Page 3 - Hong Kong

India reclaims fourth-biggest global equity market tag from Hong Kong

India surpassed Hong Kong's market value for the first time in January. Since their market value has crisscrossed with each other a few times.

Evergrande liquidation law firm probing PwC, others for potential claims

Evergrande was ordered to be liquidated by a Hong Kong court in January, after it failed to deliver a concrete restructuring plan for its $23 billion worth of offshore debt deemed to be in default

US slaps sanctions on Hong Kong, UAE firms for Russian-origin gold deals

Russia is the world's second-largest gold miner after China

Hong Kong invokes new law to cancel passports of 6 overseas-based activists

The Hong Kong government on Wednesday cancelled the passports of six overseas-based activists under the new national security law, stepping up its crackdown on dissidents who moved overseas. Those affected were former pro-democracy lawmaker Nathan Law, unionist Mung Siu-tat and activists Simon Cheng, Finn Lau, Johnny Fok and Tony Choi all accused of endangering national security by the authorities. The government said they have absconded to the UK. Last year, police offered rewards of 1 million Hong Kong dollars (USD 128,000) each for information leading to their arrests and drew sharp criticism from Western governments. According to the official statement, authorities also banned anyone from providing funds or economic resources to the six, leasing properties to them or forming any joint venture with them, among other restrictions. Doing so without authorisation would carry a penalty of up to seven years in prison. The government said it acted because the six were continuing to .

FPIs take out Rs 14,800 cr from domestic stocks after election results

Foreign investors withdrew nearly Rs 14,800 crore from domestic stocks in the first week of this month, influenced by India's Lok Sabha election results and attractive valuations of Chinese stocks. The outflow came following a net outflow of Rs 25,586 crore in May on poll jitters and more than Rs 8,700 crore in April on concerns over a tweak in India's tax treaty with Mauritius and a sustained rise in US bond yields. Before that, FPIs made a net investment of Rs 35,098 crore in March and Rs 1,539 crore in February, while they took out Rs 25,743 crore in January, data with the depositories showed. From a medium to long-term perspective, the direction of interest rates will remain a key driver for foreign investment flows into the Indian equity markets. According to the data, Foreign Portfolio Investors (FPIs) made a net withdrawal of Rs 14,794 crore this month (till June 7). The general election results in India significantly influenced foreign investor flows in Indian equity marke

Sebi bags 'Best Conduct of Business Regulator' award by The Asian Banker

Sebi has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India. The award was received by Sebi's Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong. "This authority (Sebi) has been actively working towards instantaneous settlement. In 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023. This move has provided investors with faster access to their funds following trade execution and settlement, enhancing market efficiency and liquidity," The Asian Banker said in a statement. Through rigorous enforcement and innovative regulatory practices, Sebi has significantly improved the conduct of business in the country's financial markets, ensuring fair treatment of consumers and robust market integrity, it added. The Asian Banker creates platforms to build a greater sense of community amongst players i

Two British judges resign from Hong Kong court, cite 'political situation'

Two British judges have resigned from Hong Kong's top court, the city's judiciary said, deepening worries over the city's rule of law under a Beijing-imposed national security law. The judiciary said in a statement Thursday that Jonathan Sumption and Lawrence Collins, who both serve as non-permanent overseas judges of Hong Kong's Court of Final Appeal, have tendered their resignations to the city leader. But it did not give further details about their decisions. Collins told The Associated Press that his resignation was because of the political situation in Hong Kong." But he said he continues "to have the fullest confidence in the court and the total independence of its members. Sumption said he would make a statement next week. Hong Kong's Chief Justice Andrew Cheung noted their decisions with regret in a statement, reiterating the judiciary's commitment to upholding the rule of law and judicial independence in the city. Hong Kong, a former British colony, is a common law ...

