The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.Market Insiderread more
Investors are asking how the world's third-largest defense spender could have left itself so vulnerable and what that means for the future.Politicsread more
The presidential campaign is "going to be very tough," the former chief White House strategist.Politicsread more
Gelson's, an upscale grocery store chain with 27 locations across Southern California, will sell 12-ounce packages of the Impossible Burger.Food & Beverageread more
"The market all of the sudden has broken out into a behavior that seems much more rational in September than it did in August," National Securities' Art Hogan says.Trading Nationread more
Huawei launched its Mate 30 smartphone lineup Thursday without pre-installed Google-licensed apps amid fallout from a U.S. blacklist earlier this year.Technologyread more
The Candytopia and Toys R Us partnership will open in late October in Chicago and Atlanta. The exhibits will stay open through the 2019 holidays, before moving on to different...Retailread more
Initially introduced in March 2018, the "Worker Dividend Act" requires firms to distribute the value of its stock buybacks dollar-for-dollar.2020 Electionsread more
A spokesperson for Sen. Mark Warner, D-Va., said he helped organize the dinner in D.C. at the request of Facebook.Technologyread more
The data pointed to strong labor market conditions that should continue to support a moderately growing economy.Economyread more
The Hong Kong stock exchange could find the London stock exchange "potentially unaffordable," according to one bank's chief strategist.
Hong Kong Exchanges and Clearing Limited (HKEX) said Wednesday it made a proposal to the board of London Stock Exchange Group (LSE) to "combine the two companies" in a deal which values the LSE at about £29.6 billion ($36.6 billion).
But the size of the deal also makes it "more expensive and potentially unaffordable" for the HKEX, Bank of Communications (BOCOM) International's Hao Hong told CNBC's "Squawk Box" on Thursday.
"It's not the cheapest deal," he said. "I think it could put this merger, if (it) goes through, to be ... one of the more expensive exchanges in the world."
"One would expect that the price tag could go up as negotiation progresses," Hong told CNBC by email, in response to a follow-up question. "The Hkex doesn't have any debt. It's unclear how willing the shareholders would be to assume more leverage to consummate the deal."
A spokesperson for HKEX told CNBC via email that the company believes the proposed transaction would be highly compelling for LSEG shareholders, as well as for HKEX shareholders.
"HKEX intends to continue its dividend policy of paying regular dividends with a normal target pay-out ratio of 90% of the profits of the combined group. Also, HKEX intends to apply for a secondary listing of HKEX shares on the London Stock Exchange with effect from completion of the Proposed Transaction," the spokesperson said.
HKEX proposed £20.45 a share in cash, as well as 2.495 newly issued HKEX shares. It said the deal would be funded by a combination of existing cash and a new credit facility.
It cautioned, however, that its statement to the market should be considered an announcement to make a possible offer, rather than as confirmation of a firm intention to bid.
Additionally, Hong said that the HKEX would have to meet "many conditions."
"It's a challenge for Charles, obviously," Hong said, referring to HKEX CEO Charles Li.
One of the biggest challenges HKEX would face is from LSE's recent $27 billion deal to acquire financial data services firm Refinitiv, said Hong.
The HKEX deal "was announced soon after the Refinitiv deal, so you know, there's quite a bit of legal complication and also political overlays on top of the deal in terms of the timing, because of the situation here in Hong Kong as well," Hong added, in reference to months of protests in the city.
For its part, the HKEX has said the proposed deal would only go ahead if LSE backs down from its plan to buy Refinitiv, while the London Stock Exchange said it was committed to and continued to make progress on the planned acquisition of the data firm.
If a deal was reached, however, there are potential benefits, Hong said.
It would allow for 18 continuous hours of trading, he said. Furthermore, he argued, each exchange brings its own strengths to the table.
"The London exchange is very strong at (fixed income, currencies and commodities) while ... Hong Kong is one of the biggest IPO markets in the world," Hong said.
— CNBC's David Reid contributed to this report.