Updated Jan. 3, 2024 6:23 am ET A dearth of initial public offerings in Hong Kong is causing companies to suffer cash crunches and put off expansion plans, showing how the steep market downturn is taking a toll on businesses that need to raise money. The Asian financial hub was for years the top international … Read more
China displayed its aircraft-manufacturing credentials by conducting a flyby of Hong Kong’s Victoria Harbour with a domestically made passenger plane designed to take on Airbus SE and Boeing Co. narrowbodies. Commercial Aircraft Corp of China Ltd., the official name of planemaker Comac, flew its C919 jet around the harbor in two loops on Saturday morning, … Read more
HONG KONG (AP) — Voter turnout plunged below 30% in Hong Kong’s first district council elections since new rules introduced under Beijing’s guidance effectively shut out all pro-democracy candidates, setting a record low since the former British colony returned to Chinese rule in 1997. According to official data on Monday, 27.5% of the city’s 4.3 … Read more
Hong Kong’s local council elections drew their lowest turnout in nearly three decades, as residents snubbed a system lacking political diversity after a revamp to cement China’s control. Only 27.5% of the 4.3 million eligible voters cast ballots on Sunday in the local elections, David Lok, chairman of the Electoral Affairs Commission said Monday morning. … Read more
The US labor market strengthened in November with pickups in employment and wages, deflating hopes the Federal Reserve will cut interest rates early next year. The acceleration in payrolls is at odds with recent reports that have depicted a softer hiring pace, an outcome favored by the Fed as it will help rein in demand … Read more
HONG KONG (AP) — One of Hong Kong’s best-known pro-democracy activists, who moved to Canada to pursue further studies, said she would not return to the city to meet her bail conditions, becoming the latest politician to flee Hong Kong under Beijing’s crackdown on dissidents. Agnes Chow, a famous young face in the city’s once-vibrant … Read more
It’s the first day of the last month of 2023, and we might be in for an exciting period in artificial intelligence space as companies continue developing this technology while protest groups keep highlighting its dangers. In the first news, Meta executives said that they found no downside to openly sharing its AI technology. This … Read more
Chinese artificial intelligence chip firm Shanghai Biren Intelligent Technology Co. has recently secured a pledge of 2 billion yuan ($280 million) from Guangzhou government-backed investors after the company was blacklisted by Washington in October, according to people familiar with the matter. The startup has also talked to officials in Hong Kong in recent weeks for … Read more
In a shot across the bow to the digital payments industry, the U.S. Consumer Financial Protection Bureau (the Bureau) has issued a proposed rule to expand its oversight authority to nonbank providers of consumer payment apps. These apps include digital wallets, funds transfer services, and P2P apps—for both U.S. dollar payments and, surprisingly, also bitcoin … Read more
As China prepared to cremate former Premier Li Keqiang on Thursday, skepticism among some residents of his hometown over the official account of his death showed a lack of trust in the ruling Communist Party. A number of mourners in eastern Anhui province this week expressed doubt the former No. 2 official died of a … Read more