Hong Kong stocks up after US-China talks triggers cautious optimism, data eyed
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Hong Kong stocks edged up in early trade driven by cautious optimism around US-China talks. The Hang Seng Index gained 0.8% to 16,862.981 as of 10.32am local time. The Hang Seng Tech Index added 1.1% and the Shanghai Composite Index climbed 0.1%. Gold producer Zijin Mining Group rallied 3.2% after bullion prices rose to a record. Electric vehicle makers Li Auto rose 4.1% and BYD climbed 2.2% after China Commerce Minister Wang Wentao said accusations of EV overcapacity are groundless. Baidu slid 2.5%, Li Ning lost 2.7%, and Tencent Holdings retreated 1.3%. China is due to release March inflation data on Thursday and foreign trade statistics on Friday. Two companies started trading on the mainland exchanges: Changzhou Wujin Zhongru Electronic Technology jumped 87% and Wuxi Dingbang Heat Exchange Equipment surged 108%.
#HongKongStocks #UschinaTalks #CautiousOptimism #DataReleases #GoldStocks #ElectricVehicleMakers #ChinaCommerceMinister #InflationData #ForeignTradeStatistics #HangSengIndex #HangSengTechIndex #ShanghaiCompositeIndex #ZijinMiningGroup #LiAuto #Byd #Baidu #LiNing #TencentHoldings #ChangzhouWujinZhongruElectronicTechnology #WuxiDingbangHeatExchangeEquipment
Weather is hot topic as eclipse spectators stake out viewing spots in US, Mexico, Canada
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Eclipse spectators staked out their spots across three countries on Sunday, fervently hoping for clear skies despite forecasts predicting clouds along most of the sun-vanishing route. North America will not see another coast-to-coast total solar eclipse for 21 years, prompting the weekend’s worry and mad rush. Monday’s extravaganza stretches from Mexico’s Pacific beaches to Canada’s rugged Atlantic shores, with 15 US states in between. A total eclipse happens when the moon lines up perfectly between Earth and the sun, blotting out the sunlight. Even if clouds obscure the covered-up sun, “it will still go dark. It’s just about sharing the experience with other people”, said Briton Chris Lomas. The weather was the hot topic at the Buffalo Naval and Military Park on Sunday, with hopes for clear skies along Monday’s narrow 115-mile-wide (185-km-wide) corridor of totality in New England and Canada.
#Eclipse #Spectators #ViewingSpots #Weather #NorthAmerica #Mexico #Canada
Hong Kong fund managers set up shop in Middle East finance centres to seize opportunities, talent
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Hong Kong-based fund managers are expanding to the Middle East to take advantage of new investment and fundraising opportunities, as well as the region’s talent pool. Infini Capital Management and Arte Capital have both set up offices in Abu Dhabi and are raising $1 billion funds focused on Middle East opportunities. The Hong Kong Investment Funds Association survey shows that over 50% of fund managers see opportunities in Dubai, Saudi Arabia, and Abu Dhabi. Infini Capital Management has become the first Asian hedge fund manager in the Abu Dhabi Global Market. Arte Capital has launched a $1 billion fund for Chinese companies expanding to the Middle East. The Middle East offers a low tax environment, affordable cost of living, and accessible visa schemes, which are incentives for talent. However, challenges include global headwinds and US-China tensions impacting Middle Eastern investors' interests in investing in China.
#HongKong #FundManagers #MiddleEast #InvestmentOpportunities #Fundraising #TalentPool #AbuDhabi #Dubai #SaudiArabia #HongKongInvestmentFundsAssociation #InfiniCapitalManagement #ArteCapital #AbuDhabiGlobalMarket #LowTaxes #VisaSchemes #UschinaTensions
‘The magic of China’: still lots for foreign firms, top business leader says
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Joerg Wuttke, the president emeritus of the European Union Chamber of Commerce in China, discusses China's economic rise, tensions with the US and EU, and the impact of overcapacity. He praises Deng Xiaoping and Zhu Rongji as visionary leaders. Wuttke warns that China must avoid hubris and learn from other economies. He believes that China's rising nationalism could be dangerous if it leads to less tolerance for different voices. Wuttke also discusses China's tensions with the US, the issue of overcapacity, and the need for China to focus on the service sector. He suggests that China needs to attract more foreign investment and create a business-friendly environment. Wuttke expresses concern about declining interest in learning Chinese and understanding China among young people in the West. He suggests that China should showcase its humanitarian acts and play a role in the reconstruction of Ukraine. Wuttke predicts a more fragmented world and suggests that China can draw inspiration from other East Asian economies.
