Adora Flora City brings Cantonese arts aboard for maiden voyage
When Adora Flora City embarks on its maiden voyage from Guangzhou this November, the journey will begin not only with a new route, but with a distinctly cultural introduction to the city it calls home. Adora Cruises has announced a themed gala, “Charming Flower City – Adora Sets Sail for Dreams,” to be staged on board on Nov 22, the opening night of the ship’s maiden voyage. Created with Guangzhou Culture Group and five professional performing arts companies, the program will bring together acrobatics, Cantonese opera, puppetry, Guangdong music, song and dance in a celebration of Lingnan culture at sea.…
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China’s largest five banks report strongest first-half profit since height of property crash
China’s five largest banks have reported profit growth of between 3 percent and 5 percent in the first half, as falling deposit costs eased pressure on lending margins despite weak credit demand. For four of the biggest banks, first-half net profit growth was the highest since 2022 over the same period and for the Bank of Communications it was the highest since 2023. The rise was driven partly by a repricing of matured higher-cost deposits that began at the start of the year. Lower costs give lenders scope to recover from a prolonged margin squeeze as domestic loan demand has…
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China’s CXMT posts first-half profit after revenue surge
CXMT, China’s largest chipmaker by market value, posted a sharp turnaround to profit in the first half on Friday in its first earnings release since listing, buoyed by surging prices and sales of its memory products amid rising global demand for computing power.
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Didi plans to invest over US$200 million in Argentina, manager says
Chinese ride-hailing company Didi Global expects to invest more than US$200 million in Argentina this year to launch new services in smaller cities and develop safety technology, its country manager told Reuters. The company is seeking to expand its business in Latin America, where it has a strong presence in Brazil and Mexico, but sees significant growth potential in Argentina, the region’s third-largest economy. Didi plans to extend services including Didi Moto, which offers low-cost motorcycle rides, and “last-mile” transportation, which complements public transport journeys. “Argentina today is one of Didi’s top priorities globally,” the company’s general manager in Argentina,…
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Warsh says Fed has ‘work to do’ if above-target inflation persists
The US central bank will “have work to do” if policymakers are not confident that underlying inflation is returning to its 2 percent target, Federal Reserve Chairman Kevin Warsh said on Friday in remarks that acknowledged financial conditions do not appear restrictive and marked the closest he has come to acknowledging interest rate hikes may be needed to ease price pressures. “Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job.. our mandate.. and our charge to keep,” Warsh said…
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Wall Street opens subdued ahead of Warsh’s speech
Wall Street’s main indexes opened muted open on Friday, as an AI-fueled rally fizzled out ahead of Federal Reserve Chair Kevin Warsh’s much-anticipated Jackson Hole appearance. The Dow Jones Industrial Average rose 42.5 points, or 0.08 percent, at the open to 53,611.94. The S&P 500 rose 4.2 points, or 0.05 percent, at the open to 7,735.17, while the Nasdaq Composite dropped 25.4 points, or 0.10 percent, to 26,515.989 at the opening bell.
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China to reform home sales system to curb delivery risks
China on Friday issued guidelines for local governments to reform their housing sales system, requiring a shift towards the sale of completed housing units to curb delivery risks as Beijing seeks to stabilise the crisis-hit property sector. Local governments should advance the sales of completed housing units to “fundamentally prevent delivery risks and protect the legitimate rights and interests of homebuyers,” state news agency Xinhua reported, citing the guidelines. China’s property developers had for decades used a presale model, where homes are sold before project completion, to fund their debt-fuelled and high-turnover operations. A market crash in 2021, triggered by…
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BYD posts first quarterly profit rise in over a year, but misses estimates
Chinese electric vehicle maker BYD (1211) on Friday posted its first quarterly profit rise in more than a year, helped by a surge in exports that offset weak domestic sales. Even so, the rebound was weaker than expected, lagging forecasts from Morgan Stanley, UBS, Citi, Deutsche Bank and CMBI, whose estimates implied an average 48 percent increase in second-quarter profit against the 30 percent growth delivered year-on-year. The world’s largest EV maker by shipments has been at the forefront of Chinese automakers’ overseas push, gaining market share across Europe and Southeast Asia, as it looks to reduce its reliance on…
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PBC Marks Its 10th Anniversary: Inspiring a New Future for Philanthropy Through Sport
The Olympic values of excellence, friendship and respect – alongside the Paralympic values of courage, determination, inspiration and equality – carry a significance far beyond the sporting arena. They offer important lessons for the philanthropic sector, too, with this year’s PBC (Philanthropy for Better Cities) forum set to take place at West Kowloon Cultural District on 7 and 8 September. This will be the fifth edition of the forum and its 10th anniversary. Convened by The Hong Kong Jockey Club Charities Trust in association with the Institute of Philanthropy (IoP), PBC 2026 is themed “Leaping for Impact”. The Forum will…
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Gold inches up ahead of Fed Chair Warsh’s Jackson Hole remarks
Gold prices ticked up on Friday, with investors looking out for Federal Reserve Chair Kevin Warsh’s remarks at the Jackson Hole symposium later in the day to gauge the central bank’s future monetary policy. Spot gold was up 0.1 percent at US$4,607.47 per ounce by 0839 GMT. It touched a more than three-month high of US$4,696.18 on Tuesday, following the US Treasury’s announcement of support measures for long-duration bonds. US gold futures GCcv1 were little changed at US$4,661.20. “I think price action has been pretty constructive recently, and we’re not seeing a great deal of movement because we’re waiting for…
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China’s Bank of Communications posts 4 percent net profit rise in first half
Bank of Communications (3328) reported on Friday a 4 percent rise in first-half net profit. Net profit reached 47.874 billion yuan in the six months ending June 30, up from 46.016 billion yuan a year earlier.
