Hong Kong accountants join protests, but they’re ‘civilized and calm’

Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended extradition bill. “It’s time for us to stage a really civilized and calm march in the central business district to show that we’re still not happy with how the whole issue has been handled, and (the) government has to respond positively to the demands of the people,” Hong Kong legislator, Kenneth Leung, told CNBC on Friday, a


Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended extradition bill. “It’s time for us to stage a really civilized and calm march in the central business district to show that we’re still not happy with how the whole issue has been handled, and (the) government has to respond positively to the demands of the people,” Hong Kong legislator, Kenneth Leung, told CNBC on Friday, a
Hong Kong accountants join protests, but they’re ‘civilized and calm’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: stella soon
Keywords: news, cnbc, companies, kong, central, civilized, protests, district, theyre, accountants, join, told, territory, demands, hong, withdrawal, took, calm, systems


Hong Kong accountants join protests, but they're 'civilized and calm'

Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended extradition bill.

“It’s time for us to stage a really civilized and calm march in the central business district to show that we’re still not happy with how the whole issue has been handled, and (the) government has to respond positively to the demands of the people,” Hong Kong legislator, Kenneth Leung, told CNBC on Friday, ahead of the march.

The march was set to take place from Chater Garden, in the central district of Hong Kong, to the central government office.

Hong Kong was a British colony until 1997, when it became a special administrative region of China under the “one country, two systems” framework which allows the territory a certain degree of legal and economic autonomy.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: stella soon
Keywords: news, cnbc, companies, kong, central, civilized, protests, district, theyre, accountants, join, told, territory, demands, hong, withdrawal, took, calm, systems


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Google shutters more than 200 YouTube channels amid Hong Kong protests

Pompeo says the US message on Huawei is clear. Trump’s words say…U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade…Technologyread more


Pompeo says the US message on Huawei is clear. Trump’s words say…U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade…Technologyread more
Google shutters more than 200 YouTube channels amid Hong Kong protests Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: jennifer elias
Keywords: news, cnbc, companies, words, kong, google, trumps, protests, huawei, tradetechnologyread, channels, secretary, youtube, wanzhou, 200, shutters, mike, hong, amid, state, pompeo, sayus


Google shutters more than 200 YouTube channels amid Hong Kong protests

Pompeo says the US message on Huawei is clear. Trump’s words say…

U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade…

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: jennifer elias
Keywords: news, cnbc, companies, words, kong, google, trumps, protests, huawei, tradetechnologyread, channels, secretary, youtube, wanzhou, 200, shutters, mike, hong, amid, state, pompeo, sayus


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Mike Pompeo says ‘something like Tiananmen Square’ in Hong Kong would make a US-China trade deal ‘more difficult’

It would be “more difficult” to reach a trade deal if the protests end “in a way that there was violence — the president said something like Tiananmen Square,” Pompeo said in an interview on “Squawk Box. ” He was referring to the 1989 student-led demonstrations in Beijing’s Tiananmen Square, which ended in mass bloodshed after government-deployed soldiers and tanks and fired on those protesters. “I hope that the trade negotiations move forward, and I hope that Hong Kong is resolved in a peaceful


It would be “more difficult” to reach a trade deal if the protests end “in a way that there was violence — the president said something like Tiananmen Square,” Pompeo said in an interview on “Squawk Box. ” He was referring to the 1989 student-led demonstrations in Beijing’s Tiananmen Square, which ended in mass bloodshed after government-deployed soldiers and tanks and fired on those protesters. “I hope that the trade negotiations move forward, and I hope that Hong Kong is resolved in a peaceful
Mike Pompeo says ‘something like Tiananmen Square’ in Hong Kong would make a US-China trade deal ‘more difficult’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: kevin breuninger
Keywords: news, cnbc, companies, trade, difficult, square, tariffs, tiananmen, deal, pompeo, beijing, hong, mike, kong, china, uschina, protests


Mike Pompeo says 'something like Tiananmen Square' in Hong Kong would make a US-China trade deal 'more difficult'

A trade deal between the U.S. and China would be less likely if President Xi Jinping’s government cracks down violently on the large-scale protests in Hong Kong, Secretary of State Mike Pompeo told CNBC on Tuesday.

