Breaking News | Bridgewater's Prince acquires a HK$95 million apartment in Hong Kong, joining other financial executives in establishing a base

Bob Prince, co-CIO of Bridgewater Associates, has spent HK$95 million on a three-bedroom residence at St. George’s Mansion in Ho Man Tin.

Bob Prince, the co-head of investments for the biggest hedge fund globally, has acquired a high-end residence in Hong Kong. He becomes part of an elite group of international financiers who have started to pay attention to the city's attractive proposition to make a home in Asia's third biggest capital market.

"Indeed, it's a lovely area," Prince commented in a November 16 discussion with the Post, without revealing the cost or the place of his acquisition. "The flat we bought came fully furnished, as there was no chance we could have furnished it ourselves from the US. They've done an excellent job, thus we're lucky."

Calls for Hong Kong to enhance financial exchanges with mainland China to facilitate global market entry

Ex-HKMA chief Norman Chan asserts that capital movement is no longer as smooth as before

Ex-HKMA chief Norman Chan asserts that capital movement is no longer as smooth as before

"More robust policy measures are required to facilitate enhanced capital movement between Hong Kong, the Greater Bay Area, and the remaining parts of the mainland," stated Norman Chan Tak-lam, the ex-chief executive officer of the Hong Kong Monetary Authority (HKMA). "In this field, innovation is crucial to adapt to the significant transformations we are experiencing in our era."

During the occasion, which took place at the Ritz-Carlton hotel in Kowloon, Chan expressed that the flow of capital – both foreign and domestic – isn't as smooth as it once was, considering the shifts taking place in the global political and economic scene.

"We must depend on outside circulation by enhancing the connection between Hong Kong and mainland centers such as Shanghai and Shenzhen," he stated. "I believe this is a path we need to seriously contemplate advancing towards."

Commentary | The West's hypocrisy on excess capacity is evident

Trade disputes with China not only highlight the West's inconsistency in terms of its own manufacturing but also undermine the foundations of equitable commerce.

Political duplicity is the disparity between a country's declared principles and their real actions – a discrepancy that weakens the integrity of its asserted ethical and political beliefs. As thinkers, we would argue that, fundamentally, duplicity breaches the rule of non-contradiction: when you uphold a specific value but act in opposition to it, you participate in a kind of self-undermining logic.

The two-faced representative is thus rightly perceived as unethical, deceitful, and lacking in gravitas. In any case, the representative's credibility is diminished, and they compromise the authenticity of their political interactions with their peers.

In the academic world, we focus on understanding the impact of hypocrisy on multiple-party relations and political confidence. Currently, we're observing an outstanding instance of such hypocrisy – the damaging tariffs imposed on Chinese electric vehicles (EVs).

Alibaba secures $5 billion through a dual-currency bond issue, enhancing Hong Kong's reputation as a hub. This transaction signifies the largest corporate bond issue of its kind in the Asia-Pacific area for this year.

The most recent bond issuance by the company indicates the attempts by mainland China and Hong Kong to improve the city's financial status. This includes its role as an international hub for trading assets denominated in yuan.

The firm's bond offering, denominated in yuan, was also the biggest corporate debt issuance of its kind in Hong Kong.

Addressing Climate Change Requires Intelligent Solutions

Enhancements in energy efficiency, which are vital for achieving emission goals, became a central topic at COP29 and are already bringing about change.

Tuya Smart initiated its 'Smart Decarb' project, employing AI, IoT, and cloud computing to refine energy consumption and reduce carbon emissions.

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In confronting the escalating global climate crisis, the crucial role of energy efficiency is frequently underestimated. Although it's one of the quickest and most economical methods to reduce carbon emissions, it's often neglected in worldwide discussions.

The COP29 conference this year in Azerbaijan assembled leaders from the business sector, government, and educational institutions to deliberate on strategies for sustainable growth. Energy efficiency was a major theme at the event, garnering increased focus for its potential to significantly reduce emissions in combination with renewable energy investments.

The global authority on energy, the International Energy Agency (IEA), has emphasized that energy efficiency could contribute to almost 50% of the necessary emissions reductions by 2030 to achieve the objectives set out in the Paris Agreement. Despite the potential advantages like cost reduction and enhanced resilience, global efforts have not kept pace.

