Mexico is considering levying duties on Chinese online imports.

The proposal reportedly aims to target platforms like Temu, Shein, AliExpress, and Alibaba, with the goal of reducing the budget shortfall and protecting local industries.

Mexico's President Claudia Sheinbaum is reportedly contemplating the implementation of tariffs on imported Chinese products of smaller scale. This move is intended to enhance revenue and safeguard employment within the country's own industries, as reported by local press on Tuesday.

Authorities are looking for fresh income streams to tackle the country's budget shortfall and fiscal responsibilities passed down from the previous leader, Andres Lopez Obrador, as per the report by El Universal newspaper.

The suggested duties are set to affect goods purchased from Chinese online marketplaces such as Temu, Shein, AliExpress, and Alibaba, as stated in the report.

Alibaba Group Holding Limited, the parent company of AliExpress and Alibaba, also has ownership over the South China Morning Post.

Authorities informed El Universal that the websites had bypassed import charges and frequently avoided local taxes, all while not fulfilling the technical requirements expected of domestic manufacturers.

Data from the government indicates that Mexico is set to experience its biggest budget deficit in over three decades this year, amounting to 5.9 per cent of its total economic output.

The CEO of Circle, Jeremy Allaire, predicts that stablecoins will have a significant part in trade settlements in Hong Kong. Allaire foresees a worldwide system of stablecoins facilitating more efficient, quicker, and less expensive transactions for developing markets conducting trade via Hong Kong.

Allaire, in a discussion with the Post during the second day of Hong Kong FinTech Week 2024, pointed out that many trades in emerging and developing markets are being settled in Hong Kong due to companies importing from Asia. He noted a growing trend of both parties favoring this approach, commenting that these firms view it as a more efficient, cost-effective, and improved method.

The company that manages the world's second biggest stablecoin, linked to the US dollar, convened its Circle Forum at the Four Seasons Hotel in Hong Kong for the first time on Tuesday. During this gathering, the firm declared two new alliances: one being a mutual agreement with Hong Kong Telecom (HKT) to investigate the potential of blockchain-based loyalty schemes, and the other being a joint venture with Thunes to facilitate international transactions in USDC.

In my own words, we're somewhat of a worldwide experimental test subject for stablecoins in the sense that we're a controlled entity and have always been. We have a global presence," stated Allaire. "We believe that this is set to become a regulated financial system across the globe."

Speaking at FinTech Week on Monday, Allaire stated that Circle aims to establish a worldwide network of stablecoins to support the blockchain-based economy. While some believe central bank digital currencies (CBDCs) could significantly enhance the process of cross-border settlement, Allaire insists that stablecoins are already on track to achieve this. Despite China having the most substantial CBDC project to date, it's still in its early stages.

Investors are looking forward to China's NPC meeting, hoping it will provide the necessary catalysts to maintain the US$4 trillion stock surge. They anticipate that Chinese lawmakers will introduce stimulus measures to fuel a rally that has already contributed trillions to both mainland and Hong Kong markets.

Investors are eagerly anticipating an important legislative meeting in Beijing next week. The convention is largely predicted to approve financial assistance to revitalize the economy and fuel a surge that has lately injected US$4 trillion into markets in China and Hong Kong.

Investors are greatly anticipating the NPC meeting, especially since stock indices in China and Hong Kong have soared over 20% since the end of September, placing them as the top global performers during this time. However, the pace has recently slowed down, with investors choosing to adopt a more cautious stance.

To maintain the upward trend in the stock market, the NPC must sanction a financial aid package of a minimum of 2 trillion yuan (US$280 billion). This will supplement the monetary relief plan introduced in September, as per numerous leading brokerage firms.

"Should the range of financial strategies surpass predictions, it's likely that China's share market will escape its current static trade motion and embark on an upward trend again," conveyed Huang Hongwei, a market analyst at Chasing Securities.

The gathering of the NPC occurs at a moment when global fund managers, who previously deserted the market due to dissatisfaction with Beijing's incremental measures, are showing renewed interest in Chinese stocks.

Miniso from China plans to broaden its reach to 10,000 stores worldwide by 2027 in a bid to boost profit margins. The retailer views the US and Europe as important markets, with sales in stores beyond mainland China observing a 43% increase.

Miniso Group, a Chinese budget lifestyle retail company, plans to build a worldwide network of 40,000 stores. This strategy aims to take advantage of an increasing trend of consumption driven by interests, by providing high-profit products based on popular entertainment franchises, as stated by senior executives.

"Young consumers are becoming more and more prepared to spend on things that bring them joy and contentment, a trend that can't be ignored," stated Ye Guofu, the founder and CEO of the company, at a press conference in Shanghai on Tuesday. "This presents a golden chance for Chinese brands to expand internationally."

The Guangzhou-based firm, with over 150 collaborations with brands ranging from Harry Potter to Barbie, identifies the United States and Europe as vital areas for its growth. This is because the per-person expenditure on franchise-related items in these regions is significantly higher – 25 times more in the UK and 60 times more in the US compared to China, according to Ye.