It would be “more difficult” to reach a trade deal if the protests end “in a way that there was violence — the president said something like Tiananmen Square,” Pompeo said in an interview on “Squawk Box. ”

He was referring to the 1989 student-led demonstrations in Beijing’s Tiananmen Square, which ended in mass bloodshed after government-deployed soldiers and tanks and fired on those protesters.

“I hope that the trade negotiations move forward, and I hope that Hong Kong is resolved in a peaceful way. Those would be the best outcomes for both China and the United States,” Pompeo said.

Hong Kong has for weeks been roiled by massive protests that have resulted in tense clashes with police.

The protests stemmed from opposition to an extradition bill that critics say would have given Beijing undue control over Hong Kong. But after the bill was suspended, the scope of the protest movement expanded to encompass issues of civil rights and democracy. When Britain handed over Hong Kong to China in 1997, Beijing promised that Hong Kong’s economic and political systems would not be changed for 50 years.

Over the weekend, President Donald Trump said that a trade deal “would be very hard” to do “if they do violence. If it’s another Tiananmen Square … I think it’s a very hard thing to do if there’s violence.”

Republican and Democratic lawmakers alike have come out in support of the protesters. But the movement against Chinese interference complicates the political landscape for Trump, who has sought a trade deal with Beijing that addresses issues such as trade deficits, the alleged theft of intellectual property and forced technology transfers.

Even without factoring in Hong Kong’s impact on negotiations, the trade war between the two economic superpowers has shown little sign of slowing down. The U.S. has imposed 25% tariffs on about $250 billion worth of Chinese imports, while Beijing has responded with its own tariffs on $110 billion in U.S. goods.

Despite the White House’s decision last week to delay some new tariffs on Chinese goods to spare American holiday shoppers, billions in that country’s imports will be taxed on Sept. 1. The rest of that round of tariffs, which will cover roughly the remaining $300 billion in goods bought from China, are slated to go into effect Dec. 15.

China had initially responded to the prospect of new tariffs by announcing that it would no longer buy U.S. agricultural products. The U.S. then labeled China a currency manipulator.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: kevin breuninger
Keywords: news, cnbc, companies, trade, difficult, square, tariffs, tiananmen, deal, pompeo, beijing, hong, mike, kong, china, uschina, protests


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Luxury brands must now show they are ‘good Chinese citizens’ after T-shirt territory anger, expert says

Western luxury labels will need to demonstrate that they are good Chinese citizens in the face of territorial sensitivities, according to an expert on branding in the region. The apologies came as protests in Hong Kong snowballed into a broader pro-democracy movement, with some activists even demanding full autonomy from Beijing. Wolf added that luxury brands have a difficult balance to make in appealing to consumers, regardless of where they live or their cultural preferences. Jackson Yee, a si


Western luxury labels will need to demonstrate that they are good Chinese citizens in the face of territorial sensitivities, according to an expert on branding in the region. The apologies came as protests in Hong Kong snowballed into a broader pro-democracy movement, with some activists even demanding full autonomy from Beijing. Wolf added that luxury brands have a difficult balance to make in appealing to consumers, regardless of where they live or their cultural preferences. Jackson Yee, a si
Luxury brands must now show they are ‘good Chinese citizens’ after T-shirt territory anger, expert says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: lucy handley
Keywords: news, cnbc, companies, territory, kong, territorial, chinese, citizens, anger, hong, brands, luxury, world, expert, brand, tshirt, good, wolf, china


Luxury brands must now show they are 'good Chinese citizens' after T-shirt territory anger, expert says

Western luxury labels will need to demonstrate that they are good Chinese citizens in the face of territorial sensitivities, according to an expert on branding in the region.

Fashion brands including Givenchy, Coach and Versace apologized last week when some Chinese social media stars canceled their endorsement deals after text on some of their T-shirts suggested that places such as Hong Kong are separate countries from mainland China.

The apologies came as protests in Hong Kong snowballed into a broader pro-democracy movement, with some activists even demanding full autonomy from Beijing.

But David Wolf, a partner at Allison + Partners who helps multinational companies expand into China, warned that apologies from the luxury brands may not be enough for Chinese people who have “deep patriotic pride.”

