Business

The carmaker’s petition is being reviewed by a Shanghai court, according to a filing published on the national enterprise bankruptcy information disclosure platform on Monday.

Hong Kong’s affluent become millionaires by the time they turn 33 on average, according to an annual survey by HSBC, which also found that respondents were confident about reaching the next milestone of HK$10 million (US$1,277,164) by age 62.

China’s big banks are likely to face further pressure on their revenues and interest margins in the fourth quarter, as the world’s second-largest economy battles an ongoing property sector crisis and low consumer confidence, analysts said.

The financial sector must not only divest from carbon-intensive industries, but also make it its mission to provide the capital to help clients transition to a net-zero economy, according to the Alliance for Green Commercial Banks.

Businesses engaging in voluntary carbon markets are already addressing climate change in their direct operations and throughout their value chains, and thus reducing emissions more quickly than peers, data compiler Ecosystem Marketplace says.

The governor also encouraged Chinese banks to grow and expand in Saudi Arabia, highlighting the importance of foreign investment and fintech-driven financial inclusion in promoting Saudi Vision 2030.

Trials of the digital currency have showed potential uses in payment, deposit and investment scenarios, but relevant players need more experience before a launch date can be considered, says the head of the city’s de facto central bank.

HSBC Holdings is acquiring Citigroup’s retail wealth management business in mainland China, accelerating its push in the world’s second-largest economy.

Weak house sales numbers follow action by central government last month to reduce down payments for millions of homebuyers across China.

Overseas talent coming to Hong Kong should consider learning Mandarin as businesses flock to the city and the Greater Bay Area, according to recruitment consultants.

China’s fast growing electric vehicle market has seen a proliferation of manufacturers at a time when demand was boosted by government subsidies. But rising costs and slowing demand are beginning to weigh on the smaller players who are now faced with the risk of elimination.

Since construction waste is a significant contributor to landfills in Hong Kong, industry needs to embrace digital transformation and be better prepared for the future, MTR Lab managing director Michael Chan says.

The development of Hong Kong’s digital asset ecosystem will need stronger guardrails and more public education to protect investors, HKMA CEO Eddie Yue told the Post in an interview, following last month’s JPEX scandal and after the city saw a 67 per cent rise in cryptocurrency-related complaints last year.