EU's leading trade official asserts that an electric vehicle agreement with China is far from being finalized. Despite fifty hours of discussions, there's still no consensus on cost commitments, states Sabine Weyand, EU's director general for trade.

A high-ranking official from the European Union has stated that the EU and China are still a long way from resolving their ongoing disagreement over electric vehicles. This official also claimed that any reports implying the contrary are misleading.

"Various reports regarding the impending agreement on battery electric vehicles have been somewhat perplexing," Sabine Weyand, the European Union's trade director general, stated in Brussels on Tuesday.

We've engaged in 50 hours of talks with our colleagues from China. The conversations were productive, yet we were unable to reach a consensus on pricing commitments. Furthermore, there are still unsettled structural matters," she stated.

The committee contends that these financial aids have played a significant role in boosting China's immense expansion in the sector. There's a concern that if these imports continue without regulation, their low pricing could hurt the revenue of Europe's domestic electric vehicle industry.

The duties, varying from 7 per cent for Tesla to a high of 35.3 per cent for the government-owned SAIC, have significantly strained the EU-China relations.

Hong Kong's advancements in AI serve as a bridge between China and the rest of the world despite political friction. The Chief Technology Officer at the Hong Kong Productivity Council emphasizes that Hong Kong continues to be a significant platform for global AI companies.

"Often, we're unsure if we should approach our Western colleagues for collaboration," Cheung admitted to the South China Morning Post. "This is because, despite their potential interest in partnering with us… they might not possess the liberty to [do so]. This situation is somewhat disheartening."

"He stated that from a scientific perspective, it has been challenging in recent years, especially in the field of AI."

Jane Goodall: Hong Kong residents must unite to foster biodiversity

The renowned primatologist expresses that we have a five-year window to unite and mitigate the severe damages that have been inflicted on our planet.

In her first visit to Hong Kong in six years, Goodall stressed the immediate necessity for corporate backing to propel "beneficial transformations to our planet".

During the gathering hosted by the Jane Goodall Institute Hong Kong, the HKU Jockey Club Enterprise Sustainability Global Research Institute, and Zurich Insurance Hong Kong, Goodall had the opportunity to network with over 200 corporate executives. She emphasized the immediate need for collaboration between the private sector, academia, non-profit organizations, and governmental agencies to push forward conservation and sustainability initiatives.

"She stated that we have a five-year window to unite and attempt to mitigate the terrible damage we've inflicted on the earth, and to start making positive changes."

At 90, Goodall is most recognized for her research on chimpanzees in Tanzania. In addition to this, she holds a PhD in animal behavior from the University of Cambridge. Notably, she also serves as a United Nations Messenger of Peace and has been honored as a Dame Commander of the Order of the British Empire.

SF Holding experiences a dull start in Hong Kong due to lukewarm market mood.

The Chinese delivery company, SF Holding, initiated its trading at a price of HK$34.30, which remained steady from its IPO price.

SF Holding, often considered China's FedEx equivalent and its biggest courier service, had a lackluster first day of trading in Hong Kong due to weak market sentiment. This sets the stage for a busy week of initial public offerings that are expected to add several billion Hong Kong dollars to this year's total listing proceeds.

Shares of SF, which trades under the code 6936, experienced a surge of up to 1.2 per cent, peaking at HK$35.50 during the day, despite beginning at their initial public offering price (IPO) of HK$34.30. By the close of trading, the shares returned to their starting price. Meanwhile, the key Hang Seng Index rebounded by 2.3 per cent after hitting a two-month low.

The initial trading premium places the worth of the company's equity base listed in Hong Kong at HK$6.7 billion, taking into account its post-listing capital base of 195.5 million shares as stated in its listing prospectus. SF Holding has approximately 4.82 billion A shares listed in Shenzhen.

"This listing holds significant value for us, since we're depending on [Hong Kong's open market] to bolster the growth of our global business," stated SF's Chairman and CEO Wang Wei, prior to hitting the ceremonial gong to signal the start of trading.

The company's H shares are valued at 32.03 yuan each, with a current exchange rate of HK$34.35. The firm's A shares in Shenzhen have dropped by 1.1 per cent, to 41.60 yuan, as per the exchange data at 1.33pm local time.

Shares in Hong Kong experienced their biggest surge in five weeks, driven by increasing expectations for fresh economic stimulus from the Chinese government. Profits of major Chinese industrial firms saw a decline of 10 per cent in October compared to the previous year.

The Hang Seng Index experienced a 2.3 per cent surge, closing at 19,603.13, which is a recovery from its lowest point in two months, and the Hang Seng Tech Index saw a 3.6 per cent increase. In mainland China, the CSI 300 Index rose by 1.7 per cent, while the Shanghai Composite Index gained an additional 1.5 per cent.