“The more sensitive this whole territorial issue becomes, the more challenging the trade issues become between China and the rest of the world, the more that these brands are going to have to kowtow, if you will, and so they should be thinking very creatively about what they can do to demonstrate that they’re good, if you will, Chinese citizens, without at the same time alienating some of their other audiences in territories elsewhere in the world,” he told CNBC by phone.

Wolf added that luxury brands have a difficult balance to make in appealing to consumers, regardless of where they live or their cultural preferences. “It is extraordinarily difficult for these brands to do two things at once, which is first to understand what those sensitivities are, cultural and political around the world, to tiptoe around all those, and at the same time maintain the edginess that’s required of a fashion brand. That’s a very hard road to walk.”

Along with apologizing, Wolf said the fashion labels should “do something to visibly make amends” in the coming fashion season.

Chinese supermodel Liu Wen, a brand ambassador for Coach, owned by Tapestry, said on Weibo she had severed her endorsement deal with the American brand over a T-shirt, which listed Taiwan as a country. Jackson Yee, a singer with Chinese boy band TFBoys, said he was no longer working with Givenchy, the LVMH-owned brand, after one of the band’s world tour T-shirts referred to “Hong Kong, Hong Kong,” and “Macau, Macau.”

Wolf suggested that the Chinese brand ambassadors were also protecting themselves.

“These spokespeople, if they want to continue operating in China, they want to maintain themselves in the good graces of the Chinese government … so they have to make sure that they’re not associated with brands that take lightly issues that China takes seriously, like territorial integrity,” Wolf said.


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: lucy handley
Keywords: news, cnbc, companies, territory, kong, territorial, chinese, citizens, anger, hong, brands, luxury, world, expert, brand, tshirt, good, wolf, china


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Cathay’s ‘unusual position’ makes it ‘vulnerable to pressure’ from Beijing, analyst says

Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. The company was recently caught in the Hong Kong protests, where staff reportedly took part in the pro-democracy rallies that have enraged Beijing. Innes-Ker said “companies may find that their employees’ activism turns into a political risk in mainland China, if this campaigning becomes associated with the firm’s brand.” “There are a lot of things within China t


Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. The company was recently caught in the Hong Kong protests, where staff reportedly took part in the pro-democracy rallies that have enraged Beijing. Innes-Ker said “companies may find that their employees’ activism turns into a political risk in mainland China, if this campaigning becomes associated with the firm’s brand.” “There are a lot of things within China t
Cathay’s ‘unusual position’ makes it ‘vulnerable to pressure’ from Beijing, analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: grace shao
Keywords: news, cnbc, companies, vulnerable, kong, airline, position, analyst, chinese, political, hong, pressure, mainland, makes, resignation, beijing, protests, unusual, cathays, risk, china


Cathay's 'unusual position' makes it 'vulnerable to pressure' from Beijing, analyst says

Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. 13, 2019. The airline announced Hogg’s resignation on Mar.16. Bloomberg | Bloomberg | Getty Images

Cathay Pacific’s CEO Rupert Hogg officially stepped down on Monday amid what the company called “challenging weeks for the airline.” The company was recently caught in the Hong Kong protests, where staff reportedly took part in the pro-democracy rallies that have enraged Beijing. Hogg’s sudden resignation was announced days after China’s Civil Aviation Administration issued a “major aviation safety risk warning” to the airline. Hong Kong, a special administrative region of China, has seen more than 11 weeks of protests over a now-suspended extradition bill that would have allowed people in the territory to be sent to the mainland for trial.

Most firms in Hong Kong that engage in business with mainland China know that there is always a degree of political risk that needs to be navigated. Duncan Innes-Ker The Economist Intelligence Unit

In a statement released Friday, the company said it remains fully committed to Hong Kong under the principle of “One Country, Two Systems” — which allows the territory a certain degree of legal and economic autonomy.

