OCBC marks achievement by hosting a 'Christmas Festival' for its clients in Hong Kong and Singapore. The bank, having posted unprecedented net earnings of S$5.90 billion in the initial three quarters of 2024, distributed genuine Singaporean pandan cakes.

In recognition of OCBC's impressive results in the last two years and as a gesture of appreciation to its loyal customers, the bank based in Singapore organized its inaugural "Christmas Festival" in Hong Kong earlier this month. The bank disclosed a net gain of S$1.97 billion (US$1.34 billion) for the third quarter of 2024, which is a 9 percent rise compared to the prior year.

The occasion took place at the primary branch of OCBC Hong Kong located in Central. The CEO of OCBC Hong Kong, Wang Ke, and Josephine Lee, who is in charge of Consumer Financial Services at OCBC Hong Kong, initiated the event. Prominent guests like popular actress and TV presenter Kelly Cheung were present. Additionally, the bank's team for Consumer Financial Services and branch employees were in attendance. Chosen branches from Singapore and Hong Kong also joined in distributing over a thousand boxes of pandan cakes to their clientele and the local community.

The bank orchestrated an event to give their clients a sense of Singaporean culture by importing pandan cakes from one of Singapore's renowned brands, Old Seng Choong, all the way to Hong Kong. These treats were personally selected by Sunny Quek, who leads Global Consumer Financial Services at OCBC and is based in Singapore, providing customers with an original taste experience.

Old Seng Choong, founded in 1965, is renowned for its classic biscuits and cakes, particularly its best-selling, fluffy pandan chiffon cake. It shares the status of being a reputable brand originated from Singapore with OCBC, both boasting a deep-rooted history. The bank used the festive occasion as a chance to offer its Hong Kong customers a slice of the iconic cake, underscoring their dedication to cultivating meaningful and mutually beneficial relationships.

Despite the unstable business climate, OCBC's robust performance was largely fueled by the company's total revenue of S$3.80 billion in the third quarter, hitting another all-time high. The company had previously recorded consecutive record-breaking net profits from 2022-23. The net earnings for the group for the first three quarters of the year saw a 9% increase from the previous year, landing at S$5.90 billion.

Apart from strong revenue growth, a significant factor contributing to the bank's profits is its unique "Singapore and Hong Kong dual-hub" approach. This model, which involves operations in both cities, provides a prime position for the bank as a portal to the Asean region and a conduit for Greater China to reach international markets. This strategy enables the bank to seize business transactions occurring bi-directionally between Greater China and Asean countries, particularly as the movement of wealth between these regions has become more prominent in recent times. The dual financial centers of Singapore and Hong Kong offer unique benefits for clients looking to broaden their reach into Asean countries.

Utilizing a dual-center approach, OCBC Premier Banking capitalizes on its significant presence in two key areas. This strategy enables clients in Hong Kong and Greater China to reap the advantages of a wide range of banking services and collaborations through its unified "One Group" method.

Pop Mart, a toy manufacturer from China, has experienced a 370% increase in growth, largely due to the popularity of their mystery box toys. These mystery toys from Pop Mart have gained worldwide attention, positioning the toy company as one of the most rapidly expanding businesses in China.

In a recent video by Vanity Fair, Lisa, a member of the hugely popular K-pop group Blackpink, revealed her fascination with toys made by the Chinese firm Pop Mart International Group.

"I lose my mind. It feels as though I've splurged all my cash," she chuckled, revealing dolls from the toy manufacturer's Pucky Roly Poly Kitty range. "I visit Pop Mart no matter where I am. If I take a flight to New York, I make it a point to seek out Pop Mart there. Same goes for Paris, and any other place. It's somewhat similar to a treasure hunt."

Lisa is not the only one eager for Pop Mart's toys. This year, the company, based in Beijing, has transcended from being a popular choice among China's Gen Z to becoming a worldwide sensation. In places like the US and Australia, enthusiasts are said to have lined up for hours, at times in the dead of night, waiting for new products. Shops have sprung up in cities such as Paris, Milan, and New York. Sales abroad have seen a fivefold increase.

