Asia Top News and Analysis Hong Kong

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    Beijing has called for a halt to red-chip companies, or China-backed firms incorporated and listed in Hong Kong, listing their shares in Shanghai amid a weak mainland stock market, a Hong Kong newspaper reported on Monday.

  • Hong Kong-based budget carrier Oasis Hong Kong Airlines is saddled with heavy losses and will halt flights, local media reported on Wednesday, while its chief executive said a news conference would be held on the matter.

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  • Hutchison Whampoa, billionaire Li Ka-shing's ports-to-telecoms flagship, posted a 53 percent rise in 2007 net profit on Thursday, slightly lagging  forecasts, riding a strong showing at its Canadian Husky Energy unit and a raft of asset sales.

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    Many investors see Hong Kong's China Enterprise Index, also known as the Red Chip Index, as a proxy for the Shanghai Composite Index. But the Red Chip Index has its own driving forces. This week, Charting Asia takes a look at red chips.

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  • Cathay Pacific Airways, Asia's No. 3 carrier, posted a forecast-beating 85 percent jump in second-half profit on Wednesday on surging passenger demand and higher ticket prices but the global credit rout has dimmed its outlook for 2008.

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    Hong Kong announced a record fiscal surplus in its annual budget on Wednesday, enabling Financial Secretary John Tsang to offer tax concessions and handouts, but forecast a temporary return to a fiscal deficit in 2008/09.

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    Robust European sales and a stronger euro helped Esprit Holdings slightly beat expectations with a 37 percent rise in first-half earnings, but the world's No. 5 fashion chain faces a potential hit to global consumer spending this year.

  • Hong Kong regulators may ban the practice of tycoons buying into initial public offerings as so-called "cornerstone" investors after criticism that the practice is unfair to ordinary investors, the South China Morning Post reported on Wednesday.

  • Anson Chan, one of the territory's most popular political figures.

    Anson Chan, the former head of Hong Kong's civil service, has won a hotly contested and highly symbolic by-election for a seat in the city's legislature, in a vote that was widely seen as a referendum on democracy.

  • International Capital, an international investment company based in Dubai, said on Monday it has made a "substantial investment" in Japanese electronics and entertainment conglomerate Sony.

  • CITIC Securities, China's largest securities firm by market value, is considering listing in Hong Kong in the wake of its pioneering joint venture agreement with US investment bank Bear Stearns, the Financial Times reported on Monday.

  • Shares in Sinotrans Shipping, China's No. 3 dry bulk shipper, fell as much as 5 percent in a disappointing market debut on Friday amid retreating freight rates and as caution prevailed in a volatile market.

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    After a volatile trading session, Asian markets ended mostly lower as caution prevailed amid worries about the health of the U.S. economy -- the region's top export destination.

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    Oil prices spiked to a record high just shy of $100 a barrel  lifting the shares of energy firms, but financial stocks sank Asian markets. Japan closed 2.4 percent lower whilst South Korea shed 3.5 percent.

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    Trading proved volatile in the afternoon Asia session Tuesday with markets see-sawing and in out of the black.  Australia and South Korea ended lower, but a late turnaround pushed Japanese stocks out of the red with the Nikkei closing 1.1 percent higher.

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    Asian markets closed mostly lower Monday with investors selling stocks on U.S. economic concerns amid a lack of market-moving factors. Japan and South Korea both finished lower after initial gains during the morning session.

  • Asian markets closed sharply down Friday, amid renewed worries about the health of the U.S. economy and the effects of the credit crunch on the broader global economy. Japan, South Korea and Australia all declined.