Wednesday , March 29 2017
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Hong Kong

Hong Kong Customs seizes counterfeit shampoo


HONG KONG: Hong Kong Customs has seized more than 3,200 bottles of suspected counterfeit shampoo with an estimated market value of about HK$138,000. The seizures stemmed from an operation carried out between March 17 and 21 that came from a tip-off that the fakes were being sold in the marketplace. The bottles of suspected counterfeit shampoo were seized from three ... Read More »

Hong Kong’s trade rep touts it as an Asian gateway for Denver tech companies


HONG KONG: In recent years, Hong Kong has become an entrepreneur’s stomping ground, going from a few hundred startups to more than 2,000, Hong Kong’s trade representative to the United States says. Clement Leung, Hong Kong’s Washington, D.C.-based commissioner for economic and trade affairs/U.S., was in Denver last week on a three-day tour of the metro area which included meeting ... Read More »

HK exports rebound in January


HONG KONG: Hong Kong’s exports increased by 18.2 percent in February to HK$241.7 billion, following a 1.2 percent in January, while imports climbed by 25.4 percent to HK$298 billion following a 2.7 percent fall in January, Census and Statistics Department reported today. Re-exports increased by 18.4 percent to HK$238.9 billion in February, while domestic exports grew by 3.8 percent to ... Read More »

Hong Kong trade deficit widens in February


HONG KONG: Hong Kong’s foreign trade deficit increased notably in February from a year ago, as imports grew faster than exports, figures from the Census and Statistics Department showed Monday. The trade deficit widened to HK$56.3 billion in February from HK$33.1 billion in the corresponding month last year. In January, the shortfall was HK$12.3 billion. Economists had expected the deficit ... Read More »

Hong Kong developer NetDragon boosts revenues by 120% following strong mobile growth in 2016


HONG KONG: Hong Kong-based developer NetDragon has released its financials for Q4 FY16 and its full year financials for the year ending December 31st 2016. The company posted overall revenues of $359.6 million for the year, an impressive increase of 119.5% year-on-year. Gross profit for the year was up 66% to $204.7 million. Breaking this down, game revenues were $155.8 ... Read More »

HK-mainland trade slumps in first month


HONG KONG:  The Chinese mainland’s trade with Hong Kong totaled $19.81 billion in the first month of this year, down 18.8 percent year-on-year, according to the Ministry of Commerce. The value accounted for 6.3 percent of the mainland’s total overseas trade in January, the ministry’s figures show. The mainland’s exports to Hong Kong hit $19.24 billion, a decrease of 15.4 ... Read More »

Huishan Dairy sinks 85% in Hong Kong


HONG KONG: Shares of China Huishan Dairy Holdings Co sank by a record 85 per cent in Hong Kong before the company halted trading. The sudden crash wiped out about US$4.1 billion in market value in the stock, which was the worst performer on the MSCI China Index. A record 779 million shares in the company changed hands, the most ... Read More »

Hong Kong Customs combats unfair trade practices at wedding Service Company

hk customs

HONG KONG: Hong Kong Customs yesterday (March 22) arrested a male director of a wedding service company suspected to have wrongly accepted payment, in contravention of the Trade Descriptions Ordinance (TDO). Customs earlier received information alleging that the wedding service company failed to provide relevant services to its customers, who had procured makeup service and tailor-made service for wedding apparel. ... Read More »

Smuggler from Hong Kong with 1,000 diamonds in his shoes trips up at Shenzhen border


HONG KONG: A smuggler keen to evade taxes in mainland China tried to hotfoot it through a Shenzhen immigration control point by stuffing his shoes full of 1,000 diamonds. But customs officials were on their toes and became suspicious when they saw him walking on tiptoe. They pulled him over for an inspection and found the booty under his insoles. ... Read More »

Hong Kong Customs combats sale of counterfeit shampoos


HONG KONG: Hong Kong Customs conducted an operation between March 17 and 21 to combat the sale of counterfeit shampoos. More than 3 200 bottles of suspected counterfeit shampoos with an estimated market value of about $138,000 were seized. Customs earlier received information alleging the sale of suspected counterfeit shampoos in the market. After investigation, Customs officers took enforcement action ... Read More »