Cathay’s close China links

Two of the airline’s largest shareholders are Swire Group — a Hong Kong and London-based diversified conglomerate that owns 45% of the airline — and Air China, a Chinese state-owned air carrier group which owns 22.65% of Cathay, according to data provided by Refinitiv. Hogg’s sudden resignation is a special case on its own, said Duncan Innes-Ker, regional director for Asia at The Economist Intelligence Unit. “Cathay is in a slightly unusual position in that a large Chinese (state-owned enterprise) has a significant stake in its share ownership,” Innes-Ker said. “Companies that have an SOE as an equity partner are likely to be especially vulnerable to pressure from the Chinese authorities. Cathay’s China routes are also crucial to its business model and future growth, so this makes it doubly susceptible,” he told CNBC. He explained that “most firms in Hong Kong that engage in business with mainland China know that there is always a degree of political risk that needs to be navigated.”

Innes-Ker said “companies may find that their employees’ activism turns into a political risk in mainland China, if this campaigning becomes associated with the firm’s brand.” Just over a week ago, the airline said employees who “support or take part in illegal protests, violent actions, or overly radical behaviour” would be barred from crewing flights to mainland China. The airline also fired two pilots over their involvement in the protests.

External pressure from Beijing

Since the former British colony was handed over to Beijing in 1997, China has very much recognized it needs Hong Kong, David Dodwell, executive director at HK-APEC Trade Policy Group told CNBC in early August. That was especially true when China was still opening up to the rest of the world, he said at that time. “There are a lot of things within China that can’t be done in China, and Hong Kong is indispensable for that,” Dodwell said. The city is not just a financial capital but also an important “headquarter capital, ” he added, explaining that many Chinese and foreign companies use Hong Kong as their headquarters because of the array of services the city offers.

Protesters take part in a rally against extradition bill on July 1, 2019 in Hong Kong, China. Billy H.C. Kwok | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: grace shao
Keywords: news, cnbc, companies, vulnerable, kong, airline, position, analyst, chinese, political, hong, pressure, mainland, makes, resignation, beijing, protests, unusual, cathays, risk, china


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Cathay Pacific Airways CEO resigns, the airline’s board blames ‘recent events’

Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. The CEO of Hong Kong airline Cathay Pacific, Rupert Hogg, is to step down as the company’s leader “in view of recent events.” The airline has been under huge political pressure from Beijing after one of its pilots was found to have taken part in the ongoing protests in Hong Kong. In a statement to the Hong Kong Stock Exchange on Friday, Cathay Pacific’s board con


Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. The CEO of Hong Kong airline Cathay Pacific, Rupert Hogg, is to step down as the company’s leader “in view of recent events.” The airline has been under huge political pressure from Beijing after one of its pilots was found to have taken part in the ongoing protests in Hong Kong. In a statement to the Hong Kong Stock Exchange on Friday, Cathay Pacific’s board con
Cathay Pacific Airways CEO resigns, the airline’s board blames ‘recent events’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: david reid
Keywords: news, cnbc, companies, events, kong, cathay, hong, confirmed, pacific, resigns, airline, view, step, ceo, statement, recent, hogg, board, airlines, blames, airways


Cathay Pacific Airways CEO resigns, the airline's board blames 'recent events'

Rupert Hogg, chief executive officer of Cathay Pacific Airways Ltd., attends a news conference in Hong Kong, China, on Wednesday, Mar. 13, 2019. The airline announced Hogg’s resignation on Mar.16.

The CEO of Hong Kong airline Cathay Pacific, Rupert Hogg, is to step down as the company’s leader “in view of recent events.”

The airline has been under huge political pressure from Beijing after one of its pilots was found to have taken part in the ongoing protests in Hong Kong. Another pilot was then said to have misused company information related to the protests. Both were subsequently sacked by the airline.

In a statement to the Hong Kong Stock Exchange on Friday, Cathay Pacific’s board confirmed that Hogg would step down as CEO despite there not being any matter that shareholders needed to be made aware of.

“He has also confirmed that he has resigned to take responsibility as a leader of the Company in view of recent events and that he is not aware of any disagreement with the Board,” added the statement.

From Monday, Hogg will be replaced by Augustus Tang. The airline also confirmed that Paul Loo has resigned as an Executive Director and Chief Customer and Commercial Officer and, on Monday, will be replaced by Ronald Lam.

In a separate statement issued by the airline, outgoing CEO Hogg said: “These have been challenging weeks for the airline and it is right that Paul and I take responsibility as leaders of the company.”