#China #ForeignFirms #EconomicRise #Tensions #Overcapacity #Nationalism #ForeignInvestment
Trudeau unveils US$1.8 billion package for Canada’s AI sector
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Canada's Prime Minister Justin Trudeau has announced a C$2.4 billion (US$1.8 billion) package of measures to boost the country's artificial intelligence (AI) sector. The centrepiece of the package is C$2 billion (US$1.47 billion) allocated for 'computing capabilities and technological infrastructure' to accelerate the work of AI researchers, start-ups, and other firms. The funds will also be used to speed up the adoption of AI in sectors such as agriculture and healthcare. Trudeau stated that the funds will help create well-paid jobs for Canadians, especially young Canadians, and boost productivity and economic growth. The announcement was made in Montreal, one of Canada's AI hubs. The government also announced the creation of the Canadian AI Safety Institute with a budget of C$50 million. Canada has yet to adopt a law to regulate AI, and the proposed Artificial Intelligence and Data Act is still under consideration by members of parliament.
#Canada #ArtificialIntelligence #AiSector #Funding #Technology #Economy
Who’s the new Nvidia? Wall Street hunts for next wave of AI winners beyond the US
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Some of the world’s biggest money managers are hunting for the next wave of artificial intelligence (AI) winners in emerging markets for better value and a bigger pool of options. AI stocks are already leading a US$1.9 trillion rebound in emerging markets this year, with TSMC and SK Hynix accounting for 90 per cent of gains. Analysts see a 61 per cent increase in earnings for emerging-market AI tech firms as a whole, compared to a 20 per cent rise for US peers. The asset management arm of Morgan Stanley said it is looking specifically for stakes in the manufacturers of AI supply-chain components, such as cooling systems and power supplies. Apple supplier Foxconn to build ‘AI factories’ using US hardware leader Nvidia’s chips and software. Despite this rally, most emerging-market AI stocks still offer far better value than their US peers. While Nvidia trades at 35 times its projected earnings, Asian AI giants are typically valued between 12 and 19 times. Developing markets also offer faster growth. Analysts see a 61 per cent increase in earnings for emerging-market AI companies as a whole, compared to the 20 per cent rise that they were pencilling in for US peers. So far, the stars of the show are those companies which already were technology leaders before the AI rally, such as TSMC and Hon Hai Precision Industry, also known as Foxconn Technology Group. That duo and Samsung, also a chip maker, feature in a JPMorgan single-country fund that invests in Taiwanese equities and has outperformed 96 per cent of more than 1,400 peers. The three stocks are also among the top-10 holdings of the iShare MSCI EM Ex-China ETF, which has doubled in value over the past five months. For example, Hanmi Semiconductor Co, majority-owned by billionaire Kwak Dong Shin’s family, has surged about 120 per cent this year for the best gains among members of the MSCI Emerging Markets Index. It as also seen its share of foreign ownership increase in recent weeks. In emerging markets-focused exchange-traded funds, more than half of all inflows this year have gone into the iShares MSCI EM ex-China ETF, whose top 10 holdings include companies that are investing in AI. Established businesses have attracted fresh investor interest after signalling that they are moving into AI. Reliance Industries, the petroleum giant run by billionaire Mukesh Ambani, has developed a Google-style AI model with capabilities in 22 Indian languages. The company is also part of the digital transformation in the country of 1.4 billion people. Emerging markets are tied closely to the US, meaning that an AI sell-off could echo across the world. Alternatively, if stock-market gains broaden out, then other sectors may catch up and AI names could lag behind.
