Babel Finance, a Hong Kong-based wholesale crypto financial services provider, announced that it has raised a US$80 million Series B financing round at a valuation of US$2 billion. The main investors in this round include Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital. Other investors include Circle Ventures […]
India on Saturday announced a series of changes to the tax structure levied on crucial commodities in a bid to insulate consumers from rising prices amid high inflation. Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 rupees per litre, and 6 rupees per litre on diesel. The new tax […]
Hong Kong equities closed higher on Friday, with market sentiment boosted by China’s decision to lower a key benchmark rate. The Hang Seng Index rose 2.96 percent, or 596.56 points, to 20,717.24. Both the mainland’s indexes also closed higher. The Shanghai Composite Index jumped 1.60 percent, or 49.60 points, to 3,146.57, while the Shenzhen Composite […]
The Dow and S&P 500 finished a rollercoaster session essentially flat, concluding a bruising week of losses on an uncertain note. Worries about a recession as the Federal Reserve hikes interest rates and inflation tests consumer resilience weighed on the market all week, pushing the S&P 500 into a bear market earlier in Friday’s session. […]
Hong Kong stocks opened higher on Friday despite Wall Street suffering a battering over recession fears. The Hang Seng rose 1.74 percent to 20,471. The Shanghai Composite Index increased 0.33 percent to 3,107, while the mainland’s second exchange, the Shenzhen Composite Index, rose 0.52 percent to 1,963. (AFP)
Wall Street stocks finished with more losses on Thursday as efforts to rebound from the prior session’s rout floundered amid worries over slowing growth. A day after major indices fell more than three percent, markets were choppier, occasionally rising into positive territory a few times. But investors remained anxious following earnings reports released earlier in […]
The future of finance is open, and the rise of Banking-as-a-Service (BaaS) means this future is closer than ever. The BaaS industry is quickly maturing, with 88% of senior APAC executives – in industries from banking and technology to healthcare and retail – recently telling Finastra that they are already implementing BaaS solutions or are planning to. […]
Rising prices and higher mortgage rates slowed US existing home sales for the third consecutive month in April, according to an industry survey released Thursday. Sales fell 2.4 percent compared to March to an annual rate of 5.61 million, seasonally adjusted, which was 5.9 percent lower than April 2021, the National Association of Realtors (NAR) […]
Hong Kong stocks closed slightly higher on Wednesday, after a day of wavering on the index following a rally on Wall Street. The Hang Seng rose 0.20 percent, or 41.76 points, to 20,644.28. The Shanghai Composite Index dropped 0.25 percent, or 7.72 points, to 3,085.98, while the mainland’s second exchange, the Shenzhen Composite Index, rose […]
Quantifeed, a digital wealth management solutions provider for financial institutions, announces its Series C funding round led by HSBC Asset Management’s (HSBC AM’s) alternative investments business, HSBC Alternatives. The size of the funds raised were not disclosed. HSBC AM is joined by Daiwa PI Partners and current shareholders, including global asset manager Franklin Templeton and […]
Hong Kong equities opened sharply lower on Thursday, after Wall Street took a battering the day before. The Hang Seng Index dipped 2.71 percent to 20,085. The Shanghai Composite Index opened down 0.96 percent to 3,056, and the mainland’s second exchange, the Shenzhen Composite Index, saw a dip of 0.91 percent, to 1,924. (AFP)
Wall Street stocks suffered through another brutal session on Wednesday after disappointing results from retail giant Target exacerbated worries about inflation and profit margins in a slowing economy. The Dow Jones Industrial Average dove more than 3.6 percent to finish at 31,490, as all 30 members of the Dow closed in the red. The broad-based […]
The latest research by the International Data Corporation (IDC) and Thought Machine, a cloud native core banking technology firm, revealed that 40% of banks in the Asia Pacific will make significant changes to their current core banking systems in the next three years. The “A Clear Path Ahead: Migrating to Digital Core” report found that the transformation […]
Syfe, a digital investment platform headquartered in Singapore, announced that it has expanded its footprint to Hong Kong, its first market expansion since its launch in 2019. The firm is licensed in Hong Kong under Types 1 (Dealing in Securities), 4 (Advising on Securities), as well as 9 (Asset Management), and is regulated by the Securities […]
American fast-food giant McDonald’s will exit the Russian market and sell its business in the increasingly isolated country, the company said on Monday. Many Western businesses have pulled out of Russia since its assault on Ukraine in February. And earlier on Monday, French automaker Renault announced it had handed over its Russian assets to the […]
Hong Kong stocks finished the first trading day of the week with modest gains, but could not break through the 20,000-point level. The Hang Seng Index opened higher on Monday but failed to make further headway, losing ground by noon. The index closed the day 51 points or 0.26 percent higher at 19,950. Turnover was […]
Provenir, an AI-powered risk decisioning software provider, announced it has been selected to join TransUnion’s Strategic Alliance Distribution Programme. Through this alliance, TransUnion’s clients will be able to take advantage of Provenir’s platform to gain deeper insights for greater decisioning speed and accuracy. The way consumers interact with financial services products is changing, rapidly – […]
Hong Kong stocks opened higher on Tuesday despite Wall Street stocks finishing mostly down on weak Chinese economic data. The Hang Seng Index rose 1.29 percent, or 256.60 points, to 20,206.81. The Shanghai Composite Index opened down 0.09 percent, or 2.69 points, at 3,071.06, while the mainland’s second exchange, the Shenzhen Composite Index, sank 0.41 […]
Wall Street stocks finished mostly lower on Monday following weak Chinese economic data that added to recession worries amid inflation and rising interest rates. China’s retail sales and factory output slumped in April to their lowest levels in around two years, official data showed, reflecting the toll from that country’s restrictions due to Covid-19. FHN […]
Retail sales and industrial production on the mainland slumped to their lowest growth in two years amid Covid-19. According to data from the National Bureau of Statistics, retail sales shrank 11.1 percent on-year in April to 2.95 trillion yuan. That’s the largest drop since March 2020. For the first four months of the year taken […]