Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The lack of clarity surrounding the U.S.-China trade war is what's really hitting global growth, says ex- Deputy Treasury Secretary Sarah Bloom Raskin.World Economyread more
China's economy has long relied on factors such high levels of investments and an expanding labor force for growth. Those growth drivers are running out of steam.China Economyread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
New crash tests show the Tesla Model 3 and the Audi e-tron, are among the safest models out on the road. The results bolster the theory electric vehicles may be better...Autosread more
U.S. consumers and growth in sectors such as technology have offset declines in other American industries, says Tom Finke, chairman and CEO of investment management firm...US Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
Last weekend's attacks on oil facilities — and the spike in crude prices that followed — should show that the world needs to stop relying on oil, says Helen Clark.Energyread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
Despite constant concerns that Hong Kong is losing its edge to mainland and regional rivals, the city has reclaimed the title of the world's most competitive economy, according to the IMD World Competitiveness Center.
The annual survey of 61 jurisdictions around the world pushed the city up one place to the top for 2016, saying Hong Kong had "encouraged innovation through low and simple taxation and imposed no restrictions on capital flows".
In a separate report on competitiveness released yesterday by Beijing's top think tank, the Chinese Academy of Social Sciences (CASS), Hong Kong lost out to Shenzhen for the second year in a row.
IMD surveyed more than 5,400 business executives on four main factors – economic performance, government efficiency, business efficiency and infrastructure – while the CASS survey focused on innovation, among other factors.
Hong Kong claimed the top spot in the 2012 IMD rankings, but lost it to the United States for the next three years. Singapore, which ranked fourth in the same survey, was the only other Asian entrant in the top 10 this year.
IMD director Professor Arturo Bris said the city's efforts to create a business-friendly environment had been central to its ability to defy regional challenges.
Bris said Hong Kong was also valued as a gateway for foreign direct investment in the mainland, "the world's newest economic superpower", enabling business there to access global capital markets.
More from the South China Morning Post :
Hong Kong private hospital sent baby home with potentially fatal infection, couple claim
Anger after HSBC demands right to 'snoop' into safe deposit boxes of Hong Kong customers
Wall and roof collapse at historic former Central Police Station raises safety and heritage preservation fears
In contrast, the US "was no longer able to maintain its dominance", falling to third in this year's survey, behind Switzerland.
Despite the city's grim economic outlook, Hong Kong was helped to the top of the list by worse conditions in other economies, analysts said.
"Hong Kong is doing relatively OK ... Many other places are facing much deeper troubles," Baptist University associate finance professor Billy Mak Sui-choi said.
Many major Asian jurisdictions and countries, including Taiwan, Malaysia and Indonesia, suffered significant falls from their 2015 positions, dragged down by lower commodity prices, a strong US dollar and deterioration of balance sheets in both the private and public sectors, IMD said.
"Hong Kong is a small and open economy, which enables it to tackle economic headwinds in a more flexible way," Chinese University lecturer Stephen Wong Yuen-shan said.
Wong said the city managed to climb to the top despite a government that had not done enough to nurture the technology industry and protect labour rights.
"It proves that Hong Kong is a much blessed city," he said.
But, in the latest annual report on China's urban competitiveness, the city was again upstaged by rising neighbour Shenzhen.
The CASS report said innovative industries in cities like Shenzhen and Shanghai were booming, which had put some pressure on Hong Kong's advantaged sectors.