HK urged to chase long-term 'patient capital'
Hong Kong should go after money that stays put, not cash that flees at the first wobble, the Financial Services Development Council said on Wednesday, in a push to tighten the city's hold as Asia's wealth-management hub. The council has set out ways in a new report to attract this “patient capital” from pension funds and insurers at home, on the mainland and overseas. The council's Vice-Chairman, Ding Chen, said the report aims to turn Hong Kong into a long-term capital hub. "The central objective of this report is to make Hong Kong not only a place where capital is raised, and traded, but also place where capital is managed, invested, and reinvested over a longer period of time," she said. The report says there should be more products investors can buy, including bonds and a wider range of stocks, with tighter risk controls. It also calls for more cross-border channels, especially for pensions and insurance. Rocky Tung, the council's executive director, said this stickier money could be "the stabilising force" amid market swings, which supports new financial products and backs growth that lasts. "There is a lot of investment coming in and out of a market or an economy, and they are...
Read full articleMore News
Law on 'holiday hunger' passed by Stormont assembly
A majority of 49 to 24 assembly members backed the legislation, which was proposed by Sinn Féin's Danny Baker and welcomed by some parents and charities.
Who Is Alice Huang, the Woman in the Middle of Nvidia’s Spy Scandal?
Alice Huang, who U.S. intelligence determined is a Chinese asset, emerged from the high-flying world of Shanghai finance to work with tech titans and obtain essential A.I. chips.
Nvidia Hires Wachtell Lipton to Investigate CEO Jensen Huang’s Affair With Chinese Executive
Wachtell partner Joon H. Kim, a former acting U.S. attorney, is leading the inquiry into the chip maker’s chief executive.
Weil Gotshal Partners Vote to Shut Down After Nearly a Century
The large law firm, known for its powerful bankruptcy practice, started coming apart as prominent partners moved to other firms.
Claude chatbot maker set for $1.3tn stock market debut despite 'catastrophic' AI warning
The AI company behind the Claude chatbot will offer its shares at between $70 and $78, which is lower than what was expected.
Anthropic Targets Valuation of Up to $1.4 Trillion for Blockbuster I.P.O.
The A.I. company’s pricing would make it one of the biggest ever public listings. It comes at a volatile moment in markets, with investors questioning the sustainability of the A.I. boom.
Data Show Households Still Managing to Meet Their Monthly Debts
The New York Fed detailed general steadiness in debt payments for autos, student loans and mortgages.
Kim Kardashian's Skims offers refunds for $148 advent calendar after backlash
The contents of the calendar, including hair clips and keychains, have been widely criticised on social media.
Some pupils 'struggling just to get a hot meal'
Students speak out as school dinner prices are set to increase for the second time in a year.
This Law Firm Just Bought Malpractice Insurance for its A.I. Agents
The move by Crosby, an A.I. law firm, speaks to a nascent gap in coverage as major insurers grapple with risks related to artificial intelligence.
Thousands of 'off-grid' homes eligible for £250 to help with heating bills
Households dependent on either heating oil or LPG and are eligible for reduced council tax will benefit.
Failure of California Billionaire Tax Strikes Blow to Progressive Agenda
A wealth tax on billionaires seemed like a political layup. The outcome of a California ballot initiative shows otherwise.