Hong Kong

Hong Kong-owned National Electric Vehicle Sweden said it has completed its takeover of bankrupt Swedish automaker Saab Automobile and will market its first electric cars in 2014.

Seven of the 14 building plans approved in Hong Kong in July went to residential developments.

HSBC Holdings Plc has bolstered its equities and prime services units with the appointment of nine senior executives to its Asia Pacific operations.

Total deposits with authorized institutions rose 0.8% this July from June with a 1% rise in Hong Kong dollar deposits.

The government reported a massive deficit for first the four months of the financial year 2012/13.

Blame it on the recent nasty weather condition.

Hong Kong’s stock as a major capital market took another hit when China Everbright Bank Company put its IPO on hold.

A subsidiary of China’s and the world’s largest bank recently opened its first securities service center in Hong Kong.

Accounting firm Ernst & Young faces a dilemma that could violate the laws of Hong Kong and China either way.

Domestic exports plunged 16.8% from January to July compared to the year earlier as the economy continues to suffer from the economic slowdown.

The employment market in Hong Kong financial services is less buoyant than it was 18 months ago; major banks have been making redundancies, and recruitment remains at comparatively low levels. Despite this, Hong Kong financial professionals show few signs of wanting to leave the city.

“August 21 - Vietnamese police have arrested one of the country’s wealthiest bankers over undisclosed financial crimes, triggering sharp falls on stock markets in the economically troubled nation”.

Hong Kong is pressured to boost infrastructure, services and living costs.

Mortgage loans drawn down during July dropped by 20% compared with June, to $16.1 billion, said the Monetary Authority.

The Hong Kong Deposit Protection Board says it will remain vigilant against threats that may arise from the slowing global economy.

Tourist arrivals for the first seven months of 2012 increased 15.2% to 26.7m.