Cathay’s chairman, John Slosar, added that it was time to put “a new management team in place who can reset confidence”.


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: david reid
Keywords: news, cnbc, companies, events, kong, cathay, hong, confirmed, pacific, resigns, airline, view, step, ceo, statement, recent, hogg, board, airlines, blames, airways


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Hong Kong protests will be ‘settled or crushed’ ahead of China national celebrations, analyst says

The months-long protests in Hong Kong could come to an end soon, according to strategist David Roche, who said they will “be settled or crushed” before October 1 — the 70th anniversary of China’s National Day. The way China responds to the situation in the city is crucial in determining how markets and U.S.-China trade talks will be affected, he told CNBC on Friday. In fact, the politics go hand in hand with the Chinese economy, Roche said. “I don’t accept this will be a small scale problem in a


The months-long protests in Hong Kong could come to an end soon, according to strategist David Roche, who said they will “be settled or crushed” before October 1 — the 70th anniversary of China’s National Day. The way China responds to the situation in the city is crucial in determining how markets and U.S.-China trade talks will be affected, he told CNBC on Friday. In fact, the politics go hand in hand with the Chinese economy, Roche said. “I don’t accept this will be a small scale problem in a
Hong Kong protests will be ‘settled or crushed’ ahead of China national celebrations, analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: grace shao
Keywords: news, cnbc, companies, kong, roche, economy, hong, beijing, dont, national, settled, analyst, hand, celebrations, china, protests, crushed, ahead, trade, talks


Hong Kong protests will be 'settled or crushed' ahead of China national celebrations, analyst says

The months-long protests in Hong Kong could come to an end soon, according to strategist David Roche, who said they will “be settled or crushed” before October 1 — the 70th anniversary of China’s National Day.

The way China responds to the situation in the city is crucial in determining how markets and U.S.-China trade talks will be affected, he told CNBC on Friday.

In fact, the politics go hand in hand with the Chinese economy, Roche said.

“I don’t accept this will be a small scale problem in a larger China economy. The reason I don’t is because I believe any intervention (from Beijing) to Hong Kong will be immediately, umbilically, linked to what happens to trade talks and international relations globally,” said Roche, who is president at research and investment consulting firm Independent Strategy.

Roche said “Beijing has to weigh in on two things: the political and economic cause.”


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: grace shao
Keywords: news, cnbc, companies, kong, roche, economy, hong, beijing, dont, national, settled, analyst, hand, celebrations, china, protests, crushed, ahead, trade, talks


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Trump clarifies ‘personal meeting’ tweet, suggests Xi should meet Hong Kong protesters

President Donald Trump on Thursday said he has “no doubt” that Chinese President Xi Jinping could bring an end to the unrest in Hong Kong by meeting face to face with the protesters. Trump said this in a tweet Thursday morning, less than a day after he first appeared to propose that a “personal meeting” between himself and Xi could bring a speedy end to “the Hong Kong problem. ” All aspects of the U.S.-China relationship have come under intense scrutiny, as the escalating trade war between Beiji


President Donald Trump on Thursday said he has “no doubt” that Chinese President Xi Jinping could bring an end to the unrest in Hong Kong by meeting face to face with the protesters. Trump said this in a tweet Thursday morning, less than a day after he first appeared to propose that a “personal meeting” between himself and Xi could bring a speedy end to “the Hong Kong problem. ” All aspects of the U.S.-China relationship have come under intense scrutiny, as the escalating trade war between Beiji
Trump clarifies ‘personal meeting’ tweet, suggests Xi should meet Hong Kong protesters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: kevin breuninger
Keywords: news, cnbc, companies, suggests, end, washington, clarifies, meet, chinese, personal, meeting, president, hong, kong, xi, trump, face, protesters, bring


Trump clarifies 'personal meeting' tweet, suggests Xi should meet Hong Kong protesters

President Donald Trump on Thursday said he has “no doubt” that Chinese President Xi Jinping could bring an end to the unrest in Hong Kong by meeting face to face with the protesters.

Trump said this in a tweet Thursday morning, less than a day after he first appeared to propose that a “personal meeting” between himself and Xi could bring a speedy end to “the Hong Kong problem. ”

All aspects of the U.S.-China relationship have come under intense scrutiny, as the escalating trade war between Beijing and Washington roils global markets and tensions ratchet up between mainland China and protesters in semiautonomous Hong Kong.