Major Chinese corporations saw a 10% decrease in industrial profits in October compared to the same month last year, a less steep drop than the 27% seen in the prior month, according to a Wednesday announcement from the National Bureau of Statistics. For the initial 10 months of the year, profits experienced a 4.3% slump, the bureau reported.

The report further confirms the ongoing inconsistency in China's economic recovery. Crucial economic figures for October indicate a rise in retail sales, however, the pressure of deflation continues and the real estate sector is still facing difficulties. Investors are eagerly awaiting the yearly economic conference next month, hoping for insights into significant economic strategies for the coming year.

"Currently, we're taking a careful stance on Hong Kong stocks," stated Zhang Sida, a Guoyuan Securities analyst based in Shenzhen. "The mood is somewhat pessimistic due to China's fiscal stimulus failing to meet expectations and the potential tariff risks. We may face increased instability in the future. The market trends will still be primarily driven by China's economic health and its fiscal policy."

Residential property values in Hong Kong have escalated for the first time since March, despite a minor decline in rental rates. In October, the prices of secondary homes saw a growth of 0.62 percent.

Experts suggest that the toughest period for Hong Kong's real estate sector is likely over, with home prices projected to plateau in the immediate future. Nonetheless, a significant hike in prices might not happen until next year, particularly in the latter half.

The value of second homes saw a rise of 0.62 per cent, moving to a score of 290.1 in October from 288.3 in the previous month, as per the figures provided by the Rating and Valuation Department.

Nonetheless, there has been a decrease of roughly 7 percent in house prices this year. Since reaching their peak in September 2021, the cost of homes has dropped by over 25 percent.

In the meantime, residential rental prices fell by 0.3 per cent, marking their first decrease since February.

Since May of the previous year, rental rates have generally been increasing and were only four units below the highest level of 200.1 noted in September 2019. From the beginning of this year, the cost of renting a home has seen an approximate 4.8% increase.

Breaking News | HSBC plans to highlight former ECB head Draghi and Ark Investment's Wood at Hong Kong summit

The Global Investment Summit is scheduled from March 25 to 27 of the coming year.

HSBC has announced that they anticipate over 3,000 representatives from across the globe to attend the conference, with registration currently available.

Prominent events such as the Global Investment Summit are crucial for Hong Kong to sustain its stature as an international financial hub, especially in a period where it's dealing with drops in the real estate and initial public offering sectors, and confronting a deceleration in mainland economic expansion. Hong Kong's stock market, ranked third in Asia, is also facing challenges to uphold its pace following China's underwhelming fiscal stimulus scheme and Donald Trump's reappointment as US president.

Leading figures from companies such as HSBC, Goldman Sachs, JPMorgan Chase, Citigroup, BNP Paribas, Oaktree Capital Management, and KKR also attended, demonstrating their backing for Hong Kong. The metropolis serves as a significant revenue hub for several of these corporations, with a number of them situating their principal regional offices there.

During the conference, he vowed to increase assistance to Hong Kong in bolstering its position as a hub for the international yuan market. This would be achieved by releasing more governmental bonds and facilitating the listing of Chinese companies in the city. Wu Qing, the chairman of the China Securities Regulatory Commission, also suggested that commodity trading might be incorporated into the Connect program, which presently permits transnational trades of stocks, bonds, and wealth management products.

The latest study from J.P. Morgan Private Bank shows strategies for affluent families to navigate in a complicated global environment. The recent Global Family Office Report underscores governance, succession planning, investment management, and cybersecurity as prime areas of worry.

Amidst continuous worldwide ambiguities and a progressively intricate and evolving economic and investment environment, extremely wealthy families are more determined than ever to attain long-lasting success and financial gains. A lot of them are adopting strategic, advanced methods to reach their objectives, as stated in J.P. Morgan Private Bank's "2024 Global Family Office Report".

The study, which examined 190 single-family offices worldwide, uncovers the difficulties that extraordinarily wealthy families are dealing with in an ever more intricate global environment. This includes problems related to family management, training the upcoming generation of family heads, and apprehensions about cybersecurity.

Many families have successfully used appropriate financial wisdom to tackle these obstacles, but the overall advancement is inconsistent. Almost 75% of the ultra-high net worth families surveyed have taken steps to create a reliable governance structure – such as setting up an investment committee and board of directors, however, 27% have not done so.

Each family is unique, having their specific multi-generational and multicultural requirements. As the relationships become more intricate and the family's wealth expands, there arises a greater necessity for an established system to oversee the decision-making procedure, states Paul Knox, the Managing Director and Senior Wealth Advisor at J.P. Morgan Private Bank, Asia. He emphasizes that the fundamental concept of family governance is to comprehend and cater to the varying needs of those participating in the family enterprise or those directly managing the family's wealth.

