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Hong Kong banks and brokers reported keen interest in the latest batch of Silver Bonds compared with last year after subscriptions opened on Monday.HSBC, the biggest of the city’s three currency-issuing banks, said application volumes and values were higher compared with the first day of sales last year.“The share of digital submission continues to grow,” a spokesperson said. “Separately, around 30 per cent of the applicants are new investors in the Silver Bonds programme with us.”Futu Securities reported a similar increase, noting that the number of customer inquiries at its branches had risen compared with last year.The Hong Kong government’s…

The US dollar rose slightly on Monday, as traders await the Federal Reserve’s monetary policy meeting, which is expected to shape the outlook for foreign exchange markets during the fourth quarter of the year.   At 04:10 a.m. Eastern Time (08:10 GMT), the US dollar index – which measures the performance of the US currency against a basket of six major currencies – rose by 0.1% to 97.175, after losing more than 10% since the beginning of the year.   The Federal Reserve in Focus   The Federal Reserve is set to conclude its two-day meeting on Wednesday, where it…

China’s swift recognition of Nepal’s interim government reflects Beijing’s interest in regional stability, according to analysts who said that the political transition was unlikely to have a significant impact on relations between the two countries.Karki is the first woman to hold the position as well as the first to serve as chief justice.The foreign ministry in Beijing congratulated her on Sunday, saying: “China and Nepal share a long-standing tradition of friendship. China, as always, respects the development path chosen independently by the people of Nepal.”It added that China was ready to work together with Nepal to advance exchanges and cooperation…

Chinese tech giant Xiaomi will skip directly to the Xiaomi 17 smartphone series after last year’s Xiaomi 15 line-up in a bold move to compete against Apple, which unveiled the iPhone 17 family last week.“The Xiaomi 17 series represents a generational leap in product capability,” said Lei Jun, the founder, chairman and CEO of Xiaomi, in a social media post on Monday. The new devices were “fully benchmarked against the iPhone and ready for head-to-head competition!” he added.Xiaomi has moved up the launch of its new series to later this month, compared with last year’s October unveiling of the Xiaomi…

Clover Pakistan Limited has announced that its Board of Directors has approved the acquisition of all Company Owned Company Operated (COCO) filling and service stations, including those under construction, from its parent company, Fossil Energy (Private) Limited (FEPL). “The transaction is subject to finalization of deal terms, transaction documents and obtaining of all requisite approvals, consents and authorizations,” the company announced this in a notice to the Pakistan Stock Exchange (PSX) today. It added that the acquisition is being undertaken in the ordinary course of business, on an arm’s length basis, and in accordance with industry practices. “The Board has…

China, which already boasts the world’s largest energy-storage capacity, is set to nearly double that level by 2027, with an anticipated investment of 250 billion yuan (US$35 billion), according to Beijing’s latest action plan.As outlined in the action plan, China’s “new-energy storage system” capacity – primarily based on lithium-ion batteries – is set to exceed 180 gigawatts within two years, up from 95GW as of June.Released jointly by the National Development and Reform Commission and the National Energy Administration (NEA) on Friday, the plan also aims to expand energy storage applications, encouraging projects in desert areas and retired coal-fired power…

China’s top internet regulator has rolled out new rules for the rapid reporting of cybersecurity breaches and major incidents involving critical information infrastructure.Network operators must report “particularly serious” cybersecurity incidents within one hour to relevant authorities, according to the draft regulation announced by the Cyberspace Administration of China on Monday.The measures are due to come into effect on November 1.This comes less than a week after Chinese cyber authorities fined fashion giant Dior’s Shanghai subsidiary for failing to comply with security requirements when transferring data overseas.The “national cybersecurity incident reporting management” measures include an incident classification guide with detailed definitions…

Gold prices declined in the European market on Monday at the beginning of the week’s trading, pressured by correction and profit-taking activity from record levels, in addition to the continued rebound of the US dollar in the foreign exchange market.   On Tuesday, the Federal Reserve’s key monetary policy meeting will begin, with decisions due on Wednesday. Expectations in global financial markets are currently stable around a 25 basis point interest rate cut by the Fed.   Gold prices today: prices fell by 0.45% to $3,626.69 an ounce, from the opening level of $3,642.72, and recorded a high of $3,646.94. …

Biotech exchange-traded funds (ETF) in Hong Kong are attracting local and global investors as Chinese pharmaceutical makers reap the dividends of research and development and narrow the gap with the US, according to China Asset Management (Hong Kong) (China AMC).With Hong Kong-traded Chinese stocks already enjoying a decent rally, investors were now looking for unique opportunities to beat the market, said Heidi Cai, head of international business at the asset manager.“Funds from the US are flowing into biotech names and tech names,” she said at a panel organised by the Hong Kong Investment Funds Association on Monday. “The main catalyst…

Biotech exchange-traded funds (ETF) in Hong Kong are attracting local and global investors as Chinese pharmaceutical makers reap the dividends of research and development and narrow the gap with the US, according to China Asset Management (Hong Kong) (China AMC).With Hong Kong-traded Chinese stocks already enjoying a decent rally, investors were now looking for unique opportunities to beat the market, said Heidi Cai, head of international business at the asset manager.“Funds from the US are flowing into biotech names and tech names,” she said at a panel organised by the Hong Kong Investment Funds Association on Monday. “The main catalyst…