"In order to truly develop into a global brand, it's imperative to establish a strong presence in Europe and North America," he stated. "This is the most critical move."

Miniso runs upwards of 7,000 stores around the world, with over 2,700 located internationally. In the first half of this year, North America and Europe, which have only 478 stores, were responsible for approximately 11.6 per cent of the company's income, as stated in the company's half-yearly report.

Overall revenue increased by 25% reaching 7.8 billion yuan (US$378 million) in the first six months, compared to the same period last year, with about one-third of that coming from international branches. The adjusted net profit hit 1.2 billion yuan, marking a 17.8 % increase.

Hong Kong's share market declines due to varied profit reports and the potential for China's fiscal stimulus. Investors are preparing for the upcoming meeting of the National People's Congress Standing Committee next week.

The Hang Seng Index experienced a 1.6 per cent decline, ending at 20,380.64, and wiped out all progress from the previous three days. This drop was the most significant since October 21.

The Hang Seng Tech Index experienced a decrease of 2.4 percent. Mainland indicators also showed a downturn: the CSI 300 Index fell by 0.9 percent and the Shanghai Composite Index lost 0.6 percent.

"Currently, the Hong Kong market doesn't possess substantial growth potential and is expected to remain steady, owing to the unpredictability of the earnings season and increasing US Treasury yields," explained Yan Zhaojun, an analyst at Zhongtai Securities. "However, there's optimism about potential fiscal stimulus, although there's some caution about its extent and reach."

Home repossessions in Hong Kong increase and are set to stay high in the last quarter, according to Centaline.

The number of seized homes in Hong Kong will continue to be high during the final quarter, says Centaline.

Centaline states that the rate of home foreclosures in Hong Kong is expected to stay high through the fourth quarter.

Residential property repossessions in Hong Kong have seen an upward trend for two consecutive quarters, with further surges predicted in the near future, according to Centaline Property. This comes as real estate dealings are on the rise.

During the third quarter, the count of repossessed private homes, taken over by banks due to mortgage payment defaults, reached 189. This is an 11.2% increase from the previous quarter's 170, as reported by Centaline on Tuesday. The number of foreclosures in the third quarter was the second highest in the last two years. The property agency's data revealed that out of these foreclosed homes, 82 were new additions and 63 were either sold or reclaimed by the banks.

The number of repossessed properties worth HK$10 million (US$1.29 million) or less increased by 45%, which is equivalent to 66 units. This rise occurred because sales couldn't keep pace with the influx of new units, leading to an overall increase of 21% in the total number of these units.

Centaline reported an increase in foreclosure sales in the price range of HK$10 million to HK$20 million and above. They announced the addition of 16 new properties and the sale of 21, which resulted in a 15 per cent decrease in inventory for this price category.

Of the 82 fresh foreclosure additions, 43 were located in the New Territories, 26 in Kowloon, and the remaining 13 in Hong Kong Island.

Standard Chartered plans to concentrate on the wealth sector and offload divisions following positive earnings reports. The net profit from June to September significantly exceeded the analysts' predictions of US$886 million.

The net earnings for the quarter ending in September were reported at US$931 million, as per international accounting standards, surpassing the predicted amount of US$886 million.

The bank situated in London, earning a significant portion of its revenue from Asia, announced a pre-tax profit of US$1.7 billion, surpassing the US$1.5 billion prediction made by analysts. The operating income, equivalent to revenue in American accounting language, increased by 11% to reach US$4.9 billion.

"Our third quarter results have been robust, fueled by an unprecedented quarter in wealth solutions and significant expansion in our international markets division," CEO Bill Winters announced in a communication to the Hong Kong stock exchange on Wednesday.

"We are significantly increasing our investments in our steadily expanding and profitable wealth management sector. Moreover, we will persistently refine our broad retail business to concentrate on nurturing our prospective affluent and international banking clientele."

The bank's wealth solutions sector saw a 32% increase in operating income, reaching $694 million, which can be attributed to sustained solid momentum and a rise in wealthy new customers. The operating income of the global markets also experienced a 16% increase, amounting to $840 million.

The first Saudi Arabian ETF monitoring Hong Kong shares has a steady start on its Tadawul premiere. Albilad ETF, that follows 30 sharia-compliant stocks listed in Hong Kong, experienced a stable opening.

The Albilad CSOP MSCI Hong Kong China Equity ETF (Albilad ETF) has made a successful first appearance as the inaugural index fund in Saudi Arabia to track Hong Kong stocks. This significant listing has paved the way for investors from the Middle East to trade Hong Kong shares.

The ETF experienced a slight increase of 0.002 percent, reaching 10.02 Saudi riyals per unit during initial trading on the Saudi Stock Exchange (Tadawul).

The fund, which trades under the ticker symbol 9410, successfully generated over US$1.2 billion, as reported by CSOP Asset Management located in Hong Kong, who has formed an alliance with Albilad Capital. Bloomberg data confirms it as the biggest ETF ever listed in the Middle East.

