China is on the brink of an all-out spy war with the United States as its top spy agency slammed the CIA for branding Beijing as the top challenge facing the United States. The Ministry…
FINANCE
Huaxia Bank reports 5.3 pct growth in 2023 net profits
BEIJING, Feb. 22 (Xinhua) — Mid-size Chinese lender Huaxia Bank reported steady growth in net profits last year. The bank raked in 26.36 billion yuan (3.71 billion U.S. dollars) in net profits, up …
Could China’s economy-boosting infrastructure plans throw a contradictory monkey wrench in the works?
China’s Ministry of Finance said in November that the outstanding debt held by local governments had reached a record high in October, surpassing 40 trillion yuan. The previous record high was about …
Giant leak reveals Chinese infosec vendor I-Soon is one of Beijing’s cyber-attackers for hire
Other material appears to see I-Soon bid for work in Xinjiang – a province in which Beijing persecutes the Muslim Uyghur population … devices I-Soon employs – including a poisoned power bank that …
HSBC suffers $3bn hit to China operations amid property crisis
HSBC suffered a sharp slide in quarterly profits in the final three months of 2023 after a series of “messy” financial hits, including a $3bn (£2.4bn) hit to its China division. The slowdown across …
China Deals $3 Billion Blow to HSBC
LONDON—HSBC bet big on China to fuel its growth, a move that has now come back to bite it. The banking giant said it lost $153 million in the final three months of last year,…
HSBC’s shares slide as $3 billion China bank hit mars record profit
HSBC Holdings on Wednesday reported a shock $3 billion charge on its stake in a Chinese bank amid mounting bad loans in the country, sending the British bank’s shares plunging and taking the shine off…
China Slowdown Deals $3 Billion Blow to HSBC
LONDON—HSBC bet big on China to fuel its growth, a move that has now come back to bite it. The banking giant said it lost $153 million in the final three months of last year,…
HSBC shares dive after $3 billion writedown of China bank stake
HSBC led the London market lower on Wednesday after a $3 billion hit to its operations in China saw the banking giant’s quarterly profits dive 80%. HSBC also said it would also add $200 million…
‘Deeply sorry’: China hedge fund apologises after trading ban for ‘market disruption’ in first punishment since Beijing’s vow to stem stock rout
An award-winning Chinese quant hedge fund has apologised to markt authorities and investors, after being punished with a trading ban for dumping stocks on local bourses, the first known case since the …
HSBC’s Q4-23 profit down 80% after taking $3b charge on its China bank stake
While rising interest rates globally boosted HSBC’s full-year earnings to a record, the bank has faced headwinds over the past year in China, one of its key growth markets. The ongoing real estate …
Russian media: China’s 3 biggest banks stop accepting payments from sanctioned Russian institutions
The restrictions have been introduced by the Industrial and Commercial Bank of China (ICBC), the China Construction Bank (CCB), and the Bank of China, the Russian state news outlet Izvestiya said.
Bank of East Asia cut its exposure to China’s troubled commercial property sector last year
Hong Kong’s largest family-owned lender said its non-performing loans in mainland China dropped by 0.47 percentage points to 2.68 per cent at the end of 2023 compared with the first half, as its …