The enthusiasm for its diverse range of toys has catapulted Pop Mart into China's fastest-growing company. Its shares have skyrocketed by 368 per cent this year, outperforming the majority of companies on the MSCI China Index. It has also surpassed global competitors such as Walt Disney and Sanrio, the parent company of Hello Kitty. The company announced that its domestic sales increased by at least 55 per cent in the quarter ending in September, compared to the same period last year. Meanwhile, its international sales have exploded, with an increase of over 400 per cent.

Morgan Stanley analysts, including Dustin Wei, have suggested that Pop Mart is probably the inaugural Chinese domestic consumer brand to attain substantial international success. This success is attributed to their appeal through intellectual property, design, and products, rather than competitive pricing. Wei referred to the company as an emerging global brand.

Special Report | Wynn Macau advocates for simplified transportation and immigration procedures with Hong Kong to boost tourism

This sentiment mirrors President Xi Jinping's plea for both cities to 'remain unified and strive for superior accomplishments'

Enhancing connections and collaboration can lead to a better atmosphere and experience for local inhabitants and overseas tourists, stated Linda Chen, deputy chairman and president. This can be achieved by the governments of both unique administrative areas.

"In the event of us organizing a function in Macau, it's crucial to market it to visitors from Hong Kong and the other way around," she conveyed during a discussion. "Should Hong Kong be the venue for a music event, we ought to simplify the process for Macau residents to attend and return afterwards."

She reiterated President Xi Jinping's Thursday proclamation where he urged both cities to remain cohesive and strive for more progress, as reported by Xinhua News Agency. Xi is presently on a formal trip to Macau, commemorating the 25th anniversary of its transfer to Chinese rule.

John Lee Ka-chiu, the Chief Executive of Hong Kong, previously emphasized that both Hong Kong and Macau, being essential urban centers of the Greater Bay Area, are collectively propelling the area's growth by capitalizing on their distinct but synergistic capabilities.

Sam Hou Fai, the Chief Executive of Macau, has made a commitment to transform the world's largest betting center by enhancing its appeal as a tourist and leisure spot.

Special Report | Wynn Macau advocates for improved transportation and immigration processes with Hong Kong to boost tourism

This perspective aligns with President Xi Jinping's insistence that both cities should 'maintain unity and strive for more accomplishments'

Improved collaboration and connectivity between the governments of the two special administrative regions can enhance the atmosphere and experience for local inhabitants and international tourists, according to vice-chairman and president Linda Chen.

She suggested in a conversation that if an event is held in Macau, it needs to be advertised to tourists from Hong Kong and the same should be done in reverse. She further insisted that if a concert is hosted in Hong Kong, efforts should be made to simplify the process for Macau's residents to attend the concert and return.

She mirrored the sentiments of President Xi Jinping who, on Thursday, urged both cities to remain unified and strive for greater success, as reported by Xinhua News Agency. Presently, Xi is on a formal trip to Macau to mark the 25th anniversary of its return to Chinese rule.

John Lee Ka-chiu, the Chief Executive of Hong Kong, previously emphasized that Hong Kong and Macau, being key cities in the Greater Bay Area, are collectively propelling the area's growth through their distinct but synergistic capabilities.

Sam Hou Fai, the Chief Executive of Macau, has committed to broadening the scope of the world's leading gambling center by enhancing its appeal as a destination for tourism and leisure.

Revamping Hong Kong's workforce for upcoming times

Mercer's 'Global Talent Trends 2024' study reveals four emerging trends that are influencing a people-centric strategy, which could aid businesses in achieving an edge over their competitors.

Each generation contributes unique attributes to the professional environment. Baby boomers are celebrated for their relentless determination and robust work principles; Generation X is lauded for its independence and versatility, while millennials are acknowledged for their technological prowess and cooperative nature. Gen Z, with a firm focus on adaptable work schedules, health consciousness, and highly tech-engaged roles, is set to influence the future of the business world in a significant way.

Due to shifts in socio-economic dynamics across generations, Asian businesses are adapting to create work environments that are more sustainable, more stimulating, and less draining. In order to handle the difficulties and potential advantages of 2024 and the future, corporate heads and HR specialists can aid in creating a workplace that reflects employees' ethics. This is especially important considering the impact of Gen Z, predicted to be the most substantial generation in the workforce by 2035, which in turn enhances team cohesion, efficiency and job contentment in the workplace.