Trump has been criticized for taking an ambiguous stance on the Chinese government’s action in Hong Kong, where hundreds of thousands of people have taken to the streets originally to protest a divisive extradition bill supported by Beijing.

Fights have erupted at the protests, and the threat of increased violence has hovered over the demonstrations, which included storming government buildings and occupying the city’s airport.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: kevin breuninger
Keywords: news, cnbc, companies, suggests, end, washington, clarifies, meet, chinese, personal, meeting, president, hong, kong, xi, trump, face, protesters, bring


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Asia Pacific stocks edge up as US announces some tariff delays

Stocks in Asia Pacific edged up on Wednesday as the U.S. announced a delay in the implementation of tariffs on some Chinese goods. Meanwhile, the Hang Seng index in Hong Kong was fractionally lower, as of its final hour of trading. Tensions in Hong Kong remained high after the city’s airport saw disruptions for a second day on Tuesday as a result of protests. “We are advising client(s) to cut their exposure towards Hong Kong equity markets and move towards more South Asia markets like Indonesia,


Stocks in Asia Pacific edged up on Wednesday as the U.S. announced a delay in the implementation of tariffs on some Chinese goods. Meanwhile, the Hang Seng index in Hong Kong was fractionally lower, as of its final hour of trading. Tensions in Hong Kong remained high after the city’s airport saw disruptions for a second day on Tuesday as a result of protests. “We are advising client(s) to cut their exposure towards Hong Kong equity markets and move towards more South Asia markets like Indonesia,
Asia Pacific stocks edge up as US announces some tariff delays Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: eustance huang
Keywords: news, cnbc, companies, rose, day, index, markets, pacific, way, trading, asia, edge, tariff, kong, delays, tariffs, hong, stocks, announces


Asia Pacific stocks edge up as US announces some tariff delays

Stocks in Asia Pacific edged up on Wednesday as the U.S. announced a delay in the implementation of tariffs on some Chinese goods.

Shares in mainland China rose on the day, with the Shanghai composite gaining 0.42% to 2,808.91 and the Shenzhen component adding 0.72% to 8,966.47. The Shenzhen composite also advanced 0.692% to 1,509.00.

The United States Trade Representative announced Tuesday certain products are being removed from the tariff list and will not face additional tariffs of 10%. Other tariffs will be delayed to Dec. 15 for certain goods, it said.

“A cynical view then is that the delay is purely for political timing rather than a more substantive change in the US’ approach to the US-China relationship,” Tapas Strickland, an economist at National Australia Bank, wrote in a note.

“Overall a high degree of (skepticism) should remain and an imminent deal is unlikely given Trump has foreshadowed he is going to be campaigning hard on the issue in the 2020 election,” Strickland said.

Meanwhile, the Hang Seng index in Hong Kong was fractionally lower, as of its final hour of trading. Tensions in Hong Kong remained high after the city’s airport saw disruptions for a second day on Tuesday as a result of protests.

“In the near term, Hong Kong police might take tougher action and China might be looking to resolve this issue one way or the other way, which is going to be negative for the markets,” Suresh Tantia, senior investment strategist at the Credit Suisse APAC CIO office, told CNBC’s “Street Signs” on Wednesday.

“We are advising client(s) to cut their exposure towards Hong Kong equity markets and move towards more South Asia markets like Indonesia,” Tantia said.

Elsewhere, Japan’s Nikkei 225 rose 0.98% to close at 20,655.13, while the Topix index also advanced 0.87% to end its trading day at 1,499.50.

Over in South Korea, the Kospi gained 0.65% to close at 1,938.37, Australia’s S&P/ASX 200 also rose 0.42% on the day to 6,595.90.