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China’s AgBank posts 4.9 percent rise in first-half profit
Agricultural Bank of China (1288) reported on Friday a 5.8 percent rise in first-half net profit. Net profit reached 146.381 billion yuan in the first half this year, up from 139.510 billion yuan a year earlier.
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Hang Seng Index closes flat on Friday ahead of Warsh’s speech
Hong Kong stocks closed flat on Friday, as investors await US Fed chair Kevin Warsh’s speech. The benchmark Hang Seng Index inched up 19 points, or 0.1 percent, to 25,584 points at the close. The market turnover was HK$231 billion. The Hang Seng Tech Index slid 0.3 percent to 4,605 points. In the mainland, the Shanghai Stock Exchange Composite Index was down by 0.1 percent to 3,952 points and the Shenzhen Stock Exchange Component Index dipped 0.7 percent to 13,953 points.
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Meituan swings to profit in Q2 as price wars subside
Chinese food delivery giant Meituan (3690) on Friday swung to profit and exceeded revenue growth estimates as a year of bruising, subsidy-fuelled competition in China’s one-hour delivery market showed further signs of easing. Meituan’s revenue growth and profits have faced pressure for more than a year since e-commerce giants Taobao, owned by Alibaba (9988), and JD.com (9618) launched new “instant retail” platforms in early 2025. Instant retail or quick commerce refers to online purchases – often of food, bubble tea and other daily-use items – that are delivered within 60 minutes.
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Bank of China posts 5.1 percent rise in first-half profit
Bank of China (3988), China’s fourth-largest commercial bank, reported on Friday a 5.1 percent rise in first-half net profit. Net profit reached 123.594 billion yuan in the first half, up from 117.591 billion yuan in the same period a year earlier, it said.
Keep ReadingChina’s ICBC, world’s biggest bank, posts 3.3 percent profit rise in first half
Industrial and Commercial Bank of China (1398), the world’s largest lender by assets, reported on Friday a 3.3 percent rise in first-half net profit. Net profit reached 173.682 billion yuan in the first half this year, up from 168.103 billion yuan in the same period a year earlier. The results come as slowing credit growth and subdued loan demand weigh on the banking sector’s profit outlook. Net interest margin — a gauge of profitability — was 1.29 percent at the end of June, unchanged from the end of March. The bank’s non-performing loan ratio was 1.29 percent at end-June, compared…
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China Construction Bank first-half profit rises 4.6 percent
China Construction Bank Corp (0939) reported a 4.6 percent rise in first-half net profit, according to a filing on Friday. The Chinese lender reported a net profit of 169.564 billion yuan or the six months ended June 30, up from 162.076 billion yuan in the same period last year, the filing showed.
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Shanghai plans subsidies to kick start dormant offshore debt market, sources say
Shanghai plans subsidies for offshore issuers selling bonds and measures to deepen debt investment as part of a renewed push to turn a long-dormant market in the city’s free trade zone into a global funding hub, people familiar with the effort said. The free trade zone was launched 13 years ago and an offshore bond market opened in 2016, but the market has failed to gain meaningful foreign participation, remaining largely a fundraising channel for Chinese borrowers. The initiative to attract offshore debt sales, not previously reported, comes as Beijing’s promotion of the global use of its currency is finding…
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S&P affirms China’s ‘A+’ rating, sees growth above 4 percent as fiscal support continues
S&P affirmed China’s sovereign credit rating at ‘A+’ on Friday, citing its expectation that the country’s economy will likely continue to grow by 4 percent or more over the next one to two years. S&P said the outlook on the rating remained ‘stable’, reflecting the agency’s view that China will provide larger fiscal support to keep the economy growing. China’s finance ministry said on Friday that it welcomed S&P’s decision to affirm China’s ratings and outlook, and vowed to continue to implement more proactive and effective macroeconomic policies. China’s “strong progress” in strengthening supply chains, technological capabilities and manufacturing prowess…
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BOC Hong Kong’s H1 profit up 7 percent, declares special dividend
BOC Hong Kong (2388) posted a 7.1 percent rise in first half net profit to HK$23.7 billion. It declared a second interim dividend of 29 HK cents, and a special dividend of 23.88 HK cents. The lender said it would increase the regular dividend payout ratio within the established dividend payout range, and plans to deliver additional shareholder returns of no less than HK$10.5 billion over three years. Net interest income rose 12 percent to HK$28.2 billion for the period, as margin went up 14 basis points to 1.48 percent. If the funding income or cost of foreign exchange swap…
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China’s Tencent releases new open-source AI model for coding, research tasks
Tencent (0700) released a preview version of a new open-source AI model aimed at tasks such as software engineering, research and financial analysis, according to its post published on Friday on Hugging Face, a repository of open-source AI models.