The profound expertise of the private bank in customizing governance structures is crucial for interacting with ultra-high-net-worth clients and striving to fulfill their distinct objectives. Knox mentions that a significant part of their knowledge is derived from other families they've collaborated with who have accomplished this effectively. However, the most daunting task is to aid families in comprehending and pinpointing governance-related issues. Some families might convene on a regular basis, and although this fosters strong relationships and camaraderie, they might not necessarily address the critical matters. A more regular and official meeting could enable family members to contribute in a different manner.

The majority of Small and Medium Enterprises (SMEs) in Hong Kong have adopted e-commerce, which is a positive sign for the city's digital transition. According to the World Bank, it's projected that worldwide business-to-consumer e-commerce sales will hit a staggering US$6 trillion by the year 2024.

Sales tools based on the internet have the potential to increase income by 14.6% in the coming two years, especially for small to medium businesses (SMEs) expanding their customer base in mainland China and Southeast Asia. This was found in a study carried out by the Hong Kong Export Credit Insurance Corporation (ECIC) and Trade Development Council (TDC), which surveyed 352 local SMEs.

"E-commerce is now a crucial engine for the worldwide economy," stated Patrick Lau Hui-ping, the deputy executive director of TDC, during a press conference.

"Duties will surely affect products from Hong Kong and China, a situation we already experienced in [Trump's] initial presidency," remarked Lau. "A lot of domestic small and medium enterprises can branch out via online trading, thereby not solely depending on the US market."

Dell and HP report unsatisfactory quarterly revenues as worldwide PC market resurgence halts

Indications of a worldwide PC market recovery started appearing this year, yet there was a decline in shipments in the third quarter, as per IDC reports.

Dell's PC division suffered a 1% decrease in revenue, totaling US$12.1 billion in the fiscal third quarter, which did not meet expectations. Meanwhile, HP's PC department experienced a 2% increase in sales, reaching US$9.59 billion over a comparable three-month duration, yet it too failed to hit the analysts' average prediction.

"The update cycle for PCs is extending into the upcoming year," stated Yvonne McGill, the CFO of Dell, during a Tuesday teleconference with analysts post the release of the results.

The worldwide computer industry has witnessed a significant downturn in recent years, following a surge in need for new laptops during the early stages of the pandemic. This was when both students and business workers were confined to their homes.

Although recovery indications started to emerge this year, tech market research company IDC reported a decline in deliveries during the third quarter in October.

The founder of China Evergrande, Hui Ka-yan, has had his spending limited by a court in Guangzhou. Almost three years have passed since China Evergrande, formerly the biggest property developer in China, failed to repay its loans.

The Nansha District People's Court in Guangzhou has imposed spending restrictions on the company and Hui as a result of the company's non-compliance with payment obligations detailed in an enforcement notice. These restrictions, announced on Tuesday, apply to areas that are not deemed essential for life or business, according to the document.

Chinese legislation imposes several restrictions on people under financial constraints, including a ban on air travel, property buying, and enrolling their kids in private institutions. Similarly, company executives directly accountable for debt responsibilities are subject to these limitations.

From that point forward, numerous leading developers in China have failed to meet their financial obligations and are having a hard time finishing the homes they've sold in advance or finalising the refinancing arrangements they've set up with their lenders. Consequently, prospective property buyers, apprehensive about job security in a decelerating economy, have chosen to refrain from participating in the real estate market. This has further exacerbated the fiscal challenges faced by Chinese developers.

China has been promoting real estate purchases by lifting buying limitations and instructing banks to provide funding for developers to finish building houses. However, in the first ten months of this year, sales of new homes have kept on declining to approximately 6.75 trillion yuan (US$930 billion), which is roughly half of their highest point in 2021, based on the most recent information from China's data agency.

Commentary | No need to fear China's decision to consolidate financial sector supervision

Enhanced party dominance in the financial sector will facilitate the creation of a unified structure for more systematic decentralization.

Some maintain that strictly following guidelines set by a central authority could result in uniform market actions, which could intensify cyclical risks and create asset bubbles. Conversely, others argue that China's changes signify a major shift in its financial system, emphasizing financial institutions as service providers instead of entities driven by market forces.

However, these criticisms frequently fail to completely encompass the complexity and wider perspective of China's regulatory strategy.

Beijing has been striving to adjust the power dynamics between the central and local governments and to alleviate hidden assurances that skew market actions. However, considering China's vastness and the increasing intricacy of both local and global situations, these transformations are understandably unfolding at a slow pace.