Hong Kong customs set to charge shipping company and captain over transport of Singapore military vehicles without licence


HONG KONG: Hong Kong customs is likely to press charges against the shipping company and the captain of the container ship which transported nine Singapore military vehicles into the city from Taiwan in November without a required licence. Shipping company APL is expected to be issued with a summons while the captain of the container ship is to be charged ... Read More »

Hong Kong signs AEOI pacts with Belgium, Canada, Guernsey, Italy, Mexico and Netherlands


HONG KONG: Hong Kong signed treaties with six countries on March 16 for the automatic exchange of financial account information (AEOI) in tax matters. Belgium, Canada, Guernsey, Italy, Mexico, and the Netherlands, signed the agreements with Hong Kong, which are designed to prevent tax evasion and avoidance. “We have been seeking to expand Hong Kong’s AEOI network with our tax ... Read More »

Hong Kong shares hit a 19-month high as energy stocks surge

hong kong

HONG KONG: Hong Kong stocks powered to 19-month closing highs on Monday, as surges in energy and tech shares helped sustain optimism sparked last week by belief the Federal Reserve won’t raise US interest rates too aggressively this year. But an index tracking mainland properties tumbled, after China stepped up real estate curbs in a number of cities, and vowed ... Read More »

Cathay Pacific plans staff cuts at HK office


HONG KONG: Cathay Pacific Airways plans to cut the cost of middle and senior management roles at its Hong Kong head office by 30 per cent, according to an internal memo a day after the airline reported its first annual loss since 2008. Shares in Cathay Pacific jumped by as much as 2.5 per cent on Friday, with analysts saying ... Read More »

Hong Kong luxury retailer flags turnaround signs

Germany-Switzerland sign arbitration agreement for tax disputes

HONG KONG: Spring might have come for Emperor Watch and Jewellery, as the Hong Kong-based luxury retailer reported a surprise turnaround in second-half profits following steep rental cuts and the return of mainland Chinese tourists to the territory. Majority controlled by the family of Hong Kong entertainment mogul Albert Yeung Sau-shing, Emperor is a retailer of European-made watches and jewelry ... Read More »

Hong Kong central bank raises interest rates after Fed move

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HONG KONG: Hong Kong’s central bank raised its benchmark interest rate by a quarter point for the second time in three months on Thursday, following a similar move by the U.S. Federal Reserve and said capital outflows will not pose challenges for the economy. While the Fed’s move was widely anticipated, economists said the future path for tightening would be ... Read More »

Hong Kong carrier Cathay Pacific swings to US$74m loss


HONG KONG: Hong Kong’s troubled flagship airline Cathay Pacific on Wednesday (Mar 15) posted its first annual loss since the height of the financial crisis as it was hit by “intense competition” and a drop in demand from business travellers. The firm is struggling despite an expansion of international air travel in the region as lower cost carriers, particularly from ... Read More »

Hong Kong Stocks edge lower ahead of Fed decision


HONG KONG: Hong Kong shares eased on Wednesday, with investors focussed on what the Federal Reserve will say about tightening monetary policy during the rest of the year with markets already pricing in an immediate rise in US interest rates. The Hang Seng index fell 0.2 per cent, to 23,792.85 points. The China Enterprises Index lost 0.4 per cent to ... Read More »

Hong Kong shares fluctuate ahead of Federal Reserve’s interest rate


HONG KONG: Hong Kong shares fluctuated Tuesday morning as gains by mainland companies on upbeat Chinese factory data were tempered by caution ahead of the U.S. Federal Reserve’s interest rate decision. The Hang Seng Index was up less than 0.1% to 23,842.39 at midday after changing direction at least six times. China Construction Bank (CCB) and Industrial and Commercial Bank ... Read More »

AIA Group shares fall 2.8% on news of CEO Mark Tucker’s departure


HONG KONG: Insurer AIA Group shares fell 2.8 per cent on Monday morning (March 13) in Hong Kong as investors digested the news that chief executive Mark Tucker will be retiring in September after what was regarded as a stellar seven-year stint at the helm. A one-time professional footballer who has held several leadership jobs including running Britain’s Prudential, Mr ... Read More »