It's crucial for employers to grasp trends across generations to effectively manage the recruitment and retention of talent. The "Global Talent Trends 2024" study by Mercer provides insights into the priorities of leaders and the factors that are important to their talent.

Gary Chin, the leader of career consulting at Mercer in Hong Kong and Macau, stresses the importance of utilizing strong data in measuring people policies and strategies to draw in and keep talented individuals.

"What sets you apart from your rivals?" he inquires. "It's crucial to conduct a performance comparison. Mercer possesses a comprehensive database that aids in establishing a correct starting point for companies to retain their market competitiveness. However, each company is distinct and should develop an all-encompassing rewards plan tailored to their specific aims and objectives," he continues, alluding to more detailed, customised employee programs that take into account the needs of a varied, multi-age workforce.

Chin emphasizes that employers ought to give more serious thought to this issue. Rather than just setting industry standards, top companies should utilize comprehensive reward strategies and talent initiatives to foster a distinctive value proposition for employees. This, in turn, will aid in attracting and retaining top talent.

Analysts suggest that imposing tariffs on Chinese graphite exports may drive up the price of EV batteries. A group of American graphite miners has requested the Commerce Department to investigate Chinese manufacturers and impose a 920 per cent anti-dumping duty.

American graphite miners' demand for a tariff of up to 920 per cent on Chinese mineral suppliers could lead to "significant and widespread effects" on the price of electric vehicle (EV) batteries, according to automotive industry experts.

If given the green light, the prospective duty on active anode materials made in China could significantly inflate the prices of electric vehicle batteries and energy storage systems in the US, as per a study released by California-based investment bank, Roth Capital Partners.

"Managing director Justin Clare stated that they project the additional expense may amount to approximately US$135 per kWh. This signifies a spike of 125 percent in the DC-block, bringing it to roughly US$255 per kWh."

The anode usually accounts for about 10 to 15 percent of the battery's total cost, which equates to approximately US$15 per kilowatt-hour (kWh). The battery's overall price is around US$120 per kWh, he further stated.

In 2023, China was the main source of lithium batteries for the US, supplying $13.1 billion worth, which accounted for 70% of all US imports, as per official records. The International Energy Agency reports that China holds a significant lead in the global battery market, owning around 85% of the world's battery cell production capacity and a large proportion of cathode and anode active material production.

Analysts suggest that US tariffs on Chinese graphite exports might increase the price of EV batteries. A group of American graphite miners has requested the Commerce Department to investigate Chinese manufacturers and impose a 920 percent anti-dumping fee.

American graphite miners have proposed a tariff that could reach 920 per cent on Chinese mineral providers, a move that analysts predict could have a "severe, widespread effect" on the price of electric vehicle (EV) batteries.

If the proposed import duty on active anode material manufactured in China gets the green light, it could cause EV battery and energy storage system prices in the United States to skyrocket, possibly over twice their current cost. This is according to a study released by California-based investment bank, Roth Capital Partners.

Managing director Justin Clare suggests that the additional expense might be approximately US$135 per kWh, which signifies a 125 per cent escalation in the DC-block, bringing it to roughly US$255 per kWh.

The anode usually accounts for about 10 to 15 percent of a battery's price, equivalent to approximately US$15 per kilowatt-hour (kWh), he noted. The overall cost of the battery stands at about US$120 per kWh.

In 2023, the United States brought in lithium batteries from China valued at $13.1 billion, accounting for 70% of all its imports in this category, as per the official records. The International Energy Agency reports that China holds a significant position in the worldwide battery supply chain, boasting about 85% of the battery cell manufacturing capacity and considerable portions of production for both cathode and anode active materials.

The 114-year-old bullion market in the city is undergoing a restructuring to transform into the Hong Kong Gold Exchange. A vote on Friday is set to convert the Chinese Gold & Silver Exchange Society into a corporate entity named the Hong Kong Gold Exchange.

The Chinese Gold & Silver Exchange Society's members have decided to convert the city's gold exchange, which is 114 years old, into a corporation. This move aims to foster international growth and aid the government in its endeavors to reestablish Hong Kong as a global trading center.