Asia shares set for weekly gains as major central banks cut rates

The European Central Bank (ECB) delivered a well-telegraphed rate cut on Thursday, a day after the Bank of Canada became the first G7 nation to trim its key policy rate

Hong Kong needs to reinvent itself to retain competitive edge: Mark Mobius

He pointed to the growing rivalry between the US and China over tech and AI as an area that Hong Kong could leverage

Hong Kong court convicts 14 pro-democracy activists under China imposed law

A Hong Kong court on Thursday convicted 14 pro-democracy activists in the city's biggest national security case under a law imposed by Beijing that has all but wiped out public dissent. Those who were found guilty included former lawmakers Leung Kwok-hung, Lam Cheuk-ting, Helena Wong and Raymond Chan. But the three judges approved by the government to oversee the case acquitted two former district councilors Lee Yue-shun and Lawrence Lau. They were among 47 democracy advocates who were prosecuted in 2021 for their involvement in an unofficial primary election. Prosecutors had accused them of attempting to paralyse Hong Kong's government and topple the city's leader by securing the legislative majority necessary to indiscriminately veto budgets. Some of Hong Kong's best-known pro-democracy activists charged in the city's biggest national security case will begin to hear their verdicts as early as Thursday, facing up to life in prison if convicted under a law imposed by Beijing that h

Hong Kong will keep a watch for non-compliance with ban on protest song

Hong Kong's leader said Tuesday his administration would keep monitoring for any non-compliance with a court order that bans a popular protest song, days after YouTube blocked access to dozens of videos of the tune in the city. The ban targets anyone who broadcasts or distributes Glory to Hong Kong popularly sung during huge anti-government protests in 2019 to advocate for the separation of the city from China. It also prohibits any actions that misrepresent the song as the national anthem with the intent to insult the anthem. In his weekly news briefing, Chief Executive John Lee said if the government found any instances of non-compliance, it would then notify the relevant internet platforms about the content of the injunction. I believe that operators in general operate within the law, so we will continue to monitor the situation, Lee said. The court ban sought by the government has raised concerns over a further decline in the city's freedom of expression and internet freedom.

YouTube blocks access to Hong Kong protest anthem videos after court order

Glory to Hong Kong was an anthem of anti-government protests in 2019

Asian shares stabilise after solid China trade data, yen steadies

Chinese shares see earlier gains, with bluechip stocks rising 1 per cent and Hong Kong's Hang Seng index increasing 1.2 per cent

Spice row: FSSAI orders compulsory testing of spice brands across India

The decision was taken following the suspension of sales of certain spice blends from two leading brands, MDH and Everest, by Singapore and Hong Kong

MDH says its products are 100% safe; rejects pesticide allegation

MDH, a leading spice brand, on Saturday assured consumers that its products are 100 per cent safe and rejected the allegations of the presence of certain pesticides in some products by Hong Kong and Singapore food regulators. Earlier this month, Hong Kong's Center for Food Safety (CFS) said that samples of several kinds of pre-packaged spice-mix products of two Indian brands MDH and Everest were found to contain a pesticide ethylene oxide. The CFS asked consumers not to buy and traders not to sell MDH's Madras Curry Powder (spice blend for Madras curry), Everest Fish Curry Masala, MDH Sambhar Masala Mixed Masala Powder, and MDH Curry Powder Mixed Masala Powder. In a statement, MDH said it has not received any communications from Hong Kong and Singapore food safety regulators. In reference to the alleged presence of ETO (ethylene oxide) in some of its products, MDH said that "these claims are untrue and lack any substantiating evidence". "Additionally, we would like to assert that

Spice Board of India tells Everest, MDH to give details of quality checks

The companies' products are hugely popular in India and are exported to countries in Europe, Asia and North America

Spices Board inspects plants of MDH, Everest over alleged contamination

MDH and Everest spices are among the most popular in India and are sold in Europe, Asia and North America. Exports totaled $4 billion in 2022-23, according to the Spices Board, the industry regulator

Hong Kong bans sale of Everest, MDH spice mix over ethylene oxide presence

The Centre for Food Safety said there was the presence of ethylene oxide in MDH Group's madras curry powder, sambhar masala powder, and curry powder

Chinese firms' fundraisings in limbo as IPOs scrutinised at home, abroad

The sudden freeze of an IPO market that was the world's biggest in 2023 and 2022 comes after the securities watchdog, under new chairman Wu Qing

Morgan Stanley plans biggest round of job cuts in Asia Pacific in years

The final size and timing of the cuts may change, the people said. A media representative for the New York-based bank declined to comment.