang.

Investing.com-- Most Asian stocks rose on Monday, tracking a rebound in Chinese markets on the promise of more government stimulus measures, while Japan’s Nikkei 225 briefly hit an over 30-year high. 

global market cues including US bond yields, crude oil prices, and performance in US markets. On Friday, the domestic equity benchmark indices ended lower. The Sensex ended 187.75 points, or 0.28%, lower at 65,794.73 while the Nifty 50 declined 33.40 points, or 0.17%, to settle at 19,731.80.

James Wallis, Ripple’s vice president for central bank engagements and central bank digital currencies (CBDCs), has highlighted the role of CBDCs in advancing global financial inclusion in a brief video. Wallis clarifies that financial inclusion aims to extend financial services to individuals worldwide, especially those with low incomes and no ties to financial institutions.

children under 12 years of age, impacting their development, scientists have found after reviewing 33 brain imaging studies spanning 23 years and involving 30,000 participants. Screen time, referring to the time children spend watching television or playing computer games, was found to impact the development of executive functions of brain such as working memory, planning and responding flexibly to changing situations by making structural changes in the pre-frontal cortex, the scientists found.

Singapore startups less than gung-ho about adding to the city’s 18,000-strong fintech workforce. However, it may not be a bad time to look for jobs in the Asian financial center. Rivals like Hong Kong and Abu Dhabi are hungry for qualified professionals.

As the final weeks of 2023 approach, it’s fair to say that one of the most dominant trends and drivers of crypto companies’ strategies over the past months can be summed up in a single word: licenses. 

Bitfinex, a famous cryptocurrency exchange located in Hong Kong, has announced a security compromise that has been controlled. The incident was the result of a phishing effort that was directed at one of the company's customer care representatives. The incident took place between the 30th of October and the 5th of November and entailed illegal access to a portion of the company's customer support boards. These boards contained user information that was out of current and incomplete.

Hong Kong-based Web3 social company Sleek has revealed a $5 million seed round, with the fundraising valuing the company at $50 million.

Investing.com -- U.S. stock futures point into the green following a mixed session on Wall Street, as traders pour through a raft of economic figures this week. Gap's (NYSE:GPS) quarterly profit tops estimates, sending shares soaring premarket, but the retailer joins peers Target (NYSE:TGT) and Walmart (NYSE:WMT) in flagging some caution over consumer spending heading into the holiday shopping season. Elsewhere, Chinese tech shares plummet after Alibaba (NYSE:BABA) scraps a planned spin-off of its cloud intelligence unit.

Mumbai, India – Spacenet Enterprises India Limited (NSE: SPCENET), following its strategic investment in BillMart.com, a Mumbai-based bill discounting fintech platform, has boldly positioned itself at the forefront of innovation with a strategic acquisition poised to reshape the landscape of digital entertainment. In a game-changing move, the company has secured a significant stake in String Metaverse Limited, a cutting-edge Web3.0, Esports, Real Money Games, Casual Games platform that promises to redefine the future of interactive entertainment.

So far six companies, including Panthertrade (Hong Kong) Limited, a subsidiary of Futu Holdings (US: FUTU),have filed for a virtual asset trading platform license in Hong Kong.

By Samuel Shen and Rae Wee

Investing.com-- Chinese technology stocks plummeted on Friday, with Alibaba Group (HK:9988) (NYSE:BABA) leading losses after the e-commerce giant shelved a planned IPO for its cloud unit, citing the impact of U.S. curbs on chip exports to China. 

Investing.com-- Most Asian stocks fell on Friday, cooling after marking some strong gains earlier this week, while Chinese technology stocks clocked steep losses after Alibaba flagged the impact of recent U.S. chip export curbs. 

Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the US-China chip war. In a move that shocked investors, the Hangzhou-based tech giant said Thursday that US curbs on exports of advanced chips had forced it to call off the spinoff of its cloud computing arm. The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares. Washington has moved to bar the shipment to China of powerful chips, including those from California-based Nvidia, which are crucial to the development of artificial intelligence, on national security grounds. In one of its most wide-ranging restructurings, Alibaba said in March it planned to split the vast group into six distinct entities that would be able to separately pursue funding through public listings. But on Thursday, it called off the creation of its Cloud Intelligence arm in light of «the recent expansion of US restrictions on export of advanced computing chips». «We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement,» the company said in its earnings release. «Accordingly, we have decided to not proceed with a full spin-off, and instead we will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,» Alibaba said. Alibaba is a key player in China's expansive digital economy and the operator of a major online shopping platform. The Hangzhou-based group's performance is considered a barometer of domestic consumption, which has flagged in recent

US Federal Reserve will not hike interest rates further and pivot to a rate cut in early 2024, seems to be waning. Moreover, with the conclusion of the earning season, domestic investors will now shift the focus to global as well as domestic cues. The Indian benchmark indices ended higher for the second consecutive session on Thursday amid mixed global cues.

HONG KONG (Reuters) — The Hong Kong-listed shares of Alibaba (NYSE:BABA) Group were set to fall 7.8% on Friday after it scrapped plans to spin off its cloud business, citing uncertainties over U.S. restrictions on chips used in artifical intelligence applications.

Shares of Chinese e-commerce firm Alibaba Group Holding plunged as much as 10% in New York after it said Thursday it scrapped plans to spin off its cloud business because of uncertainties related to U.S. chip restrictions

SINGAPORE—Washington’s latest curbs on the export of high-performance chips to China are beginning to bite. Alibaba on Thursday said it had scrapped its plan to spin off and list its cloud-computing division, citing the impact of the export controls that took effect late last month. The restrictions “may materially and adversely affect" the cloud business’s ability to offer products and services and to perform under existing contracts, Alibaba said, adding that it would focus on the division’s growth.

Alibaba Group has scrapped plans to spin-off its cloud business, citing uncertainties created by US export curbs on chips used in artificial intelligence applications. The U.S.