AIoT Enhancing Productivity and Promoting Decarbonization Intelligently

Tuya Smart, an international cloud platform service company, is spearheading efforts to bridge this gap. During COP29, Tuya unveiled their 'Smart Decarb' scheme, which utilizes the strengths of AI, IoT, and cloud computing to combat carbon emissions.

My Perspective | Tesla shines as a model of international triumph in China. But can it maintain this positive image?

The official newspaper of the Communist Party, People’s Daily, has hailed Tesla for igniting the surge in electric vehicles. However, Musk's involvement in a fresh Trump administration may cause some challenges.

The piece is chiefly designed for a local readership. Its goal is to emphasize the idea that "liberalization" is beneficial and essential in advancing the country's priorities. The piece diverges from the usual story seen in government-controlled media, where the role of international companies in China's success is either understated or entirely overlooked.

The article somewhat criticizes those who have a distaste for international companies like Tesla. Lately, such foreign brands have faced heightened examination in China.

The publication of the editorial in the nation's leading newspaper coincides with what seems to be a stagnation in China's "opening up" progression, as the focus has pivoted towards national security. This issue has become especially contentious in relation to big data.

Manulife has elevated its Asian insurance chief, Witherington, to the position of group CEO, acknowledging the region's expanding influence. In the third quarter, Asia was the leading source of Manulife's group income, being responsible for 44 per cent of the overall total.

Fixes name in the title

Manulife's Asia CEO, Phil Witherington, is set to become the new group CEO of the Toronto-based insurance company starting May 8 of next year, as revealed in a Tuesday announcement. He will be succeeding Roy Gori, who plans to retire but will continue to offer guidance as a consultant until August 31.

The entire board of Manulife fully endorsed the advancement of Witherington, according to chairman Don Lindsay. Witherington has shown a consistent aptitude for handling intricate situations, fulfilling obligations, and leading change and deeply involved teams with his genuine leadership style, Lindsay further commented.

Witherington expressed his enthusiasm for the "chance to spearhead the forthcoming phase for Manulife", a company with a worldwide presence and extensive past, as per his statement.

"A lot of international insurance firms are concentrating on business prospects in Asia," stated Kenny Ng Lai-yin, a strategist at Everbright Securities International. "This is due to Asia's rapid wealth expansion. Particularly, Hong Kong is an excellent hub for these companies to broaden their market presence in the area."

Manulife is poised to exceed its profit goals in Asia, thanks to the introduction of numerous cutting-edge products that have been enthusiastically received by affluent clients in the area. Additionally, mainland Chinese tourists are purchasing insurance policies in Hong Kong as a form of investment and security.

Perspective | 5 Factors Enabling Hong Kong's Real Estate Market to Withstand Trump's Impact

The property sector in Hong Kong appears to be constantly under pressure, but there are positive aspects if one knows where to search.

The quicker reaction has reduced the difference between rental income from residential properties and mortgage rates, thereby boosting investment demand. An S&P Global Ratings report from November 10 states that the returns on mass-market properties smaller than 40 square meters (430 square feet) have exceeded mortgage rates.

The US is pushing for Google to divest its Chrome browser in a significant antitrust clampdown. This initiative signifies the boldest step to control a tech firm since the unsuccessful attempts to split Microsoft twenty years ago.

Officials dealing with competition law, and the states involved in the lawsuit, are also set to propose on Wednesday that Federal Judge Amit Mehta administer data licensing rules, according to sources who wished to remain anonymous while discussing a private issue.

Should Mehta agree to the suggested plans, the online search industry and the rapidly growing AI field could be significantly altered. The lawsuit was initiated during Trump's administration and has been carried on into President Joe Biden's term. This represents the most assertive attempt to control a tech company since the failed endeavor to dismantle Microsoft twenty years ago.

Having the most widely used internet browser is crucial to Google's advertising operations. The tech giant can monitor the online activities of users who are logged in, and leverage this information to better tailor ads, which form the majority of its earnings. Additionally, Google employs its Chrome browser to guide users towards its premier AI offering, Gemini. This tool holds the promise to transform from a response-bot into a virtual aide that accompanies users as they navigate the internet.

Shares in Hong Kong increase for the second consecutive day after a senior Chinese official promises policy backing. Vice-Premier He Lifeng lays out strategies to enhance listings, market entry and yuan transactions, amid heightened morale due to strong earnings from Trip.com.