#ArtificialIntelligence #EmergingMarkets #Investment #Stocks #Technology
Race Result | 07 Apr 2024 | Sha Tin | Race 1 SEVERN HANDICAP | HK Racing | South China Morning Post
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The article provides the race result for Race 1 SEVERN HANDICAP at Sha Tin on 7th April 2024. The race was a Class 5 race with a distance of 1400 meters. The winning horse was ST Rainy, ridden by M. L. Yeung and trained by W. Y. So. The winning time was 1:21:92. The second-place horse was Yee Cheong Warrior, ridden by Z. Purton. The third-place horse was Medic Elite, ridden by P. C. Ng. The fourth-place horse was Fortune Master, ridden by A. Badel. The article also includes a recap of the race by Phillip Woo, who mentions the performance of the top horses. The article also provides a racing incident report, highlighting any issues or concerns with the horses during the race.
#HorseRacing #RaceResult #ShaTin #SevernHandicap #HkRacing
China’s Li Qiang dismisses ‘overcapacity’ concerns in talks with Janet Yellen
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Chinese Premier Li Qiang urged the US not to politicize economic issues and to view industrial capacity objectively during talks with US Treasury Secretary Janet Yellen in Beijing. Yellen expressed concerns about China's industrial 'overcapacity' and its potential impact on American interests. Li emphasized the importance of fair competition and open cooperation, while refraining from politicizing economic and trade issues. Yellen stated that the two countries should not avoid 'tough conversations' and discussed the shared objective of a healthy economic relationship. The meeting took place after two days of talks between Yellen and Chinese Vice-Premier He Lifeng in Guangzhou, where they addressed issues related to overcapacity and agreed to hold 'intensive exchanges' to address economic and financial challenges. Li expressed hope for strengthened communication and cooperation between the US and China, particularly on climate change. The issue of overcapacity has raised concerns in the EU and US, with the EU launching an anti-subsidy probe into Chinese electric vehicles. Economists and analysts have warned about the risks of an alliance to put pressure on Beijing. Yellen also emphasized the importance of communication between the two countries during a meeting with professors and students at Peking University's National School of Development.
#China #Us #Trade #Overcapacity #JanetYellen #LiQiang
As gold smuggling runs rampant, Vietnam casts around for ways to tame market
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Gold smuggling is on the rise in Vietnam, fueled by a lack of official supplies and flight-to-safety demands amid a struggling economy. The increase in gold imports, which were about 55.5 tonnes last year compared to 39.8 tonnes in 2020, is predominantly via illegal channels due to strict import regulations. The rise in smuggling exerts pressure on the dong as smugglers need to buy dollars in the black market to pay for the commodity. The dong has weakened 2.9% this year, closing at 24,962 against the dollar. Economists warn that the demand for dollars to pay for gold imports is making it hard for the central bank to curb inflation and negatively impacting the economy. The National Financial and Monetary Policy Advisory Council has proposed ending the state monopoly on gold imports and bullion production to narrow the local premium over the international rate and reduce the need for smuggling. Ending the monopoly would also help boost tax revenue from official imports and reduce smuggling.
#GoldSmuggling #Vietnam #Economy #Dong #IllegalChannels #Flighttosafety #Inflation #Monopoly #TaxRevenue
PLA patrols South China Sea as US, Philippines, Japan and Australia hold drills
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China's military conducted a naval and air patrol in the South China Sea on the same day that the Philippines, US, Japan, and Australia held joint military drills. The Southern Theatre Command of the People's Liberation Army announced the joint air and sea combat patrol on April 7. The Chinese military referred to the joint drills as military activities 'intended to sabotage the situation' and create 'hotspots' that are 'well under control'. The joint drills by the US, Japan, Australia, and the Philippines aim to demonstrate collective commitment to strengthening regional and international cooperation in support of a free and open Indo-Pacific. The exercise involves five warships, including two Philippine warships, the BRP Gregorio del Pilar and BRP Ramon Alcaraz, the American USS Mobile, Japan's JS Akebono, and Australia's HMAS Warramunga. The drill includes warfare training, communication drills, and sailing in formation to strengthen interoperability among their defense forces. Tensions between Beijing and Manila over disputed waters in the South China Sea have been growing, with the Philippines accusing China of obstructing resupply missions and conducting dangerous maneuvers. The joint drill comes ahead of a meeting between Philippine President Ferdinand Marcos Jnr, US President Joe Biden, and Japanese Prime Minister Fumio Kishida in Washington on April 11 to discuss improving interoperability and naval cooperation.
