News

H&M refuses rent increase

H&M refuses rent increase

Swedish retail clothing company H & M Hennes & Mauritz AB will shutter its flagship store in Hong Kong due to an increase in rent.

Decrease in retail sales expected

Retail sales in Hong Kong are projected to fall for the rest of the year following an 11% increase in value in June.

StanChart misses profit target growth of 10% for H1

Standard Chartered PLC falls a single percent short of its pretax profit target for the first-half of this year.

Loan growth remains weak in Hong Kong

Loans inched forward at the tepid pace of 1.5% in the second quarter reflecting the economic slowdown gripping Hong Kong.

HSBC profit plunges in H1 2012

The Eurozone’s enduring financial malaise forced an 8.4% drop in the net income of HSBC Holdings Plc.

Hang Seng Bank grows in a slowing economy

A growth in lending income propels profits of Hang Seng Bank Ltd by 14%.

Renminbi accounts to be available to non-HK residents

Renminbi services will be available to them from August 1.

HKEx completes acquisition of LME

Shareholders of the London Metal Exchange have approved their company’s takeover by the Hong Kong Exchanges & Clearing Ltd.

Luxury rents in Hong Kong to fall further

Rents for luxury homes are expected to fall again by 4.2% in the second half of the year after plunging 7.5% in the first half.

Inflation slows to 3.7% in June from May

The government expects a further easing of the inflation rate in the coming months due to the difficult external economic environment and lower import prices.

Exports and imports fall from January to May

The volume of Hong Kong's goods re-exports fell 3.3% while that of domestic exports fell 24%.

Insurance faces positive growth prospects

Commissioner of Insurance Annie Choi said the renminbi business is among the growth engines for Hong Kong’s insurance industry.

Residential homes to be built at two sites

Hong Kong expects close to 550 homes will be built in new residential sites.

Hong Kong visitors flock to the Mainland

Hong Kong residents are visiting the Mainland mostly on business and spent some $35.6 billion there in 2011.

Societe Generale settles case in Hong Kong

Societe Generale S.A. has agreed to pay US$11 million to Hong Kong customers mislead by a hidden commission fee.

Registered firms in Hong Kong reach close to 1 million

The total number of active local companies registered in Hong Kong rose 4% to 997,750 at the end of June.

Dickens to stay on at HKEx

Mark Dickens, Head of Listing at the Hong Kong Exchanges & Clearing, will stay at his job until July 2013.