Overall, the MSCI Asia ex-Japan index added 0.62%.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: eustance huang
Keywords: news, cnbc, companies, rose, day, index, markets, pacific, way, trading, asia, edge, tariff, kong, delays, tariffs, hong, stocks, announces


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Global firms are sounding the alarm as escalating Hong Kong protests deal a ‘serious blow’ to the city’s outlook

Protesters walk on a highway near Hong Kong’s international airport following a protest on August 12, 2019. The territory’s chief executive, Carrie Lam, added the violence was pushing Hong Kong “down a path of no return.” Traders have punished the city’s stocks in turn, sending Hong Kong’s stock market to a seven-month low on Tuesday. The iShares MSCI Hong Kong ETF — which closely tracks Hong Kong shares — has plunged 10% over the past six months. Hong Kong officials, meanwhile, have cautioned t


Protesters walk on a highway near Hong Kong’s international airport following a protest on August 12, 2019. The territory’s chief executive, Carrie Lam, added the violence was pushing Hong Kong “down a path of no return.” Traders have punished the city’s stocks in turn, sending Hong Kong’s stock market to a seven-month low on Tuesday. The iShares MSCI Hong Kong ETF — which closely tracks Hong Kong shares — has plunged 10% over the past six months. Hong Kong officials, meanwhile, have cautioned t
Global firms are sounding the alarm as escalating Hong Kong protests deal a ‘serious blow’ to the city’s outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jr reed
Keywords: news, cnbc, companies, outlook, kongs, sounding, protests, global, chinese, hong, china, earnings, deal, kong, week, escalating, market, quarter, serious, firms


Global firms are sounding the alarm as escalating Hong Kong protests deal a 'serious blow' to the city's outlook

Protesters walk on a highway near Hong Kong’s international airport following a protest on August 12, 2019. Vivek Prakash | AFP | Getty Images

Two months of protests in Hong Kong are starting to take a toll on some of the largest global companies, adding to a host of geopolitical concerns as the U.S.-China trade war drags on. During the past few weeks, management teams at a range of multinational firms have taken to earnings calls to warn of dire consequences if the clashes escalate — including lost revenue and deterred business investment. Many of these companies are already feeling the strains of higher tariffs and a weakened Chinese currency. Ten weeks of increasingly violent protests have plunged the Asian financial center into its most serious crisis in decades. The growing unrest, sparked by a controversial extradition bill, also represents one of the most formidable popular challenges to Chinese president Xi Jinping since he came to power in 2012.

This week, demonstrations at Hong Kong’s International airport suspended check-ins for two straight days, causing hundreds of flight cancellations. Scuffles broke out as thousands of protesters barricaded passageways in the main terminal building, and riot police fired pepper spray to disperse crowds. On Wednesday, flights out of the financial hub resumed as the airport obtained a court order intended to restrict the protests. But, companies are still wary of further disruptions. Chinese officials condemned the latest rounds of demonstrations, calling them “the first signs of terrorism” in an indication of escalating rhetoric. The territory’s chief executive, Carrie Lam, added the violence was pushing Hong Kong “down a path of no return.” President Trump, citing U.S. intelligence, said Tuesday the Chinese government was moving troops to its shared border with Hong Kong, raising concerns that a possible intervention could be on the horizon. Traders have punished the city’s stocks in turn, sending Hong Kong’s stock market to a seven-month low on Tuesday. The iShares MSCI Hong Kong ETF — which closely tracks Hong Kong shares — has plunged 10% over the past six months. The fund now sits 16% below its recent highs in early April. By contract, the iShares MSCI World ETF (URTH) — which tracks shares across the world, including the U.S. — is down only fractionally since then. Hong Kong officials, meanwhile, have cautioned that protracted tensions could also inflict lasting damage to the local economy. The city — home to seven Fortune 500 global companies including tech giant Lenovo — grew at its weakest pace since 2009 in the first quarter. Hong Kong’s economy bounced back in the second quarter, but still fell short of analyst expectations, growing at just 0.6%. Warning signs are flashing in specific sectors, including retail, where sales plunged 7% in June versus the prior year. Double-digit declines are expected for July and August. “If a further escalation triggers capital flight … the city’s property market would be hit hard, resulting in a deep recession,” Julian Evans-Pritchard, Senior China Economist at Capital Economics, said in a note to clients Wednesday.

