hong kong

JPMorgan Chase's China Syndrome: Nepotism

JPMorgan Chase can't seem to stay out of trouble hiring people associated with China's government, and it's coming under increasing scrutiny of Asian and American regulators.

World Stocks Surge; Dow Breaks All-Time High

World stock markets rose Tuesday as investors applauded China's pledge to stick to economic growth targets for its economy, the world's second largest. Outgoing Premier Wen Jiabao said the government would spend what it needs to meet the target of 7.5 percent enshrined in the latest five-year development plan.

Markets Cautious Ahead of Debt Ceiling Vote

Stock markets traded cautiously on Wednesday ahead of a U.S. vote on raising the nation's borrowing limit temporarily. The House is set to vote on a motion to increase the nation's $16.4 trillion borrowing ceiling for three months.

U.S. Stock Prices Dip Ahead of Earnings Season Kickoff

U.S. stocks fell Tuesday as traders awaited the start of the corporate earnings season. Market-watchers expect the quarter's results could include many surprises because of events like Superstorm Sandy, the presidential election, and the narrowly avoided "fiscal cliff."

Oil Prices Rise as Fiscal Cliff Recession Fears Recede

The price of oil jumped by more than a dollar on Wednesday, to above $93 a barrel, after U.S. lawmakers passed legislation to avoid a fiscal cliff that could have pushed the world's biggest economy into recession, and reduced global demand for energy.

Fiscal Cliff Impasse Pushes World Stock Markets Lower

Fear that congressional Republicans and President Obama will fail to steer the United States away from the fiscal cliff before a January deadline sent world stock markets lower on Wednesday. Britain's FTSE, Germany's DAX, Japan's Nikkei and France's CAC-40 all fell, and on Wall Street, both the Dow and the S&P 500 opened lower.

Markets Nervous as Eurozone Finance Ministers Meet on Greece

Concerns that European finance ministers will again fail to reach an agreement on handing over more bailout cash to Greece weighed on markets Monday. In addition, an election in Spain's Catalonia region that saw separatists gain ground is also adding to global investor worries.

Northeast Air Travel Still Stalled, Thousands of Flights Cancelled

Hurricane Sandy grounded more than 18,000 flights, and it will be days before travel gets back to normal. Authorities closed the three big New York airports, and the ripple effects from the shutdown of the nation's busiest airspace are dramatically affecting travelers in cities far and wide.

Cautious Investors Stay Focused on Europe's Woes

Stock markets in Europe traded in fairly narrow ranges Monday as Germany's leader warned that Greece may not get its next batch of bailout cash. Chinese shares surged after authorities pledged to increase bank lending to entrepreneurs. Europe's stumbling efforts to get a handle on its debt crisis remains the focus of interest in the markets.

E-Book Soundtracks: The Next Revolution in Reading?

New startup Booktracks is creating soundtracks for e-books with technology that tracks your reading speed and syncs the sound perfectly to the text. The company promises it will revolutionize reading, and authors like Salman Rushdie and Jay McInerney are giving it a try. But do books really need a Hollywood makeover?

The 10 Cities With the World's Worst Air

With the latest round of global climate change talks set to begin this week in Cancun, Mexico, the assembled delegates should be thankful they're not meeting in, say, Beijing or New Delhi. Those two cities are tied at the top of a list no city should want to be on: those with the world's worst air quality.

Caterpillar to Issue Renminbi-Denominated Debt

Heavy equipment manufacturer Caterpillar is marketing a two-year 1 billion renminbi bond to institutional investors in Hong Kong. It's only the second multinational company to test the waters of the "dim sum" market, and its offering is five times the size of the first, a bond from McDonald's.

Can Hong Kong Gently Deflate Its Real Estate Bubble?

Hong Kong took a new step this week to let some air out of its real estate bubble, levying a heavy tax on property flippers -- a move that has already sent asking prices there downward. But Hong Kong's real estate risks are dwarfed by those in Mainland China.

China, India Report Manufacturing Growth

Manufacturing output jumped in China and India in October, breaking with the rest of Asia. China%u2019s official Purchasing Managers Index gained to 54.7 in October, from 53.8 a month earlier, The Wall Street Journal said. A reading above 50 signals expansion and a reading under 50 means output contracted.

AIG Raises $17.8 Billion with Hong Kong IPO

AIG (AIG) raised HK$138.3 billion ($17.8 billion) from the IPO of its main Asian unit, putting the troubled insurer on track to repay its U.S. government bailout. AIG placed 7.03 billion shares at HK$19.68 a share, Bloomberg News said. The shares sold represent a 58% stake in the unit, AIA.

Luxury Retailer Prada Considers Hong Kong IPO

Italian fashion label Prada is considering an IPO with primary listing in Hong Kong, rather than home-base Milan, accroding to reports. The luxury apparel and accessory company has scrapped four previous attempts at an IPO in the past 10 years, but now the time could be right.

MGM Resorts May List Macau Gambling Venture in Hong Kong

MGM Resorts International (MGM) may list its Macau gambling venture on the Hong Kong stock market. MGM is a partner in MGM China holdings, a casino in a historic district of Macau, MarketWatch reported. The casino is a joint venture with Pansy Ho, daughter of Macau gambling kingpin Stanley Ho.

AIG Seeks Listing Committee Approval for AIA IPO

American International Group (AIG) is seeking Hong Kong listing committee approval on Sept. 21 for the IPO of its Asian life insurance unit, Reuters reported. The date is earlier than expected, which could mean that the IPO of the company%u2019s AIA unit will come in October, rather than November, Reuters reported without naming its sources.

Taiwan Regulators Block Sale of AIG Unit

Regulators in Taiwan blocked the proposed $2.15 billion sale of AIG%u2019s (AIG) Taiwan life insurance business to a Hong Kong-based consortium. AIG struck a deal in October to sell the Nan Shan unit to China Strategic Holdings and Primus Financial Holdings, the Financial Times reported. Regulators initially accepted the deal, then requested more information from the consortium, as well as assurance from Nan Shan.

AIG Sets Deadline for Talks With Investors Ahead of AIA's IPO

American International Group (AIG) will make a decision by early next week about whether to begin formal negotiations with strategic investors for its Asian life insurance unit AIA, Reuters reported. Insurer AIG has been considering selling stakes in AIA to strategic investors ahead of the unit%u2019s planned IPO. Several Chinese investors had expressed an interest in taking a stake.