Investors from Saudi Arabia are allowed to make a minimal investment of 10 riyals (equivalent to US$2.66) to purchase a unit of an ETF. This ETF monitors the top 30 companies in Hong Kong that adhere to the Islamic law regulations.

Contrary to the tradition at the Hong Kong stock exchange where a ceremonial gong is hit to announce a new listing, Tadawul prefers a more understated approach, where company leaders simply press a button to commemorate the event.

Paul Chan Mo-po, the Financial Secretary of Hong Kong, along with a significant delegation from the city, attended the listing ceremony. He is currently in Riyadh to participate in the FII summit which concludes on Thursday.

Commentary | The argument for a green replacement to GDP

There's a necessity for fresh measures that acknowledge the complete worth of biodiversity and the ecosystem, along with innovative fiscal instruments that incentivize preservation.

The consequences of diminishing biodiversity are not only affecting the environment but also making a substantial impact on the worldwide economy. The World Bank's study underlines a possible loss of $2.7 trillion in global GDP by 2030, resulting from the breakdown of ecosystem services provided by biodiversity, such as natural pollination, oceanic fisheries, and timber from original forests.

Researchers from Oxford University have suggested a higher projection that nature-based threats could lead to a global economic impact surpassing $5 trillion.

The world has been working together for some time to address these problems. In 2001, specifically in June, the United Nations initiated the Millennium Ecosystem Assessment, resulting in a number of reports. This initiative has had a substantial impact on public policy by offering a scientific basis for comprehending the connection between services provided by ecosystems and human welfare.

Even though significant strides have been made, we still face difficulties in correctly determining the financial worth of these services and turning that worth into solid investments. Overcoming these hurdles is vital for guaranteeing the enduring well-being of our world and the wealth of upcoming generations.

HKEX, the stock exchange operator, plans to establish an office in Saudi Arabia in 2025 to enhance its Middle East networks. This action marks another attempt to build stronger ties with the Middle East amidst tension between China and the US.

The Hong Kong Exchanges and Clearing (HKEX) is set to establish a new office in Saudi Arabia in the coming year. This move is aimed at not only bolstering its foothold in the region but also improving the city's capacity as a financial link between mainland China and the Middle East.

The recently established office in Riyadh, the capital city, will offer local investors the necessary support, enabling them to tap into Hong Kong's financial offerings and seize opportunities stemming from massive trends driving Asia's economic growth, stated the stock exchange operator in a Wednesday announcement.

HKEX has established offices in Beijing, London, New York, Shanghai, and Singapore.

HKEX CEO, Bonnie Chan Yiting, has announced that their Riyadh branch is set to commence operations in the first half of the upcoming year. She mentioned that this development is the culmination of two years of negotiations with local authorities and marketing campaigns.

"Once the new branch is operational, our team in Riyadh will be able to offer insights to firms considering going public in Hong Kong," Chan stated in a press conference following the inaugural listing event of the first ETF monitoring Hong Kong shares on the Saudi Stock Exchange.

Chan reported that the London Metal Exchange, which is fully owned by HKEX, announced on Wednesday the introduction of two new delivery locations for copper and zinc in Jeddah, Saudi Arabia.

The HKEX has completed a practicality analysis on the possibility of warehouse operators establishing metals warehouses in Hong Kong, she further stated.

GDS, a Chinese data center company, has secured US$1 billion in funding for the expansion of their infrastructure abroad. This financial boost will support the creation of data centers with a total capacity of up to 1 gigawatt outside of China, as stated by GDS.

In conjunction with the current equity of GDS International, the Series B financing will be adequate to fund the growth of up to 1 gigawatt of overall data centre capacity. This capacity is more than double the size of the company's existing facilities that are operational or being built outside the mainland, as per the announcement.

Cloud computing technology allows businesses to handle or disseminate a variety of software and other digital resources as a service that can be used as needed, akin to electricity from a power grid. These resources are housed within data centers.

Xiaomi has revealed a luxury car, resembling a Ferrari, priced at US$114,000 as part of their new venture. The SU7 Ultra has garnered mixed reactions such as doubt and praise from customers in the world's biggest EV market.

From March onward, Xiaomi has successfully shipped 75,688 SU7 sedans, with its monthly shipment exceeding 20,000 units for the first time ever in October, as per the company's reports. These figures place the new player, Xiaomi, on an equal footing with veterans in the field like Tesla and BYD.

Xiaomi's electric vehicle sector produced a revenue of 6.4 billion yuan in the second quarter, as per the company's financial statement. However, due to continuous investment, it suffered a net loss of 1.8 billion yuan.

Xiaomi's stock saw a minor increase of under 0.6% to HK$26 by the end of trading on Wednesday. This followed an announcement by the Beijing-based firm that they had garnered over 3,600 pre-orders for the SU7 Ultra within the first 10 minutes of opening registration late Tuesday.