‘A bad cocktail’ for global retailers

Earlier this summer, Hong Kong-based cosmetics maker Bonjour Holdings cut its full-year profit forecast, citing the political unrest. In their most recent earnings calls, global luxury brands Prada, Hugo Boss, Gucci parent company Kering and Cartier parent Richemont, all said the protests weighed on sales in Hong Kong due to store closures and decreased tourist traffic, even as demand in mainland China grew. Other luxury retailers, like L’Occitane, have suffered even steeper setbacks in Hong Kong. Sales in the city, the company’s fourth-biggest market, plummeted 19% last quarter. “Hong Kong has been challenging,” L’Occitane Vice-Chairman Andre Hoffmann said on the firm’s most recent earnings call. “We lost several trading days in the quarter due to the protests. Chinese tourists spending in our shops has declined — all these are a bad cocktail for our business.” With the second-quarter earnings season entering its final laps, companies beyond retail – from financial juggernaut HSBC to media giant Disney – have also pointed to the political turmoil in Hong Kong as a negative headwind during conference calls with investors.

Airlines could stand the most to lose from heightened tensions. Hong Kong’s airport, the world’s eighth busiest, hosted over 400,000 flights and 75 million passengers in 2018. Government officials say the transit hub alone contributes 5% to the city’s GDP. Just last week, Cathay Pacific, Hong Kong’s flagship carrier, reported better-than-expected earnings. However, the company flagged that the protests hampered passenger numbers in July and would adversely impact future bookings. Since Friday, the company has fired two airport employees and suspended a pilot for his involvement in the demonstrations. China’s civil aviation authority has also ordered Cathay Pacific to bar employees who participated in the protests from flying to the mainland. Shares of the carrier have tumbled more than 7% in just the past two trading days, touching their lowest level since June 2009.

Hotel operators feel the pinch

Concerns are mounting for other segments of the tourism industry. Several major hotel operators have detailed to investors how the continued unrest is impacting their bottom lines. Tourism to Hong Kong, especially from mainland China, has fallen sharply over the past two months, denting hotel revenues. Occupancy rates dropped 20% in June from a year earlier and are projected to decline 40% in July. And, on Wednesday, the U.S. State Department issued a new travel advisory for the city, urging increased caution due to the unrest. Hilton Worldwide, Hyatt, and InterContinental Hotels Group all flagged the negative impact of the protests on their most recent earnings calls. IHG, the world’s third largest hotel group, outperformed its industry peers in Greater China. But in Hong Kong specifically, revenue per average room — a key industry metric — dropped 0.4% in the first half of the year, in part due to the ongoing political uncertainty. That compares to a 5% gain in Macau, another Chinese territory across the river from Hong Kong. IHG CFO Paul Edgecliffe-Johnson said last week the company is closely watching the situation, noting Hong Kong accounts for 15% of the company’s total business in China. Marriott International President and CEO Arne Sorenson, meanwhile, said that the Hong Kong market performed fairly well last quarter but was not as sanguine looking toward the second half of the year. “Obviously, what’s happening on the streets … is not a positive sign for travel into that market,” Sorenson said on August 6. “I suspect that we’ll see that Hong Kong weakens [in the current quarter].” CFO Kathleen Oberg added that Marriott expects revenue per available room for the Asia-Pacific region to come in below forecasts in the second half of the year, citing “cautious corporate demand in China and continued political demonstrations in Hong Kong.” Hyatt executives have echoed those sentiments. CEO Mark Hoplamazian said on the company’s earnings call on August 1 that they, too, expect to see a drop in hotel occupancies this quarter, owning to softened demand for Chinese leisure travel. With more rounds of demonstrations slated for the rest of the month, other business leaders are bracing for further fallout from the violent clashes. Disney, for instance, said visits to its Hong Kong park could suffer. Members of its Cast Members Union went on strike last week, disrupting rides. “[These protests] are significant…and, while the impact isn’t reflected in the results we just announced, you can expect that we will feel it in the quarter that we’re currently in,” Disney CEO Bob Iger said on the company’s earnings call last week. “We’ll see how long the protests go on, but there’s definitely been a disruption. That has impacted our visitation there.”

‘Serious blow’ to foreign investment


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jr reed
Keywords: news, cnbc, companies, outlook, kongs, sounding, protests, global, chinese, hong, china, earnings, deal, kong, week, escalating, market, quarter, serious, firms


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post