#SouthChinaSea #MilitaryDrills #China #Philippines #Us #Japan #Australia
Japan’s interest-rate hike won’t deter commercial property investment: analysts
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The end of ultra-loose monetary policy in Japan is unlikely to deter foreign investors from commercial real estate investments. Tokyo and other large metropolises in Japan remain attractive destinations for capital looking to acquire assets such as hotels, multifamily buildings, and logistics facilities. In contrast, China's uncertain outlook and various support measures have failed to revitalize foreign investment demand for commercial property. Foreign investor appetite for Japan is strong, with Japan receiving more foreign investment in commercial real estate than China in recent years. Japan's share of total foreign investment in property has remained relatively steady, while China's share has declined. Japan's commercial property market is expected to continue to be strong due to its strong fundamentals, stable economy, and clear exits. On the other hand, foreign investors are likely to have a limited appetite for China's commercial property market for some time due to challenges and limited leasing demand.
#Japan #China #CommercialProperty #ForeignInvestment #RealEstate #MonetaryPolicy
Thailand pushes EU Schengen-style visa for mainland Southeast Asia
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Thailand is proposing a joint-visa programme for mainland Southeast Asia, covering Cambodia, Laos, Malaysia, Myanmar, Thailand, and Vietnam. The single-visa concept aims to ensure seamless mobility for travellers among the six neighbouring countries. The initiative is being led by Thai Prime Minister Srettha Thavisin, who aims to attract more long-haul and high-spending travellers to boost tourism revenue. The six Southeast Asian nations reported a combined 70 million foreign tourist arrivals in 2023, with Thailand and Malaysia accounting for more than half of the tally and generating about US$48 billion in tourism revenue. The single-visa proposal is part of Srettha's broader tourism initiatives, as his administration aims to attract 80 million tourists by 2027. However, implementing a Schengen-type visa may face challenges due to the poor track record of the Association of Southeast Asian Nations (ASEAN) in expediting multilateral policy frameworks and its reputation as a talking shop. The absence of standard immigration criteria among participating nations and the lack of political clout of the Thai Prime Minister may also pose challenges to the proposal.
#Thailand #SoutheastAsia #Tourism #VisaPolicy #SchengenstyleVisa
‘We can’t fall behind’: China’s local debt woes hurt firms, create distrust
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China's local government debt rose by 14.3% to 41.4 trillion yuan ($5.7 trillion) by the end of February. The debt has hurt private firms and created grass-roots distrust. Local government debt has torn apart the fundamental trust system that upholds social governance order. Feng Chuan, an associate professor at Wuhan University, called for greater efforts to rebuild social trust and business confidence. Local land sales in Guizhou province dropped to 100 million yuan a year, making it difficult to cover the annual interest payment of its 8 billion yuan of debt. Local officials are motivated to grow the economy to gain promotion, inflating figures to meet growth targets. Many heavily indebted villages continue to apply for government funding for more construction projects. The central government must be wary of excessive local borrowing to create 'model villages' in a campaign-style manner. Local authorities have been caught up in a 'city-building campaign', where investments far exceeded their fiscal capacity to reach 'unrealistic political goals'.
#China #LocalGovernmentDebt #PrivateFirms #Trust #EconomicRecovery
A new normal: are the wild days of Hong Kong’s housing market a thing of the past?
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Analysts expect Hong Kong's housing market to settle into a new normal with stable prices. The government's removal of property market restrictions has led to increased buying activity, but experts believe it is driven by pent-up demand and not indicative of future trends. Limited supply and high interest rates are expected to prevent a significant rise in prices. The market saw a surge in transaction volumes, but prices have not increased. There are currently over 20,000 unsold units in the market, and around 22,270 private homes are forecast to be completed this year. Experts estimate that it will take at least four years to absorb the current inventory. Developers are offering large discounts to attract buyers, indicating caution about the market outlook. The removal of stamp duties has led to an increase in mainland Chinese buyers, but the government can reintroduce stamp duties to control excessive demand. Short-term speculative investors are expected to decrease due to limited potential for significant price increases. Overall, experts believe the property market will see stable growth in the future.
#HongKong #HousingMarket #PropertyPrices #Supply #Demand #InterestRates #TransactionVolumes #Inventory #StampDuties #MainlandChineseBuyers #SpeculativeInvestors
Unravelling China’s role in the US fentanyl crisis
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China is a major source of fentanyl, a synthetic opioid responsible for the US opioid crisis. The article explores China's role in the production and distribution of fentanyl, as well as the efforts made by both countries to combat the crisis. The Chinese government has implemented stricter regulations on fentanyl production and export, leading to a decline in seizures of fentanyl in the US. However, there are still concerns about illicit fentanyl production and smuggling from China. The US has called for further cooperation with China to address the issue.
https://www.scmp.com/video/scmp-explains/3256794/unravelling-chinas-role-us-fentanyl-crisis
Janet Yellen kicks off latest China visit in Guangdong
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Janet Yellen, the US Treasury chief, has arrived in China to further stabilize bilateral trade ties. She began her visit in Guangdong. The purpose of her visit is to address economic issues and strengthen cooperation between the US and China. Yellen's visit comes at a time of strained relations between the two countries, with ongoing trade disputes and tensions over human rights issues. The visit is seen as an opportunity to improve communication and find common ground on economic matters. Yellen is expected to meet with Chinese officials and business leaders during her visit. The outcome of the discussions will have implications for the future of US-China trade relations.
Scoop: Gillian Anderson superb in dramatisation of Prince Andrew interview
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Netflix has released a dramatisation of the 2019 interview between Prince Andrew and BBC journalist Emily Maitlis, titled 'Scoop'. The film portrays the lead-up to the interview and features Gillian Anderson as Maitlis and Rufus Sewell as Prince Andrew. The interview was meant to clear Prince Andrew's association with Jeffrey Epstein but instead made him a laughing stock. The script doesn't offer any major revelations but includes details such as Princess Beatrice's presence at the meeting and the exchange between Andrew and Maitlis after the interview. The film also highlights the victims of Epstein's crimes, including Virginia Giuffre. 'Scoop' will be available for streaming on Netflix starting April 5.
US treasury secretary back in China, aiming to keep trade ties on firmer footing
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US Treasury Secretary Janet Yellen arrived in Guangzhou, China on Thursday for a week-long trip to manage trade relations between the US and China. Yellen aims to advance America's economic and national security interests while maintaining a level playing field for American workers and firms. She plans to discuss issues such as industrial overcapacity, global financial stability, unfair trade practices, illicit finance, climate change, and debt relief for developing countries. Yellen will meet with Chinese Vice-Premier He Lifeng, Premier Li Qiang, Minister of Finance Lan Fo'an, and central bank governor Pan Gongsheng. This is Yellen's second visit to China in less than a year, following her engagement in July 2023 to restart dialogue and launch bilateral working groups on economic and financial policy.
#UsTreasurySecretary #JanetYellen #China #TradeRelations #EconomicCooperation #IndustrialOvercapacity #UnfairTradePractices #IllicitFinance #ClimateChange #DebtRelief
Hong Kong’s Elg racing under ‘team orders’ at Asia Triathlon Sprint Championships
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Triathlete Robin Elg is confident he can beat his personal best at this weekend’s Asia Sprint Championships despite falling ill after the World Cup last month. Elg is tasked with helping teammate Jason Ng Tai-long chase Olympic qualification points in mainland China. However, Elg has ambitions of his own and is targeting a spot in the top eight. He believes a breakaway on the bike could propel him to a personal best in Dexing. Elg finished 23rd in last month’s elite race despite carrying a shin injury. He will be racing under 'team orders' to support Ng's Olympic qualification efforts.
#Triathlon #AsiaSprintChampionships #OlympicQualification #RobinElg #JasonNgTailong
Hong Kong’s Elg racing under ‘team orders’ at Asia Triathlon Sprint Championships
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Triathlete Robin Elg is confident he can beat his personal best at this weekend’s Asia Sprint Championships despite falling ill after the World Cup last month. Elg is tasked with helping teammate Jason Ng Tai-long chase Olympic qualification points in mainland China. However, Elg has ambitions of his own and is targeting a spot in the top eight. He believes a breakaway on the bike could propel him to a personal best in Dexing. Elg finished 23rd in last month’s elite race despite carrying a shin injury. He will be racing under 'team orders' to support Ng's Olympic qualification efforts.
#Triathlon #AsiaSprintChampionships #OlympicQualification #RobinElg #JasonNgTailong