China’s Ministry of Finance has transferred its stakes in a group of financial firms to a government-controlled fund as Beijing steps up its push to overhaul the financial sector. The asset reshuffle will allow Central Huijin Investment – a subsidiary of China’s sovereign wealth fund, China Investment Corporation – to take controlling stakes in five […]
HSBC and Standard Chartered Bank are expected to post bumper profits this week when they kick off the reporting season among Hong Kong’s banks, as demand for wealth management buttressed their income against thinning interest-rate margins. HSBC may report a 7 per cent increase in its 2024 profit to US$24.09 billion when it reports its full-year […]
Hong Kong will adopt reforms to capitalise on emerging trade corridors while strengthening its financial markets to be the gateway connecting China and the world, according to the city’s treasury and central bank chiefs. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu told a conference in Hong Kong on Monday that the city […]
Saudi Arabia is set to host the fifth edition of the Capital Markets Forum from Feb. 18 to 20 in Riyadh, uniting leading financial experts in the capital and highlighting the Kingdom’s position as a key economic hub. Organized by the Saudi Tadawul Group and held under the patronage of the Minister of Finance and […]
The parent company of President Donald Trump’s social networking site Truth Social says it lost $400.9 million last year and its annual revenue declined 12 per cent to $3.6 million. Trump Media & Technology Group reported its earnings late Friday, blaming the losses in part on a revenue-sharing agreement with an undisclosed advertising partner. After […]
The head of Barrick Gold Corp. says he’s confident that a resolution will be reached between his company and the Malian government, currently embroiled in a dispute over revenue distribution from one of the largest gold mines in Africa. In an interview with BNN Bloomberg on Wednesday, Barrick’s CEO Mark Bristow said despite recent reports […]
Many Hong Kong residents are heading to jewellery shops to sell – or buy – gold after the precious metal hit a record-high price this week. Gold has surged more than 10 per cent on the global market this year, reaching a record US$2,942.70 per ounce (28.3 grams) on Tuesday. That is on top of […]
Africa’s largest oil producer, home to over 200 million people, has witnessed a worsening economic downturn in 10 years, with its GDP per capita plummeting by 72.35 per cent. Data obtained from the website of the International Monetary Fund indicated that Nigeria’s GDP per capita declined from $3,022 in 2014 to just $835.49 in 2024, […]
You don’t have to “drill, baby, drill” to get more oil out of the ground—which is something Fortune 500 company Chevron and the overall U.S. energy sector have figured out over the years. Hydraulic fracturing and horizontal drilling unlocked the shale boom that has transformed the global energy landscape over the past decade, and fresh innovations are […]
Warren Buffett’s Berkshire Hathaway Inc. continued whittling a longtime bet on Bank of America Corp. in last year’s final months, while keeping a stake in Apple Inc. intact following an earlier reduction. The Omaha, Nebraska-based conglomerate cut its stake in the bank to 8.9% in the fourth quarter after selling 117.5 million shares, a regulatory filing on Friday shows. Bank of […]