Following the vote on Friday, the organization will transform into a corporation known as the Hong Kong Gold Exchange. Starting from the first day of January, it will acquire the society's assets and operations, as stated by president Haywood Cheung Tak-hay.

Cheung is set to lead the new exchange as chairman, with a board comprised of 25 individuals. Current members have the option to become shareholders in the new entity. Already, over 137 members have decided to become shareholders, and it's anticipated that more will do the same.

"Right now, the society operates like a private club made up of its 172 constituent companies. These include gold refineries such as King Fook, Lee Cheong, Po Sang, and also major banks," stated Cheung.

Cheung stated that the revamped company framework would simplify the process of drawing in new members.

Tencent is taking on its e-commerce competitors with a fresh gift-giving functionality on WeChat. One vendor suggests this feature could be the next big success for Tencent following their electronic red packets.

Customers have the ability to look for items using specific terms. As per the formal rules, all presents on offer are valued at 10,000 yuan (US$1,375) or less, and they do not include jewelry or educational lessons. Once the person giving the gift has finished paying, the one receiving it must agree to accept the gift and provide a mailing address within a day, otherwise the purchase will be voided and the funds will be refunded to the one who sent it.

Individuals are permitted to dispatch just one present to a single friend on WeChat per transaction.

This week, a new feature was subtly introduced to a chosen few users, leading to talks about its possibility to become Tencent's newest strategy in the intensely competitive e-commerce market in China. WeChat, or locally known as Weixin, with its 1.2 billion users, has a pervasive influence among China's online population.

China's interest in smart vehicles is expected to fuel a US$356 billion parts industry by 2030. The sector for automobile components and software is projected to expand at a yearly rate of 28.8% from 2026 to 2030.

The chief administrative officer of China EV100, Zhang Yongwei, stated that the electric vehicle market in China is predicted to increase at a yearly rate of 28.8% from 2026 to 2030. China EV100 is a non-governmental group that counts almost every leading executive of prominent Chinese electric car companies among its members.

"Success for car part suppliers lies in crafting and producing advanced products that meet the requirements of manufacturers and consumers," he stated at a conference in Wuhan on Friday. "The most popular high-quality products will inevitably encounter supply problems."

Three hours and ten

Baidu from China has released its newest self-driving car, with the choice to include a steering wheel.

The smartness of a vehicle is gauged by its technological advancements, which are evident in characteristics like voice-controlled commands, face identification, wireless software updates, mobile-connected functionalities, and automatic parking.

Tencent collaborates with smartphone manufacturer Honor to enhance AI capabilities as Apple continues to scout for a collaborator. Tencent is supplying cloud computing assets to boost Honor's AI services, while Apple Intelligence remains unavailable in China.

Tencent's partnership with Honor, a company comparable to Apple in China's smartphone market, has been highly successful. They jointly launched a coding aid named CoMagic, designed to enhance the productivity of Honor's engineers. To date, around 8,000 software engineers within the company have utilized this AI assistant. Tencent reported in a WeChat post that 30% of their code is AI-generated, and a quarter of this code has been integrated into their system.

The duo will also boost collaboration in data management, searching and cloud-based services, which includes utilizing Tencent's Elastic MapReduce, a large-scale data platform, to assist in data pre-processing for the training of AI models employed in photo storage and voice assistant applications.

Viewpoint | In an uncertain global scenario, Trump is likely to exacerbate the challenges

In the face of escalating global instability and trade disputes, financial backers are relying on the US Federal Reserve to continue its monetary expansion.

Risk refers to the potential happening of an incident or situation that could harm our comfort or security. We identify risks with the intention of preventing or lessening them. It's important to note that risk is inevitable and can only be controlled or offset.

In a stagnant win-lose scenario, one person's hazard is another's chance. When you exert pressure on one part of a balloon, the other part swells up. Yet, the balloon could potentially pop – such a danger isn't unlikely. There's always a price to pay for mitigating risks and selecting an inappropriate safety measure could lead to greater losses in the face of unforeseen circumstances.

2:20 AM

Shanghai experiences intense heat amidst severe weather conditions in eastern China.