The Hang Seng Index ended with a 0.4 per cent increase, finishing at 19,663.67, which adds to Monday's 0.8 per cent rise. The Hang Seng Technology Index also made progress, with a 1.2 per cent enhancement. On mainland China, both the CSI 300 Index and the Shanghai Composite Index saw a 0.7 per cent improvement.

Trip.com Group, a Chinese online travel company, saw a surge in its shares following the announcement of its quarterly results, which surpassed expectations. Zijin Mining Group, a gold production company, also saw progress after Goldman Sachs predicted that the price of gold would exceed US$3,000 per ounce in the upcoming year. However, shares of smartphone manufacturer Xiaomi took a hit as investors cashed in their profits following the release of positive earnings report on Monday. Despite this, the company's stock has still seen a significant increase of over 80

Over 300 attendees have convened in Hong Kong for the yearly conference facilitated by the Hong Kong Monetary Authority.

Previously, Deputy Premier He Lifeng committed to increasing aid for Hong Kong's financial sectors. During his main address at the conference, he stated that China intends to assist additional Chinese businesses in getting registered in the city, enhance reciprocal market entry, and release treasury bonds.

The "Golden Bauhinia Women Entrepreneur Awards" recognizes and applauds the remarkable successes of 27 influential female entrepreneurs. This yearly ceremony pays tribute to the substantial contributions made by extraordinary businesswomen and women professionals in various sectors. Furthermore, it serves as a stage for women entrepreneurs who embody ethical values and professional superiority to set an example for personal development and societal duty.

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The realm of entrepreneurship presents difficulties for all, but especially for women who encounter additional obstacles and challenges. The achievements of women entrepreneurs are particularly noteworthy and deserving of applause and recognition.

The Golden Bauhinia Women Entrepreneur Association (GBWEA) is committed to utilizing the knowledge and energy of local female entrepreneurs, while also advocating for the business community's emphasis on women in business and their substantial input. They hold the "Golden Bauhinia Women Entrepreneur Awards" every two years to achieve this aim.

In 2024, the event celebrated its 5th year with a stunning award distribution function held in the latter part of October.

This occasion is not merely a joyous gathering for businesswomen and professionals from various sectors to revel in each other's successes. The Awards identify women entrepreneurs who have accomplished remarkable feats and contributed significantly in their respective areas of expertise. By excelling in their unique pursuits and making meaningful contributions that affect us all, these women entrepreneurs radiate positivity in the community through their compassion and kindness.

The ceremony recognized 27 exceptional female leaders in seven different categories: "Business Excellence Award," "Arts & Cultural Achievement Award," "Power of Next Generation Award," "Philanthropy Award," "Leading Pioneer ESG Award," "Technology Innovation Award," and "Start Up Z35 Award." The GBWEA created these award categories to mirror the rapidly changing business environment and demands in Hong Kong, the Greater Bay Area (GBA), and worldwide.

Authorities endorse Hong Kong's position as the link between China and global markets

Chinese representatives, addressing from Hong Kong, express their backing for the city as the nexus between the mainland and the wider world.

Authorities from China who oversee three sections of the world's second biggest capital market made their way to the country's offshore financial hub, expressing their endorsement for Hong Kong's function as a bridge between the mainland and the global stage.

The Connect scheme, which currently includes stocks, bonds, options, and wealth management products, could potentially welcome commodities into its range of tradable assets, according to Wu Qing, the chairman of the China Securities Regulatory Commission (CSRC). The scheme allows international investors and mainland Chinese capital to access each other's markets through Hong Kong. Wu, who is the primary representative for equities, also mentioned that the scheme will likely incorporate more options and futures.

Wu is part of a group of financial representatives from the mainland who are present at the HKMA's premier event in Hong Kong, under the leadership of Chinese Vice-Premier He Lifeng.

Beijing plans to aid additional domestic firms in securing listings in Hong Kong, enhance shared market entry, release treasury bonds and reinforce its status as a global offshore yuan hub. This move will assist the city in bolstering its reputation as a leading international financial hub and promote China's economic liberalization, according to He, the top-tier Chinese financial authority to visit the city in recent years. Last year, he communicated his views through a prerecorded speech broadcasted via satellite.

In his initial comments at the conference, he reiterated that Hong Kong's prominence as a global financial hub is further assured when backed by the robust 'one country, two systems' framework, the unwavering support of the nation, and the relentless efforts of its citizens.