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Dah Sing Banking first half profit grows 12 percent
Dah Sing Banking (2356) posted a 12.8 percent rise in first-half net profit to HK$1.78 billion and declared an interim dividend of 35 HK cents. Net interest income grew 7 percent to HK$2.97 billion in the period. Net interest margin climbed by 12 basis points to 2.44 percent, helped by strong local loan demand and expansion of its customer loan book. Net fee and commission income jumped by 29.2 percent to HK$939.2 million, supported by policy measures and cross-border wealth inflows. Dah Sing Financial (0440), meanwhile, also recorded a 3.7 percent rise in profit to HK$1.5 billion. Interim dividend for…
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Hong Kong exchange to launch Shein derivatives after trading debut next week
Hong Kong’s bourse operator (0388) will allow short selling of Shein’s (0625) shares after the fast-fashion retailer makes its trading debut on September 1 as well as launch weekly and monthly options and derivative warrants, it said on Friday. Here are some details:
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Chinese state oil giant CNOOC sees potential for US-China energy cooperation
Chinese state-owned oil and gas major CNOOC (0883) sees potential for energy cooperation between China and the United States, a senior executive said on Thursday, adding that the company would consider investments alongside US partners in the future.
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Crypto mogul Justin Sun’s AI-advised breakup with Chinese actress sparks public dispute
Cryptocurrency entrepreneur and TRON founder Justin Sun Yuchen has ignited a firestorm on Chinese social media after claiming an artificial intelligence chatbot advised him to end his relationship with prominent Chinese actress Jing Tian over a US$50 million financial dispute and surrogacy plans. In a sprawling social media post that he noted took over ten hours to write, Sun alleged the couple had reached the stage of discussing marriage. The crypto billionaire stated he had already paid a 30 million yuan dowry to Jing’s parents and that the pair had agreed to have a child via surrogacy. However, Sun alleged…
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Anthropic plans to publicly unveil IPO prospectus after Labor Day, the Information reports
Anthropic is planning to unveil its IPO prospectus after Labor Day, with a potential listing in late September or early October, The Information reported on Thursday, citing people familiar with the process. The startup confidentially filed for a public listing earlier this year, as it races with rival OpenAI to their market debuts amid strong investor appetite for AI firms.
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US judge blocks Pentagon’s Anthropic blacklisting
A US judge on Thursday blocked the Pentagon’s blacklisting of Anthropic, the latest turn in the Claude maker’s high-stakes fight with the military over AI safety on the battlefield. Anthropic’s lawsuit in California federal court alleges that Defense Secretary Pete Hegseth overstepped his authority when he designated Anthropic a national security supply-chain risk, a label the government can apply to companies that expose military systems to potential infiltration or sabotage by adversaries. Hegseth’s unprecedented move, which followed Anthropic’s refusal to allow the military to use AI chatbot Claude for US surveillance or autonomous weapons, blocked Anthropic from certain military contracts.…
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As Jackson Hole conference kicks off, three Fed officials issue inflation warnings
Federal Reserve officials shared on Thursday their ongoing concerns about the US inflation landscape, as central bankers gathered in Jackson Hole, Wyoming for the Kansas City Fed’s closely watched annual economic symposium. Inflation is “still stubborn and it’s still sticky and we’ve got to continue to find ways to break through” and get it back to 2 percent, Kansas City Fed President Jeffrey Schmid said on CNBC on the sidelines of the conference. He noted that the US central bank’s current policy rate, which was left in the 3.50 percent-3.75 percent range at the July 28-29 meeting, did not appear…
Keep ReadingHang Seng Index dips in early trading on Friday
The Hang Seng Index slid in the early morning trading session on Friday. The benchmark Hang Seng Index dipped by 46 points, or 0.2 percent to 25,518 points. The Hang Seng Tech Index inched up by 0.3 percent to around 4,633 points. Taiwanese shares gained 1.2 percent after Nvidia jumped nearly 9 percent overnight after the chipmaker reported robust results and signalled the AI spending boom has years left to run. South Korea’s KOSPI, however, fell 1 percent, and Hong Kong’s Hang Seng was down 0.3 percent. S&P 500 futures and Nasdaq futures were off 0.1 percent, while EURO STOXX…
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Nasdaq, S&P 500 lifted by Nvidia’s forecast; investors eye speech by Fed’s Warsh
The technology-heavy Nasdaq outperformed peers at the close of trade on Thursday after chip maker Nvidia’s bumper revenue forecast reaffirmed the strength of the AI boom and fueled gains in technology stocks. Nvidia NVDA.O shares jumped 8.7% after the chip company’s robust forecast met lofty investor expectations, bolstering the view that the tech rally still has room to run as companies at the heart of AI buildout continue to deliver impressive growth. “Nvidia’s results show that the AI boom is not running out of demand … while delivering that growth is becoming more expensive and capital-intensive,” said